Some funds that have enjoyed 100 percent-plus, even 200-percent returns, are letting shareholders believe that their good fortune could continue indefinitely. The portfolio and marketing managers of these funds expect the sizeable returns to continue and are not making any effort to rein in shareholder expectations.

Other funds with outstanding returns, however, are telling investors it is time for a reality check. Triple-digit returns are an aberration, not a birthright, and should not prompt shareholders to redeem their shares if and when a slowdown occurs, these companies are saying.

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