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

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

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%
LH Labcorp Holdings Inc. 0.24% 20,015 $5.3M Add +14.8%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.23% 48,192 $5.2M Reduce -9.7%
NTRA Natera Inc. 0.23% 30,715 $5.2M Reduce -2.3%
DSGX The Descartes Systems Grp 0.23% 50,457 $5.1M Reduce -3.5%
SYK Stryker Corp. 0.22% 12,633 $5.0M Reduce -2.3%
NYT New York Times Co. Class A 0.22% 87,790 $4.9M Reduce -3.5%
VZ Verizon Communications Inc. 0.21% 110,342 $4.8M Reduce -10.7%
GDDY GoDaddy Inc. Class A 0.21% 26,474 $4.8M Reduce -3.5%
VRTX Vertex Pharmaceuticals Inc. 0.21% 10,598 $4.7M Add +33.2%
TEAM Atlassian Corp. Class A 0.21% 22,730 $4.6M Add +9.7%
AMZN Amazon.com Inc. 0.20% 20,021 $4.4M Add +9.4%
WIX Wix.com Ltd. 0.19% 26,914 $4.3M Add +16.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.19% 33,751 $4.2M Add +13.0%
IT Gartner Inc. 0.19% 10,352 $4.2M Add +11.2%
ALRM Alarm.com Holdings Inc. 0.18% 71,717 $4.1M Reduce -3.5%
CVS CVS Health Corp. 0.18% 58,627 $4.0M Reduce -12.4%
SHCO Soho House & Co. Inc. 0.18% 548,754 $4.0M Add +12.7%
MRK Merck & Co. Inc. 0.17% 47,963 $3.8M Reduce -2.1%
ORCL Oracle Corp. 0.17% 17,194 $3.8M Reduce -14.1%
TOST Toast Inc. Class A 0.17% 84,553 $3.7M Add +14.6%
SFM Sprouts Farmers Market Inc. 0.17% 22,708 $3.7M Reduce -14.0%
UNH Unitedhealth Group Inc. 0.16% 11,180 $3.5M Reduce -8.5%
EXAS Exact Sciences Corp. 0.15% 64,807 $3.4M Add +11.0%
PGNY Progyny Inc. 0.12% 123,967 $2.7M Add +53.7%
IQV Iqvia Holdings Inc. 0.11% 15,509 $2.4M Reduce -2.3%
ALNY Alnylam Pharmaceuticals Inc. 0.09% 6,118 $2.0M New

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

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