If investors are looking at the Mutual Fund Equity Report fund category, Fidelity Select Computers (FDCPX) could be a potential option. FDCPX has 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 FDCPX. Fidelity Select Computers debuted in July of 1985. Since then, FDCPX has accumulated assets of about $1.06 billion, according to the most recently available information. Elliot Mattingly is the fund's current manager and has held that role since January of 2022.PerformanceInvestors naturally seek funds with strong performance. FDCPX has a 5-year annualized total return of 26.02% 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 36.18%, 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. FDCPX's standard deviation over the past three years is 18.65% compared to the category average of 22.78%. The standard deviation of the fund over the past 5 years is 17.22% compared to the category average of 20.15%. 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. FDCPX has a 5-year beta of 0.92, which means it is likely to be less volatile than the market average. 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. The fund has produced a positive alpha over the past 5 years of 8.23, which shows that 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, FDCPX is a no load fund. It has an expense ratio of 0.70% compared to the category average of 1.35%. Looking at the fund from a cost perspective, FDCPX is actually cheaper than its peers.While the minimum initial investment for the product is $0, investors should also note that there is no minimum for each subsequent investment.Bottom LineOverall, Fidelity Select Computers ( FDCPX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, average downside risk, and lower fees, Fidelity Select Computers ( FDCPX ) looks like a good potential choice for investors right now.For additional information on the Mutual Fund Equity Report area of the mutual fund world, make sure to check out www.zacks.com/funds/mutual-funds. There, you can see more about the ranking process, and dive even deeper into FDCPX too 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. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>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 (FDCPX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research