Thematics Asset Management
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Thematics Asset Management reported 131 stock positions worth $2.5 billion. Its top holding was Nvidia (NVDA) at 5.2% of the portfolio, followed by ServiceNow (NOW, 2.9%) and Synopsys (SNPS, 2.8%). Compared with Q2 2024, it opened 3 new positions, sold out of 9, added to 51 and reduced 52. The biggest buy was Elastic (ESTC, shares +463%) and the biggest sale CrowdStrike Class A (CRWD, shares −38%).
- Most Recent 13F
- Q3 2025
- Location
- PARIS, I0
- CIK
- 0001956031
- Portfolio Value
- $2.5B (Q3 2024)
- SEC Filing
- 0001104659-24-117705 ↗ filed Nov 13, 2024
Holdings Value
Holdings 131 stocks · $2.5B
| NVDA Nvidia Corp. | 5.16% | 1,073,918 | $130.4M | Add +4.7% |
| NOW ServiceNow Inc. | 2.88% | 81,310 | $72.7M | Reduce -4.0% |
| SNPS Synopsys Inc. | 2.82% | 140,869 | $71.3M | Add +18.4% |
| NVT Nvent Electric PLC | 2.40% | 864,708 | $60.8M | Add +11.6% |
| STE Steris PLC | 2.40% | 250,044 | $60.6M | Reduce -0.2% |
| ANSS Ansys Inc. | 2.29% | 181,920 | $58.0M | No change |
| GOOGL Alphabet Inc. Class A | 1.90% | 289,651 | $48.0M | Reduce -0.9% |
| CLH Clean Harbors Inc. | 1.90% | 198,524 | $48.0M | Reduce -8.0% |
| ECL Ecolab Inc. | 1.88% | 186,237 | $47.6M | Reduce -0.4% |
| AMD Advanced Micro Devices | 1.75% | 269,109 | $44.2M | Add +20.6% |
| CDNS Cadence Design SYS Inc. | 1.69% | 157,520 | $42.7M | Add +7.8% |
| HOLX Hologic Inc. | 1.68% | 520,693 | $42.4M | No change |
| ISRG Intuitive Surgical Inc. | 1.62% | 83,210 | $40.9M | Reduce -6.1% |
| SNOW Snowflake Inc. | 1.59% | 350,856 | $40.3M | Add +16.2% |
| PTC PTC Inc. | 1.48% | 207,589 | $37.5M | No change |
| ALTR Altair Engineering Inc. Class A | 1.42% | 376,281 | $35.9M | No change |
| EQIX Equinix Inc. | 1.40% | 39,951 | $35.5M | Add +17.7% |
| ESTC Elastic NV | 1.35% | 444,012 | $34.1M | Add +463.3% |
| TMO Thermo Fisher Scientific Inc. | 1.32% | 53,819 | $33.3M | Reduce -1.5% |
| CYBR Cyberark Software Ltd./Israel | 1.31% | 114,000 | $33.2M | Add +30.7% |
| PANW Palo Alto Networks Inc. | 1.23% | 90,848 | $31.1M | Add +7.7% |
| DLR Digital Realty Trust Inc. | 1.20% | 187,000 | $30.3M | Reduce -4.3% |
| MSI Motorola Solutions Inc. | 1.19% | 67,000 | $30.1M | Add +1.5% |
| VRNS Varonis Systems Inc. | 1.18% | 530,000 | $29.9M | Add +40.2% |
| MDT Medtronic PLC | 1.17% | 327,436 | $29.5M | Reduce -7.6% |
| KLAC KLA Corp. | 1.14% | 37,072 | $28.7M | No change |
| WAB Wabtec Corp. | 1.13% | 157,670 | $28.7M | Reduce -7.8% |
| ROL Rollins Inc. | 1.13% | 565,000 | $28.6M | Add +3.5% |
| OSIS Osi Systems Inc. | 1.12% | 187,000 | $28.4M | Add +11.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.12% | 101,181 | $28.4M | Reduce -38.4% |
