The performance of cybersecurity stocks has long lagged the explosive growth in the industry and fallen short of expectations partly because technology is moving so quickly that companies can often fail, says Loftus Peak’s research chief Raymond Tong.

Loftus Peak, a boutique investment fund based in Sydney, has been one of the biggest local winners from the rise in chipmaker Nvidia, buying into the company in January 2016 when shares traded for less than US75¢ on an adjusted-basis. They were at about $US120 when Loftus, which markets itself as a fund that invests in global disruption, sold out.