Thematics Asset Management
PARIS, I0
$2.2bn in 125 US stocks at the end of 30 September 2025. The top 10 are 25.7% of the money. It changed about 8.9% of the portfolio this quarter.
Value
$2.2bn
Stocks
125
Top 10 share
25.7%
Turnover
8.9%
What changed this quarter
New
Bought for the first time this quarter.
- JFrogFROG0.7% of the fund
- Zebra TechnologiesZBRA0.7% of the fund
- Fortune Brands InnovationsFBIN0.6% of the fund
- Uniti GroupUNIT0.2% of the fund
Added
Bought more of a stock they already held.
- ServiceNowNOW3.3% of the fund+8%
- ElasticESTC2.0% of the fund+10%
- PTCPTC1.9% of the fund+10%
- Intuitive SurgicalISRG1.6% of the fund+8%
- MicrosoftMSFT1.6% of the fund+26%
- CrowdStrike HoldingsCRWD1.5% of the fund+28%
- Thermo Fisher ScientificTMO1.3% of the fund+17%
- BroadcomAVGO1.3% of the fund+16%
- APi GroupAPG1.2% of the fund+38%
- DexcomDXCM1.1% of the fund+7%
- Palo Alto NetworksPANW1.0% of the fund+10%
- AptivAPTV1.0% of the fund+57%
- Core & MainCNM1.0% of the fund+15%
- PROCEPT BioRoboticsPRCT1.0% of the fund+60%
- Waste ConnectionsWCN0.9% of the fund+7%
- SPS CommerceSPSC0.9% of the fund+12%
- SentinelOneS0.9% of the fund+13%
- Cellebrite DICLBT0.9% of the fund+23%
- DanaherDHR0.8% of the fund+8%
- IdexIEX0.8% of the fund+11%
- Generac HoldingsGNRC0.6% of the fund+17%
- TransUnionTRU0.6% of the fund+6%
- Tetra TechTTEK0.5% of the fund+10%
- Boston ScientificBSX0.4% of the fund+10%
- IntuitINTU0.4% of the fund+13%
Cut
Sold some of their stake.
- NvidiaNVDA4.9% of the fund-19%
- SynopsysSNPS3.2% of the fund-8%
- Cadence Design SystemsCDNS2.3% of the fund-11%
- AlphabetGOOGL2.0% of the fund-16%
- nVent ElectricNVT1.9% of the fund-29%
- Vertiv HoldingsVRT1.8% of the fund-9%
- EcolabECL1.7% of the fund-12%
- MongoDBMDB1.5% of the fund-7%
- ZscalerZS1.3% of the fund-7%
- EquinixEQIX1.2% of the fund-2%
- OSI SystemsOSIS1.2% of the fund-5%
- Advanced Micro DevicesAMD1.1% of the fund-44%
- Varonis SystemsVRNS1.1% of the fund-8%
- KLAKLAC1.1% of the fund-29%
- Advanced Drainage SystemsWMS0.9% of the fund-3%
- Westinghouse Air Brake TechnologiesWAB0.9% of the fund-22%
- Tyler TechnologiesTYL0.8% of the fund-10%
- Axon EnterpriseAXON0.8% of the fund-6%
- XylemXYL0.7% of the fund-15%
- CryoportCYRX0.7% of the fund-14%
- Ferguson EnterprisesFERG0.7% of the fund-8%
- LittelfuseLFUS0.7% of the fund-8%
- MSA SafetyMSA0.7% of the fund-13%
- AECOMACM0.7% of the fund-5%
- SymboticSYM0.6% of the fund-58%
Sold out
Sold their entire stake.
