Any investors hoping to find a Mutual Fund Equity Report fund could think about starting with Fidelity Select Pharmaceuticals (FPHAX). FPHAX 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/ManagerFidelity is based in Boston, MA, and is the manager of FPHAX. Fidelity Select Pharmaceuticals made its debut in June of 2001, and since then, FPHAX has accumulated about $806.51 million in assets, per the most up-to-date date available. The fund is currently managed by Karim Suwwan de Felipe who has been in charge of the fund since July of 2017.PerformanceInvestors naturally seek funds with strong performance. This fund carries a 5-year annualized total return of 9.89%, and is 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 11.15%, 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. FPHAX's standard deviation over the past three years is 14.86% compared to the category average of 19.26%. The standard deviation of the fund over the past 5 years is 14.59% compared to the category average of 18.44%. This makes the fund less volatile than its peers over the past half-decade.Risk FactorsThe fund has a 5-year beta of 0.61, so investors should note that it is hypothetically less volatile than the market at large. 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. FPHAX's 5-year performance has produced a positive alpha of 2.25, which means managers in this portfolio are skilled in picking 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, FPHAX is a no load fund. It has an expense ratio of 0.75% compared to the category average of 1.29%. So, FPHAX is actually cheaper than its peers from a cost perspective.Investors should also note that the minimum initial investment for the product is $0 and that each subsequent investment has no minimum amount.Bottom LineOverall, Fidelity Select Pharmaceuticals ( FPHAX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, average downside risk, and lower fees, this fund looks like a good potential choice for investors right now.Want even more information about FPHAX? 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. Zacks provides a full suite of tools to help you analyze your portfolio - both funds and stocks - in the most efficient way possible. 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 UpWant 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 (FPHAX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research