| APG Api Group Corp. | 1.07% | 818,000 | $27.0M | Add +12.5% |
| MANH Manhattan Associates Inc. | 1.05% | 94,730 | $26.7M | No change |
| SYM Symbotic Inc. | 1.01% | 1,048,170 | $25.6M | Add +30.1% |
| FISV Fiserv Inc. | 1.01% | 142,000 | $25.5M | Add +9.8% |
| MSA Msa Safety Inc. | 1.00% | 143,000 | $25.4M | Reduce -3.7% |
| ZS Zscaler Inc. | 0.99% | 147,000 | $25.1M | Add +88.5% |
| FOUR SHIFT4 Payments Inc. Class A | 0.99% | 283,000 | $25.1M | Reduce -8.7% |
| AVTR Avantor Inc. | 0.97% | 950,000 | $24.6M | Add +9.8% |
| BSY Bentley Systems Inc. Class B | 0.95% | 472,980 | $24.0M | Add +15.1% |
| MDB Mongodb Inc. | 0.94% | 88,252 | $23.9M | No change |
| LFUS Littelfuse Inc. | 0.91% | 87,000 | $23.1M | Add +37.0% |
| S Sentinelone Inc. Class A | 0.91% | 960,000 | $23.0M | New |
| TRU Transunion | 0.88% | 213,000 | $22.3M | Add +19.3% |
| SPSC SPS Commerce Inc. | 0.87% | 113,914 | $22.1M | Add +19.3% |
| CNM Core & Main Inc. Class A | 0.85% | 484,000 | $21.5M | Add +15.5% |
| ROP Roper Technologies Inc. | 0.83% | 37,531 | $20.9M | Reduce -10.4% |
| WCN Waste Connections Inc. | 0.80% | 112,469 | $20.1M | Reduce -4.3% |
| IEX Idex Corp. | 0.79% | 92,654 | $19.9M | Add +17.8% |
| TER Teradyne Inc. | 0.77% | 146,103 | $19.6M | Reduce -10.3% |
| XYL Xylem Inc. | 0.77% | 143,669 | $19.4M | Reduce -3.4% |
| JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP | 0.73% | 188,346 | $18.6M | Reduce -13.5% |
| PNR Pentair PLC | 0.71% | 184,237 | $18.0M | Reduce -10.9% |
| DHR Danaher Corp. | 0.70% | 63,262 | $17.6M | Reduce -5.8% |
| WTRG Essential Utilities Inc. | 0.68% | 442,726 | $17.1M | No change |
| MTD Mettler-Toledo International | 0.66% | 11,137 | $16.7M | No change |
| CTAS Cintas Corp. | 0.66% | 81,000 | $16.7M | Reduce -28.9% |
| DXCM Dexcom Inc. | 0.65% | 246,173 | $16.5M | Add +34.8% |
| ADSK Autodesk Inc. | 0.65% | 59,611 | $16.4M | Add +14.4% |
| AOS Smith (a.o.) Corp. | 0.65% | 182,000 | $16.3M | Add +4.6% |
| RPD RAPID7 Inc. | 0.63% | 399,000 | $15.9M | Add +33.0% |
| GPN Global Payments Inc. | 0.62% | 153,000 | $15.7M | Reduce -7.1% |
| A Agilent Technologies Inc. | 0.62% | 105,460 | $15.7M | Add +5.0% |
| ROK Rockwell Automation Inc. | 0.62% | 58,258 | $15.6M | Reduce -15.3% |
| TYL Tyler Technologies Inc. | 0.60% | 25,961 | $15.2M | Reduce -18.4% |
| GNTX Gentex Corp. | 0.60% | 510,000 | $15.1M | Reduce -6.8% |
| WMS Advanced Drainage Systems Inc. | 0.58% | 93,500 | $14.7M | Add +4.5% |
| VLTO Veralto Corp. | 0.57% | 127,882 | $14.3M | Reduce -10.5% |
| AWK American Water Works Co. Inc. | 0.56% | 96,742 | $14.1M | Add +1.6% |
