Lansdowne Partners’ $12.3 billion developed markets hedge fund has rebooted its exposure to tech stocks but expressed caution on wider market prospects, after generating a return of 16.9% in 2015, against 1.4% from the S&P 500 index.

Online retailer Amazon and television streaming service Netflix were among Lansdowne's most profitable long positions in 2015, according to the firm's fourth-quarter review of the Developed Markets Strategy that was sent to Financial News by an investor in the fund. Lansdowne's total assets, including the Developed Markets Strategy, were $22 billion at the year end.