Thematics Asset Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Thematics Asset Management reported 126 stock positions worth $2.2 billion. Its top holding was Nvidia (NVDA) at 5.1% of the portfolio, followed by Synopsys (SNPS, 3.6%) and ServiceNow (NOW, 3.4%). Compared with Q1 2025, it opened 4 new positions, sold out of 4, added to 44 and reduced 60. The biggest buy was Microsoft (MSFT, shares +222%) and the biggest sale CrowdStrike Class A (CRWD, shares −51%).
- Most Recent 13F
- Q3 2025
- Location
- PARIS, I0
- CIK
- 0001956031
- Portfolio Value
- $2.2B (Q2 2025)
- SEC Filing
- 0001104659-25-077560 ↗ filed Aug 13, 2025
Holdings Value
Holdings 126 stocks · $2.2B
| NVDA Nvidia Corp. | 5.10% | 717,225 | $113.3M | Reduce -20.9% |
| SNPS Synopsys Inc. | 3.56% | 154,320 | $79.1M | Reduce -0.2% |
| NOW ServiceNow Inc. | 3.40% | 73,524 | $75.6M | Reduce -5.9% |
| CDNS Cadence Design SYS Inc. | 2.28% | 164,456 | $50.7M | Reduce -10.2% |
| SNOW Snowflake Inc. | 2.01% | 199,260 | $44.6M | Reduce -32.1% |
| CLH Clean Harbors Inc. | 1.98% | 190,837 | $44.1M | Add +6.0% |
| NVT Nvent Electric PLC | 1.97% | 597,416 | $43.8M | Reduce -14.7% |
| ECL Ecolab Inc. | 1.85% | 152,782 | $41.2M | Add +0.7% |
| ESTC Elastic NV | 1.80% | 474,937 | $40.1M | Add +11.8% |
| AMD Advanced Micro Devices | 1.78% | 279,623 | $39.7M | Add +0.3% |
| ISRG Intuitive Surgical Inc. | 1.76% | 72,019 | $39.1M | Reduce -0.8% |
| GOOGL Alphabet Inc. Class A | 1.71% | 215,607 | $38.0M | Reduce -10.6% |
| VRT Vertiv Holdings Co. Class A | 1.70% | 293,504 | $37.7M | Reduce -2.2% |
| CYBR Cyberark Software Ltd./Israel | 1.50% | 81,875 | $33.3M | Reduce -3.0% |
| PTC PTC Inc. | 1.49% | 192,142 | $33.1M | Reduce -6.3% |
| ZS Zscaler Inc. | 1.43% | 101,347 | $31.8M | Reduce -27.7% |
| HOLX Hologic Inc. | 1.36% | 465,696 | $30.3M | Reduce -0.2% |
| DXCM Dexcom Inc. | 1.33% | 337,686 | $29.5M | Add +7.1% |
| BSY Bentley Systems Inc. Class B | 1.29% | 531,483 | $28.7M | No change |
| EQIX Equinix Inc. | 1.26% | 35,354 | $28.1M | Add +1.0% |
| KLAC KLA Corp. | 1.25% | 30,964 | $27.7M | Reduce -14.9% |
| STE Steris PLC | 1.22% | 113,249 | $27.2M | Reduce -24.6% |
| MSI Motorola Solutions Inc. | 1.22% | 64,480 | $27.1M | Add +5.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.19% | 52,110 | $26.5M | Reduce -50.5% |
| MSFT Microsoft Corp. | 1.19% | 53,096 | $26.4M | Add +221.5% |
| DLR Digital Realty Trust Inc. | 1.18% | 150,439 | $26.2M | Reduce -10.9% |
| WAB Wabtec Corp. | 1.14% | 121,328 | $25.4M | Reduce -6.3% |
| OSIS Osi Systems Inc. | 1.14% | 112,583 | $25.3M | Reduce -9.8% |
