These funds have the lowest 12-month price-to-earnings ratios. Does that present an opportunity for value-oriented investors, or does the risk-reward ratio lean too much toward risk?

In the wake of market selloffs, falling p/e ratios can provide investors with uncommon buying opportunities. But a low-priced fund is ultimately only a bargain if, over time, the price increases not if it's flat or falls further.

These 20 funds have the lowest p/e ratios over the past 12 months. Has the market priced them correctly? Or have some been unduly punished?

Click here to view as a single page. Click here to see the funds with the highest P/E ratios. All data from Morningstar. – Maddy Perkins

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