Having trouble finding a Mutual Fund Equity Report fund? Well, Invesco Summit P (SMMIX) would not be a good potential starting point right now. SMMIX has a Zacks Mutual Fund Rank of 4 (Sell), which is based on nine forecasting factors like size, cost, and past performance.History of Fund/ManagerInvesco is responsible for SMMIX, and the company is based out of Kansas City, MO. The Invesco Summit P made its debut in November of 1982 and SMMIX has managed to accumulate roughly $2.09 billion in assets, as of the most recently available information. The fund's current manager, Erik Voss, has been in charge of the fund since June of 2012.PerformanceOf course, investors look for strong performance in funds. SMMIX has a 5-year annualized total return of 8.47% and it sits in the bottom third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 6.05%, which places it in the bottom 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. Over the past three years, SMMIX's standard deviation comes in at 23.38%, compared to the category average of 17.59%. The standard deviation of the fund over the past 5 years is 21.1% compared to the category average of 15.46%. 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. SMMIX has a 5-year beta of 1.08, which means it is likely to be more volatile than the market average. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. With a negative alpha of -2.04, managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.HoldingsInvestigating 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 98.69% of its assets in stocks, which have an average market capitalization of $304.19 billion. The fund has the heaviest exposure to the following market sectors: Technology Retail Trade Industrial Cyclical Turnover is 76%, which means, on average, the fund makes fewer trades than the average comparable fund.ExpensesAs competition heats up in the mutual fund market, costs become increasingly important. Compared to its otherwise identical counterpart, a low-cost product will be an outperformer, all other things being equal. Thus, taking a closer look at cost-related metrics is vital for investors. In terms of fees, SMMIX is a no load fund. It has an expense ratio of 0.82% compared to the category average of 0.99%. From a cost perspective, SMMIX is actually cheaper than its peers.This fund requires a minimum initial investment of $0, while there is no minimum for each subsequent investment.Bottom LineOverall, Invesco Summit P ( SMMIX ) has a low Zacks Mutual Fund rank, and in conjunction with its comparatively weak performance, worse downside risk, and lower fees, Invesco Summit P ( SMMIX ) looks like a somewhat weak choice for investors right now.For additional information on the Mutual Fund Equity Report area of the mutual fund world, make sure to check out www.zacks.com/funds/mutual-funds. There, you can see more about the ranking process, and dive even deeper into SMMIX too 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. Just Released: Zacks Unveils the Top 5 EV Stocks for 2022 For several months now, electric vehicles have been disrupting the $82 billion automotive industry. And that disruption is only getting bigger thanks to sky-high gas prices. Even titans in the financial industry including George Soros, Jeff Bezos, and Ray Dalio have invested in this unstoppable wave. You don't want to be sitting on your hands while EV stocks break out and climb to new highs. In a new free report, Zacks is revealing the top 5 EV stocks for investors. Next year, don't look back on today wishing you had taken advantage of this opportunity.>>Send me my free report revealing the top 5 EV stocksWant 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 (SMMIX): Fund Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research