| ROL Rollins Inc. | 1.13% | 446,251 | $25.2M | Reduce -4.8% |
| JBTM JBT Marel Corp. | 1.13% | 208,552 | $25.1M | No change |
| VRNS Varonis Systems Inc. | 1.08% | 472,848 | $24.0M | Reduce -5.1% |
| SPSC SPS Commerce Inc. | 1.07% | 175,190 | $23.8M | No change |
| SYM Symbotic Inc. | 1.07% | 611,494 | $23.8M | Reduce -17.4% |
| MDB Mongodb Inc. | 1.07% | 112,813 | $23.7M | No change |
| TYL Tyler Technologies Inc. | 1.04% | 38,978 | $23.1M | Add +23.6% |
| PRCT Procept Biorobotics Corp. | 1.02% | 394,709 | $22.7M | Add +74.5% |
| AXON Axon Enterprise Inc. | 1.01% | 27,092 | $22.4M | Reduce -11.7% |
| CNM Core & Main Inc. Class A | 0.99% | 364,000 | $22.0M | Reduce -6.4% |
| MANH Manhattan Associates Inc. | 0.97% | 109,238 | $21.6M | No change |
| FISV Fiserv Inc. | 0.96% | 123,845 | $21.4M | Add +112.4% |
| TMO Thermo Fisher Scientific Inc. | 0.95% | 51,837 | $21.0M | Add +2.0% |
| PANW Palo Alto Networks Inc. | 0.94% | 102,110 | $20.9M | Reduce -3.5% |
| ROP Roper Technologies Inc. | 0.94% | 36,820 | $20.9M | No change |
| WCN Waste Connections Inc. | 0.93% | 110,469 | $20.6M | No change |
| AVGO Broadcom Inc. | 0.92% | 73,842 | $20.4M | Add +91.3% |
| FOUR SHIFT4 Payments Inc. Class A | 0.87% | 194,457 | $19.3M | Reduce -7.3% |
| S Sentinelone Inc. Class A | 0.85% | 1,029,562 | $18.8M | Add +6.5% |
| APG Api Group Corp. | 0.83% | 540,542 | $18.4M | Reduce -26.8% |
| ADSK Autodesk Inc. | 0.81% | 58,332 | $18.1M | No change |
| WMS Advanced Drainage Systems Inc. | 0.78% | 150,500 | $17.3M | Add +54.4% |
| IEX Idex Corp. | 0.77% | 97,154 | $17.1M | Add +4.3% |
| MSA Msa Safety Inc. | 0.76% | 100,300 | $16.8M | Reduce -10.9% |
| DHR Danaher Corp. | 0.75% | 84,702 | $16.7M | Add +12.5% |
| XYL Xylem Inc. | 0.75% | 128,669 | $16.6M | No change |
| FERG Ferguson Enterprises Inc. | 0.73% | 74,804 | $16.3M | No change |
| MDT Medtronic PLC | 0.72% | 184,899 | $16.1M | Reduce -6.7% |
| WTRG Essential Utilities Inc. | 0.69% | 412,726 | $15.3M | Reduce -6.8% |
| LFUS Littelfuse Inc. | 0.65% | 63,458 | $14.4M | Reduce -10.8% |
| CYRX Cryoport Inc. | 0.64% | 1,914,885 | $14.3M | Add +12.8% |
| CTAS Cintas Corp. | 0.64% | 63,458 | $14.1M | Add +1.7% |
| CLBT Cellebrite Di Ltd. | 0.63% | 869,926 | $13.9M | New |
| WM Waste Management Inc. | 0.61% | 59,403 | $13.6M | No change |
| ACM Aecom | 0.60% | 118,081 | $13.3M | Add +18.0% |
| VLTO Veralto Corp. | 0.59% | 129,882 | $13.1M | Add +8.3% |
| OKTA Okta Inc. | 0.58% | 129,977 | $13.0M | Add +1.6% |
| MTD Mettler-Toledo International | 0.58% | 10,930 | $12.8M | No change |
| PNR Pentair PLC | 0.55% | 119,237 | $12.2M | No change |
