If you're looking for a Mutual Fund Equity Report fund category, then a potential option is Federated MDT Small Cap Growth Fund A (QASGX Quick QuoteQASGX - Free Report) . QASGX carries a Zacks Mutual Fund Rank of 3 (Hold), which is based on nine forecasting factors like size, cost, and past performance.

History of Fund/Manager

Federated is responsible for QASGX, and the company is based out of Pittsburgh, PA. Federated MDT Small Cap Growth Fund A debuted in September of 2005. Since then, QASGX has accumulated assets of about $86.43 million, according to the most recently available information. The fund's current manager is a team of investment professionals.

Performance

Investors naturally seek funds with strong performance. This fund carries a 5-year annualized total return of 6.94%, and it sits in the bottom 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 6.38%, which places it in the middle 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 18.24%, the standard deviation of QASGX over the past three years is 26.04%. Over the past 5 years, the standard deviation of the fund is 23.78% compared to the category average of 16.31%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

With a 5-year beta of 1.21, the fund is likely to be more volatile than the market average. 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. Over the past 5 years, the fund has a negative alpha of -5.49. This means that managers in this portfolio find it difficult to pick 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 principally on equities that are traded in the United States.

Currently, this mutual fund is holding 96.99% stock in stocks, and these companies have an average market capitalization of $2.36 billion. The fund has the heaviest exposure to the following market sectors:

1. Technology
2. Health
3. Finance
4. Retail Trade

Expenses

As competition heats up in the mutual fund market, costs become increasingly important. Compared to its otherwise identical counterpart, a low-cost product will be an outperformer, all other things being equal. Thus, taking a closer look at cost-related metrics is vital for investors. In terms of fees, QASGX is a load fund. It has an expense ratio of 1.13% compared to the category average of 1.20%. So, QASGX is actually cheaper than its peers from a cost perspective.

Investors need to be aware that with this product, the minimum initial investment is $1,500; each subsequent investment needs to be at least $100.

Bottom Line

Overall, Federated MDT Small Cap Growth Fund A ( QASGX ) has a neutral Zacks Mutual Fund rank, and in conjunction with its comparatively weak performance, worse downside risk, and lower fees, this fund looks like a somewhat average choice for investors right now.

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