With the average China-focused fund rising 36% over the past 12 months, it is no wonder that assets continue to flow to the 16 funds based in North America that focus exclusively on China, currently with more than $14 billion in assets, Morningstar Analyst Samuel Rocco notes.

But that growth is not sustainable, he says, noting that China funds have lagged emerging markets funds over the past three-, five- and 10-year timeframes.

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