Thematics Asset Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Thematics Asset Management reported 126 stock positions worth $2.0 billion. Its top holding was Nvidia (NVDA) at 5.0% of the portfolio, followed by Synopsys (SNPS, 3.4%) and ServiceNow (NOW, 3.1%). Compared with Q4 2024, it opened 4 new positions, sold out of 13, added to 43 and reduced 71. The biggest buy was Procept Biorobotics (PRCT, shares +39181%) and the biggest sale an exit from Ansys (ANSS).
- Most Recent 13F
- Q3 2025
- Location
- PARIS, I0
- CIK
- 0001956031
- Portfolio Value
- $2.0B (Q1 2025)
- SEC Filing
- 0001104659-25-048495 ↗ filed May 14, 2025
Holdings Value
Holdings 126 stocks · $2.0B
| NVDA Nvidia Corp. | 4.97% | 906,183 | $98.2M | Reduce -4.0% |
| SNPS Synopsys Inc. | 3.35% | 154,664 | $66.3M | Add +9.7% |
| NOW ServiceNow Inc. | 3.15% | 78,116 | $62.2M | Add +14.6% |
| CDNS Cadence Design SYS Inc. | 2.35% | 183,049 | $46.6M | Add +7.3% |
| SNOW Snowflake Inc. | 2.17% | 293,583 | $42.9M | Add +4.2% |
| ECL Ecolab Inc. | 1.95% | 151,714 | $38.5M | Add +0.3% |
| ESTC Elastic NV | 1.91% | 424,780 | $37.8M | Add +5.9% |
| GOOGL Alphabet Inc. Class A | 1.89% | 241,101 | $37.3M | Reduce -1.9% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.88% | 105,384 | $37.2M | Add +4.2% |
| NVT Nvent Electric PLC | 1.86% | 700,397 | $36.7M | Reduce -1.2% |
| ISRG Intuitive Surgical Inc. | 1.82% | 72,640 | $36.0M | Add +0.2% |
| CLH Clean Harbors Inc. | 1.79% | 179,967 | $35.5M | Add +0.3% |
| STE Steris PLC | 1.72% | 150,134 | $34.0M | Reduce -20.8% |
| PTC PTC Inc. | 1.61% | 205,034 | $31.8M | Reduce -1.2% |
| HOLX Hologic Inc. | 1.46% | 466,744 | $28.8M | Reduce -10.6% |
| AMD Advanced Micro Devices | 1.45% | 278,938 | $28.7M | Add +3.6% |
| EQIX Equinix Inc. | 1.44% | 35,013 | $28.5M | Reduce -2.5% |
| CYBR Cyberark Software Ltd./Israel | 1.44% | 84,398 | $28.5M | Reduce -7.3% |
| ZS Zscaler Inc. | 1.41% | 140,153 | $27.8M | Reduce -13.5% |
| MSI Motorola Solutions Inc. | 1.36% | 61,383 | $26.9M | Add +4.0% |
| APG Api Group Corp. | 1.34% | 738,647 | $26.4M | Add +2.9% |
| JBTM JBT Marel Corp. | 1.29% | 208,552 | $25.5M | Add +10.7% |
| ROL Rollins Inc. | 1.28% | 468,546 | $25.3M | Reduce -10.9% |
| TMO Thermo Fisher Scientific Inc. | 1.28% | 50,799 | $25.3M | Add +15.9% |
| KLAC KLA Corp. | 1.25% | 36,369 | $24.7M | Reduce -1.9% |
| OSIS Osi Systems Inc. | 1.23% | 124,806 | $24.3M | Reduce -15.7% |
| DLR Digital Realty Trust Inc. | 1.22% | 168,794 | $24.2M | Add +9.6% |
| WAB Wabtec Corp. | 1.19% | 129,464 | $23.5M | Reduce -2.1% |
| SPSC SPS Commerce Inc. | 1.18% | 175,190 | $23.3M | Add +12.7% |
