−3.6%
since Sep 30
The idea
I believe mRNA, RNA medicines, and custom cancer vaccines become a standard way of treating disease over the next decade, so I built this around the companies making those platforms work rather than the diagnostics side. About a third sits in the platform makers themselves, with the rest split across sequencing and lab tools suppliers, big pharma partners funding trials, and the manufacturing layer filling every vial.
What it owns
- The direct bet: companies whose mRNA, RNA, and gene-editing platforms become the standard way new medicines get made. · BioNTechIt has the widest personalized cancer vaccine pipeline of the platform makers, positioning it for routine care adoption over the decade., ModernaIts personalized cancer vaccine with Merck is deep in late-stage trials, making it the most direct bet on custom vaccines becoming standard treatment., Ionis PharmaceuticalsIt already sells approved RNA medicines, proving the platform idea works today rather than relying on future approvals., Alnylam PharmaceuticalsIt leads RNA interference with multiple approved drugs, supporting the belief that RNA medicines become standard as new targets reach approval., Intellia TherapeuticsIt focuses on in-body gene editing, treating disease by editing genes inside patients, the harder and larger version of the platform bet., Arcturus TherapeuticsIt makes self-amplifying mRNA that aims to get the same effect from smaller doses, a real edge if mRNA becomes routine medicine., CRISPR TherapeuticsIt got the first CRISPR-based therapy approved, the clearest sign gene editing is crossing from lab to clinical use.33%
- Every personalized treatment starts with sequencing a patient, so these suppliers get paid no matter which platform wins. · Thermo Fisher ScientificIt supplies labs and drugmakers across the whole field, the classic gets-paid-either-way position as biotech research and manufacturing spending grows., IlluminaIts sequencing machines are the standard for tumor analysis in custom cancer vaccines, making it the default as personalized medicine scales., DanaherIt sells the bioprocessing tools every platform maker needs, getting paid whichever technology ultimately wins., Agilent TechnologiesIt makes the analysis and quality-control instruments that every RNA and gene therapy batch must pass through., Twist BioscienceIt sells the synthetic DNA that platform makers use as raw input for designing RNA medicines and vaccines., 10x GenomicsIt supplies the single-cell sequencing tools that researchers use to match patients and tumors to the therapies most likely to work, positioning it as a critical link in the personalized medicine pipeline.25%
- Big drugmakers with cash and partnerships that profit from personalized medicine without living or dying on one trial. · Merck & CoCo-funding the leading personalized cancer vaccine program with the balance sheet to carry it through approval and an oncology franchise to fund it., AstraZenecaIt funds oncology and RNA programs that smaller platform makers cannot afford alone, providing the financial backing for trials to advance., NovartisIt already sells gene therapies at scale, showing big pharma can commercialize what platform makers invent., SanofiIt has put real money into mRNA vaccine work, representing the bet that established vaccine makers adopt the platform.21%
- Custom medicine still ships in vials, and these companies make the components and materials every producer needs. · West Pharmaceutical ServicesIt makes the vials and injection components that every approved RNA medicine ships in, tied directly to dose volume growth., RepligenIt sells the consumables used every time a batch of these therapies gets made, tracking production volume rather than any one drug's success., Maravai LifeSciencesIt makes the raw ingredients that go into mRNA itself, the most direct manufacturing bet on mRNA becoming standard medicine., AvantorIt supplies the everyday lab materials the whole field runs on, another way to get paid whichever platform wins.13%
- Cash8%