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Thematics Asset Management

13F for September 30, 2025, filed November 14, 2025 · SEC CIK 1956031 · Holdings history from December 31, 2022

The latest available holdings for this manager are dated September 30, 2025.

Reported value
$2.2bn
98% in companies we cover
Positions we cover
123
Largest NVDA 4.9%
Copy, a year
+13.4%
S&P 500 +20.4%
Copy Sharpe ratio
0.53
S&P 500 1.03

Copy-performance statistics: February 17, 2023 to February 27, 2026. Holdings history can start earlier than the price data used for performance.

Historical holdings

Holdings across the available history, including securities outside our stock coverage. Select a date to view the holdings for that period.

Related reporting managers

SEC notices identify these reporting relationships. Each manager retains its own holdings history; changes in reporting scope can involve several managers.

125 reported entries for September 30, 2025.

IssuerClass / typeReported valueQuantity
ADOBE INC00724F101 · ADBE Common Stock $6.3m 17,899
ADVANCED DRAIN SYS INC DEL00790R104 · WMS Common Stock $20.2m 145,500
ADVANCED MICRO DEVICES INC007903107 · AMD Common Stock $25.2m 155,867
AECOM00766T100 · ACM Common Stock $14.6m 112,081
AGILENT TECHNOLOGIES INC00846U101 · A Common Stock $11.5m 89,657
ALARM COM HLDGS INC011642105 · ALRM Common Stock $3.6m 68,345
ALCON AGH01301128 · ALC Common Stock $5.3m 71,249
ALNYLAM PHARMACEUTICALS INC02043Q107 · ALNY Common Stock $2.8m 6,125
ALPHABET INC02079K305 · GOOGL Common Stock $44.0m 180,819
AMAZON COM INC023135106 · AMZN Common Stock $3.8m 17,195
AMERICAN WTR WKS CO INC NEW030420103 · AWK Common Stock $11.9m 85,742
API GROUP CORP00187Y100 · APG Common Stock $25.6m 744,569
APPLIED INDL TECHNOLOGIES IN03820C105 · AIT Common Stock $13.4m 51,335
APTIV PLCG3265R107 · APTV Common Stock $22.5m 261,454
ARGENX SE04016X101 · ARGX American Depository Receipt $8.5m 11,576
ATLASSIAN CORPORATION049468101 · TEAM Common Stock $3.5m 21,661
AUTODESK INC052769106 · ADSK Common Stock $18.2m 57,386
AXON ENTERPRISE INC05464C101 · AXON Common Stock $18.3m 25,568
BENTLEY SYS INC08265T208 · BSY Common Stock $27.4m 531,483
BJS WHSL CLUB HLDGS INC05550J101 · BJ Common Stock $5.4m 57,453
BOSTON SCIENTIFIC CORP101137107 · BSX Common Stock $8.1m 83,346
BROADCOM INC11135F101 · AVGO Common Stock $28.3m 85,831
CADENCE DESIGN SYSTEM INC127387108 · CDNS Common Stock $51.6m 146,965
CALIFORNIA WTR SVC GROUP130788102 · CWT Common Stock $4.6m 100,470
CELLEBRITE DI LTDM2197Q107 · CLBT Common Stock $19.8m 1,066,850
CINTAS CORP172908105 · CTAS Common Stock $9.2m 44,997
CLEAN HARBORS INC184496107 · CLH Common Stock $44.7m 192,300
CORE & MAIN INC21874C102 · CNM Common Stock $22.5m 418,000
COSTAR GROUP INC22160N109 · CSGP Common Stock $6.7m 79,915
COSTCO WHSL CORP NEW22160K105 · COST Common Stock $6.5m 6,978
CROWDSTRIKE HLDGS INC22788C105 · CRWD Common Stock $32.7m 66,702
CRYOPORT INC229050307 · CYRX Common Stock $15.5m 1,638,623
CVS HEALTH CORP126650100 · CVS Common Stock $4.4m 58,627
DANAHER CORPORATION235851102 · DHR Common Stock $18.2m 91,702
DESCARTES SYS GROUP INC249906108 · DSGX Common Stock $4.5m 48,085
DEXCOM INC252131107 · DXCM Common Stock $24.4m 362,294
DIGITAL RLTY TR INC253868103 · DLR Common Stock $26.2m 151,408
DISNEY WALT CO254687106 · DIS Common Stock $3.8m 33,564
ECOLAB INC278865100 · ECL Common Stock $36.9m 134,873
ELASTIC N VN14506104 · ESTC Common Stock $44.2m 523,283