| ROP Roper Technologies Inc. | 1.10% | 36,820 | $21.7M | Reduce -1.9% |
| VRT Vertiv Holdings Co. Class A | 1.10% | 300,240 | $21.7M | Add +101.5% |
| WCN Waste Connections Inc. | 1.09% | 110,469 | $21.6M | No change |
| DXCM Dexcom Inc. | 1.09% | 315,392 | $21.5M | Add +22.9% |
| BSY Bentley Systems Inc. Class B | 1.06% | 531,483 | $20.9M | Add +12.4% |
| VRNS Varonis Systems Inc. | 1.02% | 498,229 | $20.2M | Add +10.2% |
| MDB Mongodb Inc. | 1.00% | 112,813 | $19.8M | Reduce -14.7% |
| MANH Manhattan Associates Inc. | 0.96% | 109,238 | $18.9M | Add +15.3% |
| CNM Core & Main Inc. Class A | 0.95% | 389,000 | $18.8M | Reduce -15.3% |
| TYL Tyler Technologies Inc. | 0.93% | 31,542 | $18.3M | Reduce -1.9% |
| PANW Palo Alto Networks Inc. | 0.91% | 105,772 | $18.0M | Reduce -8.0% |
| MDT Medtronic PLC | 0.90% | 198,197 | $17.8M | Reduce -15.7% |
| S Sentinelone Inc. Class A | 0.89% | 966,805 | $17.6M | Reduce -2.3% |
| WTRG Essential Utilities Inc. | 0.89% | 442,726 | $17.5M | No change |
| FOUR SHIFT4 Payments Inc. Class A | 0.87% | 209,713 | $17.1M | Add +2.8% |
| IEX Idex Corp. | 0.85% | 93,154 | $16.9M | No change |
| MSA Msa Safety Inc. | 0.83% | 112,535 | $16.5M | Reduce -17.9% |
| AXON Axon Enterprise Inc. | 0.82% | 30,691 | $16.1M | Add +89.0% |
| DHR Danaher Corp. | 0.78% | 75,301 | $15.4M | Add +2.5% |
| XYL Xylem Inc. | 0.78% | 128,669 | $15.4M | Reduce -10.4% |
| ADSK Autodesk Inc. | 0.77% | 58,332 | $15.3M | No change |
| SYM Symbotic Inc. | 0.76% | 740,544 | $15.0M | Reduce -1.9% |
| LFUS Littelfuse Inc. | 0.71% | 71,099 | $14.0M | Reduce -7.7% |
| WM Waste Management Inc. | 0.70% | 59,403 | $13.8M | Reduce -0.5% |
| AWK American Water Works Co. Inc. | 0.68% | 91,742 | $13.5M | Reduce -5.2% |
| OKTA Okta Inc. | 0.68% | 127,877 | $13.5M | Reduce -2.4% |
| PRCT Procept Biorobotics Corp. | 0.67% | 226,256 | $13.2M | Add +39180.6% |
| MTD Mettler-Toledo International | 0.65% | 10,930 | $12.9M | Reduce -1.9% |
| FISV Fiserv Inc. | 0.65% | 58,309 | $12.9M | Reduce -3.6% |
| CTAS Cintas Corp. | 0.65% | 62,404 | $12.8M | Reduce -0.9% |
| TRU Transunion | 0.64% | 153,458 | $12.7M | Reduce -2.9% |
| ROK Rockwell Automation Inc. | 0.62% | 47,335 | $12.2M | Reduce -1.9% |
| FERG Ferguson Enterprises Inc. | 0.61% | 74,804 | $12.0M | New |
| VLTO Veralto Corp. | 0.59% | 119,882 | $11.7M | No change |
| MSEX Middlesex Water Co. | 0.59% | 181,000 | $11.6M | No change |
| GRMN Garmin Ltd. | 0.57% | 52,343 | $11.4M | Add +8.1% |
| WMS Advanced Drainage Systems Inc. | 0.54% | 97,500 | $10.6M | Add +11.4% |
| A Agilent Technologies Inc. | 0.53% | 89,657 | $10.5M | Reduce -15.1% |
