Healthcare 6
Calibrated launch value from the rulebook. This basket carries no order panel today.
Why this basket exists
What the construction is trying to capture, who it is built for, and how it is meant to be sized inside a wider allocation.
Healthcare as the defensive ballast. Eli Lilly and Novo Nordisk capture the GLP-1 obesity drug cycle, the biggest pharma category since statins. UnitedHealth covers managed care, Pfizer holds legacy pharma, Moderna anchors the mRNA platform, and Hims & Hers represents direct-to-consumer pharmacy disruption. Low correlation to crypto and to mega-cap tech, which is the point.
- Equities family · Conservative risk tier
- Rule-based, divisor-method NAV
No committee note is published for this basket yet, so the catalogue description above stands in until one is written.
6 holdings, drawn to scale
Each tile's area is its weight in the basket, so the picture and the table below it are the same data read two ways.
| Holding | Share | Weight | |
|---|---|---|---|
| 01LLYon | 25% | ||
| 02UNHon | 22% | ||
| 03NVOon | 17% | ||
| 04PFEon | 14% | ||
| 05MRNAon | 12% | ||
| 06HIMSon | 10% | ||
| Total | 100% |
Why each name earned its seat
Research notes per constituent: the case for the asset, the regime that suits it, and the risk the seat carries.
- LLYon25%Hedge
Eli Lilly is the GLP-1 obesity-drug leader and the single most valuable pharma franchise by market cap.
Performs in defensive rotation and obesity-narrative cycles. Lower correlation to tech and crypto beta.
GLP-1 competitive pressure - UNHon22%Hedge
UnitedHealth is the largest US managed-care operator. Optum services drive earnings growth that decouples from pure insurance underwriting.
Performs in defensive-rotation regimes. Sensitive to Medicare Advantage regulation and medical-cost-ratio surprises.
Medicare Advantage regulationMCR variability - NVOon17%Hedge
Novo Nordisk is the GLP-1 incumbent (Ozempic, Wegovy) and the European pharma anchor in the basket.
Performs in obesity-drug narrative phases. Sensitive to US pricing-pressure news and Lilly-share-gain narratives.
US pricing-pressure exposure - PFEon14%Hedge
Pfizer is the legacy big-pharma franchise. The post-COVID earnings reset is largely complete by 2026, and the oncology pivot provides a multi-year growth story.
Performs in defensive rotations. Sensitive to pipeline-readout disappointment and drug-pricing legislation.
pipeline-readout risk - MRNAon12%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- HIMSon10%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
What the numbers say
Simulated on historical constituent prices. A Sharpe is only published once the measured window clears 90 days, and drawdowns keep their sign.
Every figure above is simulated on historical constituent prices for a basket that has not traded. It describes how the rules would have behaved, not how they will behave. OBIO6 is part of a public preview.
Max expected loss over the horizon · 95% confidence · historical distribution. There is a 5% chance the actual loss is larger.
| Window | Return | Sharpe | vs BTC |
|---|---|---|---|
| Full window | +90.0% | 0.64 | +0.20 |
| 1 year | +60.1% | 2.18 | +2.96 |
| 6 months | +48.1% | 3.68 | +2.16 |
| 3 months | +26.5% | 3.91 | +2.72 |
| 1 month | +19.9% | Not graded | · |
Returns are simulated over each window. A Sharpe is published only once that window clears 90 days, so the shorter rows read Not graded and carry no comparison with bitcoin. Short windows flatter and punish at random; read the full window first and treat the rest as texture.
What could go wrong
Priced off this basket's own weights rather than off a generic disclaimer, so every figure below can be checked against the table above.
Drawdowns are bounded relative to the broader crypto market. Constituent caps and liquidity filters contain concentration risk. Full risk parameters live in the methodology rulebook.
- Top-name weightLow
LLYon is the largest position at 25%. Capped by methodology but still drives index direction.
- Short price historyHigh
LLYon, UNHon, NVOon and 3 more have under a year of usable history. Backtest metrics carry wider error bars.
- Routing dependenceMedium
Routes through Dinari (stocks) and Backed Finance (ETFs). Settles on the EVM rail. KYC at the OLTA layer, not available in the US today.
| Scenario | Loss on net asset value |
|---|---|
| LLYon loses half its valueLargest holding, 25.0% of the basket | −12.5%Mechanical |
| The three largest holdings fall 30%LLYon, UNHon, NVOon · 64.0% of the basket together | −19.2%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 387 days to recover | −38.9%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −10.3%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.23 correlation to bitcoin over its window, which is loose enough that the holdings can move apart. Even so, a shock rarely lands on one name alone. Read the figures as a floor on the damage, never a ceiling.
The research behind the construction
Tokenized equity execution is not open yet
Single stocks route through Dinari and ETF coverage through Backed Finance, settling on the EVM rail once identity checks clear. The execution surface for this family arrives with the next release. Composition, weights and the measured record above are current.