Despite the sharp declines in the markets, which have pounded the prices of many stocks this year, some are still relatively expensive when measured by P/E ratios.

The 20 funds listed here have the highest price-to-earnings ratios over the past 12 months. Drilling down, it's clear that small-caps and real estate are driving this trend.

Should advisors counsel clients to hold on to funds that own these stocks, or buy more, given the selloffs, or would it be wise to pare positions?

Click here to view as a single page. All data from Morningstar.

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