Top-rated tech manager reveals his favorite stocks

Joshua Spencer, the top technology fund manager over the last five and 10 years, according to Morningstar, revealed to CNBC his favorite picks for the rest of 2016.

The investor likes shares of Netflix, Google and Amazon, but not Facebook or Apple, due to what he thinks are stretched valuations.

In an extensive interview, Spencer discusses his key technology themes such as cloud computing and the application of semiconductors in areas like driverless cars. He provides his favorite stock picks for each of those industries.

His fund, the T. Rowe Price Global Technology Fund is up 22.5 percent annually over the last five years and 15.5 percent over the last 10 years, according to Morningstar, making it No. 1 in the technology category.

PRO subscribers have access to the full interview, which was originally broadcast on "Squawk on the Street."