Mirova

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Mirova reported 134 stock positions worth $555.9 million. Its top holding was Thermo Fisher Scientific (TMO) at 13.6% of the portfolio, followed by Ecolab (ECL, 7.3%) and Accenture Class A (ACN, 6.7%). Compared with Q4 2024, it opened 5 new positions, added to 44 and reduced 35. The biggest buy was Eli Lilly (LLY, shares +4%) and the biggest sale Thermo Fisher Scientific (TMO, shares −6%).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001767843
Portfolio Value
$555.9M (Q1 2025)
SEC Filing
0001104659-25-048487 ↗ filed May 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $564.5M Q1 2024 Q2 2024: $547.3M Q2 2024 Q3 2024: $578.7M Q3 2024 Q4 2024: $579.5M Q4 2024 Q1 2025: $555.9M $555.9M Q1 2025 Q2 2025: $708.8M Q2 2025 Q3 2025: $707.4M Q3 2025 Q4 2025: $693.5M Q4 2025 Q1 2026: $2.5B Q1 2026 Q2 2026: $2.7B Q2 2026

Holdings 134 stocks · $555.9M
TMO Thermo Fisher Scientific Inc. 13.56% 151,451 $75.4M Reduce -6.4%
ECL Ecolab Inc. 7.25% 159,076 $40.3M Reduce -3.3%
ACN Accenture PLC Class A 6.72% 119,678 $37.3M Reduce -3.6%
NVDA Nvidia Corp. 4.62% 237,091 $25.7M Add +2.5%
MSFT Microsoft Corp. 4.58% 67,821 $25.5M Add +3.4%
LLY Eli Lilly & Co. 3.97% 26,725 $22.1M Add +4.0%
V Visa Inc. Class A 2.84% 44,974 $15.8M Add +2.2%
WM Waste Management Inc. 2.71% 65,072 $15.1M Add +2.6%
AXP American Express Co. 2.22% 45,785 $12.3M Add +6.7%
AWK American Water Works Co. Inc. 2.12% 79,778 $11.8M Add +3.4%
XYL Xylem Inc. 1.85% 86,221 $10.3M Add +2.7%
SYK Stryker Corp. 1.75% 26,136 $9.7M Add +1.4%
TRMB Trimble Inc. 1.62% 137,248 $9.0M Reduce -6.8%
PG The Procter & Gamble Co. 1.38% 45,076 $7.7M Add +5.5%
ISRG Intuitive Surgical Inc. 1.27% 14,267 $7.1M Add +4.1%
BSY Bentley Systems Inc. Class B 1.24% 175,597 $6.9M Add +4.2%
BFAM Bright Horizons Family Solut 1.23% 53,755 $6.8M Add +3.8%
CL Colgate-Palmolive Co. 1.22% 72,260 $6.8M Reduce -22.6%
UNP Union Pacific Corp. 1.21% 28,479 $6.7M Add +6.1%
LIN Linde PLC 1.15% 13,733 $6.4M Add +8.1%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 1.14% 81,982 $6.4M Add +6.1%
GM General Motors Co. 1.13% 133,969 $6.3M Add +4.1%
EBAY eBay Inc. 1.09% 89,399 $6.1M Reduce -4.1%
WDAY Workday Inc. Class A 0.94% 22,454 $5.2M Add +5.7%
ZTS Zoetis Inc. 0.92% 31,221 $5.1M Reduce -1.1%
CRM Salesforce Inc. 0.91% 18,858 $5.1M Add +5.7%
MA Mastercard Inc. Class A 0.86% 8,751 $4.8M Reduce -11.0%
BMI Badger Meter Inc. 0.86% 25,143 $4.8M Reduce -0.8%
NOW ServiceNow Inc. 0.86% 5,990 $4.8M Add +4.2%
RUN Sunrun Inc. 0.84% 798,129 $4.7M Add +39.9%
