John Pearce, the chief investment officer of UniSuper, was not alone in thinking that, at $100, Commonwealth Bank shares were too expensive. But to everyone’s surprise, the market’s biggest stock has kept running and running, last trading above $127.

And just as well. As super funds and asset managers ruled off on another financial year, they have CBA to thank for powering about a third of the S&P/ASX 200’s returns. In the United States, a small handful of tech stocks have similarly propelled the market.