ELI LILLY & CO532457108 · LLY Common Stock $6.6m 8,655
EQUINIX INC29444U700 · EQIX Common Stock $27.1m 34,582
ESSENTIAL UTILS INC29670G102 · WTRG Common Stock $16.5m 412,726
EXACT SCIENCES CORP30063P105 Common Stock $3.9m 71,253
FERGUSON ENTERPRISES INC31488V107 · FERG Common Stock $15.5m 68,804
FISERV INC337738108 · FISV Common Stock $12.4m 96,135
FORTUNE BRANDS INNOVATIONS I34964C106 · FBIN Common Stock $12.3m 230,136
GARMIN LTDH2906T109 · GRMN Common Stock $3.6m 14,528
GENERAC HLDGS INC368736104 · GNRC Common Stock $13.0m 77,742
H2O AMERICA784305104 · HTO Common Stock $6.4m 132,246
HEALTHEQUITY INC42226A107 · HQY Common Stock $9.4m 99,242
HOLOGIC INC436440101 Common Stock $31.5m 466,255
HUBSPOT INC443573100 · HUBS Common Stock $6.8m 14,553
IDEX CORP45167R104 · IEX Common Stock $17.6m 108,154
INTUIT461202103 · INTU Common Stock $7.7m 11,327
INTUITIVE SURGICAL INC46120E602 · ISRG Common Stock $34.9m 77,935
IQVIA HLDGS INC46266C105 · IQV Common Stock $3.7m 19,631
JBT MAREL CORPORATION477839104 · JBTM Common Stock $29.3m 208,552
JFROG LTDM6191J100 · FROG Common Stock $16.4m 346,739
KLA CORP482480100 · KLAC Common Stock $23.7m 21,938
LABCORP HOLDINGS INC504922105 · LH Common Stock $6.2m 21,459
LITTELFUSE INC537008104 · LFUS Common Stock $15.1m 58,303
MANHATTAN ASSOCIATES INC562750109 · MANH Common Stock $22.4m 109,238
MASCO CORP574599106 · MAS Common Stock $5.9m 83,517
MEDTRONIC PLCG5960L103 · MDT Common Stock $17.6m 184,899
MERCK & CO INC58933Y105 · MRK Common Stock $4.0m 47,963
METTLER TOLEDO INTERNATIONAL592688105 · MTD Common Stock $4.8m 3,901
MICROSOFT CORP594918104 · MSFT Common Stock $34.6m 66,712
MIDDLESEX WTR CO596680108 · MSEX Common Stock $9.3m 171,000
MODINE MFG CO607828100 · MOD Common Stock $9.5m 67,000
MONGODB INC60937P106 · MDB Common Stock $32.5m 104,601
MOTOROLA SOLUTIONS INC620076307 · MSI Common Stock $29.2m 63,926
MSA SAFETY INC553498106 · MSA Common Stock $15.0m 86,935
MSCI INC55354G100 · MSCI Common Stock $7.2m 12,742
NASDAQ INC631103108 · NDAQ Common Stock $8.5m 95,567
NATERA INC632307104 · NTRA Common Stock $4.9m 30,715
NETFLIX INC64110L106 · NFLX Common Stock $4.6m 3,809
NEW YORK TIMES CO650111107 · NYT Common Stock $4.1m 71,462
NVENT ELECTRIC PLCG6700G107 · NVT Common Stock $41.9m 424,873
NVIDIA CORPORATION67066G104 · NVDA Common Stock $108.4m 581,083
ORACLE CORP68389X105 · ORCL Common Stock $4.9m 17,434
OSI SYSTEMS INC671044105 · OSIS Common Stock $26.5m 106,411
PALO ALTO NETWORKS INC697435105 · PANW Common Stock $22.9m 112,364
PENTAIR PLCG7S00T104 · PNR Common Stock $13.2m 119,237
PLANET FITNESS INC72703H101 · PLNT Common Stock $5.4m 52,483
PROCEPT BIOROBOTICS CORP74276L105 · PRCT Common Stock $22.5m 630,053
PROGYNY INC74340E103 · PGNY Common Stock $2.7m 123,967
PTC INC69370C100 · PTC Common Stock $42.9m 211,207
RAPID7 INC753422104 · RPD Common Stock $7.1m 376,738
ROLLINS INC775711104 · ROL Common Stock $26.4m 450,005
ROPER TECHNOLOGIES INC776696106 · ROP Common Stock $18.4m 36,820
S&P GLOBAL INC78409V104 · SPGI Common Stock $7.5m 15,488
SENTINELONE INC81730H109 · S Common Stock $20.4m 1,158,750
SERVICENOW INC81762P102 · NOW Common Stock $73.2m 79,558
SHIFT4 PMTS INC82452J109 · FOUR Common Stock $15.2m 196,367
SMITH A O CORP831865209 · AOS Common Stock $10.8m 147,000
SNOWFLAKE INC833445109 · SNOW Common Stock $44.9m 199,260
SPROUTS FMRS MKT INC85208M102 · SFM Common Stock $3.0m 27,284
SPS COMM INC78463M107 · SPSC Common Stock $20.5m 196,914
STERIS PLCG8473T100 · STE Common Stock $28.4m 114,736

