Mirova US LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 23, 2025), Mirova US LLC reported 35 stock positions worth $9.7 billion. Its top holding was Nvidia (NVDA) at 10.9% of the portfolio, followed by Microsoft (MSFT, 10.1%) and Mastercard Class A (MA, 6.2%). Compared with Q1 2025, it opened 4 new positions, sold out of 3, added to 27 and reduced 4. The biggest buy was Nvidia (NVDA, shares +23%) and the biggest sale eBay (EBAY, shares −47%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001802900
- Portfolio Value
- $9.7B (Q2 2025)
- SEC Filing
- 0001172661-25-002691 ↗ filed Jul 23, 2025
Holdings Value
Holdings 35 stocks · $9.7B
| NVDA Nvidia Corp. | 10.86% | 6,642,117 | $1.0B | Add +23.0% |
| MSFT Microsoft Corp. | 10.11% | 1,963,799 | $976.8M | Add +22.6% |
| MA Mastercard Inc. Class A | 6.23% | 1,070,696 | $601.7M | Add +3.6% |
| ECL Ecolab Inc. | 5.73% | 2,052,803 | $553.1M | Add +3.7% |
| ROP Roper Technologies Inc. | 4.30% | 733,544 | $415.8M | Add +3.5% |
| TSM Taiwan Semiconductor-SP ADR | 4.21% | 1,797,084 | $407.0M | Add +1.6% |
| PANW Palo Alto Networks Inc. | 3.78% | 1,782,574 | $364.8M | Add +4.2% |
| SHOP Shopify Inc. Class A | 3.61% | 3,024,755 | $348.9M | Add +48.7% |
| WM Waste Management Inc. | 3.59% | 1,517,789 | $347.3M | Add +3.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 3.45% | 2,699,156 | $333.3M | Add +164.5% |
| ISRG Intuitive Surgical Inc. | 3.20% | 568,123 | $308.7M | Add +47.8% |
| LLY Eli Lilly & Co. | 3.19% | 395,255 | $308.1M | Reduce -35.3% |
| V Visa Inc. Class A | 3.04% | 825,940 | $293.2M | Add +3.7% |
| EBAY eBay Inc. | 2.95% | 3,832,923 | $285.4M | Reduce -47.1% |
| TMO Thermo Fisher Scientific Inc. | 2.88% | 687,066 | $278.6M | Reduce -12.9% |
| NEE Nextera Energy Inc. | 2.87% | 3,991,191 | $277.1M | Add +1.8% |
| XYL Xylem Inc. | 2.68% | 2,000,499 | $258.8M | Add +4.9% |
| AWK American Water Works Co. Inc. | 2.42% | 1,680,174 | $233.7M | Add +3.9% |
| DHR Danaher Corp. | 2.39% | 1,169,205 | $231.0M | Reduce -18.1% |
| ACN Accenture PLC Class A | 2.39% | 771,235 | $230.5M | Add +4.3% |
| EW Edwards Lifesciences Corp. | 2.37% | 2,931,297 | $229.3M | Add +56.2% |
| CRM Salesforce Inc. | 1.92% | 679,213 | $185.2M | Add +4.4% |
| WTS Watts Water Technologies-A | 1.90% | 748,328 | $184.0M | Add +2.6% |
| CP Canadian Pacific Kansas City | 1.79% | 2,182,880 | $173.0M | Add +1.2% |
| FSLR First Solar Inc. | 1.62% | 944,931 | $156.4M | Add +5.6% |
| BALL Ball Corp. | 1.55% | 2,669,081 | $149.7M | Add +4.9% |
| HUBB Hubbell Inc. | 1.44% | 341,289 | $139.4M | New |
| AGCO Agco Corp. | 1.34% | 1,253,258 | $129.3M | Add +3.2% |
| VLTO Veralto Corp. | 1.18% | 1,126,586 | $113.7M | Add +5.5% |
| WMS Advanced Drainage Systems Inc. | 0.84% | 708,310 | $81.4M | Add +2.6% |
| NDAQ Nasdaq Inc. | 0.06% | 64,907 | $5.8M | New |
| ES Eversource Energy | 0.04% | 57,789 | $3.7M | New |