IEX Idex Corp. 0.82% 25,297 $4.6M Reduce -1.4%
EXPO Exponent Inc. 0.82% 56,377 $4.6M No change
GDDY GoDaddy Inc. Class A 0.82% 25,272 $4.6M Add +5.1%
TT Trane Technologies PLC 0.81% 13,290 $4.5M Reduce -30.5%
LULU Lululemon Athletica Inc. 0.80% 15,684 $4.4M Add +0.2%
ENS Enersys 0.71% 43,374 $4.0M Add +69.3%
GPK Graphic Packaging Holding Co. 0.70% 150,973 $3.9M Reduce -1.2%
ROP Roper Technologies Inc. 0.70% 6,643 $3.9M Reduce -0.3%
SFM Sprouts Farmers Market Inc. 0.70% 25,439 $3.9M Reduce -1.1%
PANW Palo Alto Networks Inc. 0.69% 22,474 $3.8M Add +6.8%
CDNS Cadence Design SYS Inc. 0.68% 14,901 $3.8M Add +18.6%
TTEK Tetra Tech Inc. 0.64% 120,848 $3.5M Reduce -0.7%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.64% 53,514 $3.5M Add +6.1%
NEE Nextera Energy Inc. 0.63% 49,772 $3.5M Add +0.5%
CMG Chipotle Mexican Grill Inc. 0.62% 68,530 $3.4M Reduce -0.9%
PWR Quanta Services Inc. 0.58% 12,599 $3.2M Add +14.4%
FSLR First Solar Inc. 0.57% 25,283 $3.2M No change
CYBR Cyberark Software Ltd./Israel 0.56% 9,239 $3.1M Add +5.7%
EMR Emerson Electric Co. 0.54% 27,173 $3.0M Add +43.2%
WY Weyerhaeuser Co. 0.50% 95,470 $2.8M Reduce -1.1%
FLEX Flex Ltd. 0.50% 84,460 $2.8M Reduce -7.7%
VZ Verizon Communications Inc. 0.46% 56,715 $2.6M Add +1.8%
CSCO Cisco Systems Inc. 0.45% 40,286 $2.5M Add +106.0%
VLTO Veralto Corp. 0.45% 25,428 $2.5M Add +15.9%
AVY Avery Dennison Corp. 0.44% 13,850 $2.5M Reduce -2.2%
BSX Boston Scientific Corp. 0.41% 22,330 $2.3M Reduce -11.0%
MTD Mettler-Toledo International 0.39% 1,856 $2.2M Reduce -2.0%
PNR Pentair PLC 0.38% 23,847 $2.1M Reduce -2.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.35% 15,754 $1.9M Add +19.9%
BEPC Brookfield Renewable Corp. 0.34% 68,243 $1.9M Reduce -14.9%
ORCL Oracle Corp. 0.33% 13,151 $1.8M Reduce -28.3%
PFE Pfizer Inc. 0.33% 72,215 $1.8M No change
MPWR Monolithic Power Systems Inc. 0.32% 3,069 $1.8M Reduce -9.7%
ITRI Itron Inc. 0.31% 16,412 $1.7M Reduce -10.6%
ENPH Enphase Energy Inc. 0.31% 27,474 $1.7M No change
TPC Tutor Perini Corp. 0.30% 71,438 $1.7M Add +27.2%
ZWS Zurn Elkay Water Solutions C 0.29% 48,509 $1.6M New
CNM Core & Main Inc. Class A 0.28% 32,185 $1.6M Reduce -7.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.26% 17,162 $1.4M No change
TREX Trex Company Inc. 0.25% 24,221 $1.4M Reduce -1.9%
MP MP Materials Corp. 0.23% 52,897 $1.3M Reduce -27.4%
ON On Semiconductor 0.21% 29,208 $1.2M No change
WTS Watts Water Technologies-A 0.20% 5,521 $1.1M No change
MWA Mueller Water Products Inc. Class A 0.18% 39,335 $1000K No change
