On the lookout for a Mutual Fund Equity Report fund? Starting with T. Rowe Price Mid-Cap Growth Adviser (PAMCX Quick QuotePAMCX - Free Report) is one possibility. PAMCX bears a Zacks Mutual Fund Rank of 2 (Buy), which is based on nine forecasting factors like size, cost, and past performance.

History of Fund/Manager

PAMCX is a part of the T. Rowe Price family of funds, a company based out of Baltimore, MD. T. Rowe Price Mid-Cap Growth Adviser made its debut in June of 1992, and since then, PAMCX has accumulated about $479 million in assets, per the most up-to-date date available. Brian W. H. Berghuis is the fund's current manager and has held that role since June of 1992.

Performance

Investors naturally seek funds with strong performance. This fund carries a 5-year annualized total return of 13.21%, and it sits in the middle third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 12.47%, 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 16.52%, the standard deviation of PAMCX over the past three years is 20.04%. Over the past 5 years, the standard deviation of the fund is 17.49% compared to the category average of 14.67%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

With a 5-year beta of 1.04, the fund is likely to be more volatile than 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. PAMCX has generated a negative alpha over the past five years of -2.68, demonstrating that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.

Holdings

Investigating 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 85.14% stock in stocks, with an average market capitalization of $25.64 billion. The fund has the heaviest exposure to the following market sectors:

1. Technology
2. Industrial Cyclical
3. Health
4. Retail Trade

Expenses

Costs are increasingly important for mutual fund investing, and particularly as competition heats up in this market. And all things being equal, a lower cost product will outperform its otherwise identical counterpart, so taking a closer look at these metrics is key for investors. In terms of fees, PAMCX is a no load fund. It has an expense ratio of 1% compared to the category average of 1.15%. PAMCX is actually cheaper than its peers when you consider factors like cost.

Investors need to be aware that with this product, the minimum initial investment is $2,500; each subsequent investment needs to be at least $100.

Bottom Line

Overall, T. Rowe Price Mid-Cap Growth Adviser ( PAMCX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, average downside risk, and lower fees, this fund looks like a great potential choice for investors right now.

This could just be the start of your research on PAMCXin 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.