Go With Tech Stocks: Portfolio Manager

Andrew Fisher

Everybody's waiting for the market to turn around, so where should your investment money be positioned right now?  David Sowerby, chief market analyst and portfolio manager for Loomis Sayles makes a strong case for technology.

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"That's where the largest overweight is in my portfolio, for the simple reason that the real cash flow yields, the valuations are as cheap as I saw in the fall of 2002, at the same time that net profit margins at 10 percent are near all-time highs," Sowerby told CNBC.

His enthusiasm for technology stocks is not dampened by downbeat numbers from such companies as Texas Industries.

"Even though TI guided down by about two to three cents on this quarter's earnings; names like Corning, Cisco, Harris Corporation

, all high cash-flow generators, that's the largest overweight in my portfolio," he said.