Have you been searching for a Mutual Fund Equity Report fund? You might want to begin with American Funds New Perspective R6 (RNPGX). RNPGX bears a Zacks Mutual Fund Rank of 3 (Hold), which is based on nine forecasting factors like size, cost, and past performance.History of Fund/ManagerAmerican Funds is based in Los Angeles, CA, and is the manager of RNPGX. Since American Funds New Perspective R6 made its debut in May of 2009, RNPGX has garnered more than $29.14 billion in assets. A team of investment professionals is the fund's current manager.PerformanceOf course, investors look for strong performance in funds. This fund carries a 5-year annualized total return of 7.15%, and it sits 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 6.67%, 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 16.86%, the standard deviation of RNPGX over the past three years is 21.78%. The standard deviation of the fund over the past 5 years is 18.89% compared to the category average of 14.79%. This makes the fund more volatile than its peers over the past half-decade.Risk FactorsInvestors should note that the fund has a 5-year beta of 0.99, so it is likely going to be as volatile as the market at large. 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. RNPGX has generated a negative alpha over the past five years of -2.81, demonstrating 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, RNPGX is a no load fund. It has an expense ratio of 0.41% compared to the category average of 1.10%. Looking at the fund from a cost perspective, RNPGX is actually cheaper than its peers.This fund requires a minimum initial investment of $250, and each subsequent investment should be at least $50.Bottom LineOverall, American Funds New Perspective R6 ( RNPGX ) has a neutral Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, average downside risk, and lower fees, American Funds New Perspective R6 ( RNPGX ) looks like a somewhat average choice for investors right now.Want even more information about RNPGX? 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. 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 Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>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 (RNPGX): Fund Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research