These "names we know but don't always associate with technology" have "been on a tear over the past three years," said Jeff Tjornehoj, head of Americas Research at Lipper.
Outside of its bets on Visa and Mastercard, the fund has profited more from its positions in medium and small-sized companies than from the large companies it holds. International Business Machines <IBM.N>, for instance, is up just 27 percent since the fund purchased it in early 2010, compared with a 130 percent rally in the broad Nasdaq Composite over the same time.
Weaver splits his portfolio roughly evenly between large and small companies. He recently added to positions in Vantiv Inc <VNTV.N>, a $7 billion market cap payment processing company, as well as Alliance Data Systems Corp <ADS.N>, a $17 billion market cap company that operates customer loyalty programs and branded credit cards.
These companies that operate in the background tend to have more profitable niches and trade at less expensive valuations than average, said Weaver.
Vantiv, for instance, trades at a forward price-to-earnings ratio of 15.6, below the 20.7 multiple for the Nasdaq as a whole, while Alliance Data Systems trades at a forward P/E ratio of 16.3. Vantiv's shares are up 16 percent over the last 12 months, while shares of Alliance Data Systems have slipped 1.3 percent.
"Apple is the biggest stock in the Nasdaq and everyone knows why," Weaver said. "But I bet very few people know if ADP <ADP.O> or Paychex <PAYX.O> cut their last paycheck."