| PNR Pentair PLC | 0.53% | 119,237 | $10.4M | Reduce -18.5% |
| CYRX Cryoport Inc. | 0.52% | 1,697,948 | $10.3M | Reduce -0.4% |
| RPD RAPID7 Inc. | 0.52% | 386,707 | $10.3M | Reduce -2.6% |
| HQY Healthequity Inc. | 0.50% | 111,842 | $9.9M | Add +97.7% |
| AOS Smith (a.o.) Corp. | 0.49% | 147,000 | $9.6M | Reduce -19.2% |
| GNTX Gentex Corp. | 0.48% | 406,120 | $9.5M | Reduce -9.9% |
| ACM Aecom | 0.47% | 100,081 | $9.3M | Reduce -5.1% |
| AIT Applied Industrial Tech Inc. | 0.46% | 40,335 | $9.1M | No change |
| GNRC Generac Holdings Inc. | 0.43% | 66,490 | $8.4M | Reduce -9.1% |
| SPGI S&P Global Inc. | 0.41% | 15,823 | $8.0M | Reduce -2.7% |
| BSX Boston Scientific Corp. | 0.40% | 77,896 | $7.9M | Reduce -27.7% |
| NDAQ Nasdaq Inc. | 0.40% | 103,512 | $7.9M | Reduce -10.3% |
| MAS Masco Corp. | 0.40% | 112,517 | $7.8M | Reduce -22.1% |
| MSCI MSCI Inc. | 0.39% | 13,806 | $7.8M | Reduce -2.7% |
| TTC Toro Co. | 0.39% | 105,473 | $7.7M | Reduce -30.4% |
| CWT California Water Service Grp | 0.38% | 154,470 | $7.5M | Reduce -17.2% |
| CSGP Costar Group Inc. | 0.38% | 94,074 | $7.5M | Reduce -7.5% |
| ADBE Adobe Inc. | 0.38% | 19,394 | $7.4M | Add +7.7% |
| ALC Alcon Inc. filed as ALCON AG | 0.37% | 77,376 | $7.3M | Add +20.3% |
| HUBS HubSpot Inc. | 0.37% | 12,731 | $7.3M | Add +26.4% |
| COST Costco Wholesale Corp. | 0.36% | 7,583 | $7.2M | Add +2.7% |
| TMUS T-Mobile US Inc. | 0.33% | 24,534 | $6.5M | Reduce -21.1% |
| AVGO Broadcom Inc. | 0.33% | 38,607 | $6.5M | New |
| UNH Unitedhealth Group Inc. | 0.32% | 12,218 | $6.4M | Add +17.7% |
| INTU Intuit Inc. | 0.32% | 10,412 | $6.4M | Reduce -4.6% |
| MSFT Microsoft Corp. | 0.31% | 16,515 | $6.2M | Reduce -5.7% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.31% | 53,351 | $6.1M | Reduce -22.9% |
| TTEK Tetra Tech Inc. | 0.29% | 198,750 | $5.8M | Reduce -21.7% |
| PLNT Planet Fitness Inc. Class A | 0.29% | 58,530 | $5.7M | Reduce -42.5% |
| VZ Verizon Communications Inc. | 0.28% | 123,549 | $5.6M | Reduce -14.6% |
| LLY Eli Lilly & Co. | 0.28% | 6,731 | $5.6M | Add +4999.2% |
| ZWS Zurn Elkay Water Solutions C | 0.28% | 167,277 | $5.5M | Reduce -32.6% |
| DSGX The Descartes Systems Grp | 0.27% | 52,263 | $5.3M | Reduce -5.8% |
Portfolio Sells Q4 2024 → Q1 2025
| ANSS Ansys Inc. | Sold out | 0.00% | −2.09 |
| ALTR Altair Engineering Inc. Class A | Sold out | 0.00% | −1.63 |
| TER Teradyne Inc. | Sold out | 0.00% | −0.80 |
| AVTR Avantor Inc. | Sold out | 0.00% | −0.68 |
| GPN Global Payments Inc. | Sold out | 0.00% | −0.66 |
| NVDA Nvidia Corp. | Reduce -4.0% | 4.97% | −0.56 |
| EXPO Exponent Inc. | Sold out | 0.00% | −0.40 |
