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In continuing with our series of the top 5 mutual funds in each category, today we will visit the top 5 small cap growth mutual funds for the individual investor. These funds are ranked based upon past performance, expense ratios, management tenure, and minimum investment requirements.

1. Royce Value Plus Service (RYVPX)- This fund has an annualized return of 27.72% over the past 5 years. The lead fund manager here has been at the helm since 2001. The expense ratio of 1.26% is very reasonable in the small cap growth fund subcategory. This fund has ranked in the top 5% of all small cap funds in most years. A great starter to a mutual fund portfolio.

2. Winslow Green Growth Fund (WGGFX)- This fund has an outstanding performance record. The fund has ranked in the top 1% of all small cap growth  funds in both the three and five year periods. The fund has returned 23.78% on an annualized basis over the past three years. The expense ratio of 1.45% is certainly acceptable. This is a very concentrated small cap fund with managers who have proven themselves.

3. Columbia Small Cap Growth Fund (CMSCX)- A low expense ratio of just 1.20% goes along well with no loads and a low minimum of just $2,500 to invest in this fund. The fund consistently ranks in the top 20% of small cap funds. The fund has returned 21.53% on an annualized basis in the past 3 years.

4. Oberweis Microcap Fund (OBMCX)- This fund seeks out very small companies with market caps under $250 million. The fund has returned 22% annualized for the past 5 years. James Oberweis has managed the fund since 1996 and has proven to be a great manager. The initial purchase requirement is just $1,000 for this fund.

5. Baron Growth Fund (BGRFX)- Management searches for companies stocks that will double within 4 years, and has a pretty good track record of finding them. The fund has very low turnover and is very cost efficient with an expense ratio of just 1.31%. Ronald Baron has managed the fund since 1995, so management tenure helps this one make the list.

These five small cap growth funds have proven to be some of the best in the category. If you are looking for a small cap growth fund to add, consider these five while doing your research.

If you would like to view the top 5 large cap growth funds click here

If you would like to view the top 5 large cap value funds click here