What is changing
Populations in every rich country are ageing, and the tools for treating what ageing brings are improving faster than at any time in a generation: new classes of metabolic drugs, genetic and cell therapies, diagnostics that find disease earlier, and the use of large models in drug discovery.
How we express it
Through diversified exposure to the companies developing and delivering those treatments and the equipment and services behind them, rather than through single-drug bets, whose trial outcomes no one can forecast.
How it is sized
Not yet held. This is a research thesis. If adopted it will be a sleeve on the core, sized by each client’s policy.
What would make it wrong
Pricing reform that cuts the returns on new treatments more than expected; a run of late-stage trial failures in the leading new drug classes; or the benefits accruing to payers and patients rather than to the companies we can own.
Who it is for
If adopted, clients with a long horizon and a policy that allows a growth allocation, particularly those who want a theme less tied to the technology cycle than compute.
This material is for informational purposes only and is not a recommendation to buy or sell any security. All investing involves risk, including loss of principal.