No. 1 mutual fund, which made a killing off Amazon and Tesla, is now focused on these stocks

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 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.

Here’s how the T. Rowe Price Global Technology Fund

PRGTX, +1.59%

 has performed against its benchmark, the MSCI All Country World IT Index, as well as the S&P 500

SPX, +0.83%

through June 12:

Average total return – 5 years

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