| TRU Transunion | 0.54% | 136,119 | $12.0M | Reduce -11.3% |
| AIT Applied Industrial Tech Inc. | 0.54% | 51,335 | $11.9M | Add +27.3% |
| AWK American Water Works Co. Inc. | 0.54% | 85,742 | $11.9M | Reduce -6.5% |
| APTV Aptiv PLC | 0.51% | 166,672 | $11.4M | New |
| TTEK Tetra Tech Inc. | 0.51% | 315,750 | $11.4M | Add +58.9% |
| HQY Healthequity Inc. | 0.48% | 102,009 | $10.7M | Reduce -8.8% |
| A Agilent Technologies Inc. | 0.48% | 89,657 | $10.6M | No change |
| GRMN Garmin Ltd. | 0.47% | 49,597 | $10.4M | Reduce -5.3% |
| AOS Smith (a.o.) Corp. | 0.43% | 147,000 | $9.6M | No change |
| GNRC Generac Holdings Inc. | 0.43% | 66,532 | $9.5M | Add +0.1% |
| MSEX Middlesex Water Co. | 0.42% | 171,000 | $9.3M | Reduce -5.5% |
| RPD RAPID7 Inc. | 0.41% | 390,978 | $9.0M | Add +1.1% |
| NDAQ Nasdaq Inc. | 0.40% | 100,078 | $8.9M | Reduce -3.3% |
| SPGI S&P Global Inc. | 0.38% | 16,223 | $8.6M | Add +2.5% |
| BSX Boston Scientific Corp. | 0.37% | 76,078 | $8.2M | Reduce -2.3% |
| INTU Intuit Inc. | 0.36% | 10,062 | $7.9M | Reduce -3.4% |
| MSCI MSCI Inc. | 0.35% | 13,346 | $7.7M | Reduce -3.3% |
| HUBS HubSpot Inc. | 0.34% | 13,768 | $7.7M | Add +8.2% |
| TTC Toro Co. | 0.34% | 105,473 | $7.5M | No change |
| MOD Modine Manufacturing Co. | 0.33% | 75,000 | $7.4M | Add +114.3% |
| CSGP Costar Group Inc. | 0.33% | 90,824 | $7.3M | Reduce -3.5% |
| ADBE Adobe Inc. | 0.33% | 18,748 | $7.3M | Reduce -3.3% |
| COST Costco Wholesale Corp. | 0.33% | 7,322 | $7.2M | Reduce -3.4% |
| MAS Masco Corp. | 0.33% | 112,517 | $7.2M | No change |
| ZWS Zurn Elkay Water Solutions C | 0.32% | 197,277 | $7.2M | Add +17.9% |
| CWT California Water Service Grp | 0.32% | 154,470 | $7.0M | No change |
| LLY Eli Lilly & Co. | 0.30% | 8,655 | $6.7M | Add +28.6% |
| TMUS T-Mobile US Inc. | 0.30% | 27,939 | $6.7M | Add +13.9% |
| ARGX Argenx SE - ADR | 0.29% | 11,576 | $6.4M | New |
| ALC Alcon Inc. filed as ALCON AG | 0.28% | 71,249 | $6.3M | Reduce -7.9% |
| PLNT Planet Fitness Inc. Class A | 0.28% | 56,507 | $6.2M | Reduce -3.5% |
| HTO H2O America | 0.25% | 106,246 | $5.5M | Add +10.4% |
| NFLX Netflix Inc. | 0.24% | 3,996 | $5.4M | Reduce -13.4% |
Portfolio Sells Q1 2025 → Q2 2025
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -50.5% | 1.19% | −0.69 |
| ROK Rockwell Automation Inc. | Sold out | 0.00% | −0.62 |
| APG Api Group Corp. | Reduce -26.8% | 0.83% | −0.51 |
| STE Steris PLC | Reduce -24.6% | 1.22% | −0.50 |
| GNTX Gentex Corp. | Sold out | 0.00% | −0.48 |
| WTRG Essential Utilities Inc. | Reduce -6.8% | 0.69% | −0.20 |
| GOOGL Alphabet Inc. Class A | Reduce -10.6% | 1.71% | −0.18 |
