Tags: China | emerging markets | ETFs | mutual funds

While the average diversified emerging-market fund has risen 13% so far this year, several single-country funds have soared far beyond that level.

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Those numbers are leading some money managers to shift some assets from diversified funds into single-country funds.

Kate Moore, senior global equity strategist at Bank of America Merrill Lynch Global Research, tells the Wall Street Journal her unit is “making more country calls and fewer sector ones.”

China region funds have seen inflows exceeding $530 million so far this year, while India-only funds have gained $160 million.

Of course, no one is advising investors to abandon diversification strategies for single-country bets. Rather, some analysts are saying it’s a good time to tilt the balance a bit toward single-country funds, because emerging markets are expected to grow more than the United States this year. They also argue that the European debt crisis is weighing down developed nations more than emerging ones.