Funds in the technology sector and those in the Japanese smaller companies sector were the best performers in the decade since the collapse of Lehman Brothers, according to data from FE.
The IA Telecoms and Technology sector returns 348.3 per cent in the decade between 15 September 2008 and 31 August 2018, while the IA Japanese Smaller Companies sector returned 326 per cent.
The £600m Axa Framlington Global Technology fund returned 507 per cent over the past decade, and was the best performer in the IA Technology and Telecoms sector over that period.
Neil Goddin, who runs the Kames Global Equity fund, said he had no exposure to the big technology companies and because so many funds were heavily exposed to them, this has thrown up what he believed to be more attractive opportunities elsewhere.
The Baillie Gifford Japanese Smaller Companies fund returned 511 per cent over the past decade, and was the best performing fund in the that sector.
The best performing fund over the decade since the collapse of Lehman Brothers, the event commonly seen as the beginning of the global financial crisis, was the Old Mutual UK Smaller Companies Focus fund, which returned 274.6 per cent.
Only 11 funds in the entire IA universe were consistent enough to produce first or second quartile performance for each of the years in the decade since the collapse of Lehman, which was caused by its exposure to the downturn in real estate prices.
Among those 11 funds were the BlackRock European Dynamic equity, Threadneedle Monthly Extra Income, and Lindsell Train UK Equity.
Charles Younes, research manager at FE Trustnet said: "It was not an easy ride from the lowest point in 2008, which explains why only a small number of funds have managed to outperform their sector peers every year for the last decade.
"The markets have been quite volatile and there have been significant market rotations around macro-economic events such as the European debt crisis, the Chinese slowdown and the Brexit referendum."
Jason Hollands, head of business development and communications at Tilney said the policy of quantitative easing pursued by global central banks since the financial crisis had boosted equity market returns, but with interest rates rising and central banks withdrawing quantitative easing, conditions in global markets would be different in the next decade.