If investors are looking at the Mutual Fund Equity Report fund category, American Century NT Emerging Markets Institutional (ACLKX) could be a potential option. ACLKX 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/ManagerACLKX is a part of the American Century family of funds, a company based out of Kansas City, MO. American Century NT Emerging Markets Institutional debuted in May of 2006. Since then, ACLKX has accumulated assets of about $848.76 million, according to the most recently available information. The fund's current manager, Patricia Ribeiro, has been in charge of the fund since May of 2006.PerformanceOf course, investors look for strong performance in funds. This fund in particular has delivered a 5-year annualized total return of 12.13%, and is in the top third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3-year annualized total return of 16.57%, 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. ACLKX's standard deviation over the past three years is 18.77% compared to the category average of 20.25%. The fund's standard deviation over the past 5 years is 17.14% compared to the category average of 17.33%. This makes the fund less 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. ACLKX has a 5-year beta of 0.75, which means it is likely to be less volatile than the market average. Another factor to consider is alpha, as it reflects a portfolio's performance on a risk-adjusted basis relative to a benchmark-in this case, the S&P 500. With a negative alpha of -1.24, managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.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, ACLKX is a no load fund. It has an expense ratio of 0.02% compared to the category average of 1.18%. Looking at the fund from a cost perspective, ACLKX is actually cheaper than its peers.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, American Century NT Emerging Markets Institutional ( ACLKX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, average downside risk, and lower fees, American Century NT Emerging Markets Institutional ( ACLKX ) looks like a good potential choice for investors right now.Don't stop here for your research on Mutual Fund Equity Report funds. We also have plenty more on our site in order to help you find the best possible fund for your portfolio. Make sure to check out www.zacks.com/funds/mutual-funds for more information about the world of funds, and feel free to compare ACLKX to its peers as well for additional information. And don't forget, Zacks has all of your needs covered on the equity side too! Make sure to check out Zacks.com for more information on our screening capabilities, Rank, and all our articles as well. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence 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 (ACLKX): Fund Analysis Report To read this article on Zacks.com click here.