| VRT Vertiv Holdings Co. Class A | 0.56% | 142,000 | $14.1M | New |
| OKTA Okta Inc. | 0.56% | 190,000 | $14.1M | Add +30.1% |
| CYRX Cryoport Inc. | 0.55% | 1,705,000 | $13.8M | Add +176.3% |
| ON On Semiconductor | 0.54% | 186,903 | $13.6M | Add +6.9% |
| TTC Toro Co. | 0.52% | 151,473 | $13.1M | Add +20.7% |
| TTEK Tetra Tech Inc. | 0.51% | 273,750 | $12.9M | Reduce -5.2% |
| EXPO Exponent Inc. | 0.50% | 109,500 | $12.6M | No change |
| WM Waste Management Inc. | 0.49% | 59,548 | $12.4M | Add +8.6% |
| ACM Aecom | 0.49% | 119,472 | $12.3M | Reduce -5.5% |
| AIT Applied Industrial Tech Inc. | 0.48% | 54,835 | $12.2M | Add +6.8% |
| MAS Masco Corp. | 0.48% | 144,517 | $12.1M | Reduce -5.5% |
| MSEX Middlesex Water Co. | 0.47% | 181,000 | $11.8M | Add +5.8% |
| GRMN Garmin Ltd. | 0.41% | 58,537 | $10.3M | Reduce -24.3% |
| CWT California Water Service Grp | 0.40% | 186,470 | $10.1M | Add +8.1% |
| NDAQ Nasdaq Inc. | 0.39% | 136,676 | $10.0M | No change |
| GNRC Generac Holdings Inc. | 0.38% | 60,000 | $9.5M | New |
| ZWS Zurn Elkay Water Solutions C | 0.38% | 264,127 | $9.5M | Reduce -13.2% |
| PLNT Planet Fitness Inc. Class A | 0.36% | 111,115 | $9.0M | No change |
| SPGI S&P Global Inc. | 0.36% | 17,383 | $9.0M | Reduce -12.2% |
| ADBE Adobe Inc. | 0.35% | 17,140 | $8.9M | Reduce -1.8% |
| MSCI MSCI Inc. | 0.35% | 15,201 | $8.9M | Reduce -8.0% |
| BSX Boston Scientific Corp. | 0.35% | 105,476 | $8.8M | Add +11.4% |
| NTRA Natera Inc. | 0.32% | 64,554 | $8.2M | Reduce -12.2% |
| CSGP Costar Group Inc. | 0.32% | 105,814 | $8.0M | No change |
| MSFT Microsoft Corp. | 0.31% | 18,232 | $7.8M | Reduce -0.3% |
| TMUS T-Mobile US Inc. | 0.31% | 37,609 | $7.8M | Reduce -8.4% |
| MRK Merck & Co. Inc. | 0.30% | 67,860 | $7.7M | Add +21.4% |
| COST Costco Wholesale Corp. | 0.28% | 8,052 | $7.1M | Reduce -26.2% |
| INTU Intuit Inc. | 0.28% | 11,478 | $7.1M | Reduce -20.9% |
| PRMW Primo Water Corp. | 0.28% | 278,442 | $7.0M | Reduce -48.3% |
| GDDY GoDaddy Inc. Class A | 0.27% | 44,097 | $6.9M | Reduce -13.8% |
| ZTS Zoetis Inc. | 0.27% | 35,354 | $6.9M | Add +4.6% |
Portfolio Sells Q2 2024 → Q3 2024
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -38.4% | 1.12% | −1.45 |
| SRCL Stericycle Inc. | Sold out | 0.00% | −1.12 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.87 |
| MBLY Mobileye Global Inc. Class A | Sold out | 0.00% | −0.75 |
| FERG Ferguson Jersey Ltd. | Sold out | 0.00% | −0.64 |
| FTNT Fortinet Inc. | Sold out | 0.00% | −0.41 |
| GOOGL Alphabet Inc. Class A | Reduce -0.9% | 1.90% | −0.27 |
| PWSC Powerschool Holdings Inc. Class A | Sold out | 0.00% | −0.23 |
| TER Teradyne Inc. | Reduce -10.3% | 0.77% | −0.21 |
