−5.8%
since Oct 10
The idea
I believe the economy is starting to pay more for discovery than for knowledge, since AI makes knowing things cheap but speeds up how many new attempts at breakthroughs get made. Rather than guess which lab finds the next big discovery, I own the toolkit that gets paid regardless: instrument makers, simulation and AI-for-science software, DNA reading and writing, and lab automation.
What it owns
- These companies sell the core instruments, consumables and services that labs worldwide depend on for discovery work, collecting revenue across nearly every research attempt regardless of outcome. · Thermo Fisher ScientificIt is the largest global seller of instruments, consumables and services to research labs, collecting revenue on discovery attempts across all fields and geographies., DanaherIt owns a diversified portfolio of life-science and diagnostics businesses that benefit as research and drug production scale up, while regularly acquiring and improving scientific tool companies., Agilent TechnologiesIt supplies the chromatography, spectroscopy and analytical instruments that chemistry and biology labs run daily, plus the recurring consumables those systems require., Waters CorporationIt dominates liquid chromatography and mass spectrometry instruments used to identify molecular composition, with high-margin recurring revenue from installed instruments in pharma and research labs., BrukerIt sells advanced scientific instruments including NMR, mass spectrometry and microscopy systems that frontier research depends on but cannot substitute., Mettler-ToledoIt makes precision balances and measurement equipment that sit in laboratories and quality-control operations worldwide, with recurring business as lab counts and standards grow globally., RevvityIt sells reagents, instruments and software that life-science research labs and diagnostics providers consume continuously, generating recurring revenue from its customer base.34%
- These companies provide the software platforms that let researchers test designs on computers before building them, replacing some physical trial and error with computational modeling. · SchrodingerIt sells physics-based simulation software that lets drug hunters test molecular designs on computers, enabling computational drug discovery to displace some wet-lab work., Cadence Design SystemsIt is one half of the chip-design software duopoly and is extending that simulation-first approach into drug discovery and other fields beyond semiconductors., SynopsysIt sells the essential design software that powers modern chip development, and semiconductor design is now a major venue for discovery and innovation work., CertaraIt provides biosimulation software that models drug behavior in the body, allowing companies to replace portions of traditional testing with computational modeling that regulators accept.19%
- These companies provide the foundational tools for reading, writing and analyzing biology at scale, from sequencing to synthetic DNA to single-cell analysis. · IlluminaIt makes the machines that read DNA sequences, the foundational data layer of biological discovery, and generates recurring revenue from its large installed base of sequencers., Twist BioscienceIt synthesizes DNA to order on silicon chips, enabling biology researchers to start experiments with inexpensive custom genetic material rather than sourcing from nature., 10x GenomicsIt sells the tools that enable researchers to study biology at single-cell resolution, a capability moving from specialized research into standard lab practice., Pacific BiosciencesIt reads long stretches of DNA with high accuracy, revealing genetic details that short-read sequencing cannot capture, and gains revenue as long-read analysis becomes standard in research., Ginkgo BioworksIt operates a platform for engineering organisms where companies outsource their biology research and development work rather than building internal labs, creating a new market for discovery services.16%
- These companies make the sensors, measurement tools and test equipment that engineers and scientists use to develop new electronics, materials and physical technologies. · Keysight TechnologiesIt makes the test and measurement equipment that engineers use to develop new electronics, wireless systems and quantum hardware across industries., Teledyne TechnologiesIt makes the sensors, cameras and instruments that enable scientists and engineers to measure and observe phenomena across physical sciences and industrial applications., FortiveIt provides precision instruments and workflow software for industrial and healthcare operations, capturing value as more processes depend on physical-world measurement and connectivity.13%
- These companies automate the handling, testing and management of samples and components, getting paid as the volume of experiments and production attempts grows. · AzentaIt provides the automated storage, movement and management systems for biological samples that discovery work generates, scaling with experiment volume., TeradyneIt provides chip testing systems and collaborative robots that automate laboratory and factory work, both capturing value as production volume and automation adoption grow.9%
- Cash9%