Values use the units disclosed in the source. Where a dollar scale cannot be established, the original amount is shown as filed. Rows may include separate allocations, options and principal amounts; these are kept separate from the covered-stock portfolio used for performance.

How copying its 13F would have done

$10.0k 2023202420252026 $17.5k$14.6k
CopyS&P 500 $10,000 copying Thematics Asset Management's usable filed holdings in companies we cover from February 17, 2023, rebalancing at the first weekly close after each usable filing and holding until the next, against the S&P 500 (total return). Missing prices carry their last observed value. Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −22.2% (S&P 500 −16.9%); beta 1.13; alpha −7.4% a year (t = −1.84); last 12 months +4.3% against +15.7%.

Reported value by quarter

Thematics Asset Management: 13F reported value Total reported value where the source's dollar units can be established. Earlier filings in thousands of dollars are converted; dates with unresolved value units are omitted.
$0 $1B $2B $3B Reported value, 2022-12-31: $1.6B Reported value, 2023-03-31: $1.8B Reported value, 2023-06-30: $2.1B Reported value, 2023-09-30: $2B Reported value, 2023-12-31: $2.3B Reported value, 2024-03-31: $2.4B Reported value, 2024-06-30: $2.4B Reported value, 2024-09-30: $2.5B Reported value, 2024-12-31: $2.3B Reported value, 2025-03-31: $2B Reported value, 2025-06-30: $2.2B Reported value, 2025-09-30: $2.2B 2022-12-31 2023-09-30 2024-06-30 2025-09-30 $2.2B
View chart data
Period Reported value
2022-12-31 $1.6B
2023-03-31 $1.8B
2023-06-30 $2.1B
2023-09-30 $2B
2023-12-31 $2.3B
2024-03-31 $2.4B
2024-06-30 $2.4B
2024-09-30 $2.5B
2024-12-31 $2.3B
2025-03-31 $2B
2025-06-30 $2.2B
2025-09-30 $2.2B

Latest covered holdings and moves

Covered holdings as of September 30, 2025.

