Thematics Asset Management

Name: Thematics Asset Management 13F holdings, Q3 2025
Creator: Thematics Asset Management
Published: 2025-11-14

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

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Thematics Asset Management reported 125 stock positions worth $2.2 billion. Its top holding was Nvidia (NVDA) at 4.9% of the portfolio, followed by ServiceNow (NOW, 3.3%) and Synopsys (SNPS, 3.2%). Compared with Q2 2025, it opened 4 new positions, sold out of 5, added to 42 and reduced 56. The biggest buy was a new position in Jfrog (FROG) and the biggest sale an exit from Cyberark Software Ltd./Israel (CYBR).

Most Recent 13F: Q3 2025
Location: PARIS, I0
CIK: 0001956031
Portfolio Value: $2.2B (Q3 2025)
SEC Filing: 0001104659-25-111995 ↗ filed Nov 14, 2025

Holdings Value

Holdings 125 stocks · $2.2B


NVDA Nvidia Corp.	4.92%	581,083	$108.4M	Reduce -19.0%
NOW ServiceNow Inc.	3.32%	79,558	$73.2M	Add +8.2%
SNPS Synopsys Inc.	3.19%	142,535	$70.3M	Reduce -7.6%
CDNS Cadence Design SYS Inc.	2.34%	146,965	$51.6M	Reduce -10.6%
SNOW Snowflake Inc.	2.04%	199,260	$44.9M	No change
CLH Clean Harbors Inc.	2.03%	192,300	$44.7M	Add +0.8%
ESTC Elastic NV	2.01%	523,283	$44.2M	Add +10.2%
GOOGL Alphabet Inc. Class A	1.99%	180,819	$44.0M	Reduce -16.1%
PTC PTC Inc.	1.95%	211,207	$42.9M	Add +9.9%
NVT Nvent Electric PLC	1.90%	424,873	$41.9M	Reduce -28.9%
VRT Vertiv Holdings Co. Class A	1.82%	265,879	$40.1M	Reduce -9.4%
ECL Ecolab Inc.	1.68%	134,873	$36.9M	Reduce -11.7%
ISRG Intuitive Surgical Inc.	1.58%	77,935	$34.9M	Add +8.2%
MSFT Microsoft Corp.	1.57%	66,712	$34.6M	Add +25.6%
CRWD CrowdStrike Holdings Inc. Class A	1.48%	66,702	$32.7M	Add +28.0%
MDB Mongodb Inc.	1.47%	104,601	$32.5M	Reduce -7.3%
HOLX Hologic Inc.	1.43%	466,255	$31.5M	Add +0.1%
TMO Thermo Fisher Scientific Inc.	1.33%	60,484	$29.3M	Add +16.7%
JBTM JBT Marel Corp.	1.33%	208,552	$29.3M	No change
MSI Motorola Solutions Inc.	1.33%	63,926	$29.2M	Reduce -0.9%
STE Steris PLC	1.29%	114,736	$28.4M	Add +1.3%
AVGO Broadcom Inc.	1.29%	85,831	$28.3M	Add +16.2%
ZS Zscaler Inc.	1.28%	94,104	$28.2M	Reduce -7.2%
BSY Bentley Systems Inc. Class B	1.24%	531,483	$27.4M	No change
EQIX Equinix Inc.	1.23%	34,582	$27.1M	Reduce -2.2%
OSIS Osi Systems Inc.	1.20%	106,411	$26.5M	Reduce -5.5%
ROL Rollins Inc.	1.20%	450,005	$26.4M	Add +0.8%
DLR Digital Realty Trust Inc.	1.19%	151,408	$26.2M	Add +0.6%
APG Api Group Corp.	1.16%	744,569	$25.6M	Reduce -8.2%
AMD Advanced Micro Devices	1.14%	155,867	$25.2M	Reduce -44.3%
VRNS Varonis Systems Inc.	1.13%	434,697	$25.0M	Reduce -8.1%
