This Tech Fund Manager Doesn't Want To Bet Against Mark Zuckerberg, But Prefers Amazon's Stock

Joshua Spencer is a fund manager for T. Rowe Price's Global Tech Fund. During an interview on CNBC, he answered the question why his fund doesn't hold any shares of Facebook Inc FB

"I've often said that I don't want to be seen as begging against Mark Zuckerberg," he began. "I do find it harder to see the future the way I can with Amazon.com, Inc. AMZN."

Spencer continued that Facebook is "so dominant" that it's hard to see what's the company's next leg of growth. Specifically, he isn't convinced that virtual reality will be a successful profit driver for Facebook - or for any technology. However, he acknowledged that Zuckerberg could prove him wrong.

Even if he's proven wrong in the future, Spencer still sees "better opportunities elsewhere," including Amazon and other "innovative" companies.

Finally, Spencer stated his fund's top holding is NXP Semiconductors NV NXPI as the company stands to benefit from a growing trend of "technology content moving in to new areas" such as industrial and automotive. In fact, the company is a "leader" in selling chips to these new areas along with a "fantastic" cash flow and "strategic" set of assets.