Mirova

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed December 29, 2025), Mirova reported 111 stock positions worth $707.4 million. Its top holding was Nvidia (NVDA) at 6.7% of the portfolio, followed by Microsoft (MSFT, 6.4%) and Ecolab (ECL, 6.1%). Compared with Q2 2025, it opened 5 new positions, sold out of 13, added to 56 and reduced 24. The biggest buy was First Solar (FSLR, shares +173%) and the biggest sale Thermo Fisher Scientific (TMO, shares −86%).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001767843
Portfolio Value
$707.4M (Q3 2025)
SEC Filing
0001104659-25-124680 ↗ filed Dec 29, 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 Q1 2025 Q2 2025: $708.8M Q2 2025 Q3 2025: $707.4M $707.4M Q3 2025 Q4 2025: $693.5M Q4 2025 Q1 2026: $2.5B Q1 2026 Q2 2026: $2.7B Q2 2026

Holdings 111 stocks · $707.4M
NVDA Nvidia Corp. 6.73% 255,156 $47.6M Reduce -3.7%
MSFT Microsoft Corp. 6.38% 87,188 $45.2M Add +11.3%
ECL Ecolab Inc. 6.05% 156,302 $42.8M Reduce -4.5%
ACN Accenture PLC Class A 4.24% 121,629 $30.0M Reduce -3.4%
FSLR First Solar Inc. 4.13% 132,536 $29.2M Add +173.2%
XYL Xylem Inc. 3.17% 152,210 $22.5M Add +5.5%
WM Waste Management Inc. 2.66% 85,209 $18.8M Add +1.8%
TRMB Trimble Inc. 2.63% 228,263 $18.6M Reduce -2.7%
V Visa Inc. Class A 2.52% 52,167 $17.8M Add +4.4%
LLY Eli Lilly & Co. 2.39% 22,128 $16.9M Reduce -23.3%
AXP American Express Co. 2.35% 50,012 $16.6M Add +1.0%
AWK American Water Works Co. Inc. 2.33% 118,327 $16.5M Add +2.1%
CDNS Cadence Design SYS Inc. 2.00% 40,291 $14.2M Add +16.5%
BSY Bentley Systems Inc. Class B 1.98% 271,684 $14.0M Add +2.2%
EBAY eBay Inc. 1.69% 131,328 $11.9M Reduce -11.5%
CL Colgate-Palmolive Co. 1.61% 142,187 $11.4M Add +8.5%
ZTS Zoetis Inc. 1.57% 76,056 $11.1M Add +20.4%
SYK Stryker Corp. 1.51% 28,980 $10.7M Add +0.7%
PG The Procter & Gamble Co. 1.50% 69,026 $10.6M Add +27.8%
TMO Thermo Fisher Scientific Inc. 1.37% 19,968 $9.7M Reduce -85.6%
LIN Linde PLC 1.36% 20,206 $9.6M Add +10.6%
EMR Emerson Electric Co. 1.32% 71,051 $9.3M Add +20.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.28% 62,449 $9.0M Add +120.5%
RUN Sunrun Inc. 1.25% 510,197 $8.8M Reduce -9.5%
BMI Badger Meter Inc. 1.24% 49,171 $8.8M Add +1.6%
IEX Idex Corp. 1.22% 52,948 $8.6M Add +6.7%
PNR Pentair PLC 1.21% 77,235 $8.6M Reduce -1.0%
UNP Union Pacific Corp. 1.16% 34,708 $8.2M Add +12.7%
PANW Palo Alto Networks Inc. 1.15% 39,935 $8.1M Add +30.3%
ISRG Intuitive Surgical Inc. 1.10% 17,457 $7.8M Add +0.8%
ENS Enersys 1.09% 67,981 $7.7M Add +6.7%
FLEX Flex Ltd. 1.08% 132,141 $7.7M Add +74.0%
SFM Sprouts Farmers Market Inc. 0.97% 63,256 $6.9M Add +5.5%
GM General Motors Co. 0.93% 107,565 $6.6M Add +3.5%
PWR Quanta Services Inc. 0.88% 14,964 $6.2M Add +11.4%
AVY Avery Dennison Corp. 0.86% 37,522 $6.1M Add +3.1%
