Thematics Asset Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Thematics Asset Management reported 125 stock positions worth $2.2 billion. Its top holding was Nvidia (NVDA) at 4.9% of the portfolio, followed by ServiceNow (NOW, 3.3%) and Synopsys (SNPS, 3.2%). Compared with Q2 2025, it opened 4 new positions, sold out of 5, added to 42 and reduced 56. The biggest buy was a new position in Jfrog (FROG) and the biggest sale an exit from Cyberark Software Ltd./Israel (CYBR).
- Most Recent 13F
- Q3 2025
- Location
- PARIS, I0
- CIK
- 0001956031
- Portfolio Value
- $2.2B (Q3 2025)
- SEC Filing
- 0001104659-25-111995 ↗ filed Nov 14, 2025
Holdings Value
Holdings 125 stocks · $2.2B
| NVDA Nvidia Corp. | 4.92% | 581,083 | $108.4M | Reduce -19.0% |
| NOW ServiceNow Inc. | 3.32% | 79,558 | $73.2M | Add +8.2% |
| SNPS Synopsys Inc. | 3.19% | 142,535 | $70.3M | Reduce -7.6% |
| CDNS Cadence Design SYS Inc. | 2.34% | 146,965 | $51.6M | Reduce -10.6% |
| SNOW Snowflake Inc. | 2.04% | 199,260 | $44.9M | No change |
| CLH Clean Harbors Inc. | 2.03% | 192,300 | $44.7M | Add +0.8% |
| ESTC Elastic NV | 2.01% | 523,283 | $44.2M | Add +10.2% |
| GOOGL Alphabet Inc. Class A | 1.99% | 180,819 | $44.0M | Reduce -16.1% |
| PTC PTC Inc. | 1.95% | 211,207 | $42.9M | Add +9.9% |
| NVT Nvent Electric PLC | 1.90% | 424,873 | $41.9M | Reduce -28.9% |
| VRT Vertiv Holdings Co. Class A | 1.82% | 265,879 | $40.1M | Reduce -9.4% |
| ECL Ecolab Inc. | 1.68% | 134,873 | $36.9M | Reduce -11.7% |
| ISRG Intuitive Surgical Inc. | 1.58% | 77,935 | $34.9M | Add +8.2% |
| MSFT Microsoft Corp. | 1.57% | 66,712 | $34.6M | Add +25.6% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.48% | 66,702 | $32.7M | Add +28.0% |
| MDB Mongodb Inc. | 1.47% | 104,601 | $32.5M | Reduce -7.3% |
| HOLX Hologic Inc. | 1.43% | 466,255 | $31.5M | Add +0.1% |
| TMO Thermo Fisher Scientific Inc. | 1.33% | 60,484 | $29.3M | Add +16.7% |
| JBTM JBT Marel Corp. | 1.33% | 208,552 | $29.3M | No change |
| MSI Motorola Solutions Inc. | 1.33% | 63,926 | $29.2M | Reduce -0.9% |
| STE Steris PLC | 1.29% | 114,736 | $28.4M | Add +1.3% |
| AVGO Broadcom Inc. | 1.29% | 85,831 | $28.3M | Add +16.2% |
| ZS Zscaler Inc. | 1.28% | 94,104 | $28.2M | Reduce -7.2% |
| BSY Bentley Systems Inc. Class B | 1.24% | 531,483 | $27.4M | No change |
| EQIX Equinix Inc. | 1.23% | 34,582 | $27.1M | Reduce -2.2% |
| OSIS Osi Systems Inc. | 1.20% | 106,411 | $26.5M | Reduce -5.5% |
| ROL Rollins Inc. | 1.20% | 450,005 | $26.4M | Add +0.8% |
| DLR Digital Realty Trust Inc. | 1.19% | 151,408 | $26.2M | Add +0.6% |
| APG Api Group Corp. | 1.16% | 744,569 | $25.6M | Reduce -8.2% |
