Mutual Fund Equity Report fund seekers may want to consider taking a look at Carillon Scout Mid Cap I (UMBMX Quick QuoteUMBMX - Free Report) . UMBMX has 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

Eagle Funds is based in St. Petersburg, FL, and is the manager of UMBMX. Since Carillon Scout Mid Cap I made its debut in November of 2006, UMBMX has garnered more than $3.27 billion in assets. The fund's current manager is a team of investment professionals.

Performance

Of course, investors look for strong performance in funds. UMBMX has a 5-year annualized total return of 6.08% and it sits in the middle 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 6.39%, 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. UMBMX's standard deviation over the past three years is 22.38% compared to the category average of 16.84%. The standard deviation of the fund over the past 5 years is 19.98% compared to the category average of 15%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

Investors should note that the fund has a 5-year beta of 1.03, so it is likely going to be as volatile as the market at large. 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. The fund has produced a negative alpha over the past 5 years of -2.8, which shows 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 mostly on equities that are traded in the United States.

As of the last filing date, the mutual fund has 97% of its assets in stocks, and these companies have an average market capitalization of $19.76 billion. The fund has the heaviest exposure to the following market sectors:

1. Industrial Cyclical
2. Finance
3. Technology
4. Non-Durable

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, UMBMX is a no load fund. It has an expense ratio of 0.95% compared to the category average of 1.14%. UMBMX 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 $10,000; each subsequent investment has no minimum amount.

Bottom Line

Overall, Carillon Scout Mid Cap I ( UMBMX ) has a neutral Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, average 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 UMBMXin 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. If you are more of a stock investor, make sure to also check out our Zacks Rank, and our full suite of tools we have available for novice and professional investors alike.