There are plenty of choices in the Mutual Fund Equity Report category, but where should you start your research? Well, one fund that might be worth investigating is Fidelity Nasdaq Composite (FNCMX Quick QuoteFNCMX - Free Report) . FNCMX has no Zacks Mutual Fund Rank, but we have been able to look into other metrics like performance, volatility, and cost.

History of Fund/Manager

FNCMX is a part of the Fidelity family of funds, a company based out of Boston, MA. Fidelity Nasdaq Composite debuted in September of 2003. Since then, FNCMX has accumulated assets of about $12.92 billion, according to the most recently available information. The fund's current manager is a team of investment professionals.

Performance

Of course, investors look for strong performance in funds. FNCMX has a 5-year annualized total return of 21.4% and it sits in the top third among its category peers. But if you are looking for a shorter time frame, it is also worth looking at its 3-year annualized total return of 26.05%, which places it in the top 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. FNCMX's standard deviation over the past three years is 19.65% compared to the category average of 18.76%. Over the past 5 years, the standard deviation of the fund is 17.87% compared to the category average of 16.92%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

The fund has a 5-year beta of 1.07, so investors should note that it is hypothetically more volatile than the market at large. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. FNCMX has generated a positive alpha over the past five years of 3.22, demonstrating that managers in this portfolio are skilled in picking securities that generate better-than-benchmark returns.

Holdings

Exploring the equity holdings of a mutual fund is also a valuable exercise. This can show us how the manager is applying their stated methodology, as well as if there are any inherent biases in their approach. For this particular fund, the focus is primarily on equities that are traded in the United States.

This fund is currently holding about 97.96% stock in stocks, with an average market capitalization of $568.59 billion. The fund has the heaviest exposure to the following market sectors:

1. Technology
2. Retail Trade

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, FNCMX is a no load fund. It has an expense ratio of 0.29% compared to the category average of 0.77%. From a cost perspective, FNCMX is actually cheaper than its peers.

Investors should also note that the minimum initial investment for the product is $0 and that each subsequent investment has no minimum amount.

Bottom Line

This could just be the start of your research on FNCMXin the Mutual Fund Equity Report category. Consider going to www.zacks.com/funds/mutual-funds for additional information about this fund, and all the others that we rank as well for additional information. And don't forget, Zacks has all of your needs covered on the equity side too! Make sure to check out Zacks.com for more information on our screening capabilities, Rank, and all our articles as well.