| AMD Advanced Micro Devices | 1.14% | 155,867 | $25.2M | Reduce -44.3% |
| VRNS Varonis Systems Inc. | 1.13% | 434,697 | $25.0M | Reduce -8.1% |
| DXCM Dexcom Inc. | 1.11% | 362,294 | $24.4M | Add +7.3% |
| KLAC KLA Corp. | 1.07% | 21,938 | $23.7M | Reduce -29.1% |
| PANW Palo Alto Networks Inc. | 1.04% | 112,364 | $22.9M | Add +10.0% |
| APTV Aptiv PLC | 1.02% | 261,454 | $22.5M | Add +56.9% |
| CNM Core & Main Inc. Class A | 1.02% | 418,000 | $22.5M | Add +14.8% |
| PRCT Procept Biorobotics Corp. | 1.02% | 630,053 | $22.5M | Add +59.6% |
| MANH Manhattan Associates Inc. | 1.02% | 109,238 | $22.4M | No change |
| WCN Waste Connections Inc. | 0.95% | 118,469 | $20.8M | Add +7.2% |
| SPSC SPS Commerce Inc. | 0.93% | 196,914 | $20.5M | Add +12.4% |
| S Sentinelone Inc. Class A | 0.93% | 1,158,750 | $20.4M | Add +12.6% |
| WMS Advanced Drainage Systems Inc. | 0.92% | 145,500 | $20.2M | Reduce -3.3% |
| CLBT Cellebrite Di Ltd. | 0.90% | 1,066,850 | $19.8M | Add +22.6% |
| WAB Wabtec Corp. | 0.86% | 94,141 | $18.9M | Reduce -22.4% |
| TYL Tyler Technologies Inc. | 0.83% | 35,170 | $18.4M | Reduce -9.8% |
| ROP Roper Technologies Inc. | 0.83% | 36,820 | $18.4M | No change |
| AXON Axon Enterprise Inc. | 0.83% | 25,568 | $18.3M | Reduce -5.6% |
| ADSK Autodesk Inc. | 0.83% | 57,386 | $18.2M | Reduce -1.6% |
| DHR Danaher Corp. | 0.83% | 91,702 | $18.2M | Add +8.3% |
| MDT Medtronic PLC | 0.80% | 184,899 | $17.6M | No change |
| IEX Idex Corp. | 0.80% | 108,154 | $17.6M | Add +11.3% |
| WTRG Essential Utilities Inc. | 0.75% | 412,726 | $16.5M | No change |
| FROG Jfrog Ltd. | 0.74% | 346,739 | $16.4M | New |
| XYL Xylem Inc. | 0.73% | 109,373 | $16.1M | Reduce -15.0% |
| ZBRA Zebra Technologies Corp. Class A | 0.72% | 53,188 | $15.8M | New |
| CYRX Cryoport Inc. | 0.70% | 1,638,623 | $15.5M | Reduce -14.4% |
| FERG Ferguson Enterprises Inc. | 0.70% | 68,804 | $15.5M | Reduce -8.0% |
| FOUR SHIFT4 Payments Inc. Class A | 0.69% | 196,367 | $15.2M | Add +1.0% |
| LFUS Littelfuse Inc. | 0.69% | 58,303 | $15.1M | Reduce -8.1% |
| MSA Msa Safety Inc. | 0.68% | 86,935 | $15.0M | Reduce -13.3% |
| ACM Aecom | 0.66% | 112,081 | $14.6M | Reduce -5.1% |
| VLTO Veralto Corp. | 0.63% | 129,882 | $13.8M | No change |
| SYM Symbotic Inc. | 0.62% | 255,465 | $13.8M | Reduce -58.2% |
| AIT Applied Industrial Tech Inc. | 0.61% | 51,335 | $13.4M | No change |
| PNR Pentair PLC | 0.60% | 119,237 | $13.2M | No change |
| WM Waste Management Inc. | 0.60% | 59,403 | $13.1M | No change |
| GNRC Generac Holdings Inc. | 0.59% | 77,742 | $13.0M | Add +16.9% |
| FISV Fiserv Inc. | 0.56% | 96,135 | $12.4M | Reduce -22.4% |
| FBIN Fortune Brands Innovations I | 0.56% | 230,136 | $12.3M | New |
