Thematics Asset Management

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Thematics Asset Management reported 135 stock positions worth $2.3 billion. Its top holding was Nvidia (NVDA) at 5.5% of the portfolio, followed by ServiceNow (NOW, 3.2%) and Synopsys (SNPS, 3.0%). Compared with Q3 2024, it opened 8 new positions, sold out of 4, added to 25 and reduced 76. The biggest buy was Cadence Design SYS (CDNS, shares +8%) and the biggest sale Steris (STE, shares −24%).

Most Recent 13F
Q3 2025
Location
PARIS, I0
CIK
0001956031
Portfolio Value
$2.3B (Q4 2024)
SEC Filing
0001104659-25-012944 ↗ filed Feb 13, 2025

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 Q3 2024 Q4 2024: $2.3B $2.3B Q4 2024 Q1 2025: $2.0B Q1 2025 Q2 2025: $2.2B Q2 2025 Q3 2025: $2.2B Q3 2025

Holdings 135 stocks · $2.3B
NVDA Nvidia Corp. 5.53% 943,515 $126.7M Reduce -12.1%
NOW ServiceNow Inc. 3.15% 68,191 $72.3M Reduce -16.1%
SNPS Synopsys Inc. 2.99% 140,964 $68.4M Add +0.1%
CDNS Cadence Design SYS Inc. 2.24% 170,653 $51.3M Add +8.3%
NVT Nvent Electric PLC 2.11% 708,674 $48.3M Reduce -18.0%
ANSS Ansys Inc. 2.09% 141,790 $47.8M Reduce -22.1%
GOOGL Alphabet Inc. Class A 2.03% 245,763 $46.5M Reduce -15.2%
SNOW Snowflake Inc. 1.90% 281,696 $43.5M Reduce -19.7%
CLH Clean Harbors Inc. 1.80% 179,524 $41.3M Reduce -9.6%
ESTC Elastic NV 1.73% 401,012 $39.7M Reduce -9.7%
STE Steris PLC 1.70% 189,562 $39.0M Reduce -24.2%
PTC PTC Inc. 1.67% 207,589 $38.2M No change
ISRG Intuitive Surgical Inc. 1.65% 72,508 $37.8M Reduce -12.9%
HOLX Hologic Inc. 1.64% 522,061 $37.6M Add +0.3%
ALTR Altair Engineering Inc. Class A 1.63% 341,939 $37.3M Reduce -9.1%
ECL Ecolab Inc. 1.55% 151,237 $35.4M Reduce -18.8%
CRWD CrowdStrike Holdings Inc. Class A 1.51% 101,181 $34.6M No change
EQIX Equinix Inc. 1.48% 35,908 $33.9M Reduce -10.1%
AMD Advanced Micro Devices 1.42% 269,109 $32.5M No change
MDB Mongodb Inc. 1.34% 132,313 $30.8M Add +49.9%
CYBR Cyberark Software Ltd./Israel 1.32% 91,000 $30.3M Reduce -20.2%
ZS Zscaler Inc. 1.28% 162,000 $29.2M Add +10.2%
SPSC SPS Commerce Inc. 1.25% 155,452 $28.6M Add +36.5%
DLR Digital Realty Trust Inc. 1.19% 154,000 $27.3M Reduce -17.6%
MSI Motorola Solutions Inc. 1.19% 59,000 $27.3M Reduce -11.9%
APG Api Group Corp. 1.13% 718,000 $25.8M Reduce -12.2%
MANH Manhattan Associates Inc. 1.12% 94,730 $25.6M No change
WAB Wabtec Corp. 1.09% 132,252 $25.1M Reduce -16.1%
OSIS Osi Systems Inc. 1.08% 148,000 $24.8M Reduce -20.9%
ROL Rollins Inc. 1.06% 526,000 $24.4M Reduce -6.9%
JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP 1.04% 188,346 $23.9M No change
CNM Core & Main Inc. Class A 1.02% 459,000 $23.4M Reduce -5.2%
KLAC KLA Corp. 1.02% 37,072 $23.4M No change
TMO Thermo Fisher Scientific Inc. 1.00% 43,836 $22.8M Reduce -18.6%
MSA Msa Safety Inc. 0.99% 137,000 $22.7M Reduce -4.2%
BSY Bentley Systems Inc. Class B 0.96% 472,980 $22.1M No change
S Sentinelone Inc. Class A 0.96% 990,000 $22.0M Add +3.1%
FOUR SHIFT4 Payments Inc. Class A 0.92% 204,000 $21.2M Reduce -27.9%
PANW Palo Alto Networks Inc. 0.91% 115,018 $20.9M Reduce -36.7%
VRNS Varonis Systems Inc. 0.88% 452,000 $20.1M Reduce -14.7%
DXCM Dexcom Inc. 0.87% 256,729 $20.0M Add +4.3%