| PRMW Primo Water Corp. | Reduce -48.3% | 0.28% | −0.20 |
| CTAS Cintas Corp. | Reduce -28.9% | 0.66% | −0.16 |
| ROK Rockwell Automation Inc. | Reduce -15.3% | 0.62% | −0.15 |
| GNTX Gentex Corp. | Reduce -6.8% | 0.60% | −0.15 |
| ROP Roper Technologies Inc. | Reduce -10.4% | 0.83% | −0.14 |
| MSA Msa Safety Inc. | Reduce -3.7% | 1.00% | −0.14 |
| JBTM JBT Marel Corp. | Reduce -13.5% | 0.73% | −0.11 |
| INTU Intuit Inc. | Reduce -20.9% | 0.28% | −0.11 |
| GRMN Garmin Ltd. | Reduce -24.3% | 0.41% | −0.11 |
| CALY Callaway Golf Company | Sold out | 0.00% | −0.10 |
| COST Costco Wholesale Corp. | Reduce -26.2% | 0.28% | −0.10 |
| CLH Clean Harbors Inc. | Reduce -8.0% | 1.90% | −0.10 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.08 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.06 |
| XYL Xylem Inc. | Reduce -3.4% | 0.77% | −0.06 |
| TYL Tyler Technologies Inc. | Reduce -18.4% | 0.60% | −0.05 |
| WCN Waste Connections Inc. | Reduce -4.3% | 0.80% | −0.05 |
| ADBE Adobe Inc. | Reduce -1.8% | 0.35% | −0.04 |
| GPN Global Payments Inc. | Reduce -7.1% | 0.62% | −0.03 |
| NYT New York Times Co. Class A | Reduce -16.1% | 0.20% | −0.03 |
| MSFT Microsoft Corp. | Reduce -0.3% | 0.31% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -11.9% | 0.18% | −0.02 |
| CMG Chipotle Mexican Grill Inc. | Reduce -5.8% | 0.10% | −0.02 |
| TSCO Tractor Supply Company | Reduce -12.8% | 0.19% | −0.02 |
| GDDY GoDaddy Inc. Class A | Reduce -13.8% | 0.27% | −0.02 |
| DLR Digital Realty Trust Inc. | Reduce -4.3% | 1.20% | −0.02 |
| WIX Wix.com Ltd. | Reduce -11.9% | 0.14% | −0.02 |
| LULU Lululemon Athletica Inc. | Reduce -4.5% | 0.08% | −0.02 |
| SPGI S&P Global Inc. | Reduce -12.2% | 0.36% | −0.01 |
| DSGX The Descartes Systems Grp | Reduce -3.5% | 0.26% | −0.00 |
| NTRA Natera Inc. | Reduce -12.2% | 0.32% | −0.00 |
| ISRG Intuitive Surgical Inc. | Reduce -6.1% | 1.62% | +0.01 |
| FYBR Frontier Communications Pare | Reduce -21.6% | 0.27% | +0.01 |
| VLTO Veralto Corp. | Reduce -10.5% | 0.57% | +0.01 |
| ORCL Oracle Corp. | Reduce -9.9% | 0.19% | +0.01 |
| DHR Danaher Corp. | Reduce -5.8% | 0.70% | +0.01 |
| ZWS Zurn Elkay Water Solutions C | Reduce -13.2% | 0.38% | +0.01 |
| TMUS T-Mobile US Inc. | Reduce -8.4% | 0.31% | +0.01 |
| SFM Sprouts Farmers Market Inc. | Reduce -12.0% | 0.22% | +0.02 |
| MSCI MSCI Inc. | Reduce -8.0% | 0.35% | +0.03 |
| MDT Medtronic PLC | Reduce -7.6% | 1.17% | +0.03 |
Portfolio Buys Q2 2024 → Q3 2024
| ESTC Elastic NV | Add +463.3% | 1.35% | +0.98 |
| S Sentinelone Inc. Class A | New | 0.91% | +0.91 |
| VRT Vertiv Holdings Co. Class A | New | 0.56% | +0.56 |
| VRNS Varonis Systems Inc. | Add +40.2% | 1.18% | +0.44 |
