More than half of the top 20 funds had cash invested in the two economic powerhouses, according to Singapore-based unit trust distributor Fundsupermart.

And for those keeping score, most of the worst performing funds were heavily into Japanese shares.

The top dog for 2007 was HGIF Indian Equity-A fund with returns of 66.9 per cent, with DWS China Equity Fund Class A just behind on 64.9 per cent.

The average return of the top 20 funds was 51.5 per cent and that can be largely put down to the robust stock markets in India and China, where domestic demand and good corporate performances kept the pot boiling.

Indian shares shot up 54.9 per cent over the full year, while China equities as represented by the Hang Seng Mainland Composite Index surged 48 per cent.

Singapore's Straits Times Index rose 16.6 per cent, despite a turbulent second half.

The rise of India and China has been the dominant story for the past four years. Indian funds took centre stage in 2004 and 2005, while it was China's turn in 2006 and both put in a joint strong effort last year.

Read the full story in Saturday's edition of The Straits Times.