Many fellow professionals, whatever their field, will recognise this question — even if the verb changes.
Today I want to highlight an important aspect which, despite often being underestimated by investors when faced with this situation, I consider to be highly relevant. Let me state from the outset that the following does not constitute an investment recommendation, either current or future, but simply a desire to share financial knowledge.
Throughout the financial education articles we’ve published, we have discussed different types of products that can form part of an investment portfolio. Today, I would like to place some emphasis on the broad universe of thematic investing, focusing in particular on the healthcare theme.
Why invest in themes? When building an investment portfolio, achieving the highest possible return while considering the inherent level of risk is one of the most important principles. However, it is equally important to be able to include, within the broad universe of investment themes, those that can complement and further diversify the assets already making up the client’s investment portfolio. That said, we should not overlook certain key aspects of thematic investing. Here we are talking about concepts such as selection, capacity and timing.
The last of these is the hardest to predict when constructing a portfolio of financial products. We should never wait for what seems to be the perfect moment to invest in — or divest from — a theme. Instead, we should always ask whether the rationale behind the theme makes sense and can be clearly explained.
By capacity, we mean whether the theme itself offers a sufficient range of financial products that are liquid enough and not overly concentrated, so as to avoid potential economic harm. There may be (sub)themes that are highly concentrated in certain sectors or a small number of companies. If the economic environment turns unfavourable at a given time, and one company faces difficulties in terms of valuation or business performance, this could directly and negatively affect the other companies in the sector, given their high level of correlation.
Finally, selection also plays an important role. Thematic investment does not always fit naturally into many portfolios, as investors often think solely in terms of individual companies, geographies and/or asset classes. Therefore, taking on an educational role, we have a duty to explain that within the world of thematic investing, such as the theme I will discuss below, it is possible to encompass and combine a wide variety of sectors.
At this point, let us turn to the theme mentioned at the beginning: healthcare. It might seem difficult to identify the (sub)sectors and individual companies that make it up, but believe me, this theme brings together an almost endless number of businesses — each with a compelling rationale and a strong degree of correlation .
The healthcare theme is one of the fundamental pillars of the global economy. By combining innovation, stability and long-term opportunity, investors can gain access to essential companies within this theme, many of which offer significant growth potential.
An investment fund focused on healthcare enables investors to achieve diversification within a key, less cyclical sector, with exposure mainly to pharmaceutical, biotechnology and medical research companies, medical equipment manufacturers, hospitals and other businesses operating in the healthcare space. It is an innovative and resilient sector, offering long-term growth potential for investors. In summary, this sector offers a rather unique combination: steady demand, driven by an ageing population and chronic diseases, and a continued capacity for reinvention, thanks to the wide range of companies across highly specialised medical subsectors.
To conclude, I hope to have offered a new perspective on that initial question of where to invest, reminding us that investment can also be viewed through the lens of thematic opportunities.
Diari d’Andorra 08.10.2025