Thematics Asset Management

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 13, 2024), Thematics Asset Management reported 137 stock positions worth $2.4 billion. Its top holding was Nvidia (NVDA) at 5.2% of the portfolio, followed by Synopsys (SNPS, 2.9%) and ServiceNow (NOW, 2.7%). Compared with Q1 2024, it opened 2 new positions, sold out of 5, added to 46 and reduced 54. The biggest buy was a new position in Bentley Systems Class B (BSY) and the biggest sale Nvent Electric (NVT, shares −25%).

Most Recent 13F
Q3 2025
Location
PARIS, I0
CIK
0001956031
Portfolio Value
$2.4B (Q2 2024)
SEC Filing
0001104659-24-088937 ↗ filed Aug 13, 2024

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $2.4B Q1 2024 Q2 2024: $2.4B $2.4B Q2 2024 Q3 2024: $2.5B Q3 2024 Q4 2024: $2.3B Q4 2024 Q1 2025: $2.0B Q1 2025 Q2 2025: $2.2B Q2 2025 Q3 2025: $2.2B Q3 2025

Holdings 137 stocks · $2.4B
NVDA Nvidia Corp. 5.18% 1,025,760 $126.7M Reduce -6.4%
SNPS Synopsys Inc. 2.89% 118,957 $70.8M Add +4.3%
NOW ServiceNow Inc. 2.72% 84,745 $66.7M Add +11.3%
CRWD CrowdStrike Holdings Inc. Class A 2.57% 164,181 $62.9M Reduce -8.2%
NVT Nvent Electric PLC 2.42% 774,708 $59.4M Reduce -24.9%
ANSS Ansys Inc. 2.39% 181,920 $58.5M Add +16.7%
STE Steris PLC 2.25% 250,610 $55.0M No change
GOOGL Alphabet Inc. Class A 2.17% 292,224 $53.2M Add +3.9%
CLH Clean Harbors Inc. 1.99% 215,774 $48.8M Reduce -5.3%
CDNS Cadence Design SYS Inc. 1.84% 146,075 $45.0M Add +5.1%
ECL Ecolab Inc. 1.82% 187,037 $44.5M Reduce -2.6%
SNOW Snowflake Inc. 1.67% 302,052 $40.8M Add +50.1%
ISRG Intuitive Surgical Inc. 1.61% 88,576 $39.4M Add +10.8%
HOLX Hologic Inc. 1.58% 520,693 $38.7M Add +3.3%
PTC PTC Inc. 1.54% 207,589 $37.7M Add +4.0%
ALTR Altair Engineering Inc. Class A 1.51% 376,281 $36.9M No change
AMD Advanced Micro Devices 1.48% 223,152 $36.2M Add +27.5%
KLAC KLA Corp. 1.25% 37,072 $30.6M No change
TMO Thermo Fisher Scientific Inc. 1.23% 54,661 $30.2M No change
DLR Digital Realty Trust Inc. 1.21% 195,500 $29.7M No change
PANW Palo Alto Networks Inc. 1.17% 84,348 $28.6M Reduce -0.8%
SYM Symbotic Inc. 1.16% 805,509 $28.3M Add +110.3%
MDT Medtronic PLC 1.14% 354,417 $27.9M Reduce -24.5%
MSA Msa Safety Inc. 1.14% 148,500 $27.9M Reduce -5.7%
APG Api Group Corp. 1.12% 727,000 $27.4M Reduce -3.1%
SRCL Stericycle Inc. 1.12% 470,000 $27.3M No change
WAB Wabtec Corp. 1.10% 171,000 $27.0M Reduce -14.5%
ROL Rollins Inc. 1.09% 546,000 $26.6M Reduce -6.0%
EQIX Equinix Inc. 1.05% 33,951 $25.7M Add +1.0%
MSI Motorola Solutions Inc. 1.04% 66,000 $25.5M No change
TER Teradyne Inc. 0.99% 162,807 $24.1M Reduce -10.1%
CYBR Cyberark Software Ltd./Israel 0.97% 87,200 $23.8M No change
ROP Roper Technologies Inc. 0.96% 41,903 $23.6M Add +4.0%
