Greg Powell, deputy chief investment officer at Miller/Howard Investments in Woodstock, N.Y., has picked three legacy technology stocks that he thinks make sense for income-focused investors in the coming year.

Barron’s recently reported that Powell suggests that savvy investors buy these 3 shares:

• Cisco Systems (CSCO)
• Taiwan Semiconductor Manufacturing (TSM)
• Texas Instruments (TXN)

Powell believes that Cisco’s longer-term prospects are sound. Cisco “is a leading producer of switching and routing products [that] should continue to grow for years with the expansion of both cloud computing and the internet in general,” he was quoted by the financial newspaper as saying. Cisco stock, which yields 3.2%, has regularly raised its dividend in recent years.

Powell says Texas Instruments, whose stock yields 3%, should benefit from growing demand. In October, the chip maker declared a quarterly dividend of 90 cents a share, up nearly 17% from 77 cents.

Powell’s other pick is Taiwan Semiconductor Manufacturing. Powell calculates that its locally traded shares (2330.Taiwan) yield about 3.2%. “As technology has evolved, chips have used progressively smaller line widths in their circuits,” he says. “Fewer and fewer companies have been able to manage the increasingly tight specification.”

Meanwhile, U.S. hedge funds bought shares of Facebook Inc. and Netflix Inc. despite steep declines in the technology darlings during a volatile third quarter, Bloomberg reported.

Chase Coleman and David Tepper were among the money managers who increased their Facebook holdings during the three-month stretch that saw the social-media giant fall nearly 8%. Netflix was favored by firms including Lee Ainslie’s Maverick Capital Ltd. and Dan Sundheim’s D1 Capital Partners despite a 27% drop in the three months ending Sept. 30.

Hedge fund managers, who have long adored FAANG stocks, had to navigate a tumultuous period. While Amazon.com Inc. also fell, down 8%, Google parent Alphabet Inc. and Apple Inc. both rose more than 13%. At the same time, the S&P 500 index gained 1.2% amid an escalation in the U.S.-China trade war and dovish moves by central bankers.