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For investors with a longer-term time frame, periods of volatility and market downturns can be among the best times to buy stocks. This is the strategy behind Jennison Associate's dedicated technology fund, which has gained more than 13% this year compared with the S&P 500's 7% decline.
Erika Klauer, the fund's co-manager, said she has used the market rout to concentrate holdings into companies that are "very well managed and can gain share during a downturn."
"It's a fascinating time right now, ripe with opportunities," she said, arguing that the coronavirus pandemic has accelerated technological advancements that would typically take years into a matter of mere months. To demonstrate how Covid-19 is disrupting society, she noted that "zooming" — or using Zoom to conduct video conferences — is now part of the vernacular. Last fall, it wasn't.
She said the trend of consumers moving online will continue even after the pandemic abates, including for such things as virtual doctors' visits and e-banking.
"We look for these moments in time when there is an inflection point, and we're seeing so many right now, and so many opportunities for companies that can enable those inflections to happen in a productive manner," she said.