Mirova

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Mirova reported 92 stock positions worth $693.5 million. Its top holding was Nvidia (NVDA) at 6.9% of the portfolio, followed by Microsoft (MSFT, 6.1%) and Ecolab (ECL, 5.7%). Compared with Q3 2025, it opened 4 new positions, sold out of 23, added to 22 and reduced 53. The biggest buy was Itron (ITRI, shares +208%) and the biggest sale Graphic Packaging (GPK, shares −78%).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001767843
Portfolio Value
$693.5M (Q4 2025)
SEC Filing
0001104659-26-015190 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $693.5M $693.5M Q4 2025 Q1 2026: $2.5B Q1 2026 Q2 2026: $2.7B Q2 2026

Holdings 92 stocks · $693.5M
NVDA Nvidia Corp. 6.91% 256,949 $47.9M Add +0.7%
MSFT Microsoft Corp. 6.10% 87,459 $42.3M Add +0.3%
ECL Ecolab Inc. 5.68% 150,020 $39.4M Reduce -4.0%
ACN Accenture PLC Class A 4.46% 115,338 $30.9M Reduce -5.2%
FSLR First Solar Inc. 3.98% 105,758 $27.6M Reduce -20.2%
XYL Xylem Inc. 2.99% 152,226 $20.7M Add +0.0%
LLY Eli Lilly & Co. 2.94% 18,944 $20.4M Reduce -14.4%
TRMB Trimble Inc. 2.76% 244,717 $19.2M Add +7.2%
WM Waste Management Inc. 2.60% 81,971 $18.0M Reduce -3.8%
V Visa Inc. Class A 2.56% 50,619 $17.8M Reduce -3.0%
AXP American Express Co. 2.53% 47,468 $17.6M Reduce -5.1%
AWK American Water Works Co. Inc. 2.34% 124,136 $16.2M Add +4.9%
CDNS Cadence Design SYS Inc. 1.95% 43,291 $13.5M Add +7.5%
EBAY eBay Inc. 1.71% 136,383 $11.9M Add +3.9%
ITRI Itron Inc. 1.65% 122,892 $11.4M Add +208.4%
BSY Bentley Systems Inc. Class B 1.59% 288,530 $11.0M Add +6.2%
CL Colgate-Palmolive Co. 1.57% 137,998 $10.9M Reduce -3.0%
ZTS Zoetis Inc. 1.46% 80,552 $10.1M Add +5.9%
SYK Stryker Corp. 1.45% 28,617 $10.1M Reduce -1.3%
ENS Enersys 1.44% 67,981 $10.0M No change
PG The Procter & Gamble Co. 1.42% 68,767 $9.9M Reduce -0.4%
ISRG Intuitive Surgical Inc. 1.42% 17,375 $9.8M Reduce -0.5%
LIN Linde PLC 1.41% 22,994 $9.8M Add +13.8%
EMR Emerson Electric Co. 1.36% 71,051 $9.4M No change
UNP Union Pacific Corp. 1.35% 40,467 $9.4M Add +16.6%
IEX Idex Corp. 1.32% 51,448 $9.2M Reduce -2.8%
TTEK Tetra Tech Inc. 1.30% 269,697 $9.0M Add +63.2%
BMI Badger Meter Inc. 1.23% 48,840 $8.5M Reduce -0.7%
FLEX Flex Ltd. 1.09% 125,441 $7.6M Reduce -5.1%
PNR Pentair PLC 1.08% 72,181 $7.5M Reduce -6.5%
GM General Motors Co. 1.07% 91,134 $7.4M Reduce -15.3%
RUN Sunrun Inc. 1.04% 390,143 $7.2M Reduce -23.5%
PANW Palo Alto Networks Inc. 1.02% 38,493 $7.1M Reduce -3.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.99% 44,620 $6.9M Reduce -28.6%
AVY Avery Dennison Corp. 0.96% 36,533 $6.6M Reduce -2.6%
KEYS Keysight Technologies Inc. 0.93% 31,708 $6.4M Add +222.9%
GDDY GoDaddy Inc. Class A 0.92% 51,358 $6.4M Add +109.5%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.91% 93,295 $6.3M No change
CRM Salesforce Inc. 0.90% 23,631 $6.3M Reduce -0.8%
NOW ServiceNow Inc. 0.86% 38,904 $6.0M Add +20.5%
PL Planet Labs PBC 0.86% 302,140 $6.0M Reduce -5.7%
TMO Thermo Fisher Scientific Inc. 0.85% 10,189 $5.9M Reduce -49.0%
PWR Quanta Services Inc. 0.84% 13,743 $5.8M Reduce -8.2%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.80% 53,289 $5.6M No change
LFUS Littelfuse Inc. 0.79% 21,733 $5.5M New
SFM Sprouts Farmers Market Inc. 0.79% 68,439 $5.5M Add +8.2%
WDAY Workday Inc. Class A 0.75% 24,104 $5.2M No change
VRT Vertiv Holdings Co. Class A 0.72% 30,825 $5.0M Reduce -4.3%
ROP Roper Technologies Inc. 0.67% 10,367 $4.6M Reduce -2.5%
MA Mastercard Inc. Class A 0.66% 7,977 $4.6M Reduce -10.6%
DHR Danaher Corp. 0.65% 19,574 $4.5M Reduce -2.4%
CYBR Cyberark Software Ltd./Israel 0.64% 9,982 $4.5M No change
AVGO Broadcom Inc. 0.63% 12,706 $4.4M New
MTD Mettler-Toledo International 0.60% 2,970 $4.1M Reduce -0.9%
LULU Lululemon Athletica Inc. 0.60% 19,884 $4.1M Add +25.6%
VLTO Veralto Corp. 0.58% 40,502 $4.0M Reduce -8.5%
WTS Watts Water Technologies-A 0.58% 14,571 $4.0M Reduce -14.7%
TT Trane Technologies PLC 0.57% 10,164 $4.0M Reduce -3.4%
PTC PTC Inc. 0.55% 22,022 $3.8M Add +37.5%
BFAM Bright Horizons Family Solut 0.53% 36,245 $3.7M Reduce -13.1%
WY Weyerhaeuser Co. 0.51% 148,874 $3.5M No change
HUBB Hubbell Inc. 0.44% 6,902 $3.1M Add +11.3%
MP MP Materials Corp. 0.40% 54,709 $2.8M Reduce -13.1%
BEPC Brookfield Renewable Corp. 0.39% 70,541 $2.7M No change
CCK Crown Holdings Inc. 0.31% 20,955 $2.2M Add +537.3%
MPWR Monolithic Power Systems Inc. 0.27% 2,046 $1.9M Reduce -33.0%
ZD Ziff Davis Inc. 0.26% 51,129 $1.8M New
BSX Boston Scientific Corp. 0.25% 18,276 $1.7M Reduce -9.5%
EXPO Exponent Inc. 0.24% 24,166 $1.7M Reduce -7.9%
VITL Vital Farms Inc. 0.23% 48,975 $1.6M Reduce -9.5%
WMS Advanced Drainage Systems Inc. 0.20% 9,728 $1.4M Reduce -0.3%
ORCL Oracle Corp. 0.17% 6,047 $1.2M New
TREX Trex Company Inc. 0.17% 32,797 $1.2M Reduce -13.9%
EMBC Embecta Corp. 0.16% 93,233 $1.1M Reduce -9.5%
ARRY Array Technologies Inc. 0.15% 109,624 $1.0M Reduce -4.0%
APTV Aptiv PLC 0.14% 12,418 $945K No change
GPK Graphic Packaging Holding Co. 0.13% 60,422 $910K Reduce -77.6%
AGCO Agco Corp. 0.09% 6,117 $638K Reduce -37.5%
TSM Taiwan Semiconductor-SP ADR 0.07% 1,642 $499K No change
VZ Verizon Communications Inc. 0.07% 11,298 $460K Reduce -83.5%
GILD Gilead Sciences Inc. 0.07% 3,724 $457K Reduce -7.7%
NFLX Netflix Inc. 0.06% 4,753 $446K Reduce -59.4%
NEE Nextera Energy Inc. 0.06% 5,047 $405K Add +45.0%
HPE Hewlett Packard Enterprise 0.05% 13,573 $326K Reduce -48.7%
ALV Autoliv Inc. 0.05% 2,698 $320K Reduce -7.7%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.04% 2,460 $286K Reduce -2.5%
MWA Mueller Water Products Inc. Class A 0.04% 11,628 $277K Reduce -70.4%
ADBE Adobe Inc. 0.04% 782 $274K Reduce -53.9%
EW Edwards Lifesciences Corp. 0.03% 2,838 $242K Reduce -2.4%
SHOP Shopify Inc. Class A 0.01% 407 $66K No change
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.01% 1,475 $65K No change
LKQ LKQ Corp. 0.01% 1,794 $54K No change

