“The model is largely misunderstood.” An $8.7 billion tech fund manager reveals what investors are missing about one of the world’s biggest companies as he lays out 5 key stock picks. It has been a rough year for tech stocks and the high volatility is still very much in play. Navigating through the noise to add great companies to your portfolio at a discount could pay off. The manager of an $8.7 billion tech fund has laid out the reasoning behind some of his top picks. Taking over the $8.7 billion Fidelity Select Technology portfolio in January, in the midst of a huge style rotation away from growth was challenging, even for fund manager Adam Benjamin, who has run several tech-focused mandates for Fidelity since 2014. He recalls: "It was a volatile time. There was a lot of non-fundamentally driven, indiscriminate selling going on across all subsegments of technology. Against that I had taken a more conservative, defensive tact within some of my tech funds, so that was my framework going into 2022." Three examples of this defensive positioning include Apple , Microsoft and Cisco , all of which sit in his top 10 holdings. Having followed Apple for a long time his thesis on it has evolved over the years.