Healthcare sector: Bullish on HCG, Thyrocare and FDC shares, says InCred AMC CIO

InCred Asset Management’s healthcare strategy is leaning hardest into Healthcare Global (HCG), with CIO Aditya Khemka making it clear that portfolio weight—not short-term price action—is the clearest signal of conviction. Even after a muted six-month run for some holdings, Khemka said the firm remains most bullish on HCG, followed by Thyrocare and FDC, while also showing a willingness to cut exposure where the underlying thesis weakens structurally.

Conviction shows up in portfolio weight

Khemka framed the investment approach around position sizing rather than near-term momentum. “If this HCG is 15% of our PMS portfolio, that reflects my highest conviction,” he said, underscoring that the firm evaluates businesses over a 12-24 month, and sometimes even 36-month, horizon rather than a six-month window.

HCG is the top conviction idea, Thyrocare is second, and FDC stock is third. Khemka says alpha in active management comes from backing the strongest ideas with meaningful capital. “When we are bullish on something, you size it well and the stock performs well, you get a very decent alpha versus the index,” he said.

Why HCG, Thyrocare and FDC matter

The broader context of InCred’s healthcare strategy helps explain those preferences. The firm has been vocal about favouring domestic healthcare plays—hospitals, diagnostics and branded pharma businesses—over export-led names exposed to regulatory uncertainty and tariff risks.

That makes HCG and Thyrocare particularly relevant in the current market, where investors are rewarding relatively predictable, non-discretionary healthcare demand. FDC, meanwhile, fits the house view on structurally durable domestic franchises, despite recent phases of underperformance.

No room for structural disappointment

Just as notable as Khemka’s bullish calls was his message on risk control. He said InCred does not hold on to companies simply because a sector theme remains attractive. If execution falters for reasons that appear structural rather than temporary, the fund exits.

“Those companies we actually tend to exit from the portfolio,” he said. He cited Cngene as an example: despite optimism around the CRO/CDMO opportunity, the business “was just not delivering in line with our expectations.” InCred subsequently sold the stock and redeployed capital into ideas where the growth story appeared “more structural and more sound.”

What this signals for investors

The message is significant for investors tracking specialist healthcare portfolios. In a market where pharma and healthcare remain popular but increasingly selective trades, Khemka’s comments suggest stock-specific execution is now outweighing broad sector enthusiasm. The strategy is not merely about riding healthcare tailwinds; it is about concentrating on domestic businesses with visible earnings pathways and exiting quickly when the thesis breaks.