| TRU Transunion | 0.55% | 144,722 | $12.1M | Add +6.3% |
| AWK American Water Works Co. Inc. | 0.54% | 85,742 | $11.9M | No change |
| TTEK Tetra Tech Inc. | 0.52% | 345,750 | $11.5M | Add +9.5% |
| A Agilent Technologies Inc. | 0.52% | 89,657 | $11.5M | No change |
| AOS Smith (a.o.) Corp. | 0.49% | 147,000 | $10.8M | No change |
| MOD Modine Manufacturing Co. | 0.43% | 67,000 | $9.5M | Reduce -10.7% |
| HQY Healthequity Inc. | 0.43% | 99,242 | $9.4M | Reduce -2.7% |
| ZWS Zurn Elkay Water Solutions C | 0.42% | 197,277 | $9.3M | No change |
| MSEX Middlesex Water Co. | 0.42% | 171,000 | $9.3M | No change |
| CTAS Cintas Corp. | 0.42% | 44,997 | $9.2M | Reduce -29.1% |
| ARGX Argenx SE - ADR | 0.39% | 11,576 | $8.5M | No change |
| NDAQ Nasdaq Inc. | 0.38% | 95,567 | $8.5M | Reduce -4.5% |
| BSX Boston Scientific Corp. | 0.37% | 83,346 | $8.1M | Add +9.6% |
| INTU Intuit Inc. | 0.35% | 11,327 | $7.7M | Add +12.6% |
| SPGI S&P Global Inc. | 0.34% | 15,488 | $7.5M | Reduce -4.5% |
| MSCI MSCI Inc. | 0.33% | 12,742 | $7.2M | Reduce -4.5% |
| RPD RAPID7 Inc. | 0.32% | 376,738 | $7.1M | Reduce -3.6% |
| HUBS HubSpot Inc. | 0.31% | 14,553 | $6.8M | Add +5.7% |
| CSGP Costar Group Inc. | 0.31% | 79,915 | $6.7M | Reduce -12.0% |
| LLY Eli Lilly & Co. | 0.30% | 8,655 | $6.6M | No change |
| COST Costco Wholesale Corp. | 0.29% | 6,978 | $6.5M | Reduce -4.7% |
| HTO H2O America | 0.29% | 132,246 | $6.4M | Add +24.5% |
| TMUS T-Mobile US Inc. | 0.29% | 26,625 | $6.4M | Reduce -4.7% |
| ADBE Adobe Inc. | 0.29% | 17,899 | $6.3M | Reduce -4.5% |
| LH Labcorp Holdings Inc. | 0.28% | 21,459 | $6.2M | Add +7.2% |
| MAS Masco Corp. | 0.27% | 83,517 | $5.9M | Reduce -25.8% |
| SYK Stryker Corp. | 0.25% | 15,021 | $5.6M | Add +18.9% |
| PLNT Planet Fitness Inc. Class A | 0.25% | 52,483 | $5.4M | Reduce -7.1% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.24% | 57,453 | $5.4M | Add +19.2% |
| ALC Alcon Inc. filed as ALCON AG | 0.24% | 71,249 | $5.3M | No change |
| VRTX Vertex Pharmaceuticals Inc. | 0.22% | 12,629 | $4.9M | Add +19.2% |
Portfolio Sells Q2 2025 → Q3 2025
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −1.50 |
| AMD Advanced Micro Devices | Reduce -44.3% | 1.14% | −0.64 |
| OKTA Okta Inc. | Sold out | 0.00% | −0.58 |
| SYM Symbotic Inc. | Reduce -58.2% | 0.62% | −0.44 |
| FISV Fiserv Inc. | Reduce -22.4% | 0.56% | −0.40 |
| SNPS Synopsys Inc. | Reduce -7.6% | 3.19% | −0.37 |
| MTD Mettler-Toledo International | Reduce -64.3% | 0.22% | −0.36 |
| GRMN Garmin Ltd. | Reduce -70.7% | 0.16% | −0.30 |
| WAB Wabtec Corp. | Reduce -22.4% | 0.86% | −0.29 |
| CTAS Cintas Corp. | Reduce -29.1% | 0.42% | −0.22 |