- Cyberark Software-100%
- OktaOKTA-100%
- GoDaddyGDDY-100%
- GartnerIT-100%
- Soho House-100%
Holdings
- Hologic
- Share
- 1.4%
- Value
- $31m
- Shares
- 466,255
Held
- Argenx SEARGX
- Share
- 0.4%
- Value
- $9m
- Shares
- 11,576
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| NvidiaNVDA | 4.9% | $108m | 581,083 | -19% |
| ServiceNowNOW | 3.3% | $73m | 79,558 | +8% |
| SynopsysSNPS | 3.2% | $70m | 142,535 | -8% |
| Cadence Design SystemsCDNS | 2.3% | $52m | 146,965 | -11% |
| SnowflakeSNOW | 2.0% | $45m | 199,260 | Held |
| Clean HarborsCLH | 2.0% | $45m | 192,300 | Held |
| ElasticESTC | 2.0% | $44m | 523,283 | +10% |
| AlphabetGOOGL | 2.0% | $44m | 180,819 | -16% |
| PTCPTC | 1.9% | $43m | 211,207 | +10% |
| nVent ElectricNVT | 1.9% | $42m | 424,873 | -29% |
| Vertiv HoldingsVRT | 1.8% | $40m | 265,879 | -9% |
| EcolabECL | 1.7% | $37m | 134,873 | -12% |
| Intuitive SurgicalISRG | 1.6% | $35m | 77,935 | +8% |
| MicrosoftMSFT | 1.6% | $35m | 66,712 | +26% |
| CrowdStrike HoldingsCRWD | 1.5% | $33m | 66,702 | +28% |
| MongoDBMDB | 1.5% | $32m | 104,601 | -7% |
| Hologic | 1.4% | $31m | 466,255 | Held |
| Thermo Fisher ScientificTMO | 1.3% | $29m | 60,484 | +17% |
| JBT MarelJBTM | 1.3% | $29m | 208,552 | Held |
| Motorola SolutionsMSI | 1.3% | $29m | 63,926 | Held |
| SterisSTE | 1.3% | $28m | 114,736 | Held |
| BroadcomAVGO | 1.3% | $28m | 85,831 | +16% |
| ZscalerZS | 1.3% | $28m | 94,104 | -7% |
| Bentley SystemsBSY | 1.2% | $27m | 531,483 | Held |
| EquinixEQIX | 1.2% | $27m | 34,582 | -2% |
| OSI SystemsOSIS | 1.2% | $27m | 106,411 | -5% |
| RollinsROL | 1.2% | $26m | 450,005 | Held |
| Digital Realty TrustDLR | 1.2% | $26m | 151,408 | Held |
| APi GroupAPG | 1.2% | $26m | 744,569 | +38% |
| Advanced Micro DevicesAMD | 1.1% | $25m | 155,867 | -44% |
| Varonis SystemsVRNS | 1.1% | $25m | 434,697 | -8% |
| DexcomDXCM | 1.1% | $24m | 362,294 | +7% |
| KLAKLAC | 1.1% | $24m | 21,938 | -29% |
| Palo Alto NetworksPANW | 1.0% | $23m | 112,364 | +10% |
| AptivAPTV | 1.0% | $23m | 261,454 | +57% |
| Core & MainCNM | 1.0% | $23m | 418,000 | +15% |
| PROCEPT BioRoboticsPRCT | 1.0% | $22m | 630,053 | +60% |
| Manhattan AssociatesMANH | 1.0% | $22m | 109,238 | Held |
| Waste ConnectionsWCN | 0.9% | $21m | 118,469 | +7% |
| SPS CommerceSPSC | 0.9% | $21m | 196,914 | +12% |
| SentinelOneS | 0.9% | $20m | 1,158,750 | +13% |
| Advanced Drainage SystemsWMS | 0.9% | $20m | 145,500 | -3% |
| Cellebrite DICLBT | 0.9% | $20m | 1,066,850 | +23% |
| Westinghouse Air Brake TechnologiesWAB | 0.9% | $19m | 94,141 | -22% |
| Tyler TechnologiesTYL | 0.8% | $18m | 35,170 | -10% |
| Roper TechnologiesROP | 0.8% | $18m | 36,820 | Held |
| Axon EnterpriseAXON | 0.8% | $18m | 25,568 | -6% |
| AutodeskADSK | 0.8% | $18m | 57,386 | Held |
| DanaherDHR | 0.8% | $18m | 91,702 | +8% |
| MedtronicMDT | 0.8% | $18m | 184,899 | Held |
