DroneShield, a buzzy anti-drone technology manufacturer that has captured the attention of local fund managers, has pipped hot technology and uranium stocks to become the most bought small cap of the last year.

DroneShield’s share price has risen 120 per cent in the last year, boosting returns for the likes of Regal Funds Management, amid record global defence spending, with the company last week reporting its half-year earnings tripled after it signed one of its largest contracts in June.