The ascendancy of technology stocks is more than just the theme of the year, according to the most successful fund managers of 2019-20, and more accurately represents an enduring shift in market leadership that won't easily be eroded.

That's the case even though valuations for some stocks are a source of discomfort amongst seasoned investors. Sky-high multiples and soaring share prices lit up an otherwise downbeat 12 months, with Afterpay up 143 per cent and Fisher & Paykel 123 per cent.

The median manager as tracked by Mercer experienced a capital loss of 7.1 per cent before fees, but still beat the benchmark index's negative 7.7 per cent. However, some strategies extracted dazzling numbers and a common thread is technology exposure and an ability to hold one's nerve when equities collapsed.

"There's no doubt that multiples are at the top of their ranges and extended," said Frazis Capital Partners founder Michael Frazis who delivered a net return of 39 per cent in the year to June 30. His strategy is not tracked by the published Mercer tables, but such a result would place him at the top of the pack.

"The real winners are going to be the people that manage to hold these companies for three to five years or even longer." A technology-focused investor, Frazis thinks the technology opportunity is not yet fully tapped.

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