Preheat the oven to 180°C fan (350°F) and line a large baking tray with baking paper.
Finely chop the peppers and onion. Heat a drizzle of oil in a pan and cook the onion first until soft, then add the peppers and cook until tender. Set aside and allow the mixture to cool slightly.
Lay the puff pastry flat on the prepared tray and shape it into a wreath by cutting a circle from the centre to create a ring.
Sprinkle the cheese evenly around the outer ring of the pastry, then spoon the cooled pepper mixture on top.
Cut evenly spaced triangles from the inner edge of the pastry and fold them over the filling, slightly overlapping, to form the wreath shape.
Brush the pastry lightly with egg yolk and sprinkle with sesame seeds.
Bake for 22–25 minutes, until puffed, deeply golden and crisp.