For the world’s top tech fund, Facebook Inc. is finally cheap enough to buy.
DNB Nordic Technology, the best performing tech fund over the past 10 years, according to data compiled by Bloomberg, started buying Facebook shares in July.
“For the first time, we think the stock doesn’t look that expensive in relation to the figures they deliver,” Sverre Bergland, a portfolio manager at DNB, said in an interview. “We’ve changed our view mainly because valuation has become much more attractive.”
Bergland, 49, and two other partners at the 8 billion-krone (£0.77 billion) fund have delivered average annual returns of 16% over the past decade by seeking out contrarian investments. That’s why they avoided Facebook until now.