If you have been looking for Mutual Fund Equity Report funds, a place to start could be Vanguard LifeStrategy Growth Fund (VASGX). VASGX holds a Zacks Mutual Fund Rank of 2 (Buy), which is based on nine forecasting factors like size, cost, and past performance.History of Fund/ManagerVASGX finds itself in the Vanguard Group family, based out of Malvern, PA. Vanguard LifeStrategy Growth Fund made its debut in September of 1994, and since then, VASGX has accumulated about $18.75 billion in assets, per the most up-to-date date available. The fund's current manager, William A. Coleman, has been in charge of the fund since February of 2022.PerformanceOf course, investors look for strong performance in funds. This fund has delivered a 5-year annualized total return of 7.03%, and is in the top 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 7.19%, 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 15.66%, the standard deviation of VASGX over the past three years is 15.35%. Looking at the past 5 years, the fund's standard deviation is 13.63% compared to the category average of 14.02%. This makes the fund less volatile than its peers over the past half-decade.Risk FactorsWith a 5-year beta of 0.77, the fund is likely to be less volatile than the market average. Because alpha represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which is the S&P 500 in this case, one should pay attention to this metric as well. The fund has produced a negative alpha over the past 5 years of -2.93, which shows that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.ExpensesFor investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, VASGX is a no load fund. It has an expense ratio of 0.14% compared to the category average of 0.86%. Looking at the fund from a cost perspective, VASGX is actually cheaper than its peers.This fund requires a minimum initial investment of $3,000, and each subsequent investment should be at least $1.Bottom LineOverall, Vanguard LifeStrategy Growth Fund ( VASGX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, average downside risk, and lower fees, Vanguard LifeStrategy Growth Fund ( VASGX ) looks like a good potential choice for investors right now.Want even more information about VASGX? Then go over to Zacks.com and check out our mutual fund comparison tool, and all of the other great features that we have to help you with your mutual fund analysis for additional information. For analysis of the rest of your portfolio, make sure to visit Zacks.com for our full suite of tools which will help you investigate all of your stocks and funds in one place. 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 (VASGX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research