Any investors hoping to find a Mid Cap Growth fund might consider looking past Ave Maria Growth Fund (AVEGX Quick QuoteAVEGX - Free Report) . AVEGX holds a Zacks Mutual Fund Rank of 4 (Sell), which is based on nine forecasting factors like size, cost, and past performance.

Objective

We note that AVEGX is a Mid Cap Growth fund, and this area is also loaded with many different options. Companies are usually considered growth stocks when they consistently report notable sales and/or earnings growth. Thus, Mid Cap Growth funds pick stocks--usually companies with a market cap between $2 billion and $10 billion--that demonstrate extensive growth opportunities for investors compared to their peers.

History of Fund/Manager

Ave Maria is based in Plymouth, MI, and is the manager of AVEGX. Ave Maria Growth Fund debuted in May of 2003. Since then, AVEGX has accumulated assets of about $948.75 million, according to the most recently available information. Adam P. Gaglio is the fund's current manager and has held that role since July of 2019.

Performance

Of course, investors look for strong performance in funds. AVEGX has a 5-year annualized total return of 18.69% and is in the bottom third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3-year annualized total return of 20.18%, which places it in the bottom third during this time-frame.

When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Compared to the category average of 19.79%, the standard deviation of AVEGX over the past three years is 19.69%. The standard deviation of the fund over the past 5 years is 15.91% compared to the category average of 16.33%. This makes the fund less volatile than its peers over the past half-decade.

Risk Factors

With a 5-year beta of 1.02, the fund is likely to be as volatile as the market average. Another factor to consider is alpha, as it reflects a portfolio's performance on a risk-adjusted basis relative to a benchmark-in this case, the S&P 500. AVEGX's 5-year performance has produced a positive alpha of 0.92, which means managers in this portfolio are skilled in picking securities that generate better-than-benchmark returns.

Expenses

For investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, AVEGX is a no load fund. It has an expense ratio of 0.91% compared to the category average of 1.17%. Looking at the fund from a cost perspective, AVEGX is actually cheaper than its peers.

While the minimum initial investment for the product is $2,500, investors should also note that there is no minimum for each subsequent investment.

Bottom Line

Overall, Ave Maria Growth Fund ( AVEGX ) has a low Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, average downside risk, and lower fees, this fund looks like a somewhat weak choice for investors right now.

For additional information on this product, or to compare it to other mutual funds in the Mid Cap Growth, make sure to go to www.zacks.com/funds/mutual-funds for additional information. For analysis of the rest of your portfolio, make sure to visit Zacks.com for our full suite of tools which will help you investigate all of your stocks and funds in one place.