| MDT Medtronic PLC | Reduce -6.7% | 0.72% | −0.18 |
| MSEX Middlesex Water Co. | Reduce -5.5% | 0.42% | −0.17 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −0.17 |
| UNH Unitedhealth Group Inc. | Reduce -8.5% | 0.16% | −0.17 |
| SNOW Snowflake Inc. | Reduce -32.1% | 2.01% | −0.16 |
| AWK American Water Works Co. Inc. | Reduce -6.5% | 0.54% | −0.15 |
| ROL Rollins Inc. | Reduce -4.8% | 1.13% | −0.15 |
| PTC PTC Inc. | Reduce -6.3% | 1.49% | −0.12 |
| GRMN Garmin Ltd. | Reduce -5.3% | 0.47% | −0.11 |
| TRU Transunion | Reduce -11.3% | 0.54% | −0.11 |
| HOLX Hologic Inc. | Reduce -0.2% | 1.36% | −0.09 |
| ALC Alcon Inc. | Reduce -7.9% | 0.28% | −0.09 |
| OSIS Osi Systems Inc. | Reduce -9.8% | 1.14% | −0.09 |
| MSA Msa Safety Inc. | Reduce -10.9% | 0.76% | −0.08 |
| CDNS Cadence Design SYS Inc. | Reduce -10.2% | 2.28% | −0.08 |
| BJ Bj's Wholesale Club Holdings | Reduce -9.7% | 0.23% | −0.07 |
| VZ Verizon Communications Inc. | Reduce -10.7% | 0.21% | −0.07 |
| LFUS Littelfuse Inc. | Reduce -10.8% | 0.65% | −0.06 |
| ISRG Intuitive Surgical Inc. | Reduce -0.8% | 1.76% | −0.06 |
| MRK Merck & Co. Inc. | Reduce -2.1% | 0.17% | −0.05 |
| SG Sweetgreen Inc. Class A | Sold out | 0.00% | −0.05 |
| ADBE Adobe Inc. | Reduce -3.3% | 0.33% | −0.05 |
| MSCI MSCI Inc. | Reduce -3.3% | 0.35% | −0.05 |
| CSGP Costar Group Inc. | Reduce -3.5% | 0.33% | −0.05 |
| CVS CVS Health Corp. | Reduce -12.4% | 0.18% | −0.05 |
| WAB Wabtec Corp. | Reduce -6.3% | 1.14% | −0.04 |
| DLR Digital Realty Trust Inc. | Reduce -10.9% | 1.18% | −0.04 |
| COST Costco Wholesale Corp. | Reduce -3.4% | 0.33% | −0.04 |
| DSGX The Descartes Systems Grp | Reduce -3.5% | 0.23% | −0.04 |
| SFM Sprouts Farmers Market Inc. | Reduce -14.0% | 0.17% | −0.04 |
| GDDY GoDaddy Inc. Class A | Reduce -3.5% | 0.21% | −0.04 |
| IQV Iqvia Holdings Inc. | Reduce -2.3% | 0.11% | −0.03 |
| BSX Boston Scientific Corp. | Reduce -2.3% | 0.37% | −0.03 |
| ALRM Alarm.com Holdings Inc. | Reduce -3.5% | 0.18% | −0.03 |
| HQY Healthequity Inc. | Reduce -8.8% | 0.48% | −0.02 |
| SYK Stryker Corp. | Reduce -2.3% | 0.22% | −0.02 |
| PLNT Planet Fitness Inc. Class A | Reduce -3.5% | 0.28% | −0.01 |
| NYT New York Times Co. Class A | Reduce -3.5% | 0.22% | −0.01 |
| KLAC KLA Corp. | Reduce -14.9% | 1.25% | −0.00 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -7.3% | 0.87% | +0.00 |
| NDAQ Nasdaq Inc. | Reduce -3.3% | 0.40% | +0.01 |
| NTRA Natera Inc. | Reduce -2.3% | 0.23% | +0.01 |
| NFLX Netflix Inc. | Reduce -13.4% | 0.24% | +0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +221.5% | 1.19% | +0.87 |
