−1.6%
since Oct 16
The idea
I believe the economy is starting to pay more for discovery than for knowledge, since AI makes information cheap but makes every attempt to find something new more valuable. So instead of guessing which lab finds the next breakthrough, I own the toolmakers everyone pays regardless: instrument makers, simulation and AI-for-science software, DNA reading and writing, and lab automation, spread across roughly twenty names so no single bet carries the idea.
What it owns
- These companies supply the core instruments, consumables and services that labs worldwide depend on for research and production, collecting revenue on nearly every discovery attempt regardless of who succeeds. · Thermo Fisher ScientificIt is the biggest seller of instruments, consumables and services to labs 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 buying and improving tool businesses that discovery work depends on., Agilent TechnologiesIt supplies the chromatography, spectroscopy and lab gear that chemistry and biology labs run every day, 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 is, with high-margin recurring revenue from its installed base., BrukerIt sells the heavy scientific instruments like NMR, mass spec 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 revenue from consumables.34%
- These companies sell the software that lets researchers and engineers test designs on computers before building them, replacing trial and error with computation across drugs, chips and systems. · SchrodingerIt sells the physics-based simulation software that lets drug hunters test molecules on a computer before making them, replacing wet-lab trial and error with design., SynopsysIt sells the software without which no modern chip gets designed, and chips are where a huge share of new discovery attempts now happen., Cadence Design SystemsIt is the other half of the chip-design software duopoly and is pushing the same simulation-first approach into drug discovery and systems design., CertaraIt sells the 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 supply the raw data and building blocks of discovery, from reading DNA to writing it to testing one cell at a time, getting paid per run or per experiment as discovery volume scales. · 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 instead of natural ones., 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 its business grows as discovery work pays for 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 sensors, test gear and measurement tools that let engineers and scientists see and measure what they couldn't before, getting paid as R&D spending in electronics, communications and advanced materials grows. · Keysight TechnologiesIt makes the test and measurement gear 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 and manage the physical work of discovery, storing samples, moving materials and testing products at scale, collecting more revenue as experiment volume and automation adoption grow. · AzentaIt stores, moves and manages the biological samples that discovery work generates, so more experiments means more business for sample management and handling., TeradyneIt tests chips before they ship and sells the collaborative robots that automate lab and factory work, two ways of getting paid as attempt volume rises.9%
- Cash9%