Any investors hoping to find a Small Cap Growth fund could think about starting with MassMutual Select Small Cap Growth Equity I (MSGZX). MSGZX holds a Zacks Mutual Fund Rank of 2 (Buy), which is based on nine forecasting factors like size, cost, and past performance.ObjectiveMSGZX is part of the Small Cap Growth category, and this segment boasts an array of many other possible options. Small Cap Growth mutual funds usually focus their portfolios on stocks with large growth opportunities and a market cap of under $2 billion. These portfolios tend to feature small companies in up-and-coming industries and markets.History of Fund/ManagerMassMutual is based in Springfield, MA, and is the manager of MSGZX. Since MassMutual Select Small Cap Growth Equity I made its debut in November of 2010, MSGZX has garnered more than $342.89 million in assets. A team of investment professionals is the fund's current manager.PerformanceOf course, investors look for strong performance in funds. This fund has delivered a 5-year annualized total return of 22.06%, and is in the middle third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 22.54%, 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. Over the past three years, MSGZX's standard deviation comes in at 24.66%, compared to the category average of 16.4%. Over the past 5 years, the standard deviation of the fund is 19.75% compared to the category average of 13.7%. 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. MSGZX has a 5-year beta of 1.18, which means it is likely to be more volatile than the market average. 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. Over the past 5 years, the fund has a positive alpha of 3.1. This means that managers in this portfolio are skilled in picking 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 largely on equities that are traded in the United States.Currently, this mutual fund is holding 93.86% stock in stocks, with an average market capitalization of $5.63 billion. The fund has the heaviest exposure to the following market sectors: Technology Health Industrial Cyclical Turnover is about 79%, so those in charge of the fund make fewer trades than comparable funds.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, MSGZX is a no load fund. It has an expense ratio of 0.87% compared to the category average of 1.21%. So, MSGZX 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, MassMutual Select Small Cap Growth Equity I ( MSGZX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, worse downside risk, and lower fees, MassMutual Select Small Cap Growth Equity I ( MSGZX ) looks like a good potential choice for investors right now.Your research on the Small Cap Growth segment doesn't have to stop here. You can check out all the great mutual fund tools we have to offer by going to www.zacks.com/funds/mutual-funds to see the additional features we offer as well for additional information. For analysis of the rest of your portfolio, make sure to visit Zacks.com for our full suite of tools which will help you investigate all of your stocks and funds in one place.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 (MSGZX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research