PLUCKY investors are holding on to their Asian funds despite turbulent market conditions, according to a survey. Cash continued to flow into mutual funds investing in Asia, excluding Japan, over the first six months despite index falls up to 30 per cent during the first quarter and choppy conditions in the second. The unit trust industry also recorded its fifth consecutive month of net redemptions in July. Timothy Moe, a director at Salomon Brothers, said: ''Most investors remained sanguine on the longer-term prospects for Asian equities despite periods of high volatility. This suggests that cash flows should remain positive during the second half, now that the markets have recovered from their intra-year lows and regained a measure of stability.'' Cash flows into authorised funds increased to US$753 million during the second quarter - a rise of $279 million from the previous three months. Funds under management in this sector have grown from about $4 billion in 1992 to about $25 billion - a more than sixfold increase over 21/2 years. Mr Moe said: ''The influence of these funds is significant, because they tend to trade actively. Judging from their growth pattern over the next five years, the impact of these funds should rise further.'' The table at right shows the top 20 regional funds over the past six months and their ranking over 12 months and three years. Over six months the top performing fund, Guinness Flight ASEAN, would have returned $64 from a $1,000 investment before allowing for the costs of the fund. The worst performing, Lippo Asian Growth, would have lost the investor about $218, on the same basis.