DXCM Dexcom Inc.	1.11%	362,294	$24.4M	Add +7.3%
KLAC KLA Corp.	1.07%	21,938	$23.7M	Reduce -29.1%
PANW Palo Alto Networks Inc.	1.04%	112,364	$22.9M	Add +10.0%
APTV Aptiv PLC	1.02%	261,454	$22.5M	Add +56.9%
CNM Core & Main Inc. Class A	1.02%	418,000	$22.5M	Add +14.8%
PRCT Procept Biorobotics Corp.	1.02%	630,053	$22.5M	Add +59.6%
MANH Manhattan Associates Inc.	1.02%	109,238	$22.4M	No change
WCN Waste Connections Inc.	0.95%	118,469	$20.8M	Add +7.2%
SPSC SPS Commerce Inc.	0.93%	196,914	$20.5M	Add +12.4%
S Sentinelone Inc. Class A	0.93%	1,158,750	$20.4M	Add +12.6%
WMS Advanced Drainage Systems Inc.	0.92%	145,500	$20.2M	Reduce -3.3%
CLBT Cellebrite Di Ltd.	0.90%	1,066,850	$19.8M	Add +22.6%
WAB Wabtec Corp.	0.86%	94,141	$18.9M	Reduce -22.4%
TYL Tyler Technologies Inc.	0.83%	35,170	$18.4M	Reduce -9.8%
ROP Roper Technologies Inc.	0.83%	36,820	$18.4M	No change
AXON Axon Enterprise Inc.	0.83%	25,568	$18.3M	Reduce -5.6%
ADSK Autodesk Inc.	0.83%	57,386	$18.2M	Reduce -1.6%
DHR Danaher Corp.	0.83%	91,702	$18.2M	Add +8.3%
MDT Medtronic PLC	0.80%	184,899	$17.6M	No change
IEX Idex Corp.	0.80%	108,154	$17.6M	Add +11.3%
WTRG Essential Utilities Inc.	0.75%	412,726	$16.5M	No change
FROG Jfrog Ltd.	0.74%	346,739	$16.4M	New
XYL Xylem Inc.	0.73%	109,373	$16.1M	Reduce -15.0%
ZBRA Zebra Technologies Corp. Class A	0.72%	53,188	$15.8M	New
CYRX Cryoport Inc.	0.70%	1,638,623	$15.5M	Reduce -14.4%
FERG Ferguson Enterprises Inc.	0.70%	68,804	$15.5M	Reduce -8.0%
FOUR SHIFT4 Payments Inc. Class A	0.69%	196,367	$15.2M	Add +1.0%
LFUS Littelfuse Inc.	0.69%	58,303	$15.1M	Reduce -8.1%
MSA Msa Safety Inc.	0.68%	86,935	$15.0M	Reduce -13.3%
ACM Aecom	0.66%	112,081	$14.6M	Reduce -5.1%
VLTO Veralto Corp.	0.63%	129,882	$13.8M	No change
SYM Symbotic Inc.	0.62%	255,465	$13.8M	Reduce -58.2%
AIT Applied Industrial Tech Inc.	0.61%	51,335	$13.4M	No change
PNR Pentair PLC	0.60%	119,237	$13.2M	No change
WM Waste Management Inc.	0.60%	59,403	$13.1M	No change
GNRC Generac Holdings Inc.	0.59%	77,742	$13.0M	Add +16.9%
FISV Fiserv Inc.	0.56%	96,135	$12.4M	Reduce -22.4%
FBIN Fortune Brands Innovations I	0.56%	230,136	$12.3M	New
TRU Transunion	0.55%	144,722	$12.1M	Add +6.3%
AWK American Water Works Co. Inc.	0.54%	85,742	$11.9M	No change
TTEK Tetra Tech Inc.	0.52%	345,750	$11.5M	Add +9.5%
A Agilent Technologies Inc.	0.52%	89,657	$11.5M	No change
AOS Smith (a.o.) Corp.	0.49%	147,000	$10.8M	No change
MOD Modine Manufacturing Co.	0.43%	67,000	$9.5M	Reduce -10.7%
HQY Healthequity Inc.	0.43%	99,242	$9.4M	Reduce -2.7%
ZWS Zurn Elkay Water Solutions C	0.42%	197,277	$9.3M	No change
MSEX Middlesex Water Co.	0.42%	171,000	$9.3M	No change
