In its latest international equities - emerging markets sector review, the frontrunners in the Asia-ex Japan peer group were the Aberdeen Asian Opportunities Fund, BT Wholesale - Asian Share Fund and Challenger Wholesale Asian Share Fund with four stars.
The Fidelity India Fund was the only manager to be placed on hold.
S&P said it continued to be impressed with the quality of managers in this peer group.
In the small China funds peer group, the Fidelity China Fund was the standout in the peer group and was the only manager to meet its objectives.
Only one manager, Premium China Fund, was downgraded from four to three stars.
This reflected a change in relative ranking compared to other China managers that improved the overall quality or offerings.
"S&P has noticed a steady improvement in the resources and quality of specialist Asia ex-Japan and China funds. Fund managers clearly see this as a growth area and are preparing for the future," S&P fund analyst Simone Arblaster said.
"The majority of managers reviewed have broken with the general trend for retrenchment and consolidation in tough economic times.
"Managers who have not kept pace with their more innovative peers are falling behind the pack."