ROP Roper Technologies Inc. 0.85% 37,531 $19.5M No change
IEX Idex Corp. 0.85% 93,154 $19.5M Add +0.5%
WCN Waste Connections Inc. 0.83% 110,469 $19.0M Reduce -1.8%
MDT Medtronic PLC 0.82% 235,075 $18.8M Reduce -28.2%
TYL Tyler Technologies Inc. 0.81% 32,152 $18.5M Add +23.9%
TER Teradyne Inc. 0.80% 146,103 $18.4M No change
LFUS Littelfuse Inc. 0.79% 77,000 $18.1M Reduce -11.5%
SYM Symbotic Inc. 0.78% 754,862 $17.9M Reduce -28.0%
ADSK Autodesk Inc. 0.75% 58,332 $17.2M Reduce -2.1%
VRT Vertiv Holdings Co. Class A 0.74% 149,000 $16.9M Add +4.9%
DHR Danaher Corp. 0.74% 73,496 $16.9M Add +16.2%
XYL Xylem Inc. 0.73% 143,669 $16.7M No change
WTRG Essential Utilities Inc. 0.70% 442,726 $16.1M No change
RPD RAPID7 Inc. 0.70% 397,000 $16.0M Reduce -0.5%
AVTR Avantor Inc. 0.68% 740,000 $15.6M Reduce -22.1%
GPN Global Payments Inc. 0.66% 135,000 $15.1M Reduce -11.8%
PNR Pentair PLC 0.64% 146,237 $14.7M Reduce -20.6%
TRU Transunion 0.64% 158,000 $14.6M Reduce -25.8%
A Agilent Technologies Inc. 0.62% 105,657 $14.2M Add +0.2%
ROK Rockwell Automation Inc. 0.60% 48,251 $13.8M Reduce -17.2%
MTD Mettler-Toledo International 0.59% 11,137 $13.6M No change
CYRX Cryoport Inc. 0.58% 1,705,000 $13.3M No change
GNTX Gentex Corp. 0.57% 451,000 $13.0M Reduce -11.6%
FISV Fiserv Inc. 0.54% 60,500 $12.4M Reduce -57.4%
AOS Smith (a.o.) Corp. 0.54% 182,000 $12.4M No change
VLTO Veralto Corp. 0.53% 119,882 $12.2M Reduce -6.3%
TTC Toro Co. 0.53% 151,473 $12.1M No change
WM Waste Management Inc. 0.53% 59,724 $12.1M Add +0.3%
AWK American Water Works Co. Inc. 0.53% 96,742 $12.0M No change
CTAS Cintas Corp. 0.50% 63,000 $11.5M Reduce -22.2%
GNRC Generac Holdings Inc. 0.50% 73,177 $11.3M Add +22.0%
ACM Aecom 0.49% 105,472 $11.3M Reduce -11.7%
MAS Masco Corp. 0.46% 144,517 $10.5M No change
OKTA Okta Inc. 0.45% 131,000 $10.3M Reduce -31.1%
WMS Advanced Drainage Systems Inc. 0.44% 87,500 $10.1M Reduce -6.4%
TTEK Tetra Tech Inc. 0.44% 253,750 $10.1M Reduce -7.3%
PLNT Planet Fitness Inc. Class A 0.44% 101,830 $10.1M Reduce -8.4%
GRMN Garmin Ltd. 0.44% 48,445 $10.0M Reduce -17.2%
AIT Applied Industrial Tech Inc. 0.42% 40,335 $9.7M Reduce -26.4%
AXON Axon Enterprise Inc. 0.42% 16,234 $9.6M New
BSX Boston Scientific Corp. 0.42% 107,804 $9.6M Add +2.2%
MSEX Middlesex Water Co. 0.42% 181,000 $9.5M No change
ZWS Zurn Elkay Water Solutions C 0.40% 248,371 $9.3M Reduce -6.0%
EXPO Exponent Inc. 0.40% 103,000 $9.2M Reduce -5.9%
NDAQ Nasdaq Inc. 0.39% 115,372 $8.9M Reduce -15.6%
MSCI MSCI Inc. 0.37% 14,186 $8.5M Reduce -6.7%
CWT California Water Service Grp 0.37% 186,470 $8.5M No change
SPGI S&P Global Inc. 0.35% 16,255 $8.1M Reduce -6.5%
ADBE Adobe Inc. 0.35% 18,013 $8.0M Add +5.1%
NTRA Natera Inc. 0.34% 49,333 $7.8M Reduce -23.6%
MSFT Microsoft Corp. 0.32% 17,517 $7.4M Reduce -3.9%
MRK Merck & Co. Inc. 0.32% 73,657 $7.3M Add +8.5%
CSGP Costar Group Inc. 0.32% 101,671 $7.3M Reduce -3.9%
HUBS HubSpot Inc. 0.31% 10,072 $7.0M Reduce -20.6%
TMUS T-Mobile US Inc. 0.30% 31,094 $6.9M Reduce -17.3%
INTU Intuit Inc. 0.30% 10,910 $6.9M Reduce -5.0%
COST Costco Wholesale Corp. 0.30% 7,382 $6.8M Reduce -8.3%
GDDY GoDaddy Inc. Class A 0.29% 33,367 $6.6M Reduce -24.3%
DSGX The Descartes Systems Grp 0.28% 55,481 $6.3M Reduce -13.3%