MANH Manhattan Associates Inc. 0.95% 94,730 $23.4M Add +61.8%
OSIS Osi Systems Inc. 0.95% 168,500 $23.2M No change
FOUR SHIFT4 Payments Inc. Class A 0.93% 310,000 $22.7M Add +6.9%
MDB Mongodb Inc. 0.90% 88,252 $22.1M Add +135.9%
V Visa Inc. Class A 0.87% 80,884 $21.2M Reduce -0.1%
DXCM Dexcom Inc. 0.85% 182,678 $20.7M Add +1.7%
JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP 0.84% 217,839 $20.7M Add +4.0%
WCN Waste Connections Inc. 0.84% 117,469 $20.6M Add +0.4%
CNM Core & Main Inc. Class A 0.84% 419,000 $20.5M No change
BSY Bentley Systems Inc. Class B 0.83% 411,105 $20.3M New
XYL Xylem Inc. 0.82% 148,669 $20.2M Reduce -10.8%
CTAS Cintas Corp. 0.82% 28,500 $20.0M Reduce -16.2%
FISV Fiserv Inc. 0.79% 129,300 $19.3M Reduce -12.2%
ROK Rockwell Automation Inc. 0.77% 68,752 $18.9M Add +20.5%
GNTX Gentex Corp. 0.75% 547,000 $18.4M No change
AVTR Avantor Inc. 0.75% 865,000 $18.3M No change
MBLY Mobileye Global Inc. Class A 0.75% 650,000 $18.3M Add +17.1%
VRNS Varonis Systems Inc. 0.74% 378,000 $18.1M Reduce -9.1%
SPSC SPS Commerce Inc. 0.73% 95,529 $18.0M Add +4.0%
DHR Danaher Corp. 0.69% 67,196 $16.8M No change
WTRG Essential Utilities Inc. 0.68% 442,726 $16.5M Add +3.8%
LFUS Littelfuse Inc. 0.66% 63,500 $16.2M Add +38.0%
TYL Tyler Technologies Inc. 0.65% 31,826 $16.0M Add +4.0%
GPN Global Payments Inc. 0.65% 164,710 $15.9M No change
PNR Pentair PLC 0.65% 206,737 $15.9M Add +4.0%
IEX Idex Corp. 0.65% 78,654 $15.8M Add +26.6%
FERG Ferguson Jersey Ltd. 0.64% 81,538 $15.8M No change
MTD Mettler-Toledo International 0.64% 11,137 $15.6M Reduce -27.9%
ZS Zscaler Inc. 0.61% 78,000 $15.0M Reduce -11.4%
WMS Advanced Drainage Systems Inc. 0.59% 89,500 $14.4M No change
AOS Smith (a.o.) Corp. 0.58% 174,000 $14.2M Add +4.8%
OKTA Okta Inc. 0.56% 146,000 $13.7M Reduce -10.4%
VLTO Veralto Corp. 0.56% 142,882 $13.6M No change
TRU Transunion 0.54% 178,500 $13.2M No change
A Agilent Technologies Inc. 0.53% 100,460 $13.0M Add +8.7%
RPD RAPID7 Inc. 0.53% 300,000 $13.0M Reduce -5.1%
ADSK Autodesk Inc. 0.53% 52,111 $12.9M Add +17.9%
GRMN Garmin Ltd. 0.51% 77,310 $12.6M Reduce -2.7%
AWK American Water Works Co. Inc. 0.50% 95,242 $12.3M No change
ON On Semiconductor 0.49% 174,907 $12.0M Add +4.0%
TTEK Tetra Tech Inc. 0.48% 57,750 $11.8M No change
PRMW Primo Water Corp. 0.48% 538,442 $11.8M Reduce -10.8%
TTC Toro Co. 0.48% 125,473 $11.7M Add +12.6%
WM Waste Management Inc. 0.48% 54,848 $11.7M Add +5.4%
ACM Aecom 0.46% 126,472 $11.1M Add +11.5%
EXPO Exponent Inc. 0.43% 109,500 $10.4M Reduce -8.4%
MAS Masco Corp. 0.42% 153,017 $10.2M No change
AIT Applied Industrial Tech Inc. 0.41% 51,335 $10.0M Add +6.2%
FTNT Fortinet Inc. 0.41% 165,000 $9.9M No change
ADBE Adobe Inc. 0.40% 17,451 $9.7M Reduce -8.6%
