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Mid-cap growth funds focus on realizing an appreciable amount of capital growth by investing in stocks that are projected to rally over the long term. However, a relatively higher tolerance to risk and the willingness to park funds for the longer term are necessary when investing in these securities. This is because these may experience relatively more fluctuation than the other fund classes.

Investors interested in high returns can choose to invest in mid-cap funds that come with lesser risk than small-cap funds. Mid-cap funds are not susceptible to volatility in the broader markets. This makes these funds ideal bets given the erratic macroeconomic conditions in recent years. Also, when capital appreciation over the long term takes precedence over dividend payouts, growth funds become a natural choice for investors.

Below we share with you three top-ranked mid-cap growth mutual funds. Each has earned a Zacks Mutual Fund Rank #1 (Strong Buy) and is expected to outperform peers in the future. 

Carillon Eagle Mid Cap Growth Fund Class A (HAGAX Quick Quote HAGAX - Free Report) aims for long-term capital growth. The fund invests the majority of assets in the equity securities of medium-capitalization companies. HAGAX invests in those companies that the fund managers believe have good earnings potential or sales growth etc. The fund has returned 19.3% over the past three years.

HAGAX has an expense ratio of 1.04% compared with the category average of 1.15%.

Delaware Smid Cap Growth Fund Class A (DFCIX Quick Quote DFCIX - Free Report) aims for appreciation of capital over a long period by investing in common stocks of growth-oriented businesses that the manager expects will gain over the long run against the U.S. economy. DFCIX has returned nearly 38% over the past three years.

W. Alexander L. Elyis the fund manager of DFCIX since 2016.

PGIM Jennison Mid-Cap Growth Fund- Class A (PEEAX Quick Quote PEEAX - Free Report) aims for long-term capital growth. The fund invests the majority of assets in equity and equity-related securities of medium-capitalization companies. These companies usually have the potential for more-than-average growth. PEEAX has returned 19.2% on a year-to-date basis.

As of February 2021, PEEAX held 78 issues, with 2.40% of its assets invested in HubSpot Inc.