−4.6%
since Sep 30
The idea
I believe the economy is starting to pay more for discovery than for knowledge, since AI makes knowing things cheap while accelerating how fast anyone can search for something new. So instead of guessing which lab finds the next breakthrough, I own the picks and shovels used across every attempt: instrument makers, simulation and AI-for-science software, DNA reading and writing tools, and lab automation. It's spread across dozens of names rather than concentrated bets, with 9% held in cash, and built to be held for years while the discovery race plays out.
What it owns
- These companies sell the core instruments, consumables and services that labs worldwide depend on for research and diagnostics, so they collect revenue on discovery attempts across many fields and geographies. · Thermo Fisher ScientificIt is the largest global seller of instruments, consumables and services to labs, so it collects revenue on discovery attempts across life sciences, biopharma and research regardless of who succeeds., DanaherIt owns a portfolio of life-science and diagnostics businesses that get paid as biological research and drug production scale up, and regularly expands its toolkit through acquisitions., Agilent TechnologiesIt supplies chromatography, spectroscopy and laboratory gear plus the recurring consumables and services that those instruments pull through daily., Waters CorporationIt dominates liquid chromatography and mass spectrometry instruments with high-margin recurring revenue from consumables and service on its installed base., BrukerIt sells advanced scientific instruments including nuclear magnetic resonance, mass spectrometry and microscopy that frontier research depends on., Mettler-ToledoIt makes balances and precision measurement instruments that sit in essentially every lab and quality-control line globally., RevvityIt sells the reagents, instruments and software that life-science labs and diagnostics providers consume as they conduct experiments.34%
- These companies provide the software platforms that let researchers test ideas on computers before building and testing them in the lab, replacing some physical trial and error with computation. · SchrodingerIt sells physics-based simulation software that lets drug hunters test molecules on a computer before synthesizing them, a direct way to replace wet-lab work with computation., SynopsysIt provides the design software that chips require, and semiconductors are now central to how many discovery attempts happen across industries., Cadence Design SystemsIt provides the other major chip-design software platform and is expanding its simulation-first approach into drug discovery and systems design., CertaraIt provides biosimulation software that models how drugs behave in the body, letting developers and regulators replace some testing with computation.19%
- These companies provide the tools and platforms that researchers use to generate, sequence, engineer and test biological molecules and organisms at the data creation layer of discovery. · IlluminaIt makes the machines that read DNA sequences and generates revenue per run on a large installed base of research and diagnostics labs., Twist BioscienceIt synthesizes DNA to order on silicon chips, so researchers can start biology experiments with cheap made-to-specification genetic material., 10x GenomicsIt sells tools that let researchers study biological systems one cell at a time, a level of resolution that discovery work increasingly requires., Pacific BiosciencesIt reads long stretches of DNA accurately, capturing genetic information that short-read sequencing misses., Ginkgo BioworksIt operates a platform for engineering organisms, getting paid as companies outsource their cell programming and biology R&D to its facilities.16%
- These companies make the test, measurement and sensing gear that engineers and scientists use to develop new electronics, materials, quantum systems and other physical technologies. · Keysight TechnologiesIt makes the test and measurement instruments that engineers use to develop new electronics, wireless systems and quantum hardware., Teledyne TechnologiesIt makes sensors, cameras and instruments that let scientists and engineers measure things they could not before, from subsurface to space., FortiveIt provides precision instruments and workflow software for industrial and healthcare operations, the applied end of the measurement and data toolkit.13%
- These companies automate the physical work of discovery through sample management, robotics and testing systems that scale up as experiment volumes grow. · AzentaIt stores, moves and manages the biological samples that research generates, so sample volumes directly drive its business., TeradyneIt tests integrated circuits before they ship and sells collaborative robots for lab and factory automation, two ways to benefit as attempt volumes rise.9%
- Cash9%