Goldman Sachs says 'laggard India is a large overweight' among Asian MFs

Fewer than half of the top 100 Asian funds and about 60 percent of the top 200 emerging-market mutual funds in Goldman's sample have outperformed year to date

While Asian equities have risen to start 2019, the region’s funds may not be doing as well.

Asian mutual funds have lagged behind their benchmarks due to conservative positioning, as well as concentrations in sectors and geographies that haven’t done as well to start this year, Goldman Sachs Group Inc. analysts led by Sunil Koul wrote in a Feb. 18 note with a quarterly update of regional fund flows and positioning.

“The defensively positioned Asian funds (given their large overweights in South Asian markets and consumer sectors) have lagged in the cyclical-led recovery rally,” the analysts wrote. “Country and sector returns year-to-date