Tom Ognar isn't used to having to explain his big bet on tech stocks like this. After all, the portfolio manager of the $4.5-billion Wells Fargo Growth Fund beat 93% of peers over the past year by piling into Amazon.com and Google's parent Alphabet. But between Facebook's privacy scandal and the back-to-back fatal crashes at Uber Technologies and Tesla, the tech-sector doubters are suddenly speaking out as one stock after another slides. Ognar is unmoved: "We don't think the party is over." Nor do the bulk of his fund-manager peers, as it turns out. Behind the ugly headline losses - including the FANG complex's worst-ever day on Tuesday - there are data points that suggest many funds are a long way from abandoning the industry that has added more to the wealth of US stock investors over the past five years than any other. What's more, the Nasdaq 100 Index is actually the only major US stock benchmark still in the green this quarter. "Think of things like your thermostat that used to...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.