The Aging Dividend

Holdings

1. Intuitive Surgical ISRG · Direct beneficiary 22%

   The da Vinci system is the standard for robotic surgery, and each procedure sells instruments.

2. Stryker SYK · Direct beneficiary 18%

   Joint replacement implants and the Mako robot used to place them.

3. Medtronic MDT · Direct beneficiary 14%

   The broadest device maker, strong in heart rhythm and structural heart devices.

4. Abbott ABT · Direct beneficiary 14%

   Heart devices and glucose monitors, both used more with age.

5. UnitedHealth UNH · Payer 12%

   The largest private Medicare insurer, which grows as more people turn 65.

6. DexCom DXCM · Direct beneficiary 10%

   Continuous glucose monitors for a growing population with diabetes.

7. HCA Healthcare HCA · Provider 10%

   The largest US hospital operator, handling rising procedure volume.