If investors are looking at the Mutual Fund Equity Report fund category, Fidelity Low-Priced Stock (FLPSX) could be a potential option. FLPSX carries a Zacks Mutual Fund Rank of 1 (Strong Buy), which is based on nine forecasting factors like size, cost, and past performance.History of Fund/ManagerFLPSX is a part of the Fidelity family of funds, a company based out of Boston, MA. Since Fidelity Low-Priced Stock made its debut in December of 1989, FLPSX has garnered more than $24.65 billion in assets. The fund's current manager is a team of investment professionals.PerformanceObviously, what investors are looking for in these funds is strong performance relative to their peers. This fund in particular has delivered a 5-year annualized total return of 9.03%, and is in the top third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3-year annualized total return of 11.63%, 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. Compared to the category average of 19.32%, the standard deviation of FLPSX over the past three years is 20.52%. Over the past 5 years, the standard deviation of the fund is 17.76% compared to the category average of 17.22%. This makes the fund more volatile than its peers over the past half-decade.Risk FactorsInvestors should not forget about beta, an important way to measure a mutual fund's risk compared to the market as a whole. FLPSX has a 5-year beta of 0.93, which means it is likely to be less 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. The fund has produced a negative alpha over the past 5 years of -2.46, which shows that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.ExpensesCosts 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, FLPSX is a no load fund. It has an expense ratio of 0.75% compared to the category average of 1.09%. From a cost perspective, FLPSX is actually cheaper than its peers.While the minimum initial investment for the product is $0, investors should also note that there is no minimum for each subsequent investment.Bottom LineOverall, Fidelity Low-Priced Stock ( FLPSX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, average downside risk, and lower fees, Fidelity Low-Priced Stock ( FLPSX ) looks like a good potential choice for investors right now.Don't stop here for your research on Mutual Fund Equity Report funds. We also have plenty more on our site in order to help you find the best possible fund for your portfolio. Make sure to check out www.zacks.com/funds/mutual-funds for more information about the world of funds, and feel free to compare FLPSX to its peers 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. Zacks' Top Picks to Cash in on Electric Vehicles Big money has already been made in the Electric Vehicle (EV) industry. But, the EV revolution has not hit full throttle yet. There is a lot of money to be made as the next push for future technologies ramps up. Zacks’ Special Report reveals 5 picks investorsSee 5 EV Stocks With Extreme Upside Potential >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (FLPSX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research