After a few rocky days for stocks, it's time to set aside fear and buy growth companies on the cheap, T. Rowe Price portfolio manager Josh Spencer said Wednesday.

"Many of these high-flying stocks have pulled back 20, 30, 40 percent, and I think now is the time to be brave," he said on CNBC's "Halftime Report."

Spencer, who manages the Morningstar four-star-rated T. Rowe Price Global Technology Fund (PRGTX), said he was shifting into growth names, Amazon, Baidu, Tesla, 3D Systems, Stratysys and LinkedIn.

"It sounds a little bit crazy, but it's not random. These are all very well-positioned, high-growth companies that our team of analysts like," he said. "They do on-the-ground research, and we think when these stocks pull back, you're going to be happy buying them here when you think about two years out, three years out."

The fund sold out of legacy tech stocks Intel, Oracle and Microsoft, Spencer said.

"I don't think the old tech names have a lot of material upside from here. When I think of Intel at $27, Microsoft at $40, you have to remember these stocks have had moves off their lows. But if you're looking for defense of dividend yield, they might be a safer idea," he said. "I think about growth and stock performance over a couple-year time frame. I think we'll be a lot happier in some of these high-growth, smaller companies in emerging markets."

—By CNBC's Bruno J. Navarro.