NOW ServiceNow Inc. 0.84% 6,455 $5.9M Add +1.3%
WDAY Workday Inc. Class A 0.82% 24,104 $5.8M Reduce -5.0%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.81% 93,295 $5.7M Add +1.1%
CRM Salesforce Inc. 0.80% 23,814 $5.6M Add +1.7%
TTEK Tetra Tech Inc. 0.78% 165,280 $5.5M Add +14.1%
ROP Roper Technologies Inc. 0.75% 10,633 $5.3M Add +4.3%
GPK Graphic Packaging Holding Co. 0.75% 269,737 $5.3M Reduce -10.3%
MA Mastercard Inc. Class A 0.72% 8,925 $5.1M Add +0.9%
ITRI Itron Inc. 0.70% 39,854 $5.0M No change
VRT Vertiv Holdings Co. Class A 0.69% 32,216 $4.9M Add +114.8%
CYBR Cyberark Software Ltd./Israel 0.68% 9,982 $4.8M Add +1.1%
WTS Watts Water Technologies-A 0.67% 17,089 $4.8M No change
VLTO Veralto Corp. 0.67% 44,286 $4.7M Add +5.3%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.66% 53,289 $4.7M Reduce -7.1%
BFAM Bright Horizons Family Solut 0.64% 41,728 $4.5M Add +0.9%
TT Trane Technologies PLC 0.63% 10,523 $4.4M Reduce -14.5%
MP MP Materials Corp. 0.60% 62,968 $4.2M Add +66.2%
PL Planet Labs PBC 0.59% 320,462 $4.2M Add +19.2%
DHR Danaher Corp. 0.56% 20,049 $4.0M Add +479.6%
WY Weyerhaeuser Co. 0.52% 148,874 $3.7M Add +24.3%
MTD Mettler-Toledo International 0.52% 2,997 $3.7M Add +4.8%
GDDY GoDaddy Inc. Class A 0.47% 24,511 $3.4M Reduce -13.2%
PTC PTC Inc. 0.46% 16,022 $3.3M Add +3.4%
VZ Verizon Communications Inc. 0.43% 68,534 $3.0M Add +51.9%
TPC Tutor Perini Corp. 0.41% 44,544 $2.9M Reduce -18.9%
LULU Lululemon Athletica Inc. 0.40% 15,827 $2.8M Reduce -14.8%
MPWR Monolithic Power Systems Inc. 0.40% 3,055 $2.8M Add +10.4%
HUBB Hubbell Inc. 0.38% 6,202 $2.7M Add +24.0%
BEPC Brookfield Renewable Corp. 0.34% 70,541 $2.4M Add +3.4%
NXT Nextpower Inc. filed as NEXTRACKER INC 0.34% 32,196 $2.4M New
VITL Vital Farms Inc. 0.31% 54,111 $2.2M Reduce -9.4%
BSX Boston Scientific Corp. 0.28% 20,194 $2.0M No change
TREX Trex Company Inc. 0.28% 38,116 $2.0M Add +4.6%
EXPO Exponent Inc. 0.26% 26,245 $1.8M Reduce -11.5%
PINS Pinterest Inc. Class A 0.26% 56,145 $1.8M New
KEYS Keysight Technologies Inc. 0.24% 9,820 $1.7M New
ABT Abbott Laboratories 0.24% 12,671 $1.7M No change
ON On Semiconductor 0.21% 30,192 $1.5M Add +3.4%
EMBC Embecta Corp. 0.21% 103,010 $1.5M No change
NFLX Netflix Inc. 0.20% 1,171 $1.4M Add +5.5%
ROK Rockwell Automation Inc. 0.20% 3,969 $1.4M Add +3.4%
WMS Advanced Drainage Systems Inc. 0.19% 9,752 $1.4M Add +910.6%
CMG Chipotle Mexican Grill Inc. 0.16% 29,138 $1.1M Reduce -49.7%
APTV Aptiv PLC 0.15% 12,418 $1.1M Reduce -22.4%
AGCO Agco Corp. 0.15% 9,787 $1.0M No change
MWA Mueller Water Products Inc. Class A 0.14% 39,335 $1.0M No change
ARRY Array Technologies Inc. 0.13% 114,236 $931K No change
ZWS Zurn Elkay Water Solutions C 0.11% 16,826 $791K Reduce -65.3%
DCI Donaldson Co. Inc. 0.10% 8,576 $702K No change
HPE Hewlett Packard Enterprise 0.09% 26,459 $650K No change
