The idea
I believe the economy is starting to pay more for discovery than for knowledge, since AI makes information cheap but accelerates the rate of attempts at genuinely new things. Rather than guess which lab or biotech gets the breakthrough, I own the tools everyone needs to try: instrument makers, simulation and AI-for-science software, DNA reading and writing, and lab automation. I spread it across the whole toolkit instead of betting on single names, keep 9% in cash for weakness, and plan to hold this for years, not quarters.
What it owns
- Companies that supply the fundamental tools labs and researchers depend on daily, collecting revenue across discovery attempts regardless of which ones succeed. · Thermo Fisher ScientificIt is the largest global supplier of instruments, consumables and services to research and biopharma labs, so it collects revenue on nearly every discovery attempt regardless of outcome., DanaherIt owns a portfolio of life-science and diagnostics businesses that scale with research spending and drug production, while regularly expanding its toolkit through acquisitions., Agilent TechnologiesIt supplies chromatography, spectroscopy and analytical instruments that chemistry and biology labs run daily, plus high-margin recurring consumables and services., Waters CorporationIt dominates liquid chromatography and mass spectrometry instruments used to analyze molecular composition, with high-margin recurring revenue from consumables on its installed base., BrukerIt sells advanced scientific instruments including NMR, mass spectrometry and microscopy equipment that frontier research cannot conduct without., RevvityIt sells reagents, instruments and software that life-science labs and diagnostics providers consume continuously, generating recurring revenue tied to research activity., Mettler-ToledoIt manufactures balances and precision measurement instruments found in essentially every lab and quality-control operation worldwide, required at the start of every experiment.34%
- Software platforms that let scientists model and test theories on computers, replacing some physical experimentation with computation. · SchrodingerIt sells physics-based simulation software that lets drug hunters test molecules on computers before synthesizing them, automating what used to require wet-lab trial and error., 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., SynopsysIt provides essential chip design software without which modern semiconductor development cannot proceed, holding roughly half of a design-software duopoly., CertaraIt provides biosimulation software that models drug behavior in the body, allowing companies to replace some human and animal testing with computational evidence.19%
- Tools for reading, writing and analyzing genetic material and single cells, the foundational data layer of biological discovery. · IlluminaIt makes machines that read DNA, the raw data layer of biological discovery, and collects revenue per sequencing run across a large installed base., Twist BioscienceIt writes DNA to order on silicon chips, so every biology engineering project can start with inexpensive synthetic genes rather than expensive natural extraction., 10x GenomicsIt sells tools that let researchers study biology at single-cell resolution, a level of detail that the discovery economy increasingly requires and values., Pacific BiosciencesIt reads long stretches of DNA accurately, detecting genetic features that short-read sequencing misses, and gains share as research budgets shift toward more complete data., Ginkgo BioworksIt operates a platform for outsourced organism engineering, capturing value as companies shift biology R&D attempts to specialized service providers instead of building internal labs.16%
- Makers of sensors, measurement gear and testing equipment that let engineers and scientists observe and quantify the physical world. · Keysight TechnologiesIt makes the test and measurement instruments engineers use to develop new electronics, wireless systems and quantum hardware, getting paid on every push to advance physical technology., Teledyne TechnologiesIt makes sensors, cameras and instruments that enable scientists and engineers to observe and measure across industries from oceanography to aerospace., FortiveIt makes precision instruments and workflow software for industrial and healthcare operations, extending measurement and data tools to the applied side of discovery.13%
- Systems that store, move, manage and test samples and materials at scale, lowering the cost per experimental attempt. · AzentaIt stores, moves and manages the biological samples that discovery work generates, so rising experiment volumes drive higher demand for its automated sample management., TeradyneIt tests semiconductors before shipment and sells collaborative robots for lab and factory automation, two revenue streams that grow with production volume and automation adoption.9%
- Cash9%