Thematics Asset Management

Name: Thematics Asset Management 13F holdings, Q1 2025
Creator: Thematics Asset Management
Published: 2025-05-14

Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

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%
HTO H2O America filed as SJW GROUP	0.27%	96,246	$5.3M	No change
GDDY GoDaddy Inc. Class A	0.25%	27,422	$4.9M	Reduce -17.8%
SYK Stryker Corp.	0.24%	12,929	$4.8M	Add +3669.4%
CVS CVS Health Corp.	0.23%	66,911	$4.5M	Reduce -13.1%
NYT New York Times Co. Class A	0.23%	90,932	$4.5M	Add +6.4%
NTRA Natera Inc.	0.22%	31,426	$4.4M	Reduce -36.3%
MRK Merck & Co. Inc.	0.22%	49,015	$4.4M	Reduce -33.5%
TEAM Atlassian Corp. Class A	0.22%	20,722	$4.4M	Add +6.7%
NFLX Netflix Inc.	0.22%	4,615	$4.3M	Reduce -13.4%
ALRM Alarm.com Holdings Inc.	0.21%	74,284	$4.1M	Reduce -2.2%
LH Labcorp Holdings Inc.	0.21%	17,443	$4.1M	Reduce -30.8%
SFM Sprouts Farmers Market Inc.	0.20%	26,410	$4.0M	Reduce -42.7%
IT Gartner Inc.	0.20%	9,309	$3.9M	Add +16.8%
VRTX Vertex Pharmaceuticals Inc.	0.20%	7,956	$3.9M	Add +5032.9%
WIX Wix.com Ltd.	0.19%	23,042	$3.8M	Add +17.8%
AMZN Amazon.com Inc.	0.18%	18,298	$3.5M	Reduce -6.2%
BPMC Blueprint Medicines Corp.	0.17%	37,601	$3.3M	Add +4452.2%
SHCO Soho House & Co. Inc.	0.15%	487,026	$3.0M	Reduce -1.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.15%	29,863	$2.9M	Reduce -2.2%
IQV Iqvia Holdings Inc.	0.14%	15,875	$2.8M	Add +3991.5%
ORCL Oracle Corp.	0.14%	20,010	$2.8M	Reduce -26.4%
MOD Modine Manufacturing Co.	0.14%	35,000	$2.7M	New
EXAS Exact Sciences Corp.	0.13%	58,406	$2.5M	Reduce -33.3%
TOST Toast Inc. Class A	0.12%	73,771	$2.4M	New
PGNY Progyny Inc.	0.09%	80,655	$1.8M	Reduce -28.3%
SG Sweetgreen Inc. Class A	0.05%	40,389	$1.0M	Add +1776.8%

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