CTAS Cintas Corp.	0.42%	44,997	$9.2M	Reduce -29.1%
ARGX Argenx SE - ADR	0.39%	11,576	$8.5M	No change
NDAQ Nasdaq Inc.	0.38%	95,567	$8.5M	Reduce -4.5%
BSX Boston Scientific Corp.	0.37%	83,346	$8.1M	Add +9.6%
INTU Intuit Inc.	0.35%	11,327	$7.7M	Add +12.6%
SPGI S&P Global Inc.	0.34%	15,488	$7.5M	Reduce -4.5%
MSCI MSCI Inc.	0.33%	12,742	$7.2M	Reduce -4.5%
RPD RAPID7 Inc.	0.32%	376,738	$7.1M	Reduce -3.6%
HUBS HubSpot Inc.	0.31%	14,553	$6.8M	Add +5.7%
CSGP Costar Group Inc.	0.31%	79,915	$6.7M	Reduce -12.0%
LLY Eli Lilly & Co.	0.30%	8,655	$6.6M	No change
COST Costco Wholesale Corp.	0.29%	6,978	$6.5M	Reduce -4.7%
HTO H2O America	0.29%	132,246	$6.4M	Add +24.5%
TMUS T-Mobile US Inc.	0.29%	26,625	$6.4M	Reduce -4.7%
ADBE Adobe Inc.	0.29%	17,899	$6.3M	Reduce -4.5%
LH Labcorp Holdings Inc.	0.28%	21,459	$6.2M	Add +7.2%
MAS Masco Corp.	0.27%	83,517	$5.9M	Reduce -25.8%
SYK Stryker Corp.	0.25%	15,021	$5.6M	Add +18.9%
PLNT Planet Fitness Inc. Class A	0.25%	52,483	$5.4M	Reduce -7.1%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC	0.24%	57,453	$5.4M	Add +19.2%
ALC Alcon Inc. filed as ALCON AG	0.24%	71,249	$5.3M	No change
VRTX Vertex Pharmaceuticals Inc.	0.22%	12,629	$4.9M	Add +19.2%
NTRA Natera Inc.	0.22%	30,715	$4.9M	No change
ORCL Oracle Corp.	0.22%	17,434	$4.9M	Add +1.4%
MTD Mettler-Toledo International	0.22%	3,901	$4.8M	Reduce -64.3%
VZ Verizon Communications Inc.	0.21%	105,154	$4.6M	Reduce -4.7%
CWT California Water Service Grp	0.21%	100,470	$4.6M	Reduce -35.0%
TTC Toro Co.	0.21%	60,473	$4.6M	Reduce -42.7%
NFLX Netflix Inc.	0.21%	3,809	$4.6M	Reduce -4.7%
WIX Wix.com Ltd.	0.21%	25,648	$4.6M	Reduce -4.7%
DSGX The Descartes Systems Grp	0.21%	48,085	$4.5M	Reduce -4.7%
CVS CVS Health Corp.	0.20%	58,627	$4.4M	No change
NYT New York Times Co. Class A	0.19%	71,462	$4.1M	Reduce -18.6%
MRK Merck & Co. Inc.	0.18%	47,963	$4.0M	No change
UNIT Uniti Group Inc.	0.18%	637,271	$3.9M	New
EXAS Exact Sciences Corp.	0.18%	71,253	$3.9M	Add +9.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.17%	33,564	$3.8M	Reduce -0.6%
AMZN Amazon.com Inc.	0.17%	17,195	$3.8M	Reduce -14.1%
IQV Iqvia Holdings Inc.	0.17%	19,631	$3.7M	Add +26.6%
ALRM Alarm.com Holdings Inc.	0.16%	68,345	$3.6M	Reduce -4.7%
GRMN Garmin Ltd.	0.16%	14,528	$3.6M	Reduce -70.7%
TOST Toast Inc. Class A	0.16%	95,612	$3.5M	Add +13.1%
TEAM Atlassian Corp. Class A	0.16%	21,661	$3.5M	Reduce -4.7%
UNH Unitedhealth Group Inc.	0.14%	9,243	$3.2M	Reduce -17.3%
SFM Sprouts Farmers Market Inc.	0.13%	27,284	$3.0M	Add +20.1%
ALNY Alnylam Pharmaceuticals Inc.	0.13%	6,125	$2.8M	Add +0.1%
PGNY Progyny Inc.	0.12%	123,967	$2.7M	No change

