Christopher Rossbach, manager of the J. Stern World Stars Global Equity fund, is another who does not subscribe to the belief that value or cyclicals will outperform in the long run.

“I’m not really a big believer in a market rotation and, in the long term, I don’t care about it,” he said. “I think the digital platforms will continue to do well, although how Amazon will trade when it has 15 per cent growth, not 60 per cent, we’ll see.

“However, if it doesn’t trade so well in 2021, then it’ll be an opportunity for the next year.”

In terms of an overall US equity outlook, Rossbach does expect the performance of US equities to be a little more balanced in 2021: “The digital companies may not do quite as well relative to others, but for long term investors it shouldn’t matter.”

He said that ultimately a rotation into value versus growth stocks won’t prevent businesses from getting disrupted.

“They might do well, but only because they’ve done so poorly recently,” he said. “I don’t see how they will sustainably do well, because getting disrupted is still getting disrupted.

“So, airlines are still a terrible business. Automobile makers are still a terrible business. Retail is still a terrible business. It’s not going to change.

“Just because it’s slightly less terrible and just because some of them will have survived and others won’t, doesn’t make them any less terrible.”