It's no surprise that investors chase growth when deciding which stocks could offer the greatest potential return. But according to one portfolio manager, you could be running after the wrong names, particularly in the technology and biotech sectors.

Nili Gilbert, co-counder and portfolio manager of Matarin Capital, said on CNBC's "Fast Money" that when it comes to high-flyers like Netflix, growth has already been baked into the share price.

"Investors tend to be emotionally attracted to high-growth companies," she said, adding that in the long run, that strategy doesn't pay off.

Instead of chasing names that have inflated expectations and previously priced-in growth, Gilbert recommends investing in stocks like DirecTV, which offer exposure in the space and more stable growth over time.