How to Develop a Thesis for Sector Focused Funds

The whole sector focused funds by definition are halfway to a thesis. They're developing micro thesis within that, but saying, hey, I'm going to invest in healthcare IT and nothing else. This is not too dissimilar from how you would be going to break down what stock to pick up and what to cover. Back in the day, a lot of firms wrote really detailed research on public stocks. Now those days are long gone.