| GDDY GoDaddy Inc. Class A | Sold out | 0.00% | −0.21 |
| TYL Tyler Technologies Inc. | Reduce -9.8% | 0.83% | −0.20 |
| IT Gartner Inc. | Sold out | 0.00% | −0.19 |
| SHCO Soho House & Co. Inc. | Sold out | 0.00% | −0.18 |
| AXON Axon Enterprise Inc. | Reduce -5.6% | 0.83% | −0.18 |
| NVDA Nvidia Corp. | Reduce -19.0% | 4.92% | −0.18 |
| ECL Ecolab Inc. | Reduce -11.7% | 1.68% | −0.18 |
| KLAC KLA Corp. | Reduce -29.1% | 1.07% | −0.17 |
| ZS Zscaler Inc. | Reduce -7.2% | 1.28% | −0.15 |
| TTC Toro Co. | Reduce -42.7% | 0.21% | −0.13 |
| CWT California Water Service Grp | Reduce -35.0% | 0.21% | −0.11 |
| RPD RAPID7 Inc. | Reduce -3.6% | 0.32% | −0.09 |
| MSA Msa Safety Inc. | Reduce -13.3% | 0.68% | −0.08 |
| NVT Nvent Electric PLC | Reduce -28.9% | 1.90% | −0.07 |
| MAS Masco Corp. | Reduce -25.8% | 0.27% | −0.06 |
| HQY Healthequity Inc. | Reduce -2.7% | 0.43% | −0.05 |
| TEAM Atlassian Corp. Class A | Reduce -4.7% | 0.16% | −0.05 |
| SPGI S&P Global Inc. | Reduce -4.5% | 0.34% | −0.04 |
| ADBE Adobe Inc. | Reduce -4.5% | 0.29% | −0.04 |
| EQIX Equinix Inc. | Reduce -2.2% | 1.23% | −0.04 |
| NYT New York Times Co. Class A | Reduce -18.6% | 0.19% | −0.03 |
| NFLX Netflix Inc. | Reduce -4.7% | 0.21% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -4.7% | 0.29% | −0.03 |
| FERG Ferguson Enterprises Inc. | Reduce -8.0% | 0.70% | −0.03 |
| PLNT Planet Fitness Inc. Class A | Reduce -7.1% | 0.25% | −0.03 |
| AMZN Amazon.com Inc. | Reduce -14.1% | 0.17% | −0.03 |
| DSGX The Descartes Systems Grp | Reduce -4.7% | 0.21% | −0.03 |
| CSGP Costar Group Inc. | Reduce -12.0% | 0.31% | −0.02 |
| NDAQ Nasdaq Inc. | Reduce -4.5% | 0.38% | −0.02 |
| MSCI MSCI Inc. | Reduce -4.5% | 0.33% | −0.02 |
| ALRM Alarm.com Holdings Inc. | Reduce -4.7% | 0.16% | −0.02 |
| XYL Xylem Inc. | Reduce -15.0% | 0.73% | −0.02 |
| DIS The Walt Disney Co. | Reduce -0.6% | 0.17% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -17.3% | 0.14% | −0.01 |
| TMUS T-Mobile US Inc. | Reduce -4.7% | 0.29% | −0.01 |
| VZ Verizon Communications Inc. | Reduce -4.7% | 0.21% | −0.01 |
| WIX Wix.com Ltd. | Reduce -4.7% | 0.21% | +0.01 |
| ADSK Autodesk Inc. | Reduce -1.6% | 0.83% | +0.02 |
| LFUS Littelfuse Inc. | Reduce -8.1% | 0.69% | +0.04 |
| VRNS Varonis Systems Inc. | Reduce -8.1% | 1.13% | +0.05 |
Portfolio Buys Q2 2025 → Q3 2025
| FROG Jfrog Ltd. | New | 0.74% | +0.74 |
| ZBRA Zebra Technologies Corp. Class A | New | 0.72% | +0.72 |
| FBIN Fortune Brands Innovations I | New | 0.56% | +0.56 |
| APTV Aptiv PLC | Add +56.9% | 1.02% | +0.51 |
| PTC PTC Inc. | Add +9.9% | 1.95% | +0.46 |
| TMO Thermo Fisher Scientific Inc. | Add +16.7% | 1.33% | +0.39 |
