Three funds stand out in this area – Allianz Thailand Equity, JP Morgan Thailand and FF Thailand.
While there are no funds in the IMA universe that invest only in Thailand, not a single fund in the IMA Asia Pacific or Global Emerging Markets sectors has come close to the top Thai portfolios in terms of performance over this period.
Many investors avoid offshore-domiciled funds, believing them to be riskier than their UK-based counterparts.
The single-country focus of the Thai funds may further put investors off, but the returns over the last three years illustrate the significant returns on offer to those willing to take a chance.
Morevoer, FE Trustnet research shows the three funds are only marginally more volatile than IMA Global Emerging Markets over three years, with annualised volatility figures ranging from 0.5 to 3 percentage points higher than the sector.
Allianz Thailand Equity
The five crown-rated Allianz Thailand Equity fund is the best performer in the FSA offshore recognised universe over three years, returning 167.82 per cent.
The fund’s benchmark, the Thailand Bangkok SET index, made 153.02 per cent over the period.
Performance of fund vs index over 3yrs
Source: FE Analytics
The Luxembourg-domiciled portfolio has continued to perform well in the current rally, picking up 52.4 per cent over the past year, but it has lagged its benchmark over five and 10.
Much of the $698.1m fund’s underperformance over the medium- to long-term can be attributed to sharp losses in 2008, when it shed 54.17 per cent of its value.
However, it surged back in 2009, making 91.03 per cent while the index gained 78.75 per cent.
Like many funds in emerging Asia, manager Ho Yin Pong is making a strong bet on financials in Thailand, with Kasikornbank, Krungthai Bank and Bangkok Bank Public featuring in the fund's top-10 holdings, which account for nearly 45 per cent of total AUM.
While the fund invests primarily in Thai equities, a lot of its exposure to the region is obtained indirectly via developed markets. Stocks domiciled in continental Europe make up 37.49 per cent of AUM.
The fund is not cheap, however, with ongoing charges of 2.28 per cent.
JP Morgan Thailand
Another fund that boasts five FE Crowns is JP Morgan Thailand, managed by Pauline Ng and Sarinee Sernsukskul.
The $626m portfolio is second only to the Allianz fund over three years, returning 146.91 per cent.
It uses the MSCI Thailand index as its benchmark, which has gained 99.11 per cent over the same period, according to FE Analytics.
Performance of fund vs index over 3yrs
Source: FE Analytics
The fund has outperformed the index over one, five and 10 years as well.
Rather than the traditional offshore markets of Luxembourg and Dublin, the fund is domiciled in Hong Kong, making it more exotic for many UK investors.
It is more heavily invested in financials than either the Allianz or Fidelity portfolios, with 41 per cent in the sector.
It holds nearly 10 per cent in Kasikornbank alone.
It is a high-conviction fund, with the top-five holdings making up nearly 40 per cent of AUM.
It requires a minimum investment of $2,000.
FF Thailand
The four crown-rated FF Thailand fund is the least volatile of those on the list, but is still certainly not one for the faint-hearted.
While the Luxembourg-domiciled fund lost a painful 44.77 per cent in 2008, this was less than the Thailand Bangkok SET index and the Allianz and JP Morgan funds.
It was also the only one of the three to continue to deliver positive returns in the falling markets of 2011, picking up 1.16 per cent.
Over three years, the $1.4bn fund has made 132.32 per cent, compared with 153.02 per cent from the index, according to FE Analytics.
Manager Eric Choe is backing financials, with 31.4 per cent of the portfolio invested in the sector.
Bangkok Bank Public, Kaikornbank, Siam Commercial Bank and Krungthai Bank are all top-10 holdings.
Similar to the Allianz fund, the top holdings in FF Thailand make up nearly 45 per cent of AUM.
It is the least volatile of the funds on this list over three years, with an annualised volatility figure of just 21.85 per cent.
The fund requires a minimum investment of $2,500 and has ongoing charges of 2 per cent.
Investment trusts
While all of the funds have stellar records over three years, none have matched the Aberdeen New Thai IT; they all fall short over one-, five- and 10-year periods as well.
The closed-ended trust has made 194.39 per cent over this time and is even more impressive over the long-term.
It is up 1,111.37 per cent over the past decade, outperforming the best-performing open-ended fund, JP Morgan Thailand, which has returned 852.18 per cent.
The five crown-rated trust is trading on a discount of 7 per cent. Unlike the open-ended funds, it has a small yield of 1.3 per cent, according to the AIC.
It has ongoing charges of 1.55 per cent.