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After eye-popping gains in the stock market over the past three quarters, price-to-earnings ratios have soared.

Indeed, since the election in November, the S&P 500 has surged 11.4%. And if clients were prescient enough to buy the index in June, they would be looking at an 18% gain.

But has the pendulum swung too far? To be sure, P/E ratios have surged even higher, but using history as a guide, equity prices have gotten ahead of corporate earnings. The S&P 500 P/E stands at 24.9; the historical average from 1960 is 16.8.

Bloomberg points out another way of looking at it: Compared to cash balances, the value of global equities is the highest in almost two decades.

Whether you and your clients are still bullish on equities or want to take some profits, scroll through to see the top 20 mutual funds by P/E ratios. All data from Morningstar.