Portfolio Sells Q2 2025 → Q3 2025


CYBR Cyberark Software Ltd./Israel	Sold out	0.00%	−1.50
AMD Advanced Micro Devices	Reduce -44.3%	1.14%	−0.64
OKTA Okta Inc.	Sold out	0.00%	−0.58
SYM Symbotic Inc.	Reduce -58.2%	0.62%	−0.44
FISV Fiserv Inc.	Reduce -22.4%	0.56%	−0.40
SNPS Synopsys Inc.	Reduce -7.6%	3.19%	−0.37
MTD Mettler-Toledo International	Reduce -64.3%	0.22%	−0.36
GRMN Garmin Ltd.	Reduce -70.7%	0.16%	−0.30
WAB Wabtec Corp.	Reduce -22.4%	0.86%	−0.29
CTAS Cintas Corp.	Reduce -29.1%	0.42%	−0.22
GDDY GoDaddy Inc. Class A	Sold out	0.00%	−0.21
TYL Tyler Technologies Inc.	Reduce -9.8%	0.83%	−0.20
IT Gartner Inc.	Sold out	0.00%	−0.19
SHCO Soho House & Co. Inc.	Sold out	0.00%	−0.18
AXON Axon Enterprise Inc.	Reduce -5.6%	0.83%	−0.18
NVDA Nvidia Corp.	Reduce -19.0%	4.92%	−0.18
ECL Ecolab Inc.	Reduce -11.7%	1.68%	−0.18
KLAC KLA Corp.	Reduce -29.1%	1.07%	−0.17
ZS Zscaler Inc.	Reduce -7.2%	1.28%	−0.15
TTC Toro Co.	Reduce -42.7%	0.21%	−0.13
CWT California Water Service Grp	Reduce -35.0%	0.21%	−0.11
RPD RAPID7 Inc.	Reduce -3.6%	0.32%	−0.09
MSA Msa Safety Inc.	Reduce -13.3%	0.68%	−0.08
NVT Nvent Electric PLC	Reduce -28.9%	1.90%	−0.07
MAS Masco Corp.	Reduce -25.8%	0.27%	−0.06
HQY Healthequity Inc.	Reduce -2.7%	0.43%	−0.05
TEAM Atlassian Corp. Class A	Reduce -4.7%	0.16%	−0.05
SPGI S&P Global Inc.	Reduce -4.5%	0.34%	−0.04
ADBE Adobe Inc.	Reduce -4.5%	0.29%	−0.04
EQIX Equinix Inc.	Reduce -2.2%	1.23%	−0.04
NYT New York Times Co. Class A	Reduce -18.6%	0.19%	−0.03
NFLX Netflix Inc.	Reduce -4.7%	0.21%	−0.03
COST Costco Wholesale Corp.	Reduce -4.7%	0.29%	−0.03
FERG Ferguson Enterprises Inc.	Reduce -8.0%	0.70%	−0.03
PLNT Planet Fitness Inc. Class A	Reduce -7.1%	0.25%	−0.03
AMZN Amazon.com Inc.	Reduce -14.1%	0.17%	−0.03
DSGX The Descartes Systems Grp	Reduce -4.7%	0.21%	−0.03
CSGP Costar Group Inc.	Reduce -12.0%	0.31%	−0.02
NDAQ Nasdaq Inc.	Reduce -4.5%	0.38%	−0.02
MSCI MSCI Inc.	Reduce -4.5%	0.33%	−0.02
ALRM Alarm.com Holdings Inc.	Reduce -4.7%	0.16%	−0.02
XYL Xylem Inc.	Reduce -15.0%	0.73%	−0.02
DIS The Walt Disney Co.	Reduce -0.6%	0.17%	−0.01
UNH Unitedhealth Group Inc.	Reduce -17.3%	0.14%	−0.01
TMUS T-Mobile US Inc.	Reduce -4.7%	0.29%	−0.01
VZ Verizon Communications Inc.	Reduce -4.7%	0.21%	−0.01
WIX Wix.com Ltd.	Reduce -4.7%	0.21%	+0.01
ADSK Autodesk Inc.	Reduce -1.6%	0.83%	+0.02
LFUS Littelfuse Inc.	Reduce -8.1%	0.69%	+0.04
VRNS Varonis Systems Inc.	Reduce -8.1%	1.13%	+0.05