INTU Intuit Inc. 0.39% 14,511 $9.5M Reduce -9.6%
COST Costco Wholesale Corp. 0.38% 10,915 $9.3M Reduce -19.9%
ESTC Elastic NV 0.37% 78,820 $9.0M Add +17.4%
ZWS Zurn Elkay Water Solutions C 0.37% 304,127 $8.9M Reduce -0.4%
MSEX Middlesex Water Co. 0.36% 171,000 $8.9M Add +36.8%
SPGI S&P Global Inc. 0.36% 19,794 $8.8M Reduce -3.7%
CWT California Water Service Grp 0.34% 172,470 $8.4M No change
NDAQ Nasdaq Inc. 0.34% 136,676 $8.2M Reduce -4.3%
PLNT Planet Fitness Inc. Class A 0.33% 111,115 $8.2M Reduce -22.0%
MSFT Microsoft Corp. 0.33% 18,282 $8.2M Reduce -4.5%
MSCI MSCI Inc. 0.33% 16,523 $8.0M Add +5.8%
NTRA Natera Inc. 0.33% 73,492 $8.0M Reduce -6.7%
CSGP Costar Group Inc. 0.32% 105,814 $7.8M Add +4.3%
BSX Boston Scientific Corp. 0.30% 94,698 $7.3M No change
TMUS T-Mobile US Inc. 0.30% 41,079 $7.2M Reduce -22.4%
GDDY GoDaddy Inc. Class A 0.29% 51,150 $7.1M Reduce -10.6%
MRK Merck & Co. Inc. 0.28% 55,915 $6.9M No change
DSGX The Descartes Systems Grp 0.26% 66,376 $6.4M Reduce -4.5%
FYBR Frontier Communications Pare 0.26% 242,503 $6.3M Add +27.0%
HUBS HubSpot Inc. 0.25% 10,282 $6.1M Reduce -34.9%
ZTS Zoetis Inc. 0.24% 33,797 $5.9M No change
PWSC Powerschool Holdings Inc. Class A 0.23% 249,289 $5.6M Add +66.0%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.23% 63,368 $5.6M Reduce -15.3%
ALC Alcon Inc. filed as ALCON AG 0.23% 62,183 $5.5M Reduce -10.6%
NYT New York Times Co. Class A 0.22% 106,004 $5.4M Reduce -4.5%
TEAM Atlassian Corp. Class A 0.22% 30,248 $5.4M Add +7.8%
HTO H2O America filed as SJW GROUP 0.21% 96,246 $5.2M No change
TSCO Tractor Supply Company 0.21% 18,904 $5.1M No change
VZ Verizon Communications Inc. 0.21% 122,813 $5.1M Reduce -4.5%
HQY Healthequity Inc. 0.20% 57,747 $5.0M Reduce -4.5%
PG The Procter & Gamble Co. 0.20% 29,058 $4.8M Reduce -7.9%
SFM Sprouts Farmers Market Inc. 0.19% 56,728 $4.7M Reduce -13.0%
LH Labcorp Holdings Inc. 0.19% 23,141 $4.7M Add +9.2%
NFLX Netflix Inc. 0.19% 6,930 $4.7M Reduce -16.2%
ALRM Alarm.com Holdings Inc. 0.19% 73,065 $4.6M Add +11.2%
ORCL Oracle Corp. 0.18% 31,837 $4.5M Reduce -17.9%
AMZN Amazon.com Inc. 0.18% 22,786 $4.4M Reduce -13.6%
UNH Unitedhealth Group Inc. 0.18% 8,531 $4.3M Reduce -19.7%
CYRX Cryoport Inc. 0.17% 617,200 $4.3M Reduce -13.6%
WIX Wix.com Ltd. 0.15% 23,644 $3.8M Reduce -17.6%
IT Gartner Inc. 0.15% 8,039 $3.6M New
EXAS Exact Sciences Corp. 0.14% 83,216 $3.5M Add +22.3%
FDS Factset Research Systems Inc. 0.14% 8,609 $3.5M Reduce -35.8%
CVS CVS Health Corp. 0.14% 56,312 $3.3M No change
PGNY Progyny Inc. 0.13% 109,150 $3.1M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.13% 30,815 $3.1M Reduce -4.5%
CMG Chipotle Mexican Grill Inc. 0.12% 48,300 $3.0M Reduce -22.4%
SHCO Soho House & Co. Inc. 0.10% 474,155 $2.5M No change
CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP 0.10% 159,540 $2.4M No change
LULU Lululemon Athletica Inc. 0.10% 8,049 $2.4M Add +19.4%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.10% 61,422 $2.3M No change
IDXX Idexx Laboratories Inc. 0.08% 4,192 $2.0M Reduce -33.6%
NKE Nike Inc. Class B 0.08% 25,424 $1.9M No change
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.06% 14,367 $1.5M No change

Portfolio Sells Q1 2024 → Q2 2024
NVT Nvent Electric PLC Reduce -24.9% 2.42% −0.81
MDT Medtronic PLC Reduce -24.5% 1.14% −0.56
PYPL PayPal Holdings Inc. Sold out 0.00% −0.42
CYRX Cryoport Inc. Reduce -13.6% 0.17% −0.35
MTCH Match Group Inc. Sold out 0.00% −0.26
MTD Mettler-Toledo International Reduce -27.9% 0.64% −0.22
MTN Vail Resorts Inc. Sold out 0.00% −0.20
FISV Fiserv Inc. Reduce -12.2% 0.79% −0.19
HUBS HubSpot Inc. Reduce -34.9% 0.25% −0.16
CTAS Cintas Corp. Reduce -16.2% 0.82% −0.16
OKTA Okta Inc. Reduce -10.4% 0.56% −0.15
OMCL Omnicell Inc. Sold out 0.00% −0.13
MSA Msa Safety Inc. Reduce -5.7% 1.14% −0.13
CHTR Charter Communications Inc. Class A Sold out 0.00% −0.12
RPD RAPID7 Inc. Reduce -5.1% 0.53% −0.11
FDS Factset Research Systems Inc. Reduce -35.8% 0.14% −0.11
WAB Wabtec Corp. Reduce -14.5% 1.10% −0.11
APG Api Group Corp. Reduce -3.1% 1.12% −0.11
ZS Zscaler Inc. Reduce -11.4% 0.61% −0.09
VRNS Varonis Systems Inc. Reduce -9.1% 0.74% −0.07
V Visa Inc. Class A Reduce -0.1% 0.87% −0.07
XYL Xylem Inc. Reduce -10.8% 0.82% −0.07
TMUS T-Mobile US Inc. Reduce -22.4% 0.30% −0.06
ZWS Zurn Elkay Water Solutions C Reduce -0.4% 0.37% −0.06
IDXX Idexx Laboratories Inc. Reduce -33.6% 0.08% −0.06
INTU Intuit Inc. Reduce -9.6% 0.39% −0.04
UNH Unitedhealth Group Inc. Reduce -19.7% 0.18% −0.04
DIS The Walt Disney Co. Reduce -4.5% 0.13% −0.04
NDAQ Nasdaq Inc. Reduce -4.3% 0.34% −0.04
PLNT Planet Fitness Inc. Class A Reduce -22.0% 0.33% −0.04
COST Costco Wholesale Corp. Reduce -19.9% 0.38% −0.04
ROL Rollins Inc. Reduce -6.0% 1.09% −0.03
CMG Chipotle Mexican Grill Inc. Reduce -22.4% 0.12% −0.03
ECL Ecolab Inc. Reduce -2.6% 1.82% −0.02
ORCL Oracle Corp. Reduce -17.9% 0.18% −0.02
AMZN Amazon.com Inc. Reduce -13.6% 0.18% −0.02
NFLX Netflix Inc. Reduce -16.2% 0.19% −0.02
VZ Verizon Communications Inc. Reduce -4.5% 0.21% −0.02
PG The Procter & Gamble Co. Reduce -7.9% 0.20% −0.02
ALC Alcon Inc. Reduce -10.6% 0.23% −0.01
WIX Wix.com Ltd. Reduce -17.6% 0.15% −0.01
BJ Bj's Wholesale Club Holdings Reduce -15.3% 0.23% −0.01
ADBE Adobe Inc. Reduce -8.6% 0.40% −0.00
SPGI S&P Global Inc. Reduce -3.7% 0.36% −0.00
DSGX The Descartes Systems Grp Reduce -4.5% 0.26% −0.00
HQY Healthequity Inc. Reduce -4.5% 0.20% −0.00
MSFT Microsoft Corp. Reduce -4.5% 0.33% −0.00