| MDB Mongodb Inc. | Reduce -14.7% | 1.00% | −0.34 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.25 |
| NVT Nvent Electric PLC | Reduce -1.2% | 1.86% | −0.25 |
| TSCO Tractor Supply Company | Sold out | 0.00% | −0.19 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −0.19 |
| HOLX Hologic Inc. | Reduce -10.6% | 1.46% | −0.18 |
| RPD RAPID7 Inc. | Reduce -2.6% | 0.52% | −0.18 |
| FDS Factset Research Systems Inc. | Sold out | 0.00% | −0.17 |
| MSA Msa Safety Inc. | Reduce -17.9% | 0.83% | −0.16 |
| PLNT Planet Fitness Inc. Class A | Reduce -42.5% | 0.29% | −0.15 |
| TTEK Tetra Tech Inc. | Reduce -21.7% | 0.29% | −0.15 |
| GOOGL Alphabet Inc. Class A | Reduce -1.9% | 1.89% | −0.14 |
| TTC Toro Co. | Reduce -30.4% | 0.39% | −0.14 |
| ZWS Zurn Elkay Water Solutions C | Reduce -32.6% | 0.28% | −0.13 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.12 |
| NTRA Natera Inc. | Reduce -36.3% | 0.22% | −0.12 |
| PNR Pentair PLC | Reduce -18.5% | 0.53% | −0.11 |
| YETI Yeti Holdings Inc. | Sold out | 0.00% | −0.10 |
| MRK Merck & Co. Inc. | Reduce -33.5% | 0.22% | −0.10 |
| A Agilent Technologies Inc. | Reduce -15.1% | 0.53% | −0.09 |
| GNTX Gentex Corp. | Reduce -9.9% | 0.48% | −0.09 |
| EXAS Exact Sciences Corp. | Reduce -33.3% | 0.13% | −0.09 |
| LFUS Littelfuse Inc. | Reduce -7.7% | 0.71% | −0.08 |
| IDXX Idexx Laboratories Inc. | Sold out | 0.00% | −0.08 |
| S Sentinelone Inc. Class A | Reduce -2.3% | 0.89% | −0.07 |
| CNM Core & Main Inc. Class A | Reduce -15.3% | 0.95% | −0.07 |
| GNRC Generac Holdings Inc. | Reduce -9.1% | 0.43% | −0.07 |
| MAS Masco Corp. | Reduce -22.1% | 0.40% | −0.06 |
| PTC PTC Inc. | Reduce -1.2% | 1.61% | −0.06 |
| CYRX Cryoport Inc. | Reduce -0.4% | 0.52% | −0.06 |
| ORCL Oracle Corp. | Reduce -26.4% | 0.14% | −0.06 |
| AOS Smith (a.o.) Corp. | Reduce -19.2% | 0.49% | −0.06 |
| SFM Sprouts Farmers Market Inc. | Reduce -42.7% | 0.20% | −0.05 |
| LH Labcorp Holdings Inc. | Reduce -30.8% | 0.21% | −0.05 |
| GDDY GoDaddy Inc. Class A | Reduce -17.8% | 0.25% | −0.04 |
| EQIX Equinix Inc. | Reduce -2.5% | 1.44% | −0.03 |
| SYM Symbotic Inc. | Reduce -1.9% | 0.76% | −0.02 |
| BSX Boston Scientific Corp. | Reduce -27.7% | 0.40% | −0.02 |
| ACM Aecom | Reduce -5.1% | 0.47% | −0.02 |
| AMZN Amazon.com Inc. | Reduce -6.2% | 0.18% | −0.01 |
| MSFT Microsoft Corp. | Reduce -5.7% | 0.31% | −0.01 |
| DSGX The Descartes Systems Grp | Reduce -5.8% | 0.27% | −0.01 |
| SHCO Soho House & Co. Inc. | Reduce -1.0% | 0.15% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| PRCT Procept Biorobotics Corp. | Add +39180.6% | 0.67% | +0.66 |
| FERG Ferguson Enterprises Inc. | New | 0.61% | +0.61 |