ROK Rockwell Automation Inc. 0.18% 3,840 $992K Reduce -23.8%
PTC PTC Inc. 0.18% 6,328 $981K Add +1829.3%
APTV Aptiv PLC 0.17% 16,013 $953K Reduce -23.8%
AGCO Agco Corp. 0.17% 9,956 $922K No change
ANSS Ansys Inc. 0.17% 2,907 $920K No change
BMY Bristol-Myers Squibb Co. 0.16% 14,805 $903K New
ALV Autoliv Inc. 0.16% 10,020 $886K No change
DHR Danaher Corp. 0.14% 3,931 $806K No change
NOVT Novanta Inc. 0.14% 5,997 $767K No change
VRT Vertiv Holdings Co. Class A 0.13% 10,000 $722K Add +241.5%
BCC Boise Cascade Co. 0.13% 7,083 $695K No change
OMC Omnicom Group 0.12% 7,954 $659K No change
KAI Kadant Inc. 0.11% 1,864 $628K No change
NEO Neogenomics Inc. 0.11% 64,935 $616K No change
ADBE Adobe Inc. 0.10% 1,519 $583K Add +4.0%
DCI Donaldson Co. Inc. 0.10% 8,576 $575K No change
ADSK Autodesk Inc. 0.10% 2,174 $569K Add +6.3%
HASI Ha Sustainable Infrastructur 0.10% 19,129 $559K No change
ARRY Array Technologies Inc. 0.10% 114,236 $556K Reduce -20.5%
OC Owens Corning 0.10% 3,803 $543K No change
SG Sweetgreen Inc. Class A 0.09% 20,500 $513K No change
ONON On Holding AG Class A filed as ON HLDG AG 0.09% 11,554 $507K No change
VITL Vital Farms Inc. 0.09% 16,465 $502K Add +51.1%
BDX Becton Dickinson and Co. 0.09% 2,149 $492K No change
NFLX Netflix Inc. 0.09% 525 $490K Add +67.2%
GEF Greif Inc. Class A 0.08% 8,228 $452K Reduce -44.6%
OTIS Otis Worldwide Corp. 0.08% 4,324 $446K No change
GIS General Mills Inc. 0.08% 7,287 $436K No change
HPE Hewlett Packard Enterprise 0.07% 26,459 $408K No change
DXCM Dexcom Inc. 0.07% 5,596 $382K No change
EMBC Embecta Corp. 0.07% 29,082 $371K New
GILD Gilead Sciences Inc. 0.06% 2,895 $324K New
ST Sensata Technologies Holdplc 0.06% 13,326 $323K No change
CCK Crown Holdings Inc. 0.05% 3,410 $304K Reduce -4.8%
AMT American Tower Corp. 0.05% 1,365 $297K No change
PL Planet Labs PBC 0.05% 87,686 $296K New
LKQ LKQ Corp. 0.05% 6,949 $296K No change
MRK Merck & Co. Inc. 0.05% 3,255 $292K No change
VOYA Voya Financial Inc. 0.05% 4,243 $288K No change
A Agilent Technologies Inc. 0.04% 1,865 $218K No change
CSX CSX Corp. 0.03% 6,578 $194K No change
CP Canadian Pacific Kansas City 0.03% 2,687 $189K No change
CNI Canadian Natl Railway Co. 0.03% 1,802 $176K No change
NSC Norfolk Southern Corp. 0.03% 701 $166K No change
FLNC Fluence Energy Inc. 0.03% 33,936 $165K Add +95.0%
SW Smurfit Westrock PLC 0.03% 3,143 $142K No change
STLD Steel Dynamics Inc. 0.02% 1,024 $128K No change
AMGN Amgen Inc. 0.02% 371 $116K No change
SHOP Shopify Inc. Class A 0.02% 1,106 $106K Add +23.4%
RMD Resmed Inc. 0.02% 416 $93K No change
