Joshua K. Spencer steered his T. Rowe Price Global Technology Fund to become the best-performing mutual fund in the past five years with big bets on Amazon.com Inc. and Tesla Inc.
With many traditional tech stocks at sky-high prices, he’s now focused on companies with stable business models and “sticky” customer relationships that produce recurring revenue regardless of economic conditions.
The $4.9 billion fund’s No. 1 ranking is based on Morningstar’s analysis of open-ended mutual funds (ETFs are excluded) by average annual total return for the five years through June 12.
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