Show all 135 holdings

Portfolio Sells Q3 2024 → Q4 2024
STE Steris PLC Reduce -24.2% 1.70% −0.70
ON On Semiconductor Sold out 0.00% −0.54
FISV Fiserv Inc. Reduce -57.4% 0.54% −0.47
MDT Medtronic PLC Reduce -28.2% 0.82% −0.35
ECL Ecolab Inc. Reduce -18.8% 1.55% −0.33
TMO Thermo Fisher Scientific Inc. Reduce -18.6% 1.00% −0.32
PANW Palo Alto Networks Inc. Reduce -36.7% 0.91% −0.31
VRNS Varonis Systems Inc. Reduce -14.7% 0.88% −0.31
NVT Nvent Electric PLC Reduce -18.0% 2.11% −0.29
AVTR Avantor Inc. Reduce -22.1% 0.68% −0.29
PRMW Primo Water Corp. Sold out 0.00% −0.28
FYBR Frontier Communications Pare Sold out 0.00% −0.27
TRU Transunion Reduce -25.8% 0.64% −0.24
SYM Symbotic Inc. Reduce -28.0% 0.78% −0.23
ANSS Ansys Inc. Reduce -22.1% 2.09% −0.21
CTAS Cintas Corp. Reduce -22.2% 0.50% −0.16
WMS Advanced Drainage Systems Inc. Reduce -6.4% 0.44% −0.14
LFUS Littelfuse Inc. Reduce -11.5% 0.79% −0.12
OKTA Okta Inc. Reduce -31.1% 0.45% −0.11
EXPO Exponent Inc. Reduce -5.9% 0.40% −0.10
CLH Clean Harbors Inc. Reduce -9.6% 1.80% −0.09
LULU Lululemon Athletica Inc. Sold out 0.00% −0.08
PNR Pentair PLC Reduce -20.6% 0.64% −0.07
TTEK Tetra Tech Inc. Reduce -7.3% 0.44% −0.07
FOUR SHIFT4 Payments Inc. Class A Reduce -27.9% 0.92% −0.07
ROL Rollins Inc. Reduce -6.9% 1.06% −0.07
AIT Applied Industrial Tech Inc. Reduce -26.4% 0.42% −0.06
OSIS Osi Systems Inc. Reduce -20.9% 1.08% −0.04
WAB Wabtec Corp. Reduce -16.1% 1.09% −0.04
GNTX Gentex Corp. Reduce -11.6% 0.57% −0.03
VLTO Veralto Corp. Reduce -6.3% 0.53% −0.03
ROK Rockwell Automation Inc. Reduce -17.2% 0.60% −0.02
MSA Msa Safety Inc. Reduce -4.2% 0.99% −0.01
TMUS T-Mobile US Inc. Reduce -17.3% 0.30% −0.01
NDAQ Nasdaq Inc. Reduce -15.6% 0.39% −0.01
DLR Digital Realty Trust Inc. Reduce -17.6% 1.19% −0.01
SPGI S&P Global Inc. Reduce -6.5% 0.35% −0.00
NYT New York Times Co. Class A Reduce -3.9% 0.19% −0.00
MSI Motorola Solutions Inc. Reduce -11.9% 1.19% −0.00
CSGP Costar Group Inc. Reduce -3.9% 0.32% +0.00
ACM Aecom Reduce -11.7% 0.49% +0.00
ORCL Oracle Corp. Reduce -5.3% 0.20% +0.00
IT Gartner Inc. Reduce -0.9% 0.17% +0.01
CYBR Cyberark Software Ltd./Israel Reduce -20.2% 1.32% +0.01
FDS Factset Research Systems Inc. Reduce -6.7% 0.17% +0.01
MSFT Microsoft Corp. Reduce -3.9% 0.32% +0.01
NFLX Netflix Inc. Reduce -23.1% 0.21% +0.01
COST Costco Wholesale Corp. Reduce -8.3% 0.30% +0.01
GDDY GoDaddy Inc. Class A Reduce -24.3% 0.29% +0.01
DSGX The Descartes Systems Grp Reduce -13.3% 0.28% +0.01

