If you've been stuck searching for Mutual Fund Equity Report funds, consider Vanguard Diversified Equity Investor (VDEQX) as a possibility. VDEQX carries a Zacks Mutual Fund Rank of 2 (Buy), which is based on nine forecasting factors like size, cost, and past performance.History of Fund/ManagerVanguard Group is based in Malvern, PA, and is the manager of VDEQX. Vanguard Diversified Equity Investor debuted in June of 2005. Since then, VDEQX has accumulated assets of about $2.34 billion, according to the most recently available information. The fund's current manager, William Coleman, has been in charge of the fund since February of 2013.PerformanceObviously, what investors are looking for in these funds is strong performance relative to their peers. This fund carries a 5-year annualized total return of 12.06%, and is in the middle 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 12.23%, 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 21.35%, the standard deviation of VDEQX over the past three years is 21.22%. The fund's standard deviation over the past 5 years is 19.02% compared to the category average of 19.34%. This makes the fund less volatile than its peers over the past half-decade.Risk FactorsThe fund has a 5-year beta of 1.08, so investors should note that it is hypothetically more volatile than 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. The fund has produced a negative alpha over the past 5 years of -1.34, which shows that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.HoldingsExploring 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.Right now, 97.54% of this mutual fund's holdings are stocks and it has a negligible amount of assets in foreign securities. Turnover is 14%, 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, VDEQX is a no load fund. It has an expense ratio of 0.36% compared to the category average of 0.92%. From a cost perspective, VDEQX is actually cheaper than its peers.While the minimum initial investment for the product is $3,000, investors should also note that each subsequent investment needs to be at least $1.Bottom LineOverall, Vanguard Diversified Equity Investor ( VDEQX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, average downside risk, and lower fees, Vanguard Diversified Equity Investor ( VDEQX ) looks like a great potential choice for investors right now.Want even more information about VDEQX? 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. Want to learn even more? We have a full suite of tools on stocks that you can use to find the best choices for your portfolio too, no matter what kind of investor you are. 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 (VDEQX): Fund Analysis Report To read this article on Zacks.com click here.