−11.6%
since Oct 7
The idea
I believe the economy is shifting from rewarding what we already know to rewarding the act of discovery itself, as AI makes knowledge cheap but accelerates the pace of experiments. Rather than bet on which lab finds the next breakthrough, I own the tools everyone needs to try: lab instruments, simulation and AI-for-science software, DNA reading and writing platforms, lab automation, and precision measurement gear. No single name dominates, cash sits at 9% for opportunistic buying, and this is built to play out over years, not quarters.
What it owns
- These companies sell the essential instruments, consumables and services that labs worldwide depend on for research and diagnostics, collecting revenue across discovery attempts regardless of individual outcomes. · Thermo Fisher ScientificIt is the largest global supplier of instruments, consumables and services to research and diagnostic labs, collecting revenue on nearly every discovery attempt across all fields., DanaherIt owns a portfolio of life-science and diagnostics businesses that benefit as research and drug production scale, while continuously expanding its toolkit through acquisitions of specialized tool makers., Agilent TechnologiesIt supplies the chromatography and spectroscopy instruments along with consumables and services that chemistry and biology labs run continuously, with sticky installed-base economics., Waters CorporationIt dominates liquid chromatography and mass spectrometry with high-margin recurring revenue from a large installed base of instruments in pharmaceutical and materials labs., BrukerIt sells advanced NMR, mass spectrometry and microscopy instruments that frontier research cannot conduct without, serving academic and industrial discovery labs., Mettler-ToledoIt manufactures precision balances and measurement instruments found in essentially every laboratory and quality-control line globally, since every experiment begins with precise weighing., RevvityIt sells the reagents, instruments and software that life-science labs and diagnostics providers consume continuously, with recurring revenue from consumables that discovery work depletes.34%
- These companies provide physics-based and computational software that lets researchers test designs and molecules on computers before building them, replacing some wet-lab trial and error with simulation. · SchrodingerIt sells physics-based simulation software that lets drug developers test molecular designs computationally, automating the discovery process itself rather than just supporting it., SynopsysIt provides the software without which modern chip designs cannot be created, capturing a half-share of the semiconductor design software market as chips become the platform for discovery., Cadence Design SystemsIt holds the other half of the chip-design software duopoly and is extending its simulation-first approach into drug discovery and systems design across industries., CertaraIt provides biosimulation software that models drug behavior in the body, allowing companies to replace portions of human and animal testing with computational validation.19%
- These companies provide the tools and platforms for generating biological data and engineering organisms, from reading DNA to synthesizing it to studying cells at single-cell resolution. · IlluminaIt manufactures the machines that read DNA, the raw data layer of biological discovery, and collects revenue per run on a large global installed base., Twist BioscienceIt synthesizes DNA to order on silicon chips, lowering the cost of starting biological engineering experiments and enabling faster iteration cycles in synthetic biology., 10x GenomicsIt manufactures tools that enable researchers to study biology at single-cell resolution, a level of detail that increasingly defines standard practice in research labs., Pacific BiosciencesIt reads long stretches of DNA accurately, capturing biological information that short-read sequencing misses, as discovery work increasingly demands completeness in genetic analysis., Ginkgo BioworksIt operates a platform for engineering organisms and outsourced cell programming, benefiting as companies substitute contracted biology R&D for building and staffing internal labs.16%
- These companies make the test, measurement and sensing equipment that engineers and scientists use to develop new electronics, materials, quantum systems and physical technologies. · Keysight TechnologiesIt makes the test and measurement instruments that engineers use to develop new electronics, wireless systems and quantum hardware across every iteration cycle., Teledyne TechnologiesIt manufactures sensors, cameras and instruments that expand what scientists can measure and observe, from subsea to orbital environments, across research and industrial applications., FortiveIt provides precision instruments and workflow software for industrial and healthcare operations, extending the measurement toolkit to the applied end of discovery and quality control.13%
- These companies automate the handling, movement and testing of samples and components, enabling higher-throughput discovery and manufacturing as experiment volumes grow. · AzentaIt stores, moves and manages biological samples at scale, so rising experiment volumes directly drive growth in automated sample management services., TeradyneIt tests semiconductor chips before shipment and sells collaborative robots for laboratory and factory automation, capturing revenue from both manufacturing and experiment-scaling trends.9%
- Cash9%