There has been significant momentum behind Asian markets in recent months. The MSCI AC Asia ex Japan rose 13.4% in US dollar terms during the quarter, the best start to the year since 1992.
Foreign inflows, particularly into emerging Asia, have been strong and earnings revisions turned positive at the start of the year and continue to move higher.
How long will this last? In truth, much will depend on the economic and political landscape in the US in 2017.
Asian markets have traded well and the region's currencies have stabilised (in some cases strengthening) year-to-date, as investors become more convinced President Trump may struggle to implement his planned reforms and rate rises in the US will be gradual.
The global 'reflation trade' has also lost some of its momentum, as reflected in recent weakness across the commodity chain, including in oil prices.
Nevertheless, if expectations change this would have negative implications for the Asian region.
Global influences aside, the two powerhouses of Asia are still very much in charge of their own destinies. Chinese GDP forecasts were revised down slightly over the past few months, but the economy appears to be performing robustly.
Purchasing managers' index (PMI) data and strong commodity demand suggests an economy in expansionary mode and the renminbi has stabilised.
Additionally, the property market has been strong, so much so there has been a shift away from an accommodative monetary policy.
In India, the ruling BJP party recently won emphatic victories in a number of key states, most notably Uttar Pradesh.
This underlines that Prime Minister Narendra Modi's popularity remains intact following last year's sudden demonetisation move and allows him the political mandate to continue to push through his reforms.
Meanwhile, the negative effects of demonetisation now appear to have largely washed through the economy.
As ever though, geopolitics is never far from the investment story in Asia and rising tensions in the Korean Peninsula have inevitably cast a pall over recent market dynamism.
In this environment, our job as investors is to focus on the foundations of solid fundamental research, using this discipline to help us identify the region's best and most sustainable businesses.
Andrew Graham is portfolio manager of the Martin Currie Asia Unconstrained Trust
• Earnings revisions have turned positive
• PMI data and strong commodity demand suggests China's economy is in expansionary mode
• Geopolitics remains a short-term destabiliser
• A faster-than-expected rise in US rate would negatively impact Asian economies and currencies