Investors in search of a Mutual Fund Equity Report fund might want to consider looking at Vanguard Growth Index Institutional (VIGIX Quick QuoteVIGIX - Free Report) . The fund does not have a Zacks Mutual Fund Rank, though we have been able to explore other metrics like performance, volatility, and cost.

History of Fund/Manager

VIGIX is a part of the Vanguard Group family of funds, a company based out of Malvern, PA. Since Vanguard Growth Index Institutional made its debut in May of 1998, VIGIX has garnered more than $23.91 billion in assets. The fund's current manager, Gerard C. O'Reilly, has been in charge of the fund since May of 1998.

Performance

Of course, investors look for strong performance in funds. This fund has delivered a 5-year annualized total return of 13.69%, and it sits in the top third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 7.31%, which places it in the top third during this time-frame.

It is important to note that the product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Total returns do not reflect the fund's [%] sale charge. If sales charges were included, total returns would have been lower.

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 16.7%, the standard deviation of VIGIX over the past three years is 21.9%. Looking at the past 5 years, the fund's standard deviation is 21.71% compared to the category average of 17.2%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

Investors should not forget about beta, an important way to measure a mutual fund's risk compared to the market as a whole. VIGIX has a 5-year beta of 1.1, which means it 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. VIGIX's 5-year performance has produced a positive alpha of 2, which means managers in this portfolio are skilled in picking securities that generate better-than-benchmark returns.

Holdings

Examining 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.

The mutual fund currently has 81.06% of its holdings in stocks and it has a negligible amount of assets in foreign securities. The fund has the heaviest exposure to the following market sectors:

• Technology
• 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, VIGIX is a no load fund. It has an expense ratio of 0.04% compared to the category average of 0.96%. So, VIGIX is actually cheaper than its peers from a cost perspective.

This fund requires a minimum initial investment of $5 million, and each subsequent investment should be at least $1.

Fees charged by investment advisors have not been taken into considiration. Returns would be less if those were included.

Bottom Line

For additional information on this product, or to compare it to other mutual funds in the Mutual Fund Equity Report, make sure to go to www.zacks.com/funds/mutual-funds for additional information. If you want to check out our stock reports as well, make sure to go to Zacks.com to see all of the great tools we have to offer, including our time-tested Zacks Rank.