Portfolio Buys Q3 2024 → Q4 2024
CDNS Cadence Design SYS Inc. Add +8.3% 2.24% +0.55
AXON Axon Enterprise Inc. New 0.42% +0.42
MDB Mongodb Inc. Add +49.9% 1.34% +0.40
SPSC SPS Commerce Inc. Add +36.5% 1.25% +0.37
ZS Zscaler Inc. Add +10.2% 1.28% +0.28
DXCM Dexcom Inc. Add +4.3% 0.87% +0.22
TYL Tyler Technologies Inc. Add +23.9% 0.81% +0.21
VRT Vertiv Holdings Co. Class A Add +4.9% 0.74% +0.18
SNPS Synopsys Inc. Add +0.1% 2.99% +0.16
GNRC Generac Holdings Inc. Add +22.0% 0.50% +0.12
BSX Boston Scientific Corp. Add +2.2% 0.42% +0.07
IEX Idex Corp. Add +0.5% 0.85% +0.06
S Sentinelone Inc. Class A Add +3.1% 0.96% +0.05
DHR Danaher Corp. Add +16.2% 0.74% +0.04
WM Waste Management Inc. Add +0.3% 0.53% +0.04
LH Labcorp Holdings Inc. Add +1.8% 0.25% +0.03
EXAS Exact Sciences Corp. Add +26.7% 0.21% +0.03
UNH Unitedhealth Group Inc. Add +16.1% 0.23% +0.02
MRK Merck & Co. Inc. Add +8.5% 0.32% +0.01
VZ Verizon Communications Inc. Add +8.0% 0.25% +0.01
PGNY Progyny Inc. Add +3.1% 0.08% +0.01
CVS CVS Health Corp. Add +34.3% 0.15% +0.01
SYK Stryker Corp. New 0.01% +0.01
LLY Eli Lilly & Co. New 0.00% +0.00
IQV Iqvia Holdings Inc. New 0.00% +0.00
BPMC Blueprint Medicines Corp. New 0.00% +0.00
SG Sweetgreen Inc. Class A New 0.00% +0.00
VRTX Vertex Pharmaceuticals Inc. New 0.00% +0.00
PRCT Procept Biorobotics Corp. New 0.00% +0.00
A Agilent Technologies Inc. Add +0.2% 0.62% +0.00
ADBE Adobe Inc. Add +5.1% 0.35% −0.00
ALC Alcon Inc. Add +3.5% 0.24% −0.01
HOLX Hologic Inc. Add +0.3% 1.64% −0.04

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