Mirova US LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 20, 2025), Mirova US LLC reported 36 stock positions worth $9.9 billion. Its top holding was Nvidia (NVDA) at 12.0% of the portfolio, followed by Microsoft (MSFT, 9.9%) and Mastercard Class A (MA, 5.9%). Compared with Q2 2025, it opened 1 new position, added to 5 and reduced 30. The biggest buy was a new position in Broadcom (AVGO) and the biggest sale Roper Technologies (ROP, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001802900
- Portfolio Value
- $9.9B (Q3 2025)
- SEC Filing
- 0001172661-25-004335 ↗ filed Oct 20, 2025
Holdings Value
Holdings 36 stocks · $9.9B
| NVDA Nvidia Corp. | 11.99% | 6,362,230 | $1.2B | Reduce -4.2% |
| MSFT Microsoft Corp. | 9.86% | 1,885,058 | $976.4M | Reduce -4.0% |
| MA Mastercard Inc. Class A | 5.91% | 1,028,601 | $585.1M | Reduce -3.9% |
| ECL Ecolab Inc. | 5.05% | 1,824,872 | $499.8M | Reduce -11.1% |
| TSM Taiwan Semiconductor-SP ADR | 4.89% | 1,732,421 | $483.8M | Reduce -3.6% |
| SHOP Shopify Inc. Class A | 4.33% | 2,882,479 | $428.4M | Reduce -4.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 3.79% | 2,594,672 | $375.0M | Reduce -3.9% |
| ROP Roper Technologies Inc. | 3.55% | 705,495 | $351.8M | Reduce -3.8% |
| PANW Palo Alto Networks Inc. | 3.53% | 1,717,294 | $349.7M | Reduce -3.7% |
| EBAY eBay Inc. | 3.38% | 3,675,555 | $334.3M | Reduce -4.1% |
| WM Waste Management Inc. | 3.26% | 1,462,037 | $322.9M | Reduce -3.7% |
| TMO Thermo Fisher Scientific Inc. | 3.24% | 660,789 | $320.5M | Reduce -3.8% |
| LLY Eli Lilly & Co. | 2.93% | 380,667 | $290.4M | Reduce -3.7% |
| NEE Nextera Energy Inc. | 2.92% | 3,835,334 | $289.5M | Reduce -3.9% |
| XYL Xylem Inc. | 2.88% | 1,933,134 | $285.1M | Reduce -3.4% |
| V Visa Inc. Class A | 2.74% | 795,926 | $271.7M | Reduce -3.6% |
| ISRG Intuitive Surgical Inc. | 2.48% | 548,599 | $245.3M | Reduce -3.4% |
| AWK American Water Works Co. Inc. | 2.29% | 1,626,653 | $226.4M | Reduce -3.2% |
| DHR Danaher Corp. | 2.26% | 1,126,791 | $223.4M | Reduce -3.6% |
| EW Edwards Lifesciences Corp. | 2.22% | 2,822,092 | $219.5M | Reduce -3.7% |
| HUBB Hubbell Inc. | 2.11% | 485,165 | $208.8M | Add +42.2% |
| FSLR First Solar Inc. | 2.03% | 911,917 | $201.1M | Reduce -3.5% |
| ACN Accenture PLC Class A | 1.84% | 740,370 | $182.6M | Reduce -4.0% |
| CP Canadian Pacific Kansas City | 1.57% | 2,093,702 | $156.0M | Reduce -4.1% |
| CRM Salesforce Inc. | 1.56% | 651,604 | $154.4M | Reduce -4.1% |
| WTS Watts Water Technologies-A | 1.33% | 471,822 | $131.8M | Reduce -37.0% |
| BALL Ball Corp. | 1.31% | 2,571,241 | $129.6M | Reduce -3.7% |
| AGCO Agco Corp. | 1.30% | 1,206,541 | $129.2M | Reduce -3.7% |
| VLTO Veralto Corp. | 1.17% | 1,084,448 | $115.6M | Reduce -3.7% |
| AVGO Broadcom Inc. | 1.13% | 339,947 | $112.2M | New |
| WMS Advanced Drainage Systems Inc. | 0.95% | 681,397 | $94.5M | Reduce -3.8% |
| NDAQ Nasdaq Inc. | 0.07% | 78,172 | $6.9M | Add +20.4% |
| ES Eversource Energy | 0.04% | 57,308 | $4.1M | Reduce -0.8% |
| JCI Johnson Controls Internation | 0.04% | 36,993 | $4.1M | Add +50.9% |
| INTU Intuit Inc. | 0.03% | 4,851 | $3.3M | Add +50.8% |
| CL Colgate-Palmolive Co. | 0.02% | 28,494 | $2.3M | Add +50.9% |
Portfolio Sells Q2 2025 → Q3 2025
| ROP Roper Technologies Inc. | Reduce -3.8% | 3.55% | −0.75 |
| ISRG Intuitive Surgical Inc. | Reduce -3.4% | 2.48% | −0.72 |
| ECL Ecolab Inc. | Reduce -11.1% | 5.05% | −0.68 |
| WTS Watts Water Technologies-A | Reduce -37.0% | 1.33% | −0.57 |
| ACN Accenture PLC Class A | Reduce -4.0% | 1.84% | −0.54 |
| CRM Salesforce Inc. | Reduce -4.1% | 1.56% | −0.36 |
| WM Waste Management Inc. | Reduce -3.7% | 3.26% | −0.33 |
| MA Mastercard Inc. Class A | Reduce -3.9% | 5.91% | −0.32 |
| V Visa Inc. Class A | Reduce -3.6% | 2.74% | −0.29 |
| LLY Eli Lilly & Co. | Reduce -3.7% | 2.93% | −0.26 |
| MSFT Microsoft Corp. | Reduce -4.0% | 9.86% | −0.25 |
| PANW Palo Alto Networks Inc. | Reduce -3.7% | 3.53% | −0.24 |
| BALL Ball Corp. | Reduce -3.7% | 1.31% | −0.24 |
| CP Canadian Pacific Kansas City | Reduce -4.1% | 1.57% | −0.22 |
| EW Edwards Lifesciences Corp. | Reduce -3.7% | 2.22% | −0.16 |
| DHR Danaher Corp. | Reduce -3.6% | 2.26% | −0.13 |
| AWK American Water Works Co. Inc. | Reduce -3.2% | 2.29% | −0.13 |
| AGCO Agco Corp. | Reduce -3.7% | 1.30% | −0.03 |
| VLTO Veralto Corp. | Reduce -3.7% | 1.17% | −0.01 |
| ES Eversource Energy | Reduce -0.8% | 0.04% | +0.00 |
| NEE Nextera Energy Inc. | Reduce -3.9% | 2.92% | +0.06 |
| WMS Advanced Drainage Systems Inc. | Reduce -3.8% | 0.95% | +0.11 |
| XYL Xylem Inc. | Reduce -3.4% | 2.88% | +0.20 |
| TJX TJX Companies Inc. | Reduce -3.9% | 3.79% | +0.34 |
| TMO Thermo Fisher Scientific Inc. | Reduce -3.8% | 3.24% | +0.35 |
| FSLR First Solar Inc. | Reduce -3.5% | 2.03% | +0.41 |
| EBAY eBay Inc. | Reduce -4.1% | 3.38% | +0.42 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -3.6% | 4.89% | +0.67 |
| SHOP Shopify Inc. Class A | Reduce -4.7% | 4.33% | +0.71 |
| NVDA Nvidia Corp. | Reduce -4.2% | 11.99% | +1.13 |
Portfolio Buys Q2 2025 → Q3 2025
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 |