How concentrated this is
Holdings7
Weighted like6.6 equal ones
LargestLLY at 19.4%
Half the portfolio3 names
Exposed to the premise84%
84% of this book is one theme. It is a bet on Healthspan, not a spread of them.
Medicine shifts from treating disease late to extending the years a person stays healthy.
This link was built against universe v1, and the published universe is now v2. Conviction scores and holdings may have been revised since, so the portfolio below is not necessarily the one that was shared. See what changed.
Universe v1· No stated date on this link
Every holding, and why it is that size
Restore the portfolio19.4%Eli Lilly
The broadest metabolic franchise and deepest follow-on pipeline.
LLY · Equity · $1124.21 · — · Healthspan
−+×16.1%Vertex Pharmaceuticals
Genetic medicine that already generates cash, not just readouts.
VRTX · Equity · $521.12 · — · Healthspan
−+×15.6%Novo Nordisk
The other half of the metabolic duopoly, with more pricing exposure.
NVO · Equity · $44.56 · — · Healthspan
−+×13.4%Illumina
Sequencing is the instrument layer under everything genetic.
ILMN · Equity · $201.27 · — · Healthspan
−+×9.8%Regeneron
An antibody platform that has produced beyond one franchise.
REGN · Equity · $807.65 · — · Healthspan
−+×9.7%Thermo Fisher Scientific
Tools and reagents; paid whether or not a trial reads out.
TMO · Equity · $605.69 · — · Healthspan
−+×16%0–3 Month Treasury Bill ETF
Cash that still earns while the thesis is early.
SGOV · Treasury · $100.50 · — · Ballast
The case for
Metabolic drugs turned out to affect far more than weight. Sequencing costs fell far enough to make genetic medicine economic, and the payer is a demographic wave already here.
The case against
Drug pricing is a political target in every developed market. Patents expire on schedule, trials fail late and expensively, and the largest products already carry near-perfect expectations.
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