Rahul Narang likes to buy them up.
Owning those companies "keeps us in the game during those periods of sell-off," Narang told Business Insider in an interview last week.The Global Technology Growth fund ranked in the top 20 tech funds for its performance over the last five years, including through the coronavirus dip, according to Morningstar Direct. The fund has also won the Lipper award for its category for the last two years for having the best risk-adjusted returns over the last five years.
When the fund finds moat companies — or those with the potential to develop into them — it holds on to them, Narang said.The second big component of the fund's holdings are the value stocks. These are companies that for various reasons trade at low multiples of their earnings or sales.
And, he said, many investors didn't recognize that it was starting to capitalize on that moat to sell a raft of subscription-based services to those same customers to generate something the market highly values — recurring revenue.Narang and his team saw similar potential in the makers of computer memory, including Micron and Samsung. Those companies tend to trade at low multiples, in part because instead of offering consistent earnings growth, they go through boom-and-bust cycles.
Some of the themes he and his team are focused on are well-established ones, such as the growth of cloud computing, e-commerce, and mobile gaming. Others are emergent, such as artificial intelligence, robotics, autonomous vehicles, and 5G wireless networking.
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