Yea, as I said, GEM covers most of Asia ex Japan except for developed Asia like HK, Singapore and Australia.

My effective exposure to GEM except Asia ex Japan is about 9%+ of my equity allocation.

Done - switched all my 100% Malaysian EI Equity Income Fund to EI Asia Pacific Shariah Equity Fund. Should be a good timing, today KLCI in green, many dividend stocks climbing.

I prefer Lipper to Morningstar cos it's got 3 different ratings for Total Return, Consistent Return and Preservation. I usually don't bother much about Morningstar.

Well, among the Asia Ex-Japan funds available on FSM, this is perhaps the best.