CompanyShare of portfolioValueSharesChange in shares
NVDANVIDIA Corporation4.92%$108.4m581.1K−19.0% Reduced
NOWServiceNow3.32%$73.2m79.6K+8.2% Added
SNPSSynopsys Inc3.19%$70.3m142.5K−7.6% Reduced
CDNSCadence Design Systems Inc2.34%$51.6m147.0K−10.6% Reduced
SNOWSnowflake Inc.2.04%$44.9m199.3K0.0%
CLHClean Harbors Inc2.03%$44.7m192.3K+0.8% Added
ESTCElastic N.V.2.01%$44.2m523.3K+10.2% Added
GOOGLAlphabet Inc. (Class A)2.00%$44.0m180.8K−16.1% Reduced
PTCPTC Inc.1.95%$42.9m211.2K+9.9% Added
NVTnVent Electric plc1.90%$41.9m424.9K−28.9% Reduced
VRTVertiv1.82%$40.1m265.9K−9.4% Reduced
ECLEcolab1.68%$36.9m134.9K−11.7% Reduced
ISRGIntuitive Surgical1.58%$34.9m77.9K+8.2% Added
MSFTMicrosoft Corporation1.57%$34.6m66.7K+25.6% Added
CRWDCrowdStrike1.48%$32.7m66.7K+28.0% Added
MDBMongodb, Inc.1.47%$32.5m104.6K−7.3% Reduced
TMOThermo Fisher Scientific1.33%$29.3m60.5K+16.7% Added
JBTMJBT Marel Corp1.33%$29.3m208.6K0.0%
MSIMotorola Solutions1.33%$29.2m63.9K−0.9% Reduced
STESteris1.29%$28.4m114.7K+1.3% Added
AVGOBroadcom1.28%$28.3m85.8K+16.2% Added
ZSZscaler, Inc.1.28%$28.2m94.1K−7.1% Reduced
BSYBentley Systems Inc1.24%$27.4m531.5K0.0%
EQIXEquinix1.23%$27.1m34.6K−2.2% Reduced
OSISOSI Systems Inc1.20%$26.5m106.4K−5.5% Reduced
ROLRollins, Inc.1.20%$26.4m450.0K+0.8% Added
DLRDigital Realty1.19%$26.2m151.4K+0.6% Added
APGApi Group Corp1.16%$25.6m744.6K+37.7% Added
AMDAdvanced Micro Devices1.14%$25.2m155.9K−44.3% Reduced
VRNSVaronis Systems Inc1.13%$25.0m434.7K−8.1% Reduced
DXCMDexcom1.11%$24.4m362.3K+7.3% Added
KLACKLA Corporation1.07%$23.7m21.9K−29.1% Reduced
PANWPalo Alto Networks1.04%$22.9m112.4K+10.0% Added
APTVAptiv1.02%$22.5m261.5K+56.9% Added
CNMCore & Main, Inc.1.02%$22.5m418.0K+14.8% Added
PRCTProcept Biorobotics Corp1.02%$22.5m630.1K+59.6% Added
MANHManhattan Associates Inc1.02%$22.4m109.2K0.0%
WCNWaste Connections, Inc.0.94%$20.8m118.5K+7.2% Added
SPSCSPS Commerce Inc0.93%$20.5m196.9K+12.4% Added
SSentinelone, Inc.0.93%$20.4m1.16M+12.5% Added
WMSAdvanced Drainage Systems, Inc.0.92%$20.2m145.5K−3.3% Reduced
CLBTCellebrite DI Ltd.0.90%$19.8m1.07M+22.6% Added
WABWabtec0.86%$18.9m94.1K−22.4% Reduced
TYLTyler Technologies Inc0.83%$18.4m35.2K−9.8% Reduced
ROPRoper Technologies0.83%$18.4m36.8K0.0%
AXONAxon Enterprise0.83%$18.3m25.6K−5.6% Reduced
ADSKAutodesk, Inc.0.83%$18.2m57.4K−1.6% Reduced
DHRDanaher Corporation0.82%$18.2m91.7K+8.3% Added
MDTMedtronic0.80%$17.6m184.9K0.0%
IEXIDEX Corporation0.80%$17.6m108.2K+11.3% Added