Portfolio Sells Q3 2025 → Q4 2025
GPK Graphic Packaging Holding Co. Reduce -77.6% 0.13% −0.61
TMO Thermo Fisher Scientific Inc. Reduce -49.0% 0.85% −0.52
TPC Tutor Perini Corp. Sold out 0.00% −0.41
ECL Ecolab Inc. Reduce -4.0% 5.68% −0.37
VZ Verizon Communications Inc. Reduce -83.5% 0.07% −0.36
NXT Nextpower Inc. Sold out 0.00% −0.34
TJX TJX Companies Inc. Reduce -28.6% 0.99% −0.29
PINS Pinterest Inc. Class A Sold out 0.00% −0.26
ABT Abbott Laboratories Sold out 0.00% −0.24
RUN Sunrun Inc. Reduce -23.5% 1.04% −0.21
ON On Semiconductor Sold out 0.00% −0.21
MP MP Materials Corp. Reduce -13.1% 0.40% −0.20
ROK Rockwell Automation Inc. Sold out 0.00% −0.20
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −0.16
FSLR First Solar Inc. Reduce -20.2% 3.98% −0.15
NFLX Netflix Inc. Reduce -59.4% 0.06% −0.13
MPWR Monolithic Power Systems Inc. Reduce -33.0% 0.27% −0.13
PANW Palo Alto Networks Inc. Reduce -3.6% 1.02% −0.13
PNR Pentair PLC Reduce -6.5% 1.08% −0.13
TREX Trex Company Inc. Reduce -13.9% 0.17% −0.11
ZWS Zurn Elkay Water Solutions C Sold out 0.00% −0.11
BFAM Bright Horizons Family Solut Reduce -13.1% 0.53% −0.11
MWA Mueller Water Products Inc. Class A Reduce -70.4% 0.04% −0.10
DCI Donaldson Co. Inc. Sold out 0.00% −0.10
WTS Watts Water Technologies-A Reduce -14.7% 0.58% −0.09
VITL Vital Farms Inc. Reduce -9.5% 0.23% −0.09
GO Grocery Outlet Holding Corp. Sold out 0.00% −0.09
VLTO Veralto Corp. Reduce -8.5% 0.58% −0.08
ROP Roper Technologies Inc. Reduce -2.5% 0.67% −0.08
HASI Ha Sustainable Infrastructur Sold out 0.00% −0.08
ADSK Autodesk Inc. Sold out 0.00% −0.08
PG The Procter & Gamble Co. Reduce -0.4% 1.42% −0.08
NEO Neogenomics Inc. Sold out 0.00% −0.07
SNPS Synopsys Inc. Sold out 0.00% −0.07
MKC McCormick & Co.-Non VTG SHRS Sold out 0.00% −0.07
SYK Stryker Corp. Reduce -1.3% 1.45% −0.06
WM Waste Management Inc. Reduce -3.8% 2.60% −0.06
VOYA Voya Financial Inc. Sold out 0.00% −0.06
MA Mastercard Inc. Class A Reduce -10.6% 0.66% −0.06
BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.06
TT Trane Technologies PLC Reduce -3.4% 0.57% −0.06
AGCO Agco Corp. Reduce -37.5% 0.09% −0.06
ONON On Holding AG Class A Sold out 0.00% −0.06
EMBC Embecta Corp. Reduce -9.5% 0.16% −0.05
ADBE Adobe Inc. Reduce -53.9% 0.04% −0.05
HPE Hewlett Packard Enterprise Reduce -48.7% 0.05% −0.04
PWR Quanta Services Inc. Reduce -8.2% 0.84% −0.04
CNM Core & Main Inc. Class A Sold out 0.00% −0.04
CL Colgate-Palmolive Co. Reduce -3.0% 1.57% −0.03
A Agilent Technologies Inc. Sold out 0.00% −0.03

