The top ten performing funds were a mix of technology focused, Japanese small cap and UK Smaller companies, said Willis which used FE Analytics data.

Adrian Lowcock, head of personal investing, says that although the 2008 financial crisis occurred in the previous decade it had an impact throughout the last 10 years.

He said: “The start of the decade saw the back of the worst of the financial crisis for investors but its impact has continued to be felt throughout the last ten years.

“Low interest rates and quantitative easing become the backdrop for market performance. Investors remained nervous for much of the first half the 2010’s, as concerns persisted that the global economy and financial system could still collapse.

“Even in the latter half the rally in equity markets was treated with suspicion by investors and was frequently termed the most unloved bull market in history.”

Analysis by Willis found that while tech funds were in the wilderness since the bursting of the dotcom bubble in the early 2000s they led the way with a new generation of tech companies from Facebook to Netflix offering investors “huge growth potential.”

The US market benefited from the US Federal Reserves policies and government action during the financial crisis.

Smaller company sectors featured highly in the top 10 as they avoided the worst of the financial crisis and benefited from low interest rates due to being able to utilise the new technologies, says Willis.

Legg Mason IF Japan Equity was the best performing fund as exposure to the higher risk Japanese small caps paid off on hopes Japan was finally out of its deflationary spiral and growth would return.

Merian UK Smaller Companies Focus and TB Amati UK Smaller Companies showed that the UK remained an attractive market for investors even though a Brexit  cloud hung over the country for over a third of the last decade, the company said.

In contrast, Targeted Absolute Return funds - once touted as the ideal balanced risk choice for investors - had a “shocking decade.”

Bonds and diversified funds also lagged behind equity markets. In funds, gold and energy stocks struggled. MFM Junior Gold suffered most as it had exposure to the more speculative end of the market.

MFM Junior Oils trust suffered as the oil price collapsed reaching a low in January 2016 and Blackrock GF World Mining Trust lost just over 20% during the past 10 years.

10 best-performing sectors

Source: FE Analytics, performance from 31^st December 2009 to 31^st December 2019 in pounds sterling on a total return basis

10 best-performing funds

Source: FE Analytics, performance from 31^st December 2009 to 31^st December 2019 in pounds sterling on a total return basis

10 worst-performing sectors

Source: FE Analytics, performance from 31^st December 2009 to 31^st December 2019 in pounds sterling on a total return basis

10 worst-performing funds

Source: FE Analytics, performance from 31^st December 2009 to 31^st December 2019 in pounds sterling on a total return basis

Willis Owen is an online investment service provider with around £1bn of funds under management and more than 150,000 customers.