Spring has arrived, which can be a good excuse to take another look at a portfolio and consider what might be worth adding.
If I had $20,000 ready to invest today, I would put it behind three businesses I think have plenty of room to grow over the years ahead.
Here's what I would buy.
Pro Medicus Ltd (ASX: PME)
Pro Medicus would probably receive the largest portion of my money.
Its Visage software is already used by some of the largest healthcare systems in the US, yet the company estimates it still has only around 11% of that market.
I think that is a powerful combination. Pro Medicus has proved its technology can handle the demands of major hospital networks, while most of the potential US market remains available.
The opportunity is also expanding beyond radiology. Cardiology and enterprise imaging could allow Visage to handle more of the medical images produced across a healthcare organisation. Artificial intelligence may create further opportunities as hospitals look for faster and better ways to work with growing volumes of imaging data.
Over a long timeframe, I think Pro Medicus can win many more customers while becoming increasingly valuable to those it already serves.
James Hardie Industries plc (ASX: JHX)
James Hardie gives me exposure to a very different type of long-term opportunity.
This ASX share is best known for fibre cement building products, particularly in North America, where its products are used across housing construction and renovation.
What interests me is the amount of existing housing that will need to be repaired, renovated, or upgraded over the coming decades.
Homeowners do not need a housing boom for that spending to happen. Ageing properties eventually need work, and James Hardie's products can benefit when owners replace siding or invest in improving their homes.
The company's acquisition of AZEK also expands its presence across outdoor living products such as decking and railing. I think that gives James Hardie more ways to participate when homeowners spend money improving the outside of their properties.
Sigma Healthcare Ltd (ASX: SIG)
My final investment would go into Sigma Healthcare.
Following its merger with Chemist Warehouse, investors now have exposure to one of Australia's best-known pharmacy and retail businesses.
I think the next stage of the story could increasingly happen overseas. Chemist Warehouse already has a growing presence in New Zealand and has started testing the UK market. If its value-focused retail model travels successfully, the addressable opportunity becomes far larger than Australia alone.
There is still room to grow domestically through stores, online sales, pharmacy services, and the wider distribution business.
I think Sigma now has several avenues to become a much larger healthcare and retail company over time.
Foolish takeaway
With $20,000 to invest this spring, I would be comfortable putting the entire amount to work across these three ASX shares.
Most importantly, I would be buying with several years in mind and giving each business time to pursue the opportunities already in front of it.
The post Where I'd invest $20,000 in ASX shares this spring appeared first on The Motley Fool Australia.
Motley Fool contributor Grace Alvino has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has recommended Pro Medicus. 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