Portfolio Buys Q3 2025 → Q4 2025
ITRI Itron Inc. Add +208.4% 1.65% +0.94
LFUS Littelfuse Inc. New 0.79% +0.79
KEYS Keysight Technologies Inc. Add +222.9% 0.93% +0.69
AVGO Broadcom Inc. New 0.63% +0.63
TTEK Tetra Tech Inc. Add +63.2% 1.30% +0.52
GDDY GoDaddy Inc. Class A Add +109.5% 0.92% +0.44
CCK Crown Holdings Inc. Add +537.3% 0.31% +0.27
ZD Ziff Davis Inc. New 0.26% +0.26
LULU Lululemon Athletica Inc. Add +25.6% 0.60% +0.20
UNP Union Pacific Corp. Add +16.6% 1.35% +0.19
NVDA Nvidia Corp. Add +0.7% 6.91% +0.18
ORCL Oracle Corp. New 0.17% +0.17
TRMB Trimble Inc. Add +7.2% 2.76% +0.13
PTC PTC Inc. Add +37.5% 0.55% +0.09
HUBB Hubbell Inc. Add +11.3% 0.44% +0.06
LIN Linde PLC Add +13.8% 1.41% +0.06
EBAY eBay Inc. Add +3.9% 1.71% +0.02
NEE Nextera Energy Inc. Add +45.0% 0.06% +0.02
NOW ServiceNow Inc. Add +20.5% 0.86% +0.02
AWK American Water Works Co. Inc. Add +4.9% 2.34% +0.01
CDNS Cadence Design SYS Inc. Add +7.5% 1.95% −0.05
ZTS Zoetis Inc. Add +5.9% 1.46% −0.11
XYL Xylem Inc. Add +0.0% 2.99% −0.18
SFM Sprouts Farmers Market Inc. Add +8.2% 0.79% −0.19
MSFT Microsoft Corp. Add +0.3% 6.10% −0.28
BSY Bentley Systems Inc. Class B Add +6.2% 1.59% −0.39

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