| JCI Johnson Controls Internation | 0.03% | 24,514 | $2.6M | Add +69.6% |
| INTU Intuit Inc. | 0.03% | 3,218 | $2.5M | New |
| CL Colgate-Palmolive Co. | 0.02% | 18,880 | $1.7M | Add +17.2% |
Portfolio Sells Q1 2025 → Q2 2025
| EBAY eBay Inc. | Reduce -47.1% | 2.95% | −2.88 |
| LLY Eli Lilly & Co. | Reduce -35.3% | 3.19% | −2.80 |
| APTV Aptiv PLC | Sold out | 0.00% | −1.90 |
| TMO Thermo Fisher Scientific Inc. | Reduce -12.9% | 2.88% | −1.78 |
| DHR Danaher Corp. | Reduce -18.1% | 2.39% | −1.08 |
| ENPH Enphase Energy Inc. | Sold out | 0.00% | −0.81 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +23.0% | 10.86% | +3.91 |
| MSFT Microsoft Corp. | Add +22.6% | 10.11% | +2.97 |
| TJX TJX Companies Inc. | Add +164.5% | 3.45% | +1.97 |
| HUBB Hubbell Inc. | New | 1.44% | +1.44 |
| SHOP Shopify Inc. Class A | Add +48.7% | 3.61% | +1.30 |
| ISRG Intuitive Surgical Inc. | Add +47.8% | 3.20% | +0.93 |
| EW Edwards Lifesciences Corp. | Add +56.2% | 2.37% | +0.76 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.6% | 4.21% | +0.73 |
| PANW Palo Alto Networks Inc. | Add +4.2% | 3.78% | +0.31 |
| FSLR First Solar Inc. | Add +5.6% | 1.62% | +0.28 |
| WTS Watts Water Technologies-A | Add +2.6% | 1.90% | +0.14 |
| NDAQ Nasdaq Inc. | New | 0.06% | +0.06 |
| ES Eversource Energy | New | 0.04% | +0.04 |
| INTU Intuit Inc. | New | 0.03% | +0.03 |
| JCI Johnson Controls Internation | Add +69.6% | 0.03% | +0.01 |
| AGCO Agco Corp. | Add +3.2% | 1.34% | +0.00 |
| CL Colgate-Palmolive Co. | Add +17.2% | 0.02% | −0.00 |
| CP Canadian Pacific Kansas City | Add +1.2% | 1.79% | −0.01 |
| BALL Ball Corp. | Add +4.9% | 1.55% | −0.02 |
| XYL Xylem Inc. | Add +4.9% | 2.68% | −0.03 |
| WMS Advanced Drainage Systems Inc. | Add +2.6% | 0.84% | −0.05 |
| VLTO Veralto Corp. | Add +5.5% | 1.18% | −0.06 |
| CRM Salesforce Inc. | Add +4.4% | 1.92% | −0.16 |
| ECL Ecolab Inc. | Add +3.7% | 5.73% | −0.23 |
| V Visa Inc. Class A | Add +3.7% | 3.04% | −0.28 |
| ACN Accenture PLC Class A | Add +4.3% | 2.39% | −0.35 |
| AWK American Water Works Co. Inc. | Add +3.9% | 2.42% | −0.41 |
| WM Waste Management Inc. | Add +3.7% | 3.59% | −0.43 |
| NEE Nextera Energy Inc. | Add +1.8% | 2.87% | −0.43 |
| MA Mastercard Inc. Class A | Add +3.6% | 6.23% | −0.50 |
| ROP Roper Technologies Inc. | Add +3.5% | 4.30% | −0.66 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 45 | $9.3B | NVDA, TSM, MA, MSFT, PANW |
| Q1 2026 | 42 | $8.8B | NVDA, MSFT, MA, TSM, TJX |
| Q4 2025 | 43 | $10.0B | NVDA, MSFT, MA, TSM, SHOP |
| Q3 2025 | 36 | $9.9B | NVDA, MSFT, MA, ECL, TSM |
| Q2 2025 | 35 | $9.7B | NVDA, MSFT, MA, ECL, ROP |
| Q1 2025 | 34 | $8.4B | MSFT, NVDA, MA, LLY, ECL |
| Q4 2024 | 34 | $8.3B | NVDA, MSFT, MA, LLY, ECL |
| Q3 2024 | 33 | $8.7B | MSFT, NVDA, MA, LLY, ECL |
| Q2 2024 | 29 | $8.0B | NVDA, MSFT, LLY, MA, EBAY |
| Q1 2024 | 27 | $7.4B | MA, MSFT, NVDA, EBAY, LLY |