The top 100 list includes 15 equity funds from Pakistan and 14 from Thailand and nine from India, according to an analysis of data for 27,431 actively managed equity mutual funds tracked by Thomson Reuters Lipper globally.
The Karachi Stock Exchange's benchmark 100 share index surged 49 percent, while Bangkok's benchmark SET index finished 35.8 percent up last year, making them the two best performing share markets in Asia.
The Asia-focused funds produced an average return of 62.3 percent, outperforming the top market in the region as well as the 18.6 percent advance in the MSCI's broadest index of Asia-Pacific shares outside Japan.
Nearly 7,300 equity funds investing in Asia and tracked by Lipper returned an average 17.9 percent in 2012. By comparison, non-Asian funds gained 13.2 percent, the data showed.