Technology has been a tough call lately, and no one knows that better than J. & W. Seligman's Richard Parower. His four-star Seligman Global Technology Fund is up an average of 10.08 percent per year over the last five years, but it's down more than 9 percent year-to-date. He finds some security in securities of companies that deal in, well, security.
"You definitely have to pick your spots," Parower told CNBC. "With Europe slowing, and the U.S. still sort of bouncing along...we would expect the stocks to pull back in the near term, hoping for a year-end rally, although we don't think we're going to get to positive territory by the end of the year."
A pullback would be an entry point -- but for which stocks?
"We like security-software companies, companies like CheckPoint (Software Technology), like McAfee, like Symantec, where their customers have to go out and buy the software to secure their corporate data, and their networks," he said.
It's not just cyber-security that makes a tech stock attractive to Parower.
"We like companies like Amdocs, which is in customer care and billing software for telcos," he said. "They deliver software that helps their customers retain their own customers, and save telcos a lot of money."
He's also enthusiastic about Nice Systems.
"They analyze voice traffic, so it gets used by security agencies," he explained. "It also gets used by call centers: When you call in for customer help, it analyzes the call, sees what you asked about, sees how long the call took, and helps them get more efficient."
Disclosure information for Richard Parower was not immediately available.