Growth mutual funds provide excellent choices for investors seeking long-term capital appreciation over dividend payout. These funds focus on realizing an appreciable amount of capital growth by investing in stocks of firms whose value is projected to rise 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 they may experience relatively more fluctuation than the other fund classes.

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

MFS Growth A (MFEGX - MF report) seeks growth of capital over the long run. MFEGX primarily invests in securities of companies that are believed to have impressive growth prospects. The fund invests in equity securities including common stocks and depositary receipts. The MFS Growth A fund has a three-year annualized return of 12.4%.

MFEGX has an expense ratio of 0.96% compared to a category average of 1.17%.

Fidelity Growth Strategies (FDEGX - MF report) generally focuses on acquiring common stocks of companies throughout the globe. FDEGX invests in securities of companies that are expected to have above-average earnings or revenue growth potential. Though FDEGX invests a notable portion in securities of mid-cap companies, it may also invest in larger or smaller companies. The Fidelity Growth Strategies fund has a three-year annualized return of 12.9%.

Jean Park is the fund manager of FDEGX since 2013.

Invesco Summit A (ASMMX - MF report) seeks long-term capital appreciation. ASMMX invests in equities of companies with strong growth prospects irrespective of their market capitalization. The fund avoids companies that derive earnings from sectors including alcohol, tobacco and gambling. ASMMX may also invest a maximum of 25% of its assets in companies located abroad. The Invesco Summit A fund has a three-year annualized return of 11.6%.

As of Dec 2015, ASMMX held 97 issues with 5.20% of its assets invested in Alphabet Inc C.