This Portfolio Manager Is Avoiding Netflix In FANG Trade, Still Holds Apple
Facebook is a prime example of a long-term secular growth story, Vance said. She added the company is “riding a wave” of digital advertising and taking a greater share of the overall advertising market.
“We think the stock has a lot more that it can do over the next 12 to 18 months,” Vance said.
The investment manager admitted her fund holds shares of Facebook, Amazon and Alphabet, but not Netflix.
She argued Google, like Facebook, attracts a small percentage of the overall advertisement market share with further room to grow. Meanwhile, Amazon continues to take share within the overall eCommerce space.
“Growth is scarce and we think growth is trading at a discount to value and to the overall market,” she argued.
Finally, Vance acknowledged her fund’s stake in Apple Inc. (NASDAQ: AAPL) is underweight relative to the Russell 1,000 growth benchmark. When asked if she bought or sold any shares recently, the portfolio manager simply answered “the position stayed where it is,” adding: “[W]e focus on the long-term themes and less about short-term moves in the market.”
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