−3.9%
since Sep 29
The idea
I think the economy is shifting from rewarding known knowledge to rewarding discovery itself, and AI is accelerating how many attempts at breakthroughs get made. Rather than pick which lab or biotech wins, this basket owns the tools that profit regardless: instrument makers, simulation and AI-for-science software, genomics read-write players, lab automation, and precision measurement firms. It spreads across the full toolkit so no single name carries the bet, keeps a small cash buffer for pullbacks, and is meant to be held for years while this shift plays out.
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 global seller of instruments, consumables and services to research and biopharma labs, so it captures revenue from nearly every discovery attempt across the world., DanaherIt owns a portfolio of life-science and diagnostics businesses that benefit as research spending and drug production scale, and it compounds returns by acquiring and integrating new tool businesses., Agilent TechnologiesIt supplies the chromatography, spectroscopy and lab instruments that chemistry and biology labs run daily, plus the recurring consumables and services those instruments require., Waters CorporationIt dominates liquid chromatography and mass spectrometry with a large installed base and high-margin recurring revenue from consumables and services., BrukerIt sells advanced scientific instruments including NMR, mass spectrometry and microscopy that frontier research depends on for discovery work., RevvityIt sells reagents, instruments and software that life-science labs and diagnostics providers consume, with recurring consumables revenue tied to biology research spending., Mettler-ToledoIt makes precision balances and measurement equipment that sit in nearly every lab and quality-control line globally, as lab expansion and quality standards rise worldwide.34%
- These companies sell software that models physical and biological systems, letting researchers and engineers test designs computationally before building them in the lab or on the fab floor. · SchrodingerIt sells physics-based simulation software that lets drug researchers test molecules on a computer before synthesizing them, replacing wet-lab trial and error with computational design., Cadence Design SystemsIt is half of the chip-design software duopoly and is extending its simulation-first approach into drug discovery and systems design as design activity expands., SynopsysIt sells the software essential for modern chip design and holds half of the design-software duopoly as semiconductor design activity and complexity grow., CertaraIt sells biosimulation software that models drug behavior in the body, enabling companies and regulators to replace some testing and animal studies with computation.19%
- These companies provide the platforms and tools for generating, synthesizing and reading biological sequences and structures at the foundation of modern biotech discovery. · IlluminaIt makes the machines that read DNA sequences and gets paid per run on a large installed base, providing the raw data layer for biological discovery., Twist BioscienceIt synthesizes DNA to order on silicon chips, providing a cost-effective starting point for every attempt to engineer living systems., 10x GenomicsIt sells tools that enable researchers to study biology at single-cell and spatial resolution, addressing increasing demand for granular biological understanding in discovery., Ginkgo BioworksIt operates a platform for engineering organisms and gets paid as companies outsource their biology R&D rather than building labs themselves., Pacific BiosciencesIt reads long stretches of DNA accurately, capturing information that short-read sequencing misses, and gets paid as long-read sequencing gains research budget share.16%
- These companies make the sensors, cameras and measurement gear that let scientists observe and quantify phenomena across physics, materials science and engineering. · Keysight TechnologiesIt makes the test and measurement equipment that engineers use to develop new electronics, wireless systems and quantum hardware, so it gets paid on every attempt to advance physical technology., Teledyne TechnologiesIt makes sensors, cameras and instruments that enable scientists and engineers to measure phenomena across industries from oceanography to aerospace., FortiveIt sells precision instruments and workflow software for industrial and healthcare operations, capturing value as more industries depend on data from the physical world.13%
- These companies automate the handling, testing and movement of samples and devices, reducing manual work as discovery attempt volumes grow. · AzentaIt stores, moves and manages biological samples generated by discovery work, so rising experiment volumes drive its growth., TeradyneIt tests semiconductors before shipment and sells collaborative robots that automate lab and factory work, capturing value as production volumes and automation adoption grow.9%
- Cash9%