GDDY GoDaddy Inc. Class A Reduce -10.6% 0.29% +0.01
EXPO Exponent Inc. Reduce -8.4% 0.43% +0.01
SFM Sprouts Farmers Market Inc. Reduce -13.0% 0.19% +0.02

Portfolio Buys Q1 2024 → Q2 2024
BSY Bentley Systems Inc. Class B New 0.83% +0.83
SYM Symbotic Inc. Add +110.3% 1.16% +0.44
GOOGL Alphabet Inc. Class A Add +3.9% 2.17% +0.41
MANH Manhattan Associates Inc. Add +61.8% 0.95% +0.35
MDB Mongodb Inc. Add +135.9% 0.90% +0.34
SNOW Snowflake Inc. Add +50.1% 1.67% +0.32
NOW ServiceNow Inc. Add +11.3% 2.72% +0.31
ISRG Intuitive Surgical Inc. Add +10.8% 1.61% +0.28
LFUS Littelfuse Inc. Add +38.0% 0.66% +0.20
SNPS Synopsys Inc. Add +4.3% 2.89% +0.18
AMD Advanced Micro Devices Add +27.5% 1.48% +0.17
IT Gartner Inc. New 0.15% +0.15
ANSS Ansys Inc. Add +16.7% 2.39% +0.14
FOUR SHIFT4 Payments Inc. Class A Add +6.9% 0.93% +0.13
TYL Tyler Technologies Inc. Add +4.0% 0.65% +0.11
PWSC Powerschool Holdings Inc. Class A Add +66.0% 0.23% +0.10
MSEX Middlesex Water Co. Add +36.8% 0.36% +0.09
ESTC Elastic NV Add +17.4% 0.37% +0.09
ROK Rockwell Automation Inc. Add +20.5% 0.77% +0.08
FYBR Frontier Communications Pare Add +27.0% 0.26% +0.06
TTC Toro Co. Add +12.6% 0.48% +0.05
ADSK Autodesk Inc. Add +17.9% 0.53% +0.05
CDNS Cadence Design SYS Inc. Add +5.1% 1.84% +0.04
SPSC SPS Commerce Inc. Add +4.0% 0.73% +0.03
ROP Roper Technologies Inc. Add +4.0% 0.96% +0.03
WTRG Essential Utilities Inc. Add +3.8% 0.68% +0.02
WM Waste Management Inc. Add +5.4% 0.48% +0.02
IEX Idex Corp. Add +26.6% 0.65% +0.02
AIT Applied Industrial Tech Inc. Add +6.2% 0.41% +0.01
WCN Waste Connections Inc. Add +0.4% 0.84% +0.01
MBLY Mobileye Global Inc. Class A Add +17.1% 0.75% +0.00
LH Labcorp Holdings Inc. Add +9.2% 0.19% +0.00
ACM Aecom Add +11.5% 0.46% −0.01
ALRM Alarm.com Holdings Inc. Add +11.2% 0.19% −0.01
TEAM Atlassian Corp. Class A Add +7.8% 0.22% −0.01
LULU Lululemon Athletica Inc. Add +19.4% 0.10% −0.01
ON On Semiconductor Add +4.0% 0.49% −0.02
A Agilent Technologies Inc. Add +8.7% 0.53% −0.03
PTC PTC Inc. Add +4.0% 1.54% −0.03
AOS Smith (a.o.) Corp. Add +4.8% 0.58% −0.04
MSCI MSCI Inc. Add +5.8% 0.33% −0.04
EXAS Exact Sciences Corp. Add +22.3% 0.14% −0.05
HOLX Hologic Inc. Add +3.3% 1.58% −0.05
PNR Pentair PLC Add +4.0% 0.65% −0.06
JBTM JBT Marel Corp. Add +4.0% 0.84% −0.07
CSGP Costar Group Inc. Add +4.3% 0.32% −0.09
EQIX Equinix Inc. Add +1.0% 1.05% −0.10
DXCM Dexcom Inc. Add +1.7% 0.85% −0.19

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 125$2.2BNVDA, NOW, SNPS, CDNS, SNOW
Q2 2025 126$2.2BNVDA, SNPS, NOW, CDNS, SNOW
Q1 2025 126$2.0BNVDA, SNPS, NOW, CDNS, SNOW
Q4 2024 135$2.3BNVDA, NOW, SNPS, CDNS, NVT
Q3 2024 131$2.5BNVDA, NOW, SNPS, NVT, STE
Q2 2024 137$2.4BNVDA, SNPS, NOW, CRWD, NVT
Q1 2024 140$2.4BNVDA, NVT, SNPS, NOW, CRWD