| IdexIEX | 0.8% | $18m | 108,154 | +11% |
| Essential UtilitiesWTRG | 0.7% | $16m | 412,726 | Held |
| JFrogFROG | 0.7% | $16m | 346,739 | New |
| XylemXYL | 0.7% | $16m | 109,373 | -15% |
| Zebra TechnologiesZBRA | 0.7% | $16m | 53,188 | New |
| CryoportCYRX | 0.7% | $16m | 1,638,623 | -14% |
| Ferguson EnterprisesFERG | 0.7% | $15m | 68,804 | -8% |
| Shift4 PaymentsFOUR | 0.7% | $15m | 196,367 | Held |
| LittelfuseLFUS | 0.7% | $15m | 58,303 | -8% |
| MSA SafetyMSA | 0.7% | $15m | 86,935 | -13% |
| AECOMACM | 0.7% | $15m | 112,081 | -5% |
| VeraltoVLTO | 0.6% | $14m | 129,882 | Held |
| SymboticSYM | 0.6% | $14m | 255,465 | -58% |
| Applied Industrial TechnologiesAIT | 0.6% | $13m | 51,335 | Held |
| PentairPNR | 0.6% | $13m | 119,237 | Held |
| Waste ManagementWM | 0.6% | $13m | 59,403 | Held |
| Generac HoldingsGNRC | 0.6% | $13m | 77,742 | +17% |
| FiservFISV | 0.6% | $12m | 96,135 | -22% |
| Fortune Brands InnovationsFBIN | 0.6% | $12m | 230,136 | New |
| TransUnionTRU | 0.6% | $12m | 144,722 | +6% |
| American Water Works CompanyAWK | 0.5% | $12m | 85,742 | Held |
| Tetra TechTTEK | 0.5% | $12m | 345,750 | +10% |
| Agilent TechnologiesA | 0.5% | $12m | 89,657 | Held |
| Smith A OAOS | 0.5% | $11m | 147,000 | Held |
| Modine ManufacturingMOD | 0.4% | $10m | 67,000 | -11% |
| HealthequityHQY | 0.4% | $9m | 99,242 | -3% |
| Zurn Elkay Water SolutionsZWS | 0.4% | $9m | 197,277 | Held |
| Middlesex WaterMSEX | 0.4% | $9m | 171,000 | Held |
| CintasCTAS | 0.4% | $9m | 44,997 | -29% |
| Argenx SEARGX | 0.4% | $9m | 11,576 | Held |
| NasdaqNDAQ | 0.4% | $8m | 95,567 | -5% |
| Boston ScientificBSX | 0.4% | $8m | 83,346 | +10% |
| IntuitINTU | 0.4% | $8m | 11,327 | +13% |
| S&P GlobalSPGI | 0.3% | $8m | 15,488 | -5% |
| MsciMSCI | 0.3% | $7m | 12,742 | -5% |
| Rapid7RPD | 0.3% | $7m | 376,738 | -4% |
| HubspotHUBS | 0.3% | $7m | 14,553 | +6% |
| Costar GroupCSGP | 0.3% | $7m | 79,915 | -12% |
| Eli LillyLLY | 0.3% | $7m | 8,655 | Held |
| Costco WholesaleCOST | 0.3% | $6m | 6,978 | -5% |
| H2O AmericaHTO | 0.3% | $6m | 132,246 | +24% |
| T-Mobile USTMUS | 0.3% | $6m | 26,625 | -5% |
| AdobeADBE | 0.3% | $6m | 17,899 | -5% |
| Labcorp HoldingsLH | 0.3% | $6m | 21,459 | +7% |
| MascoMAS | 0.3% | $6m | 83,517 | -26% |
| StrykerSYK | 0.3% | $6m | 15,021 | +19% |
| Planet FitnessPLNT | 0.2% | $5m | 52,483 | -7% |
| BJ's Wholesale Club HoldingsBJ | 0.2% | $5m | 57,453 | +19% |
| AlconALC | 0.2% | $5m | 71,249 | Held |
| Vertex PharmaceuticalsVRTX | 0.2% | $5m | 12,629 | +19% |
Showing the largest 100 of 125.
Over time and by industry
Value over time
Sep '25
Value is down 0.9% since 30 June 2025.
Where the money is
Technology45.7%
Industrials23.7%
Health care12.7%
Media & telecom3.2%
Utilities3.2%
Real estate2.7%
Financial services2.5%
Retail & consumer2.0%
Materials1.7%
Everyday goods0.7%
Other2.0%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.