| ZS Zscaler Inc. | Add +88.5% | 0.99% | +0.38 |
| GNRC Generac Holdings Inc. | New | 0.38% | +0.38 |
| CYRX Cryoport Inc. | Add +176.3% | 0.55% | +0.37 |
| EQIX Equinix Inc. | Add +17.7% | 1.40% | +0.35 |
| TRU Transunion | Add +19.3% | 0.88% | +0.34 |
| CYBR Cyberark Software Ltd./Israel | Add +30.7% | 1.31% | +0.34 |
| AMD Advanced Micro Devices | Add +20.6% | 1.75% | +0.27 |
| LFUS Littelfuse Inc. | Add +37.0% | 0.91% | +0.25 |
| AVTR Avantor Inc. | Add +9.8% | 0.97% | +0.22 |
| FISV Fiserv Inc. | Add +9.8% | 1.01% | +0.22 |
| OSIS Osi Systems Inc. | Add +11.0% | 1.12% | +0.18 |
| MSI Motorola Solutions Inc. | Add +1.5% | 1.19% | +0.15 |
| SPSC SPS Commerce Inc. | Add +19.3% | 0.87% | +0.14 |
| IEX Idex Corp. | Add +17.8% | 0.79% | +0.14 |
| ADSK Autodesk Inc. | Add +14.4% | 0.65% | +0.12 |
| BSY Bentley Systems Inc. Class B | Add +15.1% | 0.95% | +0.12 |
| MSEX Middlesex Water Co. | Add +5.8% | 0.47% | +0.10 |
| RPD RAPID7 Inc. | Add +33.0% | 0.63% | +0.10 |
| A Agilent Technologies Inc. | Add +5.0% | 0.62% | +0.09 |
| AIT Applied Industrial Tech Inc. | Add +6.8% | 0.48% | +0.08 |
| AOS Smith (a.o.) Corp. | Add +4.6% | 0.65% | +0.07 |
| PANW Palo Alto Networks Inc. | Add +7.7% | 1.23% | +0.06 |
| CWT California Water Service Grp | Add +8.1% | 0.40% | +0.06 |
| AWK American Water Works Co. Inc. | Add +1.6% | 0.56% | +0.06 |
| BSX Boston Scientific Corp. | Add +11.4% | 0.35% | +0.05 |
| ON On Semiconductor | Add +6.9% | 0.54% | +0.05 |
| ROL Rollins Inc. | Add +3.5% | 1.13% | +0.04 |
| TTC Toro Co. | Add +20.7% | 0.52% | +0.04 |
| ZTS Zoetis Inc. | Add +4.6% | 0.27% | +0.03 |
| VZ Verizon Communications Inc. | Add +9.1% | 0.24% | +0.03 |
| UNH Unitedhealth Group Inc. | Add +4.8% | 0.21% | +0.03 |
| LH Labcorp Holdings Inc. | Add +7.1% | 0.22% | +0.03 |
| BJ Bj's Wholesale Club Holdings | Add +22.1% | 0.25% | +0.03 |
| MRK Merck & Co. Inc. | Add +21.4% | 0.30% | +0.02 |
| HUBS HubSpot Inc. | Add +23.3% | 0.27% | +0.02 |
| CNM Core & Main Inc. Class A | Add +15.5% | 0.85% | +0.01 |
| WM Waste Management Inc. | Add +8.6% | 0.49% | +0.01 |
| CVS CVS Health Corp. | Add +1.9% | 0.14% | +0.01 |
| OKTA Okta Inc. | Add +30.1% | 0.56% | +0.00 |
| SHCO Soho House & Co. Inc. | Add +4.7% | 0.10% | −0.00 |
| WMS Advanced Drainage Systems Inc. | Add +4.5% | 0.58% | −0.01 |
| NVDA Nvidia Corp. | Add +4.7% | 5.16% | −0.02 |
| ALRM Alarm.com Holdings Inc. | Add +8.2% | 0.17% | −0.02 |
| NVT Nvent Electric PLC | Add +11.6% | 2.40% | −0.02 |
| APG Api Group Corp. | Add +12.5% | 1.07% | −0.05 |
| SNPS Synopsys Inc. | Add +18.4% | 2.82% | −0.07 |
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 |