Emerging markets led by China and India were in a party mode, beating the United States by a big margin with the top 10 funds up 52 percent to 74 percent in the past year, Forbes reported.

Shares of Guggenheim China Technology and KraneShares CSI China Internet, the top two emerging market funds, gained around 70 percent, nearly four times the gain in the Standard & Poor's 500 index.

The fast value increase of Chinese technology and internet shares benefited from China's recent inclusion in the MSCI emerging markets index and the rapid growth of China's online economy, the largest and fastest-growing economy in the world.

At the same time, Indian small-caps' fast growth have benefited from Modi's policies, which provide a stable political and macroeconomic environment and helped India to outperform most emerging markets in per capita gross domestic product growth.

Brendan Ahern, KraneShares chief investment officer, is optimistic about China's A shares by saying that China A shares will be included in their Global Standard Indexes starting in May 2018 and full inclusion could take up to five years.

Let's take a look at the top 10 emerging market funds in 2017.

No 10 Columbia India Consumer (INCO)
Year-to-date return: 52.32 percent