· 1
−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 they then pay to fix. So this basket owns the whole chain: the drugmakers creating the patients, the injectables and toxin companies with recurring revenue, the device makers equipping medspas, and the beauty and telehealth platforms riding the broader trend. Large caps like LLY, ABBV, and ULTA anchor it, while smaller volatile names are sized so no single one can sink the portfolio.
What it owns
- Digital-native and established beauty retailers are capturing consumers shifting toward online shopping and affordable cosmetics while also serving patients seeking post-weight-loss aesthetic treatments. · Hims & Hers HealthIt serves as the entry point where consumers first pay out of pocket for aesthetic improvements, from hair loss to skin to compounded weight management, capturing early-stage demand., e.l.f. BeautyIt has been capturing market share in affordable cosmetics by serving young consumers driving beauty into the mainstream as self-improvement becomes more socially acceptable., Ulta BeautyIt is the dominant US beauty retailer, providing broad exposure to overall beauty spending growth without the risk of picking individual brand winners., Oddity TechIt builds digital-native beauty brands with high margins, capturing the shift of beauty spending toward online platforms and away from traditional retail., Estée LauderIt is a prestige beauty company undergoing a turnaround focused on recovery in China and travel retail demand under new management., Beauty Health CompanyIt sells Hydrafacial machines and consumables to medspas on a razor-and-blade model, requiring a turnaround in consumables revenue and management execution to justify the position., LifeMDIt is a telehealth platform offering weight management programs with GLP-1 access, positioned as an asymmetric bet on telehealth-driven weight loss.30%
- Radiofrequency machines, dental implants, braces, and skin-tightening devices address the loose-skin problem that emerges after rapid weight loss and serve the broader cosmetic enhancement trend. · Align TechnologyInvisalign's case volumes track discretionary spending on cosmetic enhancement, especially among adults seeking self-improvement., InModeIts radiofrequency machines address the exact loose-skin problem that GLP-1 patients develop, making medspas the direct beneficiary of rapid weight loss., Establishment LabsMotiva breast implants address a common follow-on procedure after major weight loss, positioning the company to benefit from the GLP-1 weight-loss wave., Envista HoldingsIt sells implants, braces, and imaging equipment to dentists and orthodontists, providing stable exposure to the cosmetic dentistry trend through multiple product lines., Apyx MedicalRenuvion is a device specifically designed to tighten loose skin after liposuction and weight loss, making it a direct play on the GLP-1 aftermath market.23%
- GLP-1 drugs are creating millions of patients who lose weight rapidly and then seek skin tightening and facial procedures, expanding the addressable market for the rest of this take. · Eli LillyIts Zepbound and Mounjaro weight-loss drugs are driving demand for skin tightening and facial procedures by creating millions of rapid-weight-loss patients seeking cosmetic follow-on treatments., Novo NordiskOzempic and Wegovy popularized the GLP-1 category and created the loose-skin phenomenon driving filler and device demand throughout this take.17%
- Botox and dermal fillers function as recurring treatments since results fade every few months, creating a predictable revenue stream as injectables move into mainstream consumer spending. · AbbVieBotox and Juvederm fillers are recurring treatments that wear off every few months, functioning as a subscription business in aesthetics as injectables go mainstream., EvolusJeuveau is a Botox competitor targeted at younger, cash-pay patients, offering an asymmetric bet on share gains in the expanding toxin market.15%
- Medical and dental distributors supply equipment and materials to practices regardless of which specific device or treatment wins, providing stable exposure to clinic buildout and restocking. · Henry ScheinAs a distributor of supplies and equipment to dental and medical practices, it benefits from clinic buildout and restocking activity regardless of which specific device maker wins.5%
- Cash10%