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Index
GLP-1 Second Order Index
“An index of the companies that supply the obesity drug boom rather than sell the drugs. Injection devices, fill and finish, bioprocessing consumables and analytical instruments. Include the two originators at low weight for reference.” — by Aoife Banda
built · 2026-06-12 07:26·rebalance · semiannual·next run · 2026-12-12
backtest · S&P 500 (SPX)·range
CAGR—
Annual vol—
Sharpe—
Sortino—
Max drawdown—
Best year—
Worst year—
risk-free raterf = 4.50%
vs S&P 500 (SPX) · 1M—
vs S&P 500 (SPX) · 1Y—
vs S&P 500 (SPX) · 2Y—
vs S&P 500 (SPX) · 3Y—
vs S&P 500 (SPX) · 5Y—
vs S&P 500 (SPX) · 10Y—
no backtest data
sharpe ratio
| ticker | weight | YTD | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|
| WST | 16.0% | — | — | — | — | — |
| TMO | 14.0% | — | — | — | — | — |
| DHR | 13.0% | — | — | — | — | — |
| BDX | 11.0% | — | — | — | — | — |
| RGEN | 9.0% | — | — | — | — | — |
| A | 8.0% | — | — | — | — | — |
| STE | 7.0% | — | — | — | — | — |
| WAT | 6.0% | — | — | — | — | — |
| LLY | 9.0% | — | — | — | — | — |
| NVO | 7.0% | — | — | — | — | — |
| weighted | 100% | — | — | — | — | — |
attribution factsheet
holdings · 10
click a row to drill in ↗NameAllocation· cap 16%Rationale
WSTWest Pharmaceutical ServicesHealthcare16.00%Elastomer stoppers and injection components. Qualified into the drug filing, so switching is slow.TMOThermo Fisher ScientificHealthcare14.00%Bioprocessing consumables and contract manufacturing across the whole modality.DHRDanaherHealthcare13.00%Filtration and chromatography, the recurring consumable spend per batch.BDXBecton DickinsonHealthcare11.00%Prefilled syringe and pen needle supply at scale.RGENRepligenHealthcare9.00%Pure play bioprocessing consumables, highest beta to fill and finish capacity.LLYEli LillyHealthcare9.00%Held at reference weight only. The index is about the supply chain, not the originator.AAgilent TechnologiesHealthcare8.00%Analytical instruments used in release testing and quality control.STESterisHealthcare7.00%Sterilisation services, a hard requirement for injectable manufacturing.NVONovo NordiskHealthcare7.00%Second originator, same reference logic. ADR line.WATWaters CorporationHealthcare6.00%Liquid chromatography for peptide characterisation and purity work.
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weighting · factor · factor=gross_margin · cap=16%
rebalance · semiannual