GO Grocery Outlet Holding Corp. 0.09% 37,576 $603K Add +70.5%
ADBE Adobe Inc. 0.08% 1,695 $598K Add +89.4%
HASI Ha Sustainable Infrastructur 0.08% 19,129 $587K No change
ADSK Autodesk Inc. 0.08% 1,768 $562K No change
NEO Neogenomics Inc. 0.07% 64,935 $501K No change
SNPS Synopsys Inc. 0.07% 988 $487K New
MKC McCormick & Co.-Non VTG SHRS 0.07% 7,041 $471K No change
TSM Taiwan Semiconductor-SP ADR 0.06% 1,642 $459K New
GILD Gilead Sciences Inc. 0.06% 4,035 $448K No change
VOYA Voya Financial Inc. 0.06% 5,871 $439K No change
BMY Bristol-Myers Squibb Co. 0.06% 9,134 $412K Add +95.4%
ONON On Holding AG Class A filed as ON HLDG AG 0.06% 9,244 $391K No change
ALV Autoliv Inc. 0.05% 2,924 $361K No change
CCK Crown Holdings Inc. 0.04% 3,288 $318K No change
CNM Core & Main Inc. Class A 0.04% 5,223 $281K Reduce -85.5%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.04% 2,522 $275K Reduce -87.2%
NEE Nextera Energy Inc. 0.04% 3,481 $263K Reduce -92.6%
A Agilent Technologies Inc. 0.03% 1,770 $227K No change
EW Edwards Lifesciences Corp. 0.03% 2,909 $226K No change
GIS General Mills Inc. 0.03% 3,889 $196K No change
SHOP Shopify Inc. Class A 0.01% 407 $60K Add +93.8%
LKQ LKQ Corp. 0.01% 1,794 $55K No change
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.01% 1,475 $49K No change
SG Sweetgreen Inc. Class A 0.00% 3,718 $30K No change
EMN Eastman Chemical Co. 0.00% 456 $29K No change

Portfolio Sells Q2 2025 → Q3 2025
TMO Thermo Fisher Scientific Inc. Reduce -85.6% 1.37% −6.54
ACN Accenture PLC Class A Reduce -3.4% 4.24% −1.07
LLY Eli Lilly & Co. Reduce -23.3% 2.39% −0.79
NEE Nextera Energy Inc. Reduce -92.6% 0.04% −0.42
ORCL Oracle Corp. Sold out 0.00% −0.34
CMG Chipotle Mexican Grill Inc. Reduce -49.7% 0.16% −0.30
CNM Core & Main Inc. Class A Reduce -85.5% 0.04% −0.27
GDDY GoDaddy Inc. Class A Reduce -13.2% 0.47% −0.24
PFE Pfizer Inc. Sold out 0.00% −0.23
LULU Lululemon Athletica Inc. Reduce -14.8% 0.40% −0.22
BNY Bank of New York Mellon Corp. Reduce -87.2% 0.04% −0.21
MDT Medtronic PLC Sold out 0.00% −0.20
ECL Ecolab Inc. Reduce -4.5% 6.05% −0.17
GPK Graphic Packaging Holding Co. Reduce -10.3% 0.75% −0.15
ANSS Ansys Inc. Sold out 0.00% −0.14
ZWS Zurn Elkay Water Solutions C Reduce -65.3% 0.11% −0.14
TT Trane Technologies PLC Reduce -14.5% 0.63% −0.13
UNFI United Natural Foods Inc. Sold out 0.00% −0.09
ENPH Enphase Energy Inc. Sold out 0.00% −0.08
OC Owens Corning Sold out 0.00% −0.07
CSCO Cisco Systems Inc. Sold out 0.00% −0.07
DXCM Dexcom Inc. Sold out 0.00% −0.06
EXPO Exponent Inc. Reduce -11.5% 0.26% −0.05
BCC Boise Cascade Co. Sold out 0.00% −0.05
BDX Becton Dickinson and Co. Sold out 0.00% −0.05
NOVT Novanta Inc. Sold out 0.00% −0.04
WDAY Workday Inc. Class A Reduce -5.0% 0.82% −0.04
FLNC Fluence Energy Inc. Sold out 0.00% −0.03
