The era of stocks being valued on market share or revenue growth is over, according to hedge fund managers Will Vicars and Mike Messara, who manage the $4.6 billion Caledonia Global Fund.

Vicars and Messara, as co-chief investment officers, are trumpeting the 18.9 per cent net return earned by the fund in the six months to December 31, and tipping “a sustained period of strong returns”.