NEW YORK (TheStreet) --T. Rowe Price (TROW) portfolio manager Joshua Spencer joined Monday morning's CNBC "Squawk Alley" to discuss investing in the tech space.
Spencer pointed to the themes that stand out in his approach to stock picking.
"The growth of cloud computing, I think you see that with Salesforce.com (CRM) and Workday (WDAY). The growth of the Internet, companies like Amazon.com (AMZN) and Netflix (NFLX). Then with semi-conductors, I love companies that are selling into new-end markets like automotive and industrial," Spencer noted.
Among all of his tech holdings, Spencer does not presently own Facebook (FB).
"At this point, I do believe that the core product, Facebook, has pushed the ad load quite far, and with respect to Facebook unit Instagram, I think they face competition from Snapchat. The stock is more fully valued and I'm hesitant to buy in at this price," Spencer said.
Spencer concluded by commenting on the future of tech investments.
"I think cloud will continue to grow. If I look at companies like Salesforce and Workday, when they reported earnings you saw 25%-30% growth, that's hard to find in this GDP environment. These companies are benefiting from the growth of the cloud," Spencer explained.