Total net assets of the world's 100 largest emerging market equity funds grew only 1.1% in the second half of 1994, to reach just under $66 billion, according to Micropal Emerging Market Fund Monitor.
Still, nearly three-quarters of the funds experienced a net increase in size.
Capital International's Emerging Markets Growth Fund, launched in 1986, remained the top fund, with nearly $5 billion at year end.
Jardine Fleming Asia High Growth maintained its second-place rank despite a small decline in size.
Templeton Developing Markets Trust switched places with T. Rowe Price New Asia, moving up to third place.
By fund group, two Capital International funds accounted for 8.8% of total assets, with $5.8 billion. Five Templeton funds represented $4.6 billion, while five Fidelity funds accounted for $3.5 billion. Five United Trust of India funds totaled $3.1 billion and four Merrill Lynch funds totaled $3 billion.
Of the 100 largest emerging market funds, 57 are multicountry funds. The other 43 are single country funds.