Coverage universe
Active coverage, plus the bottleneck owners and adjacent names each theme puts on the map. A watch-list entry is a name we are tracking and have not initiated on, and it carries no stance.
Active coverage
| Ticker | Company | Theme | Stance | Note |
|---|---|---|---|---|
| IBM | International Business Machines | Enterprise technology | Trade | Trade note, 13 Sep 2026Updated 20 Sep 2026 |
| NTLA | Intellia Therapeutics | Genome editing | Constructive | Initiation, 12 Sep 2026 |
| PGR | The Progressive Corporation | Property & casualty insurance | Neutral | Initiation, 7 Sep 2026 |
| CRSP | CRISPR Therapeutics AG | Genome editing | Constructive | Initiation, 5 Sep 2026 |
| KDK | Kodiak AI | Autonomy & transportation | Speculative | Initiation, 5 Sep 2026Updated 20 Sep 2026 |
Watch lists
Genome editing: bottleneck owners and adjacent names
| Choke point | Owner | Ticker | Role in the theme |
|---|---|---|---|
| Delivery | Alnylam Pharmaceuticals | ALNY | Delivery IP leader and commercial proof of in vivo genetic medicine |
| Delivery | Arcturus Therapeutics | ARCT | Higher-beta lipid nanoparticle pure play |
| Delivery | Ionis Pharmaceuticals | IONS | Conjugate delivery and antisense platform toll |
| Reagents and manufacturing | Danaher (Aldevron) | DHR | Quality compounder supplying Cas9 mRNA, guide RNA, plasmid |
| Reagents and manufacturing | Thermo Fisher Scientific | TMO | Diversified CDMO and tools, lower beta exposure |
| Reagents and manufacturing | Maravai LifeSciences | MRVI | Pure-play mRNA inputs, higher torque |
| Safety and sequencing | Illumina | ILMN | Sequencing toll on every mandated off-target screen |
| Safety and sequencing | Twist Bioscience | TWST | Synthetic DNA and guide libraries |
| Safety testing | Charles River Laboratories | CRL | Direct beneficiary of tighter 2026 safety guidance |
| Editing platform | Intellia, Beam, Prime | NTLA BEAM PRME | Next-generation optionality, earlier and cash constrained |
| Commercial partner | Vertex Pharmaceuticals | VRTX | Holds 60% of Casgevy economics; the credible strategic acquirer |
| Cardiovascular competition | Lilly, Arrowhead, Regeneron, Amgen, Novartis | LLY ARWR REGN AMGN NVS | The one-time edit versus repeat-dose siRNA question |
Watch-list names carry no framework stance. Inclusion reflects the role a company plays in a mapped value chain. It carries no view on the equity.
Autonomous freight and the trucking insurance complex
| Role | Company | Ticker | Position in the regime change |
|---|---|---|---|
| Trucking specialist | Old Republic (Great West Casualty) | ORI | Most exposed incumbent; hard-market tailwind now, disruption risk later |
| Trucking specialist | Travelers (Northland) | TRV | Largest trucking wholesale writer; diversified enough to absorb the shift |
| Specialty underwriter | W. R. Berkley | WRB | Disciplined specialty writer with transportation exposure |
| Specialty underwriter | RLI Corp | RLI | Niche specialty, nimble enough to write novel risk |
| Regional commercial | Cincinnati Financial | CINF | Commercial auto exposure through the transition |
| Fronting and programs | Markel (State National) | MKL | The rails a new autonomous insurance program would ride |
| Personal auto exposure | Progressive | PGR | Covered at Neutral. Segmentation advantage is real, but 87% of premium is personal lines and commercial is one-to-twenty-truck for-hire, so the exposure runs the other way. See the 7 September amendment |
| Balance sheet for novel risk | Berkshire Hathaway | BRK | National Indemnity as the natural home for large unusual liability |
| AV developer | Aurora Innovation | AUR | Scaled leader on public highways; the competitive threat to KDK |
| Anchor customer | Atlas Energy Solutions | AESI | Kodiak's Permian anchor customer and an investor |
| Insurtech and MGA | Koop, Loadsure and peers | Private | Venture-stage autonomous insurance specialists |
Securities referenced across this page carry material risk of loss. Contra Research Group and its personnel may hold positions in securities discussed. Nothing here is investment advice.