If selected carefully, global mutual funds have the potential to offer secure and attractive investment opportunities. Different studies over the years have shown that a portfolio with both domestic and foreign securities help in reducing risk while enhancing returns. Also, a steady decline in the US equity markets’ share in the global stock market capitalization has made investors think about diversifying their investments throughout the globe.

Separately, slowdown in the Chinese and Japanese economies, and deflationary fears in the Euro zone forced the central banks of these countries to opt for an intensified economic stimulus including rate cuts and a monetary easing program. Since most of the developed economies are thriving on easy money, these are thus acting as lucrative investment propositions.

Meanwhile, an indication of a slowdown in the U.S. economy in the third quarter and weak labor market data abated rate hike fears in recent times and the prospective timeline has shifted to the end of 2015 or early 2016. In this scenario, one may consider global mutual funds to take advantage of these opportunities. Though cheap money inflows set the stage for the bulls globally, investors need to be selective while playing this field, given the heightened uncertainty.

Below we share with you five top-rated, global mutual funds. Each has earned a Zacks Mutual Fund Rank #1 (Strong Buy) and is expected to outperform its peers in the future. To view the Zacks Rank and past performance of all global mutual funds, investors can click here to see the complete list of global funds .

Hartford Global Growth HLS IA (HIALX - MF report) maintains a diversified portfolio of securities, primarily common stocks, issued across different countries, including the U.S. HIALX invests a minimum of 65% of its assets in securities of companies having an impressive growth prospect. HIALX may invest not more than one-fourth of its assets in securities from emerging nations. The Hartford Global Growth HLS IA fund has a year-to-date return of 9.8%.

HIALX has an expense ratio of 0.81% as compared to the category average of 1.27%.

VY Morgan Stanley Global Franchise S (IVGTX - MF report) seeks long-term growth of capital. IVGTX primarily focuses on acquiring equity securities of companies that are believed to be undervalued and have a strong growth potential. IVGTX invests in securities of companies located throughout the globe including domestic firms and those that are located in both developed and emerging countries. The Hartford Global Growth HLS IA fund is non-diversified and has a year-to-date return of 10.2%.

As of September 2015, IVGTX held 31 issues, with 9.82% of its assets invested in Nestle SA.

Oppenheimer Global Opportunities A (OPGIX - MF report) primarily invests in a wide range of domestic as well as foreign equity securities. OPGIX focuses on acquiring stocks, but may also purchase debt securities. OPGIX may invest a maximum of 25% of its assets in "below-investment-grade" securities or "junk bonds." OPGIX may also invest in developing or emerging countries and in small- and mid-cap companies. The Oppenheimer Global Opportunities A fund has a year-to-date return of 6.7%.

Frank V. Jennings is the fund manager of OPGIX since 1995.

T. Rowe Price Global Stock (PRGSX - MF report) seeks long-term capital appreciation. PRGSX generally invests in both domestic and foreign-established firms. Though PRGSX focuses on acquiring common stocks of companies located in the developed nations, it may also invest in companies based in emerging economies. PRGSX invests a large chunk of its assets in stocks from a minimum of five countries, which may also include the US. PRGSX invests more than 40% of its assets in securities of foreign companies. The T. Rowe Price Global Stock fund has a year-to-date return of 8.9%.

PRGSX has an expense ratio of 0.89% as compared to the category average of 1.27%.

Fidelity Mid-Cap Stock (FMCSX - MF report) invests the lion’s share of its assets in common stocks of companies with market capitalizations within the range of either the Russell Midcap Index or the S&P MidCap 400 Index. FMCSX uses a “blend” strategy to invest in securities issued worldwide. The Fidelity Mid-Cap Stock fund has a year-to-date return of 1.8%.

As of September 2015, FMCSX held 166 issues, with 1.72% of its assets invested in Cytec Industries Inc.

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