| MSFT Microsoft Corp. | Add +25.6% | 1.57% | +0.38 |
| AVGO Broadcom Inc. | Add +16.2% | 1.29% | +0.37 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +28.0% | 1.48% | +0.29 |
| CLBT Cellebrite Di Ltd. | Add +22.6% | 0.90% | +0.27 |
| ESTC Elastic NV | Add +10.2% | 2.01% | +0.21 |
| UNIT Uniti Group Inc. | New | 0.18% | +0.18 |
| GNRC Generac Holdings Inc. | Add +16.9% | 0.59% | +0.16 |
| PANW Palo Alto Networks Inc. | Add +10.0% | 1.04% | +0.10 |
| S Sentinelone Inc. Class A | Add +12.6% | 0.93% | +0.08 |
| DHR Danaher Corp. | Add +8.3% | 0.83% | +0.07 |
| ROL Rollins Inc. | Add +0.8% | 1.20% | +0.07 |
| STE Steris PLC | Add +1.3% | 1.29% | +0.06 |
| HOLX Hologic Inc. | Add +0.1% | 1.43% | +0.06 |
| IQV Iqvia Holdings Inc. | Add +26.6% | 0.17% | +0.06 |
| ORCL Oracle Corp. | Add +1.4% | 0.22% | +0.05 |
| HTO H2O America | Add +24.5% | 0.29% | +0.04 |
| LH Labcorp Holdings Inc. | Add +7.2% | 0.28% | +0.04 |
| CLH Clean Harbors Inc. | Add +0.8% | 2.03% | +0.04 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +0.1% | 0.13% | +0.04 |
| CNM Core & Main Inc. Class A | Add +14.8% | 1.02% | +0.03 |
| IEX Idex Corp. | Add +11.3% | 0.80% | +0.03 |
| SYK Stryker Corp. | Add +18.9% | 0.25% | +0.03 |
| EXAS Exact Sciences Corp. | Add +9.9% | 0.18% | +0.02 |
| WCN Waste Connections Inc. | Add +7.2% | 0.95% | +0.02 |
| TTEK Tetra Tech Inc. | Add +9.5% | 0.52% | +0.01 |
| VRTX Vertex Pharmaceuticals Inc. | Add +19.2% | 0.22% | +0.01 |
| TRU Transunion | Add +6.3% | 0.55% | +0.01 |
| BJ Bj's Wholesale Club Holdings | Add +19.2% | 0.24% | +0.01 |
| DLR Digital Realty Trust Inc. | Add +0.6% | 1.19% | +0.01 |
| BSX Boston Scientific Corp. | Add +9.6% | 0.37% | +0.00 |
| PRCT Procept Biorobotics Corp. | Add +59.6% | 1.02% | −0.00 |
| INTU Intuit Inc. | Add +12.6% | 0.35% | −0.01 |
| TOST Toast Inc. Class A | Add +13.1% | 0.16% | −0.01 |
| SFM Sprouts Farmers Market Inc. | Add +20.1% | 0.13% | −0.03 |
| HUBS HubSpot Inc. | Add +5.7% | 0.31% | −0.04 |
| NOW ServiceNow Inc. | Add +8.2% | 3.32% | −0.08 |
| SPSC SPS Commerce Inc. | Add +12.4% | 0.93% | −0.14 |
| FOUR SHIFT4 Payments Inc. Class A | Add +1.0% | 0.69% | −0.18 |
| ISRG Intuitive Surgical Inc. | Add +8.2% | 1.58% | −0.18 |
| DXCM Dexcom Inc. | Add +7.3% | 1.11% | −0.22 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q3 2025 | 125 | $2.2B | NVDA, NOW, SNPS, CDNS, SNOW |
| Q2 2025 | 126 | $2.2B | NVDA, SNPS, NOW, CDNS, SNOW |
| Q1 2025 | 126 | $2.0B | NVDA, SNPS, NOW, CDNS, SNOW |
| Q4 2024 | 135 | $2.3B | NVDA, NOW, SNPS, CDNS, NVT |
| Q3 2024 | 131 | $2.5B | NVDA, NOW, SNPS, NVT, STE |
| Q2 2024 | 137 | $2.4B | NVDA, SNPS, NOW, CRWD, NVT |
| Q1 2024 | 140 | $2.4B | NVDA, NVT, SNPS, NOW, CRWD |