−1.8%
since Oct 16
The idea
I believe we're shifting from an economy that pays for what you know to one that pays for finding what nobody knows yet, and AI is making every attempt at discovery cheaper. So instead of guessing who makes the next breakthrough, I own the toolmakers who profit from every attempt: lab instruments, simulation and AI-for-science software, DNA reading and writing, lab automation, and physical-science test gear.
What it owns
- These companies sell the core machines and consumables that every lab restocks, so they earn money on each discovery attempt regardless of who runs it. · Thermo Fisher ScientificIt sells the reagents, disposables and machines that nearly every lab reorders, so it earns money on each discovery attempt regardless of who runs it., DanaherIt makes the tools labs use to run experiments and manufacture biologic drugs, and has begun integrating artificial intelligence computing into its equipment., Agilent TechnologiesIts instruments identify what is in a sample, and it is adding artificial intelligence for digital pathology through an acquisition that moves it toward software-based discovery., Waters CorporationIt makes machines that separate and identify molecules plus the columns and supplies consumed on every run, earning more as labs conduct more tests., BrukerIt builds high-end research machines like nuclear magnetic resonance systems and advanced microscopes that serious discovery work requires., RevvityIt sells the reagents, screening tools and software researchers use in the early stages of drug discovery and molecular screening., Mettler-ToledoIt makes the scales, pipettes and precision measuring instruments found in nearly every laboratory and production facility.23%
- Software lets researchers test ideas on a computer first, which artificial intelligence makes far more powerful and cheaper than physical experiments. · SchrodingerIts software tests molecules on a computer before physical experiments begin, speeding up and lowering the cost of discovery searches across drugs and materials., SynopsysIt sells the software every chip design team uses to simulate and test new chip concepts, so it gets paid on each design iteration., Cadence Design SystemsIt sells chip design and system simulation software that engineering teams pay for each time they try a new design., CertaraIts software models how a drug will behave in the body, helping small biotechs plan trials and reduce the amount of lab and patient work needed.19%
- Reading and writing DNA is the core loop of biology research, and these companies provide the tools and services that make it possible. · IlluminaIt provides the dominant method for reading DNA sequences, and every genomics experiment from large labs to startups pays for its sequencing runs., Twist BioscienceIt writes custom DNA to order so small biotechs and independent labs can purchase the genes they need rather than engineering them from scratch., 10x GenomicsIt sells tools that study individual cells and map their positions in tissue, with labs reordering its kits for each experiment., Ginkgo BioworksIt rents out its biology laboratory so other teams can engineer cells without constructing their own facilities, representing outsourced capacity at its core., Pacific BiosciencesIt reads long stretches of DNA that cheaper sequencing machines cannot capture, filling a specialized niche in genomic discovery.16%
- Test and measurement gear for chips, materials and hardware let researchers verify what they've built and discover what works. · Keysight TechnologiesIt makes the test equipment that verifies every new chip, network link and device prototype before it ships to market., Teledyne TechnologiesIt makes sensors, cameras and scientific imaging systems used across research, space and industrial applications where precision matters., FortiveIt sells industrial measurement and test tools that engineers use to verify what they have built and validate new designs.13%
- Startups and independent labs rent capacity from these companies instead of building their own infrastructure, so they get paid as small teams do more discovering. · Charles River LaboratoriesIt runs early safety and laboratory testing for drug companies, allowing small biotechs to rent a full lab instead of building one internally., MedpaceIt runs clinical trials mostly for small and mid-sized biotechs that lack their own in-house trial teams., Bio-TechneIt sells the proteins, antibodies and reagents that labs purchase repeatedly, making it paid on the steady flow of discovery work from academic and biotech teams., ProtolabsIt manufactures custom machined, molded and three-dimensional printed parts rapidly, so small hardware teams can prototype without owning a factory.11%
- Robots and automated systems let labs run many more experiments with the same number of people. · AzentaIt stores and manages biological samples for labs and runs genomics services that small teams prefer to outsource rather than build themselves., TeradyneIt makes collaborative robots and chip test systems that let small teams run more experiments and tests with fewer people.9%
- Cash9%