CRISIS, what crisis? While Hong Kong's financial experts wait for fallout from the row over the territory's political reforms, US fund managers are bullish like never before. While billions of greenbacks are pouring into US-run international funds from new investors, Hong Kong is still right at the top of the ladder for those investing the cash. And while Hong Kong analysts might fear that the Heng Seng is beginning to look overvalued, Americans think no such thing, and are wading in for both short-and long-term profits. US fund managers, in particular, have been moving aggressively into Hong Kong and other Asian markets as they look for somewhere to place the heavy stream of money from enthusiastic investors. Analysts say the Hang Seng Index is still trading at a price-earnings multiple of only 12, significantly below Singapore and Malaysia. Financial guru Barton Biggs' judgment of Hong Kong being a good market in which to invest is cited by some US managers as the immediate reason for an influx of cash over the past few days. But they believe the trend is far more deep-seated. Andrew Economos, portfolio manager for emerging markets and the Pacific Rim at Boston-based investment firm Scudders, said Hong Kong was benefiting from the abundance of cash. Figures in this week's New York Times showed that so far this year, Americans have invested US$17.4 billion in overseas funds, compared with $6.9 billion for all of 1992. ''Americans used to be very Eurocentric, but now they see that Asia is where the wealth creation is,'' said Mr Economos. ''China is the big story now, and Hong Kong is the gateway.'' One of his firm's two major Asian funds, Pacific Opportunities, was taking in a ''huge inflow'' - about $20 million a week, he said. ''Hong Kong is the second best market after Japan. It is very liquid and can take a lot of capital. Historically, it might seem expensive to local investors, but we think it is very fairly valued compared with other Asian markets.'' David Testa, chairman of international funds for Baltimore-based T. Rowe Price, agreed. ''Hong Kong is a very accessible market - it has got lower prices and higher yields. It may seem high, but relative to the growth rates underlying it, it looks pretty good.'' Mr Economos said US investors were not concerned at Hong Kong's political row, adding that they were taking a positive long-term view of its relationship with China and felt its occasional volatility was only minor. And when the market did dip, excellent bargains could be snapped up. ''We'll stick in there through thick or thin. We even welcome a correction in Hong Kong, and would use it as a buying opportunity,'' he said. Scudders' Pacific Opportunities fund has a large exposure to Hong Kong - 25 to 30 per cent. Mr Economos said he was particularly keen on infrastructure investments. Civil engineering companies such as Sime Darby, which has the Caterpillar licence, are an example. Also highly-rated are mid-sized manufacturing firms with mainland bases, and property firms which do business in China. Mr Testa said: ''Political uncertainties in Hong Kong are ignored by investors looking at a bigger picture.'' US funds are clearly willing to see beyond the Sino-British row and put a lot of eggs in the Hong Kong basket. Merrill Lynch's Dragon Fund has an even bigger exposure to the territory - 42 per cent - but its growth rate of 22 per cent in the first half of 1993 would seem to justify it. Even conservative Brown Brothers & Harriman, the largest privately owned bank in the US, has jumped on the bandwagon by committing as much capital to Hong Kong as it does to Japan. And the news is that the territory can expect even bigger inflows of US money. Mutual funds may have taken the lead, but that is expected to be followed soon by pension funds, which have been traditionally reluctant to invest outside the US. At present, only about four per cent of their investments are overseas, but they are looking for places to invest in Asia.