Emerging markets have had a tough time of it in recent years; with macro headwinds like a strong US dollar, the collapse in commodity prices, geo-political tensions and not to mention the implications of China’s economic slowdown taking their toll on individual equity markets. While this has been the case for many markets, investors in Indian equities have enjoyed rather better returns despite the volatility.

The MSCI Emerging Markets Index has fallen nearly 13.5 per cent year-to-date and around 12.6 per cent over the past five years – starkly contrasting the MSCI World Index by more than 66 per cent over the same period, according to FE Trustnet data.

While EMs have suffered in general, the Indian market has fared much better. The National Stock Exchange of India has risen more than 38 per cent year-to-date. This followed 2014’s bumper year in Indian equities when foreign investors piled in after Prime Minister Narendra Modi was elected into office last May. While the Chinese market dropped significantly from June through to the beginning of September - NSE India rose more than 60 per cent over the same period, according to FE Trustnet data. In fact, the Indian index jumped more than 60 per cent during Black Monday.

While enthusiasm for Indian equities have waned somewhat this year – largely due to investors losing confidence in Modi’s ability to implement the reforms promised during last year’s elections, the number of investors seeing better prospects in India is rising again.

For some investors – the sell-off has been a buying opportunity. At a recent event run by FE Trustnet, managers at Columbia Threadneedle, Newton and Hermes have pointed to an attractive gap in the market for those looking for an opening into the market.

With this in mind, we take a look at the top 10 funds with some level of exposure to India and their performance since PM Modi’s election to office.

See below for 10 top performing funds with some level of exposure to India since 2014 elections

Pricing Spread: Bid-Bid,Price Range:  from 26 May 2014 to 25 Sep 2015,Currency: Pounds Sterling. Source: FE Analytics

Buyers should note that investing in India is not for the faint hearted as there is a high level of volatility, and it should be viewed as a long term investment.