WTRGEssential Utilities, Inc.0.75%$16.5m412.7K0.0%
FROGJfrog Ltd0.74%$16.4m346.7KNew
XYLXylem Inc.0.73%$16.1m109.4K−15.0% Reduced
ZBRAZebra Technologies0.72%$15.8m53.2KNew
CYRXCryoport, Inc.0.70%$15.5m1.64M−14.4% Reduced
FERGFerguson Enterprises0.70%$15.5m68.8K−8.0% Reduced
FOURShift4 Payments, Inc.0.69%$15.2m196.4K+1.0% Added
LFUSLittelfuse Inc0.69%$15.1m58.3K−8.1% Reduced
MSAMSA Safety Inc0.68%$15.0m86.9K−13.3% Reduced
ACMAecom0.66%$14.6m112.1K−5.1% Reduced
VLTOVeralto0.63%$13.8m129.9K0.0%
SYMSymbotic Inc.0.63%$13.8m255.5K−58.2% Reduced
AITApplied Industrial Technologies Inc0.61%$13.4m51.3K0.0%
PNRPentair0.60%$13.2m119.2K0.0%
WMWaste Management0.59%$13.1m59.4K0.0%
GNRCGenerac0.59%$13.0m77.7K+16.8% Added
FISVFiserv0.56%$12.4m96.1K−22.4% Reduced
FBINFortune Brands Innovations, Inc.0.56%$12.3m230.1KNew
TRUTransunion0.55%$12.1m144.7K+6.3% Added
AWKAmerican Water Works0.54%$11.9m85.7K0.0%
TTEKTetra Tech Inc0.52%$11.5m345.8K+9.5% Added
AAgilent Technologies0.52%$11.5m89.7K0.0%
AOSA. O. Smith0.49%$10.8m147.0K0.0%
MODModine Manufacturing Co0.43%$9.5m67.0K−10.7% Reduced
HQYHealthequity, Inc.0.43%$9.4m99.2K−2.7% Reduced
ZWSZurn Elkay Water Solutions Corp0.42%$9.3m197.3K0.0%
MSEXMiddlesex Water Co0.42%$9.3m171.0K0.0%
CTASCintas0.42%$9.2m45.0K−29.1% Reduced
ARGXArgenx SE0.39%$8.5m11.6K0.0%
NDAQNasdaq, Inc.0.38%$8.5m95.6K−4.5% Reduced
BSXBoston Scientific0.37%$8.1m83.3K+9.6% Added
INTUIntuit0.35%$7.7m11.3K+12.6% Added
SPGIS&P Global0.34%$7.5m15.5K−4.5% Reduced
MSCIMSCI0.33%$7.2m12.7K−4.5% Reduced
RPDRapid7, Inc.0.32%$7.1m376.7K−3.6% Reduced
HUBSHubspot Inc0.31%$6.8m14.6K+5.7% Added
CSGPCoStar Group0.31%$6.7m79.9K−12.0% Reduced
LLYLilly (Eli)0.30%$6.6m8.7K0.0%
COSTCostco0.29%$6.5m7.0K−4.7% Reduced
HTOH2o America0.29%$6.4m132.2K+24.5% Added
TMUST-Mobile US0.29%$6.4m26.6K−4.7% Reduced
ADBEAdobe Inc.0.29%$6.3m17.9K−4.5% Reduced
LHLabcorp0.28%$6.2m21.5K+7.2% Added
MASMasco0.27%$5.9m83.5K−25.8% Reduced
SYKStryker Corporation0.25%$5.6m15.0K+18.9% Added
PLNTPlanet Fitness, Inc.0.25%$5.4m52.5K−7.1% Reduced
BJBj's Wholesale Club Holdings, Inc.0.24%$5.4m57.5K+19.2% Added
ALCAlcon Inc0.24%$5.3m71.2K0.0%
VRTXVertex Pharmaceuticals0.22%$4.9m12.6K+19.2% Added
NTRANatera, Inc.0.22%$4.9m30.7K0.0%
ORCLOracle Corporation0.22%$4.9m17.4K+1.4% Added
MTDMettler Toledo0.22%$4.8m3.9K−64.3% Reduced
VZVerizon0.21%$4.6m105.2K−4.7% Reduced
CWTCalifornia Water Service Group0.21%$4.6m100.5K−35.0% Reduced
TTCToro Co0.21%$4.6m60.5K−42.7% Reduced
NFLXNetflix0.21%$4.6m3.8K−4.7% Reduced
