Mirova US LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Mirova US LLC reported 43 stock positions worth $10.0 billion. Its top holding was Nvidia (NVDA) at 9.8% of the portfolio, followed by Microsoft (MSFT, 7.9%) and Mastercard Class A (MA, 5.7%). Compared with Q3 2025, it opened 7 new positions, added to 6 and reduced 30. The biggest buy was a new position in Lowe's Cos (LOW) and the biggest sale Roper Technologies (ROP, shares −73%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001802900
- Portfolio Value
- $10.0B (Q4 2025)
- SEC Filing
- 0001172661-26-000622 ↗ filed Feb 11, 2026
Holdings Value
Holdings 43 stocks · $10.0B
| NVDA Nvidia Corp. | 9.84% | 5,255,403 | $980.1M | Reduce -17.4% |
| MSFT Microsoft Corp. | 7.87% | 1,621,063 | $784.0M | Reduce -14.0% |
| MA Mastercard Inc. Class A | 5.71% | 996,782 | $569.0M | Reduce -3.1% |
| TSM Taiwan Semiconductor-SP ADR | 5.13% | 1,680,068 | $510.6M | Reduce -3.0% |
| SHOP Shopify Inc. Class A | 4.50% | 2,785,943 | $448.5M | Reduce -3.4% |
| LLY Eli Lilly & Co. | 4.15% | 384,274 | $413.0M | Add +0.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 3.87% | 2,510,145 | $385.6M | Reduce -3.3% |
| ECL Ecolab Inc. | 3.79% | 1,437,641 | $377.4M | Reduce -21.2% |
| TMO Thermo Fisher Scientific Inc. | 3.73% | 641,259 | $371.6M | Reduce -3.0% |
| AVGO Broadcom Inc. | 3.23% | 929,660 | $321.8M | Add +173.5% |
| WM Waste Management Inc. | 3.13% | 1,419,444 | $311.9M | Reduce -2.9% |
| EBAY eBay Inc. | 3.10% | 3,548,645 | $309.1M | Reduce -3.5% |
| PANW Palo Alto Networks Inc. | 3.08% | 1,667,837 | $307.2M | Reduce -2.9% |
| ISRG Intuitive Surgical Inc. | 3.04% | 534,129 | $302.5M | Reduce -2.6% |
| NEE Nextera Energy Inc. | 3.00% | 3,722,211 | $298.8M | Reduce -3.0% |
| V Visa Inc. Class A | 2.72% | 772,710 | $271.0M | Reduce -2.9% |
| XYL Xylem Inc. | 2.57% | 1,881,190 | $256.2M | Reduce -2.7% |
| DHR Danaher Corp. | 2.52% | 1,094,872 | $250.6M | Reduce -2.8% |
| LOW Lowe's Cos Inc. | 2.38% | 981,128 | $236.6M | New |
| EW Edwards Lifesciences Corp. | 2.34% | 2,739,071 | $233.5M | Reduce -2.9% |
| FSLR First Solar Inc. | 2.33% | 889,077 | $232.3M | Reduce -2.5% |
| HUBB Hubbell Inc. | 2.13% | 478,760 | $212.6M | Reduce -1.3% |
| ACN Accenture PLC Class A | 1.92% | 711,254 | $190.8M | Reduce -3.9% |
| CRM Salesforce Inc. | 1.69% | 634,559 | $168.1M | Reduce -2.6% |
| CP Canadian Pacific Kansas City | 1.50% | 2,029,319 | $149.4M | Reduce -3.1% |
| BALL Ball Corp. | 1.34% | 2,516,026 | $133.3M | Reduce -2.1% |
| BSX Boston Scientific Corp. | 1.31% | 1,370,029 | $130.6M | New |
| WTS Watts Water Technologies-A | 1.28% | 460,428 | $127.1M | Reduce -2.4% |
| VRT Vertiv Holdings Co. Class A | 1.27% | 781,858 | $126.7M | New |
| AGCO Agco Corp. | 1.22% | 1,164,618 | $121.5M | Reduce -3.5% |
| VLTO Veralto Corp. | 1.05% | 1,052,890 | $105.1M | Reduce -2.9% |
| AWK American Water Works Co. Inc. | 1.02% | 781,818 | $102.0M | Reduce -51.9% |
| WMS Advanced Drainage Systems Inc. | 0.96% | 660,992 | $95.7M | Reduce -3.0% |
| ROP Roper Technologies Inc. | 0.87% | 193,763 | $86.2M | Reduce -72.5% |
| NDAQ Nasdaq Inc. | 0.08% | 85,671 | $8.3M | Add +9.6% |
