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Morgan Stanley's Lynch: Still opportunity in growth stocks

While there has been a shift from growth stocks to value investing this year, Morgan Stanley's Dennis Lynch believes there are still opportunities in growth names.

"We take a very long-term approach. We're not jumping in and out of stocks. We tend to own them for many years," said Lynch, who manages the Morgan Stanley Institutional Growth Fund.

The fund's top holdings include Facebook, Amazon, Apple and Salesforce.

The shift to value investing comes after growth names made significant gains in 2015. Last year alone, Amazon was up more than 100 percent; Facebook was up 29 percent.

However, Lynch is unconcerned about the current price-to-earnings ratios that have made others nervous.

"Often the best growth companies look expensive in the short term, but when you look back years later they wind up being … cheap in retrospect," he told CNBC's "Closing Bell."

"As we look forward, we continue to think there's good opportunity here despite what appears to be short-term high multiples."

Lynch describes himself as a bottom-up stock picker, focusing on long-term growth and selecting stocks on a company-by-company basis using fundamental analysis.

— CNBC's Silvana Henao contributed to this report.

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