Technology, pharmaceuticals, finance and infrastructure among the preferred sectors in 2026

Managers' opinions on which sectors to favour for 2026 and which to stay away from are varied. And among the most popular sectors, technology continues to be central to investment strategies, albeit with a less uniform approach than in the past. Interest is particularly focused on segments related to artificial intelligence, software, semiconductors and technology 'enablers', while greater caution emerges towards areas perceived as more mature or overvalued. In some cases, the focus shifts to less crowded stocks or niches considered contrarian, especially in software versus hardware. Much attention is also paid to the healthcare sector, considered one of the best-positioned defensive pillars. Real estate and energy close the managers' preference list.

While experts are divided between optimism and some fear over high stock prices in the technology/healthcare sector, the personal care sector is less divisive, especially since, in the opinion of many, it seems to be underpinned by favourable structural dynamics, greater regulatory clarity and valuations that are in many cases considered more attractive than in other areas of the market. Pharmaceuticals, biotechnology and health services in particular are often mentioned as areas offering solidity and growth potential in the medium term. Some managers, then, point out that the healthcare segment trades at 20-30% discounts to the market and pays probably too much regulatory uncertainty, while the pharma and medical devices segment offers interesting revaluation margins. It is the view of many traders that the pharmaceutical and biotech sectors offer an attractive mix of structural demand growth, strong innovation dynamics and historically attractive valuations. The view is that the political uncertainty that characterised the sector in 2025 is diminishing, while fundamentals are improving thanks to a growing number of drug approvals and a solid pipeline in immunology, genetics and diagnostics. Research budgets also remain strong and the sector continues to drive global scientific progress. Carlo Benetti, market specialist at Gam summarises the most salient features of the most attractive sectors. 'The healthcare sector,' he explains, 'benefits from long-term trends such as an ageing population and innovations in the sector, while on the financial side, European banks in particular are benefiting from an improving economy, sustained profitability, and a recovery in lending activity.

Alongside healthcare and technology, a relevant role is attributed to infrastructure and utilities, which are seen as beneficiaries of long-term trends such as energy transition, increased demand for electricity, and investments in physical and digital networks. "The utilities sector," Bancoposta Fondi Sgr details, "could prove promising in relation to demand linked to development plans in the technology sector, especially in the area of artificial intelligence. From this perspective, the telecommunications sector could also perform well". Expectations regarding the end of the conflicts taking place, especially in Europe, are also driving expectations for the infrastructure sector on which many are betting. In short, in several cases these sectors are interpreted as a meeting point between defensive characteristics and attractive returns, especially in the European context.

On the other hand, the financial sector is one of the most debated topics in the investment houses' indications. On the one hand, the solidity of the fundamentals is highlighted, particularly in the European banking sector, supported by high levels of profitability and still attractive yields. On the other, there is a more cautious attitude, especially towards highly leveraged players or those more exposed to a cyclical slowdown. Overall, however, the sector is often viewed favourably, but with a marked emphasis here too on the need to be selective. On the cyclical front, industrials and defence are cited as sectors likely to benefit from public investment, geopolitical realignments and strengthening supply chains.

Materials, in particular those related to infrastructure and energy transition, also have their place in a constructive view, albeit with greater volatility. 'The demand for energy,' concludes Gam's Benetti, 'is also set to increase to power the energy-intensive 'data centres' and Ai developments. And investments in renewable energy and related infrastructure are also continuing'.