That means sticking to his convictions when the rest of Wall Street seems to be turning against names he believes in.
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Case in point—Amazon.com, which is a top holding of the fund.
"I think investors have grown frustrated with Amazon's investments and they're maybe losing sight of the fact that this is still a company doing $100 billion in sales and growing at 20 percent annually," Spencer argued.
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"Their choices that they're making in investment spending, that's what's driving their lack of profitability today ... They are building a moat around their business."
The fund's other holdings include Alibaba, Qualcomm, Baidu, Priceline.com and Apple.
However, the strong performance of both the market and the fund has Spencer feeling a bit more cautious these days, and he's cut back on his position on Alibaba, which he bought on the IPO.
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"Technology is an area with rapid rates of change and we have to stay ahead of that change," he noted, emphasizing that the fund is focused on business fundamentals, not momentum.
"We know these companies very well."