−6.1%
since Oct 2
The idea
I believe the economy is shifting toward paying for discovery itself, not just knowledge, as AI makes finding new things cheaper to attempt but harder to predict in advance. Rather than bet on which lab or biotech wins, this basket owns the tools everyone needs to try: lab instruments, simulation software, genomics and automation, spread across many names so no single bet carries the idea. It holds 9% in cash for weakness and is meant to be held for years, since the thesis is about a slow shift in where value accrues, not a near-term catalyst.
What it owns
- The take bets that discovery spending grows over years and these dominant suppliers keep their market share as labs worldwide scale up research and production. · Thermo Fisher ScientificIt sells instruments, consumables and services to labs worldwide, so it collects revenue on nearly every discovery attempt regardless of who succeeds., DanaherIt owns life-science and diagnostics businesses that get paid as biology research and drug production scale up, and keeps adding to its toolkit through acquisitions in tools that discovery depends on., Agilent TechnologiesIt supplies chromatography, spectroscopy and lab gear that chemistry and biology labs run every day, plus recurring consumables and services those instruments pull through., Waters CorporationIt dominates liquid chromatography and mass spectrometry, the core tools for figuring out what a molecule actually is, with high-margin recurring revenue from its installed base., BrukerIt sells heavy scientific instruments like NMR, mass spec and advanced microscopy that frontier research depends on., RevvityIt sells reagents, instruments and software that life-science labs and diagnostics providers consume as they work., Mettler-ToledoIt makes balances and precision measurement gear that sit in essentially every lab and quality-control line on earth, since every experiment starts with weighing something exactly.34%
- The take bets that computational methods displace wet-lab trial and error in drug design and chip design, and that these software platforms hold their market position as that shift happens. · SchrodingerIt sells physics-based simulation software that lets drug hunters test molecules on a computer before making them, cutting wet-lab trial and error., Cadence Design SystemsIt is half of the chip-design software duopoly and is pushing simulation-first approaches into drug discovery and systems design., SynopsysIt sells the software without which no modern chip gets designed, and chips are now where a huge share of new discovery attempts happen., CertaraIt sells biosimulation software that models how drugs behave in the body, letting companies and regulators replace some human and animal testing with computation.19%
- The take bets that the raw-data and synthesis layer of discovery keeps growing, with sequencing volumes rising, synthetic biology scaling up, and outsourced cell engineering becoming a real market. · IlluminaIt makes the machines that read DNA, the raw data layer of biological discovery, and gets paid per run on a large installed base., Twist BioscienceIt writes DNA to order on silicon chips, so every attempt to engineer biology can start with cheap synthetic genes., 10x GenomicsIt sells tools that let researchers study biology one cell at a time, a level of resolution the discovery economy increasingly demands., Ginkgo BioworksIt runs a platform for engineering organisms, getting paid as companies outsource their biology R&D attempts rather than building labs themselves., Pacific BiosciencesIt reads long stretches of DNA accurately, catching what short-read sequencing misses, and gets paid as discovery work values that completeness.16%
- The take bets that R&D spending in electronics, communications, and physical measurement keeps rising as engineers push technology forward and industries run on data from the physical world. · Keysight TechnologiesIt makes test and measurement gear that engineers use to develop new electronics, wireless systems and quantum hardware, getting paid on each attempt to push technology forward., Teledyne TechnologiesIt makes sensors, cameras and instruments that let scientists and engineers measure what they couldn't before, from ocean floors to orbit., FortiveIt sells precision instruments and workflow software that industrial and healthcare operations depend on, the applied end of the measurement toolkit.13%
- The take bets that sample volumes and chip production keep growing, and that automation adoption in labs and factories rises over the coming years. · AzentaIt stores, moves and manages the biological samples that discovery work generates, so more experiments means more business., TeradyneIt tests chips before they ship and sells collaborative robots that automate lab and factory work, getting paid as attempt volume rises.9%
- Cash9%