NUE Nucor Corp. 0.02% 733 $88K No change
EW Edwards Lifesciences Corp. 0.01% 1,143 $83K No change
DOV Dover Corp. 0.01% 460 $81K No change
BALL Ball Corp. 0.01% 1,256 $65K No change
WAT Waters Corp. 0.01% 177 $65K No change
DAR Darling Ingredients Inc. 0.01% 1,808 $56K No change
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.01% 1,475 $49K Reduce -79.2%
EMN Eastman Chemical Co. 0.01% 480 $42K No change
HAIN Hain Celestial Group Inc. 0.01% 9,366 $39K No change
WST West Pharmaceutical Services 0.01% 155 $35K No change

Portfolio Sells Q4 2024 → Q1 2025
TMO Thermo Fisher Scientific Inc. Reduce -6.4% 13.56% −0.97
ACN Accenture PLC Class A Reduce -3.6% 6.72% −0.82
TT Trane Technologies PLC Reduce -30.5% 0.81% −0.41
CL Colgate-Palmolive Co. Reduce -22.6% 1.22% −0.25
TTEK Tetra Tech Inc. Reduce -0.7% 0.64% −0.20
ORCL Oracle Corp. Reduce -28.3% 0.33% −0.20
TRMB Trimble Inc. Reduce -6.8% 1.62% −0.17
FLEX Flex Ltd. Reduce -7.7% 0.50% −0.10
IEX Idex Corp. Reduce -1.4% 0.82% −0.10
CMG Chipotle Mexican Grill Inc. Reduce -0.9% 0.62% −0.10
GEF Greif Inc. Class A Reduce -44.6% 0.08% −0.08
ROK Rockwell Automation Inc. Reduce -23.8% 0.18% −0.07
BMI Badger Meter Inc. Reduce -0.8% 0.86% −0.07
PNR Pentair PLC Reduce -2.6% 0.38% −0.05
ARRY Array Technologies Inc. Reduce -20.5% 0.10% −0.05
APTV Aptiv PLC Reduce -23.8% 0.17% −0.05
TREX Trex Company Inc. Reduce -1.9% 0.25% −0.04
BEPC Brookfield Renewable Corp. Reduce -14.9% 0.34% −0.04
YETI Yeti Holdings Inc. Reduce -79.2% 0.01% −0.04
ITRI Itron Inc. Reduce -10.6% 0.31% −0.03
MA Mastercard Inc. Class A Reduce -11.0% 0.86% −0.03
CNM Core & Main Inc. Class A Reduce -7.9% 0.28% −0.03
MPWR Monolithic Power Systems Inc. Reduce -9.7% 0.32% −0.03
AVY Avery Dennison Corp. Reduce -2.2% 0.44% −0.01
GPK Graphic Packaging Holding Co. Reduce -1.2% 0.70% −0.01
MTD Mettler-Toledo International Reduce -2.0% 0.39% −0.01
CCK Crown Holdings Inc. Reduce -4.8% 0.05% +0.00
BSX Boston Scientific Corp. Reduce -11.0% 0.41% +0.02
WY Weyerhaeuser Co. Reduce -1.1% 0.50% +0.03
MP MP Materials Corp. Reduce -27.4% 0.23% +0.04
ZTS Zoetis Inc. Reduce -1.1% 0.92% +0.04
EBAY eBay Inc. Reduce -4.1% 1.09% +0.09
ROP Roper Technologies Inc. Reduce -0.3% 0.70% +0.11
SFM Sprouts Farmers Market Inc. Reduce -1.1% 0.70% +0.13
ECL Ecolab Inc. Reduce -3.3% 7.25% +0.60

Portfolio Buys Q4 2024 → Q1 2025
LLY Eli Lilly & Co. Add +4.0% 3.97% +0.55
WM Waste Management Inc. Add +2.6% 2.71% +0.50
AWK American Water Works Co. Inc. Add +3.4% 2.12% +0.46
V Visa Inc. Class A Add +2.2% 2.84% +0.44
