A top fund manager has been buying these ASX tech shares after the market selloff

A fund manager has been loading up on these ASX shares…

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I like to keep an eye on substantial shareholder notices. This is because these notices give you an idea of which shares large investors, asset managers, and investment funds are buying or selling.

Two notices that have caught my eye are summarised below. Here's what this fund manager has been buying:

Bigtincan Holdings Ltd (ASX: BTH)

According to a change of interests of substantial holder notice, Australian Ethical Investment Limited (ASX: AEF) has taken advantage of recent weakness in the Bigtincan share price to increase its stake.

The notice reveals that the fund manager has picked up over 8.5 million shares since its last notice. This has lifted its holding in the sales enablement platform provider to a total of ~55.8 million shares, which is the equivalent of a 10.15% stake.

With the Bigtincan share price down by almost 50% since the start of the year, it appears as though Australian Ethical sees this as a buying opportunity.

The fund manager's last purchase was made on Thursday when it picked up shares at an average of 51.4 cents per share.

Nitro Software Ltd (ASX: NTO)

Another change of interests of substantial holder notice reveals that Australian Ethical has also been buying this document productivity software company's shares.

The fund manager has increased its stake by ~2.5 million shares to a total of just over 17.7 million shares. This represents a stake of 7.29%.

Australian Ethical's last purchase was made on Thursday when it picked up shares at an average of $1.176 per share.

Once again, with the Nitro share price down 46% in 2022, its analysts appear to believe this has created a buying opportunity.

The team at Goldman Sachs would agree with this. The broker recently reiterated its buy rating and $2.35 price target on the company's shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Australian Ethical Investment Ltd. and BIGTINCAN FPO. The Motley Fool Australia has positions in and has recommended BIGTINCAN FPO. The Motley Fool Australia has recommended Australian Ethical Investment Ltd. and Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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