The major headwinds that have held the region back have been related to the strength of the US dollar and growing optimism about the economic recovery there.
Many investors who put their money in Asia when it was hard to earn a return in the developed world are shifting their allocations back now that the end of quantitative easing is on the horizon.
However, the region is still predicted to see high GDP growth in the coming years, and investors who pick the right stocks have plenty of opportunity to make money.
Here are five funds that fly beneath the radar of most investors. All are less than £200m in size, and most are smaller than £100m.
Baillie Gifford Pacific
The five crown-rated Baillie Gifford Pacific fund, managed by Roderick Snell since May of this year, has an excellent recent record.
Over three and five years the fund has delivered top-quartile returns in the sector, according to data from FE Analytics.
In the past three years the fund has made 20.16 per cent while the MSCI Asia ex Japan index made just 5.12 per cent. The average Asia Pacific ex Japan fund made 7.45 per cent.
Performance of fund vs sector and benchmark over 3yrs
Source: FE Analytics
Baillie Gifford Pacific prides itself in taking an off-benchmark approach, which has helped it in a period when the index has suffered.
It currently has 27.7 per cent in South Korea and 18.5 per cent in Taiwan as well as 17.3 per cent in India. All are significantly above the weightings on its benchmark.
The fund requires a minimum initial investment of £1,000 and has ongoing charges of 1.64 per cent.
Melchior Asian Opportunities
The £56m Melchior Asian Opportunities fund is harder to find on platforms, but it is available through a select number of them.
It has also outperformed its benchmark over one, three and five years. While three-year returns of 11.65 per cent are higher than the 7.45 per cent made by the MSCI AC Far East ex Japan benchmark, over five years the fund stands out even more.
It has made 127.75 per cent as the benchmark has made 108.2 per cent: top-quartile returns.
The past 12 months have been good for it too, with its returns of 12.43 per cent putting it in the top quartile. The sector made just 8.47 per cent over this time.
Performance of fund vs sector and index over 1yr
Source: FE Analytics
The fund has a heavy overweight position in the technology sector, making up 37.1 per cent of assets, and has a further 35.8 per cent in consumer discretionary stocks.
Five of its top-10 holdings are technology companies, with Tencent the largest at 4.53 per cent of the fund.
It has ongoing charges of 2.55 per cent, making it an expensive option.
L&G Asian Income
At £123m, this five crown-rated fund is the largest on the list. It does not get the attention of the largest Asian income funds from Schroders and Newton, but it has held up much better than its rivals in the market sell-off.
It has made 14.28 per cent in the last year as the £4.4bn Newton Asian Income fund has delivered 9.95 per cent and the £394m Schroder Asian Income fund 10.37 per cent, making it the only one of the Asian income funds to achieve top-quartile returns this year.
Performance of funds vs sector and index over 1yr
Source: FE Analytics
The fund also has an excellent longer-term record, with top-quartile returns over three and five years.
It invests heavily in Australia and New Zealand, with 33.78 per cent in those countries, and has 40.94 per cent in financials. Both weightings have helped its performance in recent years.
The fund is a member of the FE Select 100 list of elite funds.
It is currently yielding 4.1 per cent.
Investec Asia ex Japan
The £98m Investec Asia ex Japan fund has been managed by Greg Kuhnert since October 2004.
The manager has taken up a strong position in China, with 28.8 per cent of his fund invested directly there and a further 21.5 per cent in Hong Kong. He also has 10.9 per cent in Taiwan. The fund has a stated goal to seek countries that are exposed to Chinese growth.
Conversely, he is underweight south-east Asian countries such as Indonesia and Malaysia.
It has produced top-quartile returns over five- and 10-year periods, although its three-year returns have been close to the sector average.
The fund has ongoing charges of 1.74 per cent.
Old Mutual Asia Pacific
The £37m Old Mutual Asia Pacific fund has been managed by Ian Heslop with Amadeo Alentorn and Mike Servent since December 2011.
It has done particularly well in the two years since the new team took over: its returns of 27.31 per cent were the best in the sector in 2012 while the 11 per cent it has made this year has been bettered by only one fund.
As a result, over three years it is the ninth-best portfolio in the Asia Pacific ex Japan sector and the second-best over the past 12 months, during which time it has returned 15.65 per cent.
Performance of fund vs sector and index over 1yr
Source: FE Analytics
The fund has 27 per cent in Hong Kong and China, 23 per cent in Australia and 16.9 per cent in South Korea.
It has ongoing charges of 1.97 per cent.