| GOOGL Alphabet Inc. Class A | 0.06% | 19,424 | $6.1M | New |
| JCI Johnson Controls Internation | 0.05% | 44,049 | $5.3M | Add +19.1% |
| AAPL Apple Inc. | 0.04% | 15,420 | $4.2M | New |
| INTU Intuit Inc. | 0.04% | 5,775 | $3.8M | Add +19.1% |
| ES Eversource Energy | 0.04% | 54,037 | $3.6M | Reduce -5.7% |
| AMZN Amazon.com Inc. | 0.04% | 15,144 | $3.5M | New |
| CL Colgate-Palmolive Co. | 0.03% | 33,928 | $2.7M | Add +19.1% |
| META Meta Platforms Inc. Class A | 0.03% | 3,798 | $2.5M | New |
Portfolio Sells Q3 2025 → Q4 2025
| ROP Roper Technologies Inc. | Reduce -72.5% | 0.87% | −2.69 |
| NVDA Nvidia Corp. | Reduce -17.4% | 9.84% | −2.15 |
| MSFT Microsoft Corp. | Reduce -14.0% | 7.87% | −1.99 |
| AWK American Water Works Co. Inc. | Reduce -51.9% | 1.02% | −1.26 |
| ECL Ecolab Inc. | Reduce -21.2% | 3.79% | −1.26 |
| PANW Palo Alto Networks Inc. | Reduce -2.9% | 3.08% | −0.45 |
| XYL Xylem Inc. | Reduce -2.7% | 2.57% | −0.31 |
| EBAY eBay Inc. | Reduce -3.5% | 3.10% | −0.27 |
| MA Mastercard Inc. Class A | Reduce -3.1% | 5.71% | −0.20 |
| WM Waste Management Inc. | Reduce -2.9% | 3.13% | −0.13 |
| VLTO Veralto Corp. | Reduce -2.9% | 1.05% | −0.11 |
| AGCO Agco Corp. | Reduce -3.5% | 1.22% | −0.08 |
| CP Canadian Pacific Kansas City | Reduce -3.1% | 1.50% | −0.07 |
| WTS Watts Water Technologies-A | Reduce -2.4% | 1.28% | −0.05 |
| V Visa Inc. Class A | Reduce -2.9% | 2.72% | −0.02 |
| ES Eversource Energy | Reduce -5.7% | 0.04% | −0.00 |
| WMS Advanced Drainage Systems Inc. | Reduce -3.0% | 0.96% | +0.01 |
| HUBB Hubbell Inc. | Reduce -1.3% | 2.13% | +0.03 |
| BALL Ball Corp. | Reduce -2.1% | 1.34% | +0.03 |
| ACN Accenture PLC Class A | Reduce -3.9% | 1.92% | +0.07 |
| NEE Nextera Energy Inc. | Reduce -3.0% | 3.00% | +0.08 |
| TJX TJX Companies Inc. | Reduce -3.3% | 3.87% | +0.08 |
| EW Edwards Lifesciences Corp. | Reduce -2.9% | 2.34% | +0.13 |
| CRM Salesforce Inc. | Reduce -2.6% | 1.69% | +0.13 |
| SHOP Shopify Inc. Class A | Reduce -3.4% | 4.50% | +0.18 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -3.0% | 5.13% | +0.24 |
| DHR Danaher Corp. | Reduce -2.8% | 2.52% | +0.26 |
| FSLR First Solar Inc. | Reduce -2.5% | 2.33% | +0.30 |
| TMO Thermo Fisher Scientific Inc. | Reduce -3.0% | 3.73% | +0.49 |
| ISRG Intuitive Surgical Inc. | Reduce -2.6% | 3.04% | +0.56 |
Portfolio Buys Q3 2025 → Q4 2025
| LOW Lowe's Cos Inc. | New | 2.38% | +2.38 |
| AVGO Broadcom Inc. | Add +173.5% | 3.23% | +2.10 |
| BSX Boston Scientific Corp. | New | 1.31% | +1.31 |
| VRT Vertiv Holdings Co. Class A | New | 1.27% | +1.27 |
| LLY Eli Lilly & Co. | Add +0.9% | 4.15% | +1.21 |
| GOOGL Alphabet Inc. Class A | New | 0.06% | +0.06 |
| AAPL Apple Inc. | New | 0.04% | +0.04 |
| AMZN Amazon.com Inc. | New | 0.04% | +0.04 |
| META Meta Platforms Inc. Class A | New | 0.03% | +0.03 |
| NDAQ Nasdaq Inc. | Add +9.6% | 0.08% | +0.01 |
| JCI Johnson Controls Internation | Add +19.1% | 0.05% | +0.01 |
| INTU Intuit Inc. | Add +19.1% | 0.04% | +0.01 |
| CL Colgate-Palmolive Co. | Add +19.1% | 0.03% | +0.00 |
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 |