Banks, miners, and supermarkets play a big role on the ASX.
But they are not the only places to find compelling long-term opportunities.
I think there are some interesting ASX shares sitting in areas such as wealth technology, healthcare retail, and defence technology. These businesses are exposed to different demand drivers, which can be useful for investors looking beyond the usual market heavyweights.
These are three ASX shares I would consider buying.
Hub24 Ltd (ASX: HUB)
The first ASX share I would buy is Hub24.
Hub24 provides investment platform technology used by financial advisers and their clients. That may not sound exciting at first, but I think it is an attractive part of the market.
Financial advice is becoming more demanding. Clients may have superannuation, managed accounts, pensions, tax considerations, estate planning needs, and changing retirement goals. Advisers need tools that help them manage that complexity without wasting time on manual administration.
That is where Hub24 has built its position. The platform can become part of an adviser's daily workflow. Once client portfolios, reporting, administration, and managed accounts are running through the system, switching providers is not something most advisers would do lightly. I like that stickiness.
Hub24 can also benefit as more wealth moves through modern platforms. Australia's superannuation and retirement savings pool is enormous, and I think efficient technology will keep becoming more important as investors seek advice and better portfolio management.
Sigma Healthcare Ltd (ASX: SIG)
Sigma is another ASX share I would buy.
I think the attraction with the Chemist Warehouse owner is repeat customer demand.
Pharmacy retail is tied to everyday health, wellness, beauty, personal care, and prescription needs. Customers may walk in for one product and leave with several. That gives the business frequent traffic and plenty of opportunities to deepen customer relationships.
Chemist Warehouse's value proposition is also a major strength in my view.
In a cost-of-living environment, shoppers are highly aware of price. A value-led pharmacy retailer can stay relevant because customers still need health products, but they want to feel they are getting a good deal.
I also think Sigma's scale could become more powerful over time. Larger retail and distribution networks can support stronger supplier relationships, improved logistics, private-label opportunities, better customer data, and category expansion.
DroneShield Ltd (ASX: DRO)
DroneShield provides counter-drone and electronic warfare technology. Its products help customers detect, track, identify, and respond to drones in defence, government, and security settings.
I think this is a market with strong long-term relevance, potentially making it an ASX share to buy and hold.
Drones are changing the way militaries, airports, prisons, public events, and critical infrastructure operators think about security. They can be used for surveillance, disruption, smuggling, or attacks, which creates demand for counter-drone systems.
What I like about DroneShield is that it gives ASX investors exposure to a specialised defence technology niche. Recent contract momentum suggests customers are prepared to spend money on these capabilities, which is important for turning a strong theme into a real business.
This is not a quiet blue-chip share. Contract timing can be uneven, competition can increase, and the share price may remain volatile. But for investors comfortable with risk, I think DroneShield has one of the more interesting growth runways on the ASX.
Foolish Takeaway
The ASX offers more than banks, miners, and supermarkets.
I like the idea of looking for businesses that are exposed to different forms of demand, whether that is better wealth management technology, everyday healthcare spending, or rising security needs. These are very different opportunities, and each carries its own risks.
But for investors willing to look beyond the most familiar parts of the market, I think shares like these show there are still plenty of ways to find long-term growth on the ASX.
The post 3 ASX shares I'd buy that are not banks, miners, or supermarkets appeared first on The Motley Fool Australia.
Motley Fool contributor Grace Alvino has positions in DroneShield and Hub24. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield and Hub24. The Motley Fool Australia has recommended Hub24. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2026