Vanguard has cautioned investors not to get swept up in the market rebound, reminding them to maintain a balanced, well-diversified portfolio. The note, posted on Vanguard's Web site on Tuesday, was picked up by Sam Mamudi in the Wednesday edition of the WSJ Fund Track column.

"While it may be gratifying to see these robust gains lift the balances of your funds, the markets have 'come a long way in a hurry,' as the saying goes," Vanguard said.

The Valley Forge, Pennsylvania-based firm also told investors not to use short-term performance numbers to guide investment decisions, and singled out four of its own funds that have returns well above the broad stock and bond markets.

The four are:

Vanguard Capital Value Fund +68.5 percent

Vanguard Emerging Markets Stock Index Fund +62.6 percent

Vanguard Precious Metals and Mining Fund +59.9 percent

Vanguard High-Yield Corporate Fund +32.4 percent

"Each of these funds can properly be considered aggressive, and all encompass significant risks given the markets and securities in which they invest," Vanguard said. 

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