−3.6%
since Sep 1
The idea
I believe cosmetic enhancement is going mainstream, and GLP-1 weight loss drugs are accelerating it by leaving people with loose skin and deflated faces who then seek out fixes. So this basket owns the whole chain: the GLP-1 makers, the injectable and toxin companies with recurring revenue, the device makers equipping medspas, and the consumer beauty and telehealth platforms benefiting from the broader shift. Large caps act as ballast while smaller, volatile names are sized so no single one can sink the portfolio, and I keep 10% in cash to buy dips when the underlying story stays intact.
What it owns
- Digital and retail channels selling beauty, telehealth, and aesthetic services are capturing shifting consumer spending toward self-improvement and convenience. · Hims & Hers HealthIt operates a direct-to-consumer platform where millions of patients first pay out of pocket for aesthetic treatments, from hair loss to weight management offerings., Ulta BeautyIt is the dominant US beauty retailer, offering broad exposure to overall consumer spending on cosmetics and aesthetic products without betting on individual brands., Oddity TechIt builds digitally native beauty brands with high margins, benefiting from the structural shift of beauty spending toward online-first players., e.l.f. BeautyIt captures market share in affordable cosmetics from younger consumers driving beauty's mainstream adoption and increased spending on self-enhancement., Estée LauderIt is positioned as a turnaround play on prestige beauty recovery, betting that demand from China and travel retail returns under new management., Beauty Health CompanyIt operates a razor-and-blade model selling Hydrafacial machines and consumables to medspas, positioned as a deep turnaround dependent on consumables revenue stabilization., LifeMDIt operates a telehealth platform with a growing weight management program providing GLP-1 access, sized as an asymmetric bet on the telehealth aesthetic trend.30%
- Medical devices and implants used in aesthetic procedures directly benefit from growing consumer demand for cosmetic enhancement and post-weight-loss body contouring. · Align TechnologyInvisalign is a discretionary cosmetic product driven by adult demand for self-improvement, so its case volume trends signal whether consumers are maintaining spending on appearance enhancement., InModeIt manufactures radiofrequency machines used in medspas to address loose skin, the direct physical consequence of rapid weight loss from GLP-1 medications., Establishment LabsIt manufactures breast implants and recently entered the US market, positioned for growth as patients seek body contouring procedures after major weight loss., Envista HoldingsIt sells implants and orthodontic equipment to dental practices, providing steadier exposure to the cosmetic dentistry trend than single-product competitors., Apyx MedicalIt manufactures a device used specifically to tighten loose skin after liposuction and weight loss, making it a direct play on GLP-1-driven body contouring demand.23%
- Weight loss drugs are creating millions of patients who then seek skin tightening and facial procedures, expanding the addressable market for the rest of this take. · Eli LillyIts weight loss drugs are creating a massive patient cohort seeking aesthetic procedures, making it a primary driver of demand throughout the take., Novo NordiskIts weight loss drugs pioneered the category and continue to feed patient demand for follow-on aesthetic procedures that fill the rest of this basket.17%
- Botox, fillers, and competing toxin products function as recurring treatments that wear off every few months, creating predictable revenue from consumers who view them as maintenance. · AbbVieIt owns the leading injectables franchise through Botox and Juvederm, products that patients repurchase every few months as part of routine cosmetic maintenance., EvolusIt sells a Botox competitor targeting younger cash-pay patients, gaining share in a toxin market expanding with mainstreaming of injectable treatments.15%
- Distribution and supply infrastructure for clinics and practices profit from procedure volume growth and clinic buildout regardless of which specific device or brand wins market share. · Henry ScheinIt distributes supplies and equipment to dental and medical practices, profiting from clinic buildout and equipment spending driven by rising aesthetic procedure demand.5%
- Cash10%