What is a "growth fund"?
When we are talking about growth funds and value funds, what we are really talking about, is a stock fund, a fund that is going out and buying equities. The difference between growth and value is the relative quality of a company. Usually it is some type of measure like a price to book, or book to earnings. Value company is a company that is in distress where the market feels that it is in distress, whereas a growth company is a very solid - what we consider a blue chip - company that is doing very well. A growth fund is going to focus on those growth companies where a value fund is really going to try to focus on those value companies.