The past year’s performance for China-focused funds and investment trusts in general has been disappointing, yet the longer-term track record is quite the opposite.

The average return from China open-ended funds over the past 12 months is -3.6%, according to FE Fundinfo. That reflects a regulatory clampdown in the country which has weighed on share prices for big Chinese stocks like Alibaba and Tencent.

Yet once you look at longer term performance figures, some of the gains have been very impressive.

On a five-year basis, the top performer is investment trust JPMorgan China Growth & Income (JCGI), with a near-190% total return (capital gains and dividends). The best performing open-ended fund is Baillie Gifford China B Acc (B39RMM8), returning 128% over five years.

Investors often look to Asia for superior economic growth as that creates a favourable backdrop for corporate earnings. China has been battling a slowdown in its pace of economic growth, but its expansion rate is still ahead of most Western nations.