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 will not easily be eroded.

That's the case even though valuations for some stocks are a source of discomfort among 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.