−5.3%
since Oct 2
The idea
I believe the economy is shifting from rewarding what we already know to rewarding the act of discovery itself, and AI is accelerating how many attempts at breakthroughs get made. Rather than bet on which lab or biotech wins, I own the tools that get paid regardless: instrument makers, simulation and AI-for-science software, DNA reading and writing, and lab automation. The basket spreads across the whole toolkit rather than concentrating in single names, keeps a 9% cash buffer for weakness, and is meant to be held for years.
What it owns
- These companies sell the foundational 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 seller of instruments, consumables and services to laboratories worldwide, so it collects revenue on nearly every discovery attempt regardless of who succeeds., DanaherIts life-science and diagnostics businesses get paid as biology research and drug production scale up, and it compounds by acquiring and improving tool businesses that discovery work depends on., Agilent TechnologiesIt supplies the chromatography, spectroscopy and lab gear that chemistry and biology labs run daily, plus the 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 the heavy scientific instruments like NMR and advanced microscopy that frontier research can't do without., Mettler-ToledoIt makes the balances and precision measurement gear that sit in essentially every lab and quality-control line on earth., RevvityIt sells the reagents, instruments and software that life-science labs and diagnostics providers consume as they work, with recurring consumables revenue.34%
- These companies provide the software platforms that let researchers model and test ideas computationally before building them physically, shifting discovery work toward simulation-first approaches. · SchrodingerIt sells physics-based simulation software that lets drug hunters test molecules on a computer before making them, replacing wet-lab trial and error with computational design., SynopsysIt sells the software without which modern chips get designed, and chips are now where a huge share of new discovery attempts happen., Cadence Design SystemsIt is the other half of the chip-design software duopoly and is pushing simulation-first approaches into drug discovery and systems design., 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%
- These companies provide the core tools for generating and reading biological data, from synthesizing DNA to sequencing genomes to analyzing cells one at a time. · 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 the tools that let researchers study biology one cell at a time, a level of resolution the discovery economy increasingly demands., Pacific BiosciencesIt reads long stretches of DNA accurately, catching what short-read sequencing misses, and gets paid as discovery work increasingly demands that completeness., Ginkgo BioworksIt runs a platform for engineering organisms, getting paid as companies outsource their biology R&D attempts rather than building labs themselves.16%
- These companies make the specialized sensors, measurement tools and testing equipment that engineers and scientists use to develop new electronics, materials and physical technologies. · Keysight TechnologiesIt makes the test and measurement gear that engineers use to develop new electronics, wireless systems and quantum hardware, getting paid on every attempt to push physical technology forward., Teledyne TechnologiesIt makes the sensors, cameras and instruments that let scientists and engineers see and 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%
- These companies automate the handling, storage and testing of samples and chips, getting paid as discovery volume and production scale increase. · AzentaIt stores, moves and manages the biological samples that discovery work generates, so more experiments means more business for it., TeradyneIt tests chips before they ship and sells collaborative robots that automate lab and factory work, two ways of getting paid as attempt volume rises.9%
- Cash9%