Portfolio Buys Q2 2025 → Q3 2025


FROG Jfrog Ltd.	New	0.74%	+0.74
ZBRA Zebra Technologies Corp. Class A	New	0.72%	+0.72
FBIN Fortune Brands Innovations I	New	0.56%	+0.56
APTV Aptiv PLC	Add +56.9%	1.02%	+0.51
PTC PTC Inc.	Add +9.9%	1.95%	+0.46
TMO Thermo Fisher Scientific Inc.	Add +16.7%	1.33%	+0.39
MSFT Microsoft Corp.	Add +25.6%	1.57%	+0.38
AVGO Broadcom Inc.	Add +16.2%	1.29%	+0.37
CRWD CrowdStrike Holdings Inc. Class A	Add +28.0%	1.48%	+0.29
CLBT Cellebrite Di Ltd.	Add +22.6%	0.90%	+0.27
ESTC Elastic NV	Add +10.2%	2.01%	+0.21
UNIT Uniti Group Inc.	New	0.18%	+0.18
GNRC Generac Holdings Inc.	Add +16.9%	0.59%	+0.16
PANW Palo Alto Networks Inc.	Add +10.0%	1.04%	+0.10
S Sentinelone Inc. Class A	Add +12.6%	0.93%	+0.08
DHR Danaher Corp.	Add +8.3%	0.83%	+0.07
ROL Rollins Inc.	Add +0.8%	1.20%	+0.07
STE Steris PLC	Add +1.3%	1.29%	+0.06
HOLX Hologic Inc.	Add +0.1%	1.43%	+0.06
IQV Iqvia Holdings Inc.	Add +26.6%	0.17%	+0.06
ORCL Oracle Corp.	Add +1.4%	0.22%	+0.05
HTO H2O America	Add +24.5%	0.29%	+0.04
LH Labcorp Holdings Inc.	Add +7.2%	0.28%	+0.04
CLH Clean Harbors Inc.	Add +0.8%	2.03%	+0.04
ALNY Alnylam Pharmaceuticals Inc.	Add +0.1%	0.13%	+0.04
CNM Core & Main Inc. Class A	Add +14.8%	1.02%	+0.03
IEX Idex Corp.	Add +11.3%	0.80%	+0.03
SYK Stryker Corp.	Add +18.9%	0.25%	+0.03
EXAS Exact Sciences Corp.	Add +9.9%	0.18%	+0.02
WCN Waste Connections Inc.	Add +7.2%	0.95%	+0.02
TTEK Tetra Tech Inc.	Add +9.5%	0.52%	+0.01
VRTX Vertex Pharmaceuticals Inc.	Add +19.2%	0.22%	+0.01
TRU Transunion	Add +6.3%	0.55%	+0.01
BJ Bj's Wholesale Club Holdings	Add +19.2%	0.24%	+0.01
DLR Digital Realty Trust Inc.	Add +0.6%	1.19%	+0.01
BSX Boston Scientific Corp.	Add +9.6%	0.37%	+0.00
PRCT Procept Biorobotics Corp.	Add +59.6%	1.02%	−0.00
INTU Intuit Inc.	Add +12.6%	0.35%	−0.01
TOST Toast Inc. Class A	Add +13.1%	0.16%	−0.01
SFM Sprouts Farmers Market Inc.	Add +20.1%	0.13%	−0.03
HUBS HubSpot Inc.	Add +5.7%	0.31%	−0.04
NOW ServiceNow Inc.	Add +8.2%	3.32%	−0.08
SPSC SPS Commerce Inc.	Add +12.4%	0.93%	−0.14
FOUR SHIFT4 Payments Inc. Class A	Add +1.0%	0.69%	−0.18
ISRG Intuitive Surgical Inc.	Add +8.2%	1.58%	−0.18
DXCM Dexcom Inc.	Add +7.3%	1.11%	−0.22

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