Investors looking to gain from a rising rate scenario may consider financial mutual funds for profitable investment. After a long wait, the Fed opted for the first lift-off in nearly a decade at the December meeting. The central bank further hinted at a gradual hike next year given the considerable improvement in the labor market and an increase in inflation from undesirably low levels.

Financial companies including brokerage firms, insurance companies and banks are likely to be one of the biggest beneficiaries of the rate hike, which is expected to drive margins. Furthermore, the increased interest rates would enable banks to earn more on the spread between interest rates for savings accounts and certificates of deposit.

Below we share with you 3 top-ranked financial mutual funds. Each has earned a Zacks Mutual Fund Rank #1 (Strong Buy) as we expect these mutual funds to outperform their peers in the future. To view the Zacks Rank and past performance of all financial mutual funds, investors can click here to see the complete list of funds .

Franklin Mutual Financial Services A (TFSIX - MF report) seeks capital growth. TFSIX invests the lion’s share of its assets in undervalued companies that are involved in the financial services domain. TFSIX may also invest in merger arbitrage securities and securities of distressed companies. TFSIX may invest a significant portion of its assets in non-US securities. The Franklin Mutual Financial Services A fund returned 7.8% over the last three-month period.

As of September 2015, TFSIX held 81 issues, with 3.75% of its assets invested in American International Group Inc.

T. Rowe Price Financial Services (PRISX - MF report) invests the major portion of its assets in common stocks of companies having operations related to the financial services industry. PRISX may also invest in securities of companies that earn a minimum of half of their revenues from the sector. PRISX uses a fundamental, bottom-up approach to select its investments. The T. Rowe Price Financial Services fund returned 3.5% over the last three-month period.

Gabriel Solomon is the fund manager of PRISX since 2014.

Fidelity Select Consumer Finance Portfolio (FSVLX - MF report) seeks growth of capital. FSVLX invests a large chunk of its assets in securities of companies that provide products and services related to consumer finance. FSVLX primarily focuses on acquiring common stocks of companies across the globe. FSVLX considers factors including financial strength and economic condition to invest in a company. Fidelity Select Consumer Finance Portfolio fund returned 1% over the last three-month period.

FSVLX has an expense ratio of 0.88% compared with the category average of 1.56%.