Despite the horror stories in recent months about "quant" hedge funds, mutual-fund investors need not necessarily run for cover when they see words such as "quantitative" and "proprietary model" in a fund's descriptive material.There are a number of open-end mutual funds run largely with the help of quantitative models that produce steady, positive results and are appropriate for consideration by the typical mutual-fund investor. Quant funds earned their bad rap in July and August as turbulence from the subprime mortgage imbroglio spread to the broader credit markets and then to equities. Goldman Sachs' ( GS) quantitatively-driven Global Alpha flagship hedge fund reportedly lost 22.7% in August. Another Goldman Sachs quant offering, Global Equity Opportunities, was reported to have sunk around 30% in a single week, while the Morgan Stanley PDT -- for Process Driven Trading -- quant group was said to have lost half a billion dollars in late July and early August. Troubling reports of steep losses at quant funds Renaissance Institutional Equities, AQR Capital Management and Tykhe Capital LLC also appeared with alarming frequency. All that might be enough to prompt an investor to run in the other direction. But the big losers of summer were, for the most part, hugely-leveraged hedge funds. Most open-end mutual funds using quantitative models are far less menacing creatures. A number of them, in fact, were racking up impressive gains at the same time some of their less fortunate hedgie cousins were crumbling.