After a broad sell-off earlier this year, technology and growth stocks have been picking up steam, especially in overseas markets where Asia tech-related exchange traded funds are standing out.

The broad Asia tech sector-related ETF, iShares MSCI All Country Asia Information Tech (NYSEArca: AAIT), has gained 4.3% over the past week, rose 9.5% over the last three months and is up 12.4% year-to-date.

AAIT tracks tech stocks from a group of Asian markets, including Japan 30.2%, Taiwan 29.0%, South Korea 23.9%, China 10.5% and India 5.7%.

Moreover, even with the recent run up, Asian tech stocks still show attractive valuations. AAIT’s portfolio has a price-to-earnings of 14.0. In contrast, the S&P 500 Index has a P/E ratio of 17.4.

Among Asia tech names, Taiwanese companies have experienced disproportionately stronger gains, acquiring greater market share from South Korea and more expensive Japanese manufacturers, Reuters reports.

Taiwan has developed a broad supply chain that covers chips to cameras and assembly for phones, along with its proximity and closer ties to cheaper Chinese replica manufacturers.

“Sometimes the leading brands will adopt a particular feature that the rest of the industry quickly copies,” Peter Kurz, equity strategist at Citi, said in the article. “So the component company could benefit disproportionately with a new product design by a leading brand.”

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