Small-cap value mutual funds provide excellent choices for investors looking for bargains, i.e, stocks at a discount with impressive growth potential. Value mutual funds comprise stocks trading at a discount to book value, and have low price-to-earnings ratios and high dividend yields.Value investing is a very popular strategy, and for a good reason. After all, who doesn’t want to find stocks with low PEs, solid outlooks, and decent dividends? Meanwhile, small-cap funds are a good choice for investors with a high-risk appetite as companies with small market capitalizations are expected to have higher growth potential than large- and mid-cap companies. Small-cap funds generally invest in companies having a market cap lower than $2 billion. Also, small-cap funds are expected to provide diversification across different sectors and companies.Below, we share with you three small-cap value mutual funds, namely, Bridgeway Omni Small-Cap Value Fund Class N BOSVX, PIMCO RAE US Small Fund PMJIX and WPG Partners Small/Micro Cap Value Fund WPGTX. Each has earned a Zacks Mutual Fund Rank #1 (Strong Buy) and is expected to outperform its peers in the future. Investors can click here to see the complete list of funds.Bridgeway Omni Small-Cap Value Fund Class N seeks long-term capital appreciation by investing most of its net assets, along with borrowings, if any, in equity or equity-related securities of small-cap stocks that its advisors determine to be value stocks and are listed on New York Stock Exchange, NYSE American, and Nasdaq. BOSVX also invests a small portion of its net assets in foreign securities.Bridgeway Omni Small-Cap Value Fund Class N has a three-year annualized return of 18.6%. As of the end of June 2022, BOSVX held 615 issues with 0.94% of its assets invested in Antero Resources.PIMCO RAE US Small Fund invests most of its net assets in securities of small companies economically tied to the United States. PMJIX advisors choose to invest in stocks based on certain liquidity and capacity requirementsPIMCO RAE US Small Fund has a three-year annualized return of 16.6%. PMJIX has an expense ratio of 0.50% compared with the category average of 1.16%.WPG Partners Small/Micro Cap Value Fund seeks capital appreciation by investing most of its assets along with borrowings, if any, in common stocks and convertible securities of U.S.- based companies with market capitalization similar to the Russell 2000 Value Index at the time of purchase. WPGTX advisors choose to invest in companies that may come up with unique developments which may create significant returns.WPG Partners Small/Micro Cap Value Fund has a three-year annualized return of 15.7%. Richard Shuster is the fund manager of WPGTX since Dec 1999.To view the Zacks Rank and the past performance of all small-cap value mutual funds, investors can click here to see the complete list of small-cap value mutual funds.Want key mutual fund info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing mutual funds, each week. Get it free >> This Little-Known Semiconductor Stock Could Be Your Portfolio’s Hedge Against Inflation Everyone uses semiconductors. But only a small number of people know what they are and what they do. If you use a smartphone, computer, microwave, digital camera or refrigerator (and that’s just the tip of the iceberg), you have a need for semiconductors. That’s why their importance can’t be overstated and their disruption in the supply chain has such a global effect. But every cloud has a silver lining. Shockwaves to the international supply chain from the global pandemic have unearthed a tremendous opportunity for investors. And today, Zacks' leading stock strategist is revealing the one semiconductor stock that stands to gain the most in a new FREE report. It's yours at no cost and with no obligation.>>Yes, I Want to Help Protect My Portfolio During the RecessionWant 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 (BOSVX): Fund Analysis Report Get Your Free (PMJIX): Fund Analysis Report Get Your Free (WPGTX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research