WIXWix.com Ltd.0.21%$4.6m25.6K−4.7% Reduced
DSGXDescartes Systems Group Inc0.21%$4.5m48.1K−4.7% Reduced
CVSCVS Health0.20%$4.4m58.6K0.0%
NYTNEW York Times Co0.19%$4.1m71.5K−18.6% Reduced
MRKMerck & Co.0.18%$4.0m48.0K0.0%
UNITUniti Group Inc.0.18%$3.9m637.3KNew
DISThe Walt Disney Company0.17%$3.8m33.6K−0.6% Reduced
AMZNAmazon0.17%$3.8m17.2K−14.1% Reduced
IQVIQVIA0.17%$3.7m19.6K+26.6% Added
ALRMAlarm.com Holdings, Inc.0.17%$3.6m68.3K−4.7% Reduced
GRMNGarmin0.16%$3.6m14.5K−70.7% Reduced
TOSTToast, Inc.0.16%$3.5m95.6K+13.1% Added
TEAMAtlassian Corp0.16%$3.5m21.7K−4.7% Reduced
UNHUnitedHealth Group0.14%$3.2m9.2K−17.3% Reduced
SFMSprouts Farmers Market, Inc.0.14%$3.0m27.3K+20.2% Added
ALNYAlnylam Pharmaceuticals, Inc.0.13%$2.8m6.1K+0.1%
PGNYProgyny, Inc.0.12%$2.7m124.0K0.0%
CompanyBought (value)Shares
FROGJfrog Ltd$16.4m346.7K
ZBRAZebra Technologies$15.8m53.2K
FBINFortune Brands Innovations, Inc.$12.3m230.1K
PRCTProcept Biorobotics Corp$8.4m235.3K
APTVAptiv$8.2m94.8K
CRWDCrowdStrike$7.2m14.6K
MSFTMicrosoft Corporation$7.1m13.6K
APGApi Group Corp$7.0m204.0K
NOWServiceNow$5.6m6.0K
TMOThermo Fisher Scientific$4.2m8.6K
ESTCElastic N.V.$4.1m48.3K
AVGOBroadcom$4.0m12.0K
UNITUniti Group Inc.$3.9m637.3K
PTCPTC Inc.$3.9m19.1K
CLBTCellebrite DI Ltd.$3.6m196.9K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
NVDANVIDIA Corporation−$25.4m−136.1K
AMDAdvanced Micro Devices−$20.0m−123.8K
SYMSymbotic Inc.−$19.2m−356.0K
NVTnVent Electric plc−$17.0m−172.5K
OKTAOkta, Inc.−$13.0m−130.0K
KLACKLA Corporation−$9.7m−9.0K
GRMNGarmin−$8.6m−35.1K
MTDMettler Toledo−$8.6m−7.0K
GOOGLAlphabet Inc. (Class A)−$8.5m−34.8K
CDNSCadence Design Systems Inc−$6.1m−17.5K
SNPSSynopsys Inc−$5.8m−11.8K
WABWabtec−$5.5m−27.2K
ECLEcolab−$4.9m−17.9K
GDDYGodaddy Inc.−$4.8m−26.5K
ITGartner−$4.2m−10.4K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
OKTAOkta, Inc.$13.0m130.0K
GDDYGodaddy Inc.$4.8m26.5K
ITGartner$4.2m10.4K
  • Technology46.6%
  • Industrials25.5%
  • Health Care13.3%
  • Communication Services3.3%
  • Real Estate2.8%
  • Financials2.3%
  • Utilities2.2%
  • Materials1.7%
  • Consumer Discretionary1.6%
  • Consumer Staples0.7%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestFebruary 17, 2023 to February 27, 2026+13.4%+20.4%0.531.03−22.2%1.13
Last three yearsMarch 3, 2023 to February 27, 2026+13.5%+20.9%0.531.07−22.2%1.14
Last yearFebruary 28, 2025 to February 27, 2026+5.7%+16.9%0.170.77−15.4%1.02

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.