| ECL Ecolab Inc. | Add +0.3% | 1.95% | +0.40 |
| AXON Axon Enterprise Inc. | Add +89.0% | 0.82% | +0.40 |
| SNPS Synopsys Inc. | Add +9.7% | 3.35% | +0.37 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +4.2% | 1.88% | +0.37 |
| VRT Vertiv Holdings Co. Class A | Add +101.5% | 1.10% | +0.36 |
| AVGO Broadcom Inc. | New | 0.33% | +0.33 |
| TMO Thermo Fisher Scientific Inc. | Add +15.9% | 1.28% | +0.28 |
| LLY Eli Lilly & Co. | Add +4999.2% | 0.28% | +0.28 |
| SNOW Snowflake Inc. | Add +4.2% | 2.17% | +0.27 |
| HQY Healthequity Inc. | Add +97.7% | 0.50% | +0.26 |
| JBTM JBT Marel Corp. | Add +10.7% | 1.29% | +0.24 |
| SYK Stryker Corp. | Add +3669.4% | 0.24% | +0.24 |
| DXCM Dexcom Inc. | Add +22.9% | 1.09% | +0.22 |
| APG Api Group Corp. | Add +2.9% | 1.34% | +0.21 |
| VRTX Vertex Pharmaceuticals Inc. | Add +5032.9% | 0.20% | +0.19 |
| ESTC Elastic NV | Add +5.9% | 1.91% | +0.18 |
| MSI Motorola Solutions Inc. | Add +4.0% | 1.36% | +0.17 |
| ISRG Intuitive Surgical Inc. | Add +0.2% | 1.82% | +0.17 |
| BPMC Blueprint Medicines Corp. | Add +4452.2% | 0.17% | +0.17 |
| VRNS Varonis Systems Inc. | Add +10.2% | 1.02% | +0.14 |
| GRMN Garmin Ltd. | Add +8.1% | 0.57% | +0.14 |
| IQV Iqvia Holdings Inc. | Add +3991.5% | 0.14% | +0.14 |
| MOD Modine Manufacturing Co. | New | 0.14% | +0.14 |
| ALC Alcon Inc. | Add +20.3% | 0.37% | +0.13 |
| TOST Toast Inc. Class A | New | 0.12% | +0.12 |
| CDNS Cadence Design SYS Inc. | Add +7.3% | 2.35% | +0.12 |
| UNH Unitedhealth Group Inc. | Add +17.7% | 0.32% | +0.09 |
| WMS Advanced Drainage Systems Inc. | Add +11.4% | 0.54% | +0.09 |
| BSY Bentley Systems Inc. Class B | Add +12.4% | 1.06% | +0.09 |
| COST Costco Wholesale Corp. | Add +2.7% | 0.36% | +0.07 |
| HUBS HubSpot Inc. | Add +26.4% | 0.37% | +0.06 |
| SG Sweetgreen Inc. Class A | Add +1776.8% | 0.05% | +0.05 |
| DHR Danaher Corp. | Add +2.5% | 0.78% | +0.04 |
| NYT New York Times Co. Class A | Add +6.4% | 0.23% | +0.03 |
| DLR Digital Realty Trust Inc. | Add +9.6% | 1.22% | +0.03 |
| AMD Advanced Micro Devices | Add +3.6% | 1.45% | +0.03 |
| IT Gartner Inc. | Add +16.8% | 0.20% | +0.03 |
| ADBE Adobe Inc. | Add +7.7% | 0.38% | +0.03 |
| TEAM Atlassian Corp. Class A | Add +6.7% | 0.22% | +0.02 |
| WIX Wix.com Ltd. | Add +17.8% | 0.19% | +0.01 |
| CLH Clean Harbors Inc. | Add +0.3% | 1.79% | −0.01 |
| NOW ServiceNow Inc. | Add +14.6% | 3.15% | −0.01 |
| FOUR SHIFT4 Payments Inc. Class A | Add +2.8% | 0.87% | −0.06 |
| SPSC SPS Commerce Inc. | Add +12.7% | 1.18% | −0.07 |
| MANH Manhattan Associates Inc. | Add +15.3% | 0.96% | −0.16 |
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 |