Christopher Marangi, who runs the $2.6 billion Gabelli Asset Fund,, has been fielding calls from clients concerned about missing out on the FANG play. His fund trailed 85 percent of peers with a loss of 5.87 percent last year, and held just a small stake in Google parent Alphabet.

The four companies "generally do not offer enough margin of safety for us to purchase - too much potential value sits in a future which has a great degree of variability," he said.

He said that eventually "Our hope is that we get the calls from clients thanking us for keeping them out of certain speculative areas."

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