VITL Vital Farms Inc. Reduce -9.4% 0.31% −0.01
APTV Aptiv PLC Reduce -22.4% 0.15% −0.00
EL Estee Lauder Companies Class A Reduce -7.1% 0.66% +0.01
TPC Tutor Perini Corp. Reduce -18.9% 0.41% +0.05
PNR Pentair PLC Reduce -1.0% 1.21% +0.08
TRMB Trimble Inc. Reduce -2.7% 2.63% +0.12
EBAY eBay Inc. Reduce -11.5% 1.69% +0.13
RUN Sunrun Inc. Reduce -9.5% 1.25% +0.60
NVDA Nvidia Corp. Reduce -3.7% 6.73% +0.83

Portfolio Buys Q2 2025 → Q3 2025
FSLR First Solar Inc. Add +173.2% 4.13% +3.00
MSFT Microsoft Corp. Add +11.3% 6.38% +0.89
TJX TJX Companies Inc. Add +120.5% 1.28% +0.78
FLEX Flex Ltd. Add +74.0% 1.08% +0.55
XYL Xylem Inc. Add +5.5% 3.17% +0.54
CDNS Cadence Design SYS Inc. Add +16.5% 2.00% +0.50
DHR Danaher Corp. Add +479.6% 0.56% +0.47
MP MP Materials Corp. Add +66.2% 0.60% +0.42
VRT Vertiv Holdings Co. Class A Add +114.8% 0.69% +0.42
PL Planet Labs PBC Add +19.2% 0.59% +0.36
NXT Nextpower Inc. New 0.34% +0.34
ENS Enersys Add +6.7% 1.09% +0.31
PG The Procter & Gamble Co. Add +27.8% 1.50% +0.29
PANW Palo Alto Networks Inc. Add +30.3% 1.15% +0.26
PINS Pinterest Inc. Class A New 0.26% +0.26
KEYS Keysight Technologies Inc. New 0.24% +0.24
EMR Emerson Electric Co. Add +20.3% 1.32% +0.21
GM General Motors Co. Add +3.5% 0.93% +0.21
ZTS Zoetis Inc. Add +20.4% 1.57% +0.18
WMS Advanced Drainage Systems Inc. Add +910.6% 0.19% +0.18
PWR Quanta Services Inc. Add +11.4% 0.88% +0.16
UNP Union Pacific Corp. Add +12.7% 1.16% +0.16
VZ Verizon Communications Inc. Add +51.9% 0.43% +0.15
LIN Linde PLC Add +10.6% 1.36% +0.15
AXP American Express Co. Add +1.0% 2.35% +0.12
CYBR Cyberark Software Ltd./Israel Add +1.1% 0.68% +0.11
MPWR Monolithic Power Systems Inc. Add +10.4% 0.40% +0.11
HUBB Hubbell Inc. Add +24.0% 0.38% +0.09
WY Weyerhaeuser Co. Add +24.3% 0.52% +0.09
PTC PTC Inc. Add +3.4% 0.46% +0.08
SNPS Synopsys Inc. New 0.07% +0.07
VLTO Veralto Corp. Add +5.3% 0.67% +0.07
TSM Taiwan Semiconductor-SP ADR New 0.06% +0.06
AWK American Water Works Co. Inc. Add +2.1% 2.33% +0.05
GO Grocery Outlet Holding Corp. Add +70.5% 0.09% +0.05
MTD Mettler-Toledo International Add +4.8% 0.52% +0.05
TTEK Tetra Tech Inc. Add +14.1% 0.78% +0.05
ADBE Adobe Inc. Add +89.4% 0.08% +0.04
BMY Bristol-Myers Squibb Co. Add +95.4% 0.06% +0.03
BEPC Brookfield Renewable Corp. Add +3.4% 0.34% +0.03
MA Mastercard Inc. Class A Add +0.9% 0.72% +0.02
ROK Rockwell Automation Inc. Add +3.4% 0.20% +0.02
V Visa Inc. Class A Add +4.4% 2.52% +0.02
SHOP Shopify Inc. Class A Add +93.8% 0.01% +0.01
TREX Trex Company Inc. Add +4.6% 0.28% −0.00
ON On Semiconductor Add +3.4% 0.21% −0.01
IEX Idex Corp. Add +6.7% 1.22% −0.01
NFLX Netflix Inc. Add +5.5% 0.20% −0.01
AVY Avery Dennison Corp. Add +3.1% 0.86% −0.04
WM Waste Management Inc. Add +1.8% 2.66% −0.04

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