"As growth stocks, they have sold off significantly from their peaks and I think they're offering excellent growth and actually value for investors right now," he said.
Chung likes that Google shares are trading at 15 times next year's earnings, even as top-line growth in its core business is 20 percent.
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"This is a highly innovative company," he said, citing its driverless cars as an example.
Gilead, Chung said, is not trading at an expensive multiple and is a great example of how there are still opportunities in high-growth companies not necessarily connected to the economy.
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Fred Alger Management, which manages $21 billion in assets, holds stocks for an average of nine months to three years, although it has held both Google and Gilead for longer, Chung said.
—By CNBC's Michelle Fox. CNBC's Kerima Greene contributed to this report.
Disclosure: Chung does not own GOOG or GILD directly in his personal or family accounts. These companies are owned or have been owned in various Alger mutual funds where Chung and his family are investors.