| CLBT Cellebrite Di Ltd. | New | 0.63% | +0.63 |
| AVGO Broadcom Inc. | Add +91.3% | 0.92% | +0.59 |
| APTV Aptiv PLC | New | 0.51% | +0.51 |
| PRCT Procept Biorobotics Corp. | Add +74.5% | 1.02% | +0.36 |
| AMD Advanced Micro Devices | Add +0.3% | 1.78% | +0.34 |
| FISV Fiserv Inc. | Add +112.4% | 0.96% | +0.31 |
| ARGX Argenx SE - ADR | New | 0.29% | +0.29 |
| WMS Advanced Drainage Systems Inc. | Add +54.4% | 0.78% | +0.24 |
| DXCM Dexcom Inc. | Add +7.1% | 1.33% | +0.24 |
| TTEK Tetra Tech Inc. | Add +58.9% | 0.51% | +0.22 |
| MOD Modine Manufacturing Co. | Add +114.3% | 0.33% | +0.20 |
| CLH Clean Harbors Inc. | Add +6.0% | 1.98% | +0.19 |
| ACM Aecom | Add +18.0% | 0.60% | +0.13 |
| CYRX Cryoport Inc. | Add +12.8% | 0.64% | +0.12 |
| TYL Tyler Technologies Inc. | Add +23.6% | 1.04% | +0.11 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 0.09% | +0.09 |
| AIT Applied Industrial Tech Inc. | Add +27.3% | 0.54% | +0.08 |
| ZWS Zurn Elkay Water Solutions C | Add +17.9% | 0.32% | +0.05 |
| TOST Toast Inc. Class A | Add +14.6% | 0.17% | +0.04 |
| DIS The Walt Disney Co. | Add +13.0% | 0.19% | +0.04 |
| PGNY Progyny Inc. | Add +53.7% | 0.12% | +0.03 |
| LH Labcorp Holdings Inc. | Add +14.8% | 0.24% | +0.03 |
| SHCO Soho House & Co. Inc. | Add +12.7% | 0.18% | +0.03 |
| EXAS Exact Sciences Corp. | Add +11.0% | 0.15% | +0.03 |
| LLY Eli Lilly & Co. | Add +28.6% | 0.30% | +0.02 |
| AMZN Amazon.com Inc. | Add +9.4% | 0.20% | +0.02 |
| VRTX Vertex Pharmaceuticals Inc. | Add +33.2% | 0.21% | +0.02 |
| GNRC Generac Holdings Inc. | Add +0.1% | 0.43% | +0.00 |
| WIX Wix.com Ltd. | Add +16.8% | 0.19% | +0.00 |
| VLTO Veralto Corp. | Add +8.3% | 0.59% | −0.00 |
| IT Gartner Inc. | Add +11.2% | 0.19% | −0.01 |
| CTAS Cintas Corp. | Add +1.7% | 0.64% | −0.01 |
| TEAM Atlassian Corp. Class A | Add +9.7% | 0.21% | −0.01 |
| HTO H2O America | Add +10.4% | 0.25% | −0.02 |
| SPGI S&P Global Inc. | Add +2.5% | 0.38% | −0.02 |
| HUBS HubSpot Inc. | Add +8.2% | 0.34% | −0.02 |
| DHR Danaher Corp. | Add +12.5% | 0.75% | −0.03 |
| TMUS T-Mobile US Inc. | Add +13.9% | 0.30% | −0.03 |
| S Sentinelone Inc. Class A | Add +6.5% | 0.85% | −0.04 |
| IEX Idex Corp. | Add +4.3% | 0.77% | −0.09 |
| ECL Ecolab Inc. | Add +0.7% | 1.85% | −0.09 |
| OKTA Okta Inc. | Add +1.6% | 0.58% | −0.10 |
| RPD RAPID7 Inc. | Add +1.1% | 0.41% | −0.11 |
| ESTC Elastic NV | Add +11.8% | 1.80% | −0.11 |
| MSI Motorola Solutions Inc. | Add +5.0% | 1.22% | −0.14 |
| EQIX Equinix Inc. | Add +1.0% | 1.26% | −0.18 |
| TMO Thermo Fisher Scientific Inc. | Add +2.0% | 0.95% | −0.33 |
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 |