ENS Enersys Add +69.3% 0.71% +0.31
ZWS Zurn Elkay Water Solutions C New 0.29% +0.29
CSCO Cisco Systems Inc. Add +106.0% 0.45% +0.25
BFAM Bright Horizons Family Solut Add +3.8% 1.23% +0.24
LIN Linde PLC Add +8.1% 1.15% +0.23
XYL Xylem Inc. Add +2.7% 1.85% +0.17
PTC PTC Inc. Add +1829.3% 0.18% +0.17
BMY Bristol-Myers Squibb Co. New 0.16% +0.16
UNP Union Pacific Corp. Add +6.1% 1.21% +0.15
SYK Stryker Corp. Add +1.4% 1.75% +0.15
PG The Procter & Gamble Co. Add +5.5% 1.38% +0.15
EMR Emerson Electric Co. Add +43.2% 0.54% +0.13
VZ Verizon Communications Inc. Add +1.8% 0.46% +0.08
VRT Vertiv Holdings Co. Class A Add +241.5% 0.13% +0.07
TJX TJX Companies Inc. Add +19.9% 0.35% +0.07
EMBC Embecta Corp. New 0.07% +0.07
TPC Tutor Perini Corp. Add +27.2% 0.30% +0.06
VLTO Veralto Corp. Add +15.9% 0.45% +0.06
CYBR Cyberark Software Ltd./Israel Add +5.7% 0.56% +0.06
GILD Gilead Sciences Inc. New 0.06% +0.06
PL Planet Labs PBC New 0.05% +0.05
NFLX Netflix Inc. Add +67.2% 0.09% +0.04
ISRG Intuitive Surgical Inc. Add +4.1% 1.27% +0.04
CDNS Cadence Design SYS Inc. Add +18.6% 0.68% +0.03
PANW Palo Alto Networks Inc. Add +6.8% 0.69% +0.03
NEE Nextera Energy Inc. Add +0.5% 0.63% +0.02
VITL Vital Farms Inc. Add +51.1% 0.09% +0.02
AXP American Express Co. Add +6.7% 2.22% +0.02
IFF Intl Flavors & Fragrances Add +6.1% 1.14% +0.02
SHOP Shopify Inc. Class A Add +23.4% 0.02% +0.00
GDDY GoDaddy Inc. Class A Add +5.1% 0.82% +0.00
ADSK Autodesk Inc. Add +6.3% 0.10% −0.00
WDAY Workday Inc. Class A Add +5.7% 0.94% −0.00
ADBE Adobe Inc. Add +4.0% 0.10% −0.01
EL Estee Lauder Companies Class A Add +6.1% 0.64% −0.02
FLNC Fluence Energy Inc. Add +95.0% 0.03% −0.02
PWR Quanta Services Inc. Add +14.4% 0.58% −0.02
GM General Motors Co. Add +4.1% 1.13% −0.05
RUN Sunrun Inc. Add +39.9% 0.84% −0.07
BSY Bentley Systems Inc. Class B Add +4.2% 1.24% −0.11
CRM Salesforce Inc. Add +5.7% 0.91% −0.12
MSFT Microsoft Corp. Add +3.4% 4.58% −0.19
NOW ServiceNow Inc. Add +4.2% 0.86% −0.19
LULU Lululemon Athletica Inc. Add +0.2% 0.80% −0.23
NVDA Nvidia Corp. Add +2.5% 4.62% −0.73

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 185$2.7BNVDA, CDNS, MSFT, AVGO, GOOGL
Q1 2026 179$2.5BNVDA, MSFT, CDNS, NOW, SNPS
Q4 2025 92$693.5MNVDA, MSFT, ECL, ACN, FSLR
Q3 2025 111$707.4MNVDA, MSFT, ECL, ACN, FSLR
Q2 2025 119$708.8MTMO, ECL, NVDA, MSFT, ACN
Q1 2025 134$555.9MTMO, ECL, ACN, NVDA, MSFT
Q4 2024 129$579.5MTMO, ACN, ECL, NVDA, MSFT
Q3 2024 120$578.7MTMO, ACN, ECL, NVDA, MSFT
Q2 2024 123$547.3MTMO, ACN, ECL, NVDA, MSFT
Q1 2024 135$564.5MTMO, ACN, ECL, NVDA, MSFT