After the last several years dealing with the financial crisis, individual investors have been understandably conservative. As a result, government bonds and blue-chip stocks have been quite popular.

However, there are signs that investors are willing to take on more risks. After all, interest rates are fairly low and corporate dividends are still somewhat meager.

Perhaps this is why there has been a resurgence in IPOs. The standout offering was from LinkedIn (NASDAQ: LNKD), which doubled on its first day of trading. It has a value of about $9 billion or so.

However, picking high-fliers is no easy feat. It requires patience, research and a strong stomach to deal with the volatility. But the good news is that there are some solid funds that can help out.

Let’s take a look:

Alger Spectra (SPECX)

The Alger Spectra (SPECX) fund has been able to sustain its strong gains for the long haul. Over the past five years, the average annual rate of return was 11.52%.

A big help is that the fund has found ways to reduce the inherent volatility. One approach is to have positions in some large companies like Oracle (NASDAQ: ORCL), Apple (NASDAQ: AAPL) and Google (NASDAQ: GOOG).

But another key factor is that the fund can short sell securities. This means it can make money when a stock price falls.

Waddell & Reed New Concepts (UNECX)

When it comes to aggressive growth investing, it is important to have a top-notch portfolio manager. Often, this means having lots of experience and a knack for seeing the next big thing.

In the case of the Waddell & Reed New Concepts (UNECX) fund, it has a highly skilled manager: Kimberly Scott, who has been operating the fund since early 2001.

So it should be no surprise that Scott knows how to be nimble. In 2010, she produced a return of 31.7%. And as for this year, the gain is a nice 11.04%.

Oh, and she knows how to trade IPOs. One of Scott’s top performers was Lululemon (NASDAQ: LULU).

Wasatch Ultra Growth (WAMCX)

The title says it all: Wasatch Ultra Growth (WAMCX). Yes, it doesn’t apologize for trying to hit home runs. For the most part, this means investing in high-flier tech companies. Top holdings include Power Integrations (NASDAQ: POWI), Silicon Laboratories (NASDAQ:

SLAB) and Interactive Intelligence (NASDAQ: ININ). Keep in mind that these companies are fairly small, ranging in market caps of $1 billion to $2 billion.

Wasatch Ultra Growth’s portfolio manager, Ajay Krishnan, has definitely been racking-up juicy returns. For the year, the gain was 40.15%.

But of course, the fund is subject to wide swings. In 2008, it plunged 55.1%.

PRIMECAP Odyssey Aggressive Growth (POAGX)

The portfolio managers of the PRIMECAP Odyssey Aggressive Growth (POAGX) fund tries to find strong growth with a focus on lower valuations. True, it’s extremely tough to do. But all in all, the fund has done a good job. The annual average return for the past five years was 9.01%.

Currently, the fund sees lots of opportunity in healthcare and biotechnology. Some of the top holdings include Roche Holding, Seattle Genetics (NASDAQ: SGEN), Dendreon (NASDAQ: DNDN), Cepheid (NASDAQ: CPHD) and Immunogen (NASDAQ: IMGN).

Legg Mason ClearBridge Aggressive (SHRAX)

After stumbling since 2007, the Legg Mason ClearBridge Aggressive (SHRAX) fund is getting its groove back. For example, last year the fund was up 23.92% and as for 2011, the gain is 11.83%.

The ClearBridge fund has a small portfolio, with only 25 stocks. This can help juice returns – that is, so long at the mangers pick the right investments.