Baltimore, the home of old-school mutual fund giant T. Rowe Price, is a long way from the startup scene in Silicon Valley.
Henry Ellenbogen, who runs the $9.6 billion T. Rowe Price New Horizons Fund (PRNHX), straddles both worlds. He’s constantly prowling for promising tech startups, spending about 100 days a year on the road, about half of them out in the Valley.
Ellenbogen, 39, has received attention for his stakes in hot private companies like Twitter and LivingSocial (he didn’t buy Facebook; his fund limits itself to small-caps), but he isn’t just chasing sexy names. He invests about two-thirds in what he calls durable growth stocks and one-third in six sectors he sees as ripe for innovation: health care IT, financial payments, data, genomics, consumer Internet and corporate technology. Since taking the helm in spring 2010, Ellenbogen, who previously ran T. Rowe’s Media & Telecommunications Fund (PRMTX), has had annual returns of 21 percent, easily topping the Russell 2000’s 12 percent.
Source: CNN Money