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

0$1.0B$2.0B$3.0B Q1 2024: $2.4B Q1 2024 Q2 2024: $2.4B Q2 2024 Q3 2024: $2.5B $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 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%
FYBR Frontier Communications Pare 0.27% 190,244 $6.8M Reduce -21.6%
HUBS HubSpot Inc. 0.27% 12,680 $6.7M Add +23.3%
DSGX The Descartes Systems Grp 0.26% 64,023 $6.6M Reduce -3.5%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.25% 77,368 $6.4M Add +22.1%
ALC Alcon Inc. filed as ALCON AG 0.25% 62,183 $6.2M No change
VZ Verizon Communications Inc. 0.24% 133,923 $6.0M Add +9.1%
HTO H2O America filed as SJW GROUP 0.22% 96,246 $5.6M No change
LH Labcorp Holdings Inc. 0.22% 24,775 $5.5M Add +7.1%
SFM Sprouts Farmers Market Inc. 0.22% 49,924 $5.5M Reduce -12.0%
UNH Unitedhealth Group Inc. 0.21% 8,940 $5.2M Add +4.8%
NYT New York Times Co. Class A 0.20% 88,976 $5.0M Reduce -16.1%
NFLX Netflix Inc. 0.19% 6,930 $4.9M No change
ORCL Oracle Corp. 0.19% 28,691 $4.9M Reduce -9.9%
TEAM Atlassian Corp. Class A 0.19% 30,248 $4.8M No change
TSCO Tractor Supply Company 0.19% 16,476 $4.8M Reduce -12.8%
HQY Healthequity Inc. 0.19% 57,747 $4.7M No change
EXAS Exact Sciences Corp. 0.19% 69,121 $4.7M Reduce -16.9%
PG The Procter & Gamble Co. 0.18% 25,607 $4.4M Reduce -11.9%
ALRM Alarm.com Holdings Inc. 0.17% 79,067 $4.3M Add +8.2%
AMZN Amazon.com Inc. 0.17% 22,786 $4.2M No change
IT Gartner Inc. 0.16% 8,039 $4.1M No change
FDS Factset Research Systems Inc. 0.16% 8,609 $4.0M No change
CVS CVS Health Corp. 0.14% 57,376 $3.6M Add +1.9%
WIX Wix.com Ltd. 0.14% 20,827 $3.5M Reduce -11.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.12% 30,815 $3.0M No change
CMG Chipotle Mexican Grill Inc. 0.10% 45,475 $2.6M Reduce -5.8%
SHCO Soho House & Co. Inc. 0.10% 496,210 $2.5M Add +4.7%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.10% 61,422 $2.5M No change
IDXX Idexx Laboratories Inc. 0.08% 4,192 $2.1M No change
LULU Lululemon Athletica Inc. 0.08% 7,686 $2.1M Reduce -4.5%
PGNY Progyny Inc. 0.07% 109,150 $1.8M No change

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

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