# Thematics Asset Management

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1956031. Source: https://holderbook.com/funds/1956031-thematics-asset-management/

- Reported value: $2.2B
- Positions: 125
- Weight of the ten largest: 25.7%
- Filed: 2025-11-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $108.4M | 581,083 | 4.9% | 12 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $73.2M | 79,558 | 3.3% | 12 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $70.3M | 142,535 | 3.2% | 12 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $51.6M | 146,965 | 2.3% | 12 |
| SNOWFLAKE INC | [SNOW](https://holderbook.com/stocks/SNOW/) | $44.9M | 199,260 | 2.0% | 12 |
| CLEAN HARBORS INC | [CLH](https://holderbook.com/stocks/CLH/) | $44.7M | 192,300 | 2.0% | 12 |
| ELASTIC N V | [ESTC](https://holderbook.com/stocks/ESTC/) | $44.2M | 523,283 | 2.0% | 7 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $44.0M | 180,819 | 2.0% | 12 |
| PTC INC | [PTC](https://holderbook.com/stocks/PTC/) | $42.9M | 211,207 | 1.9% | 12 |
| NVENT ELEC PLC | [NVT](https://holderbook.com/stocks/NVT/) | $41.9M | 424,873 | 1.9% | 12 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $40.1M | 265,879 | 1.8% | 5 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $36.9M | 134,873 | 1.7% | 12 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $34.9M | 77,935 | 1.6% | 12 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $34.6M | 66,712 | 1.6% | 12 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $32.7M | 66,702 | 1.5% | 12 |
| MONGODB INC | [MDB](https://holderbook.com/stocks/MDB/) | $32.5M | 104,601 | 1.5% | 7 |
| HOLOGIC INC | [HOLX](https://holderbook.com/stocks/HOLX/) | $31.5M | 466,255 | 1.4% | 12 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $29.3M | 60,484 | 1.3% | 12 |
| JBT MAREL CORPORATION | [JBTM](https://holderbook.com/stocks/JBTM/) | $29.3M | 208,552 | 1.3% | 12 |
| MOTOROLA SOLUTIONS INC | [MSI](https://holderbook.com/stocks/MSI/) | $29.2M | 63,926 | 1.3% | 9 |
| STERIS PLC | [STE](https://holderbook.com/stocks/STE/) | $28.4M | 114,736 | 1.3% | 12 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $28.3M | 85,831 | 1.3% | 3 |
| ZSCALER INC | [ZS](https://holderbook.com/stocks/ZS/) | $28.2M | 94,104 | 1.3% | 12 |
| BENTLEY SYS INC | [BSY](https://holderbook.com/stocks/BSY/) | $27.4M | 531,483 | 1.2% | 6 |
| EQUINIX INC | [EQIX](https://holderbook.com/stocks/EQIX/) | $27.1M | 34,582 | 1.2% | 12 |
| OSI SYSTEMS INC | [OSIS](https://holderbook.com/stocks/OSIS/) | $26.5M | 106,411 | 1.2% | 10 |
| ROLLINS INC | [ROL](https://holderbook.com/stocks/ROL/) | $26.4M | 450,005 | 1.2% | 12 |
| DIGITAL RLTY TR INC | [DLR](https://holderbook.com/stocks/DLR/) | $26.2M | 151,408 | 1.2% | 12 |
| API GROUP CORP | [APG](https://holderbook.com/stocks/APG/) | $25.6M | 744,569 | 1.2% | 12 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $25.2M | 155,867 | 1.1% | 12 |
| VARONIS SYS INC | [VRNS](https://holderbook.com/stocks/VRNS/) | $25.0M | 434,697 | 1.1% | 12 |
| DEXCOM INC | [DXCM](https://holderbook.com/stocks/DXCM/) | $24.4M | 362,294 | 1.1% | 12 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $23.7M | 21,938 | 1.1% | 12 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $22.9M | 112,364 | 1.0% | 12 |
| APTIV PLC | [APTV](https://holderbook.com/stocks/APTV/) | $22.5M | 261,454 | 1.0% | 2 |
| CORE & MAIN INC | [CNM](https://holderbook.com/stocks/CNM/) | $22.5M | 418,000 | 1.0% | 12 |
| PROCEPT BIOROBOTICS CORP | [PRCT](https://holderbook.com/stocks/PRCT/) | $22.5M | 630,053 | 1.0% | 4 |
| MANHATTAN ASSOCIATES INC | [MANH](https://holderbook.com/stocks/MANH/) | $22.4M | 109,238 | 1.0% | 8 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $20.8M | 118,469 | 0.9% | 12 |
| SPS COMM INC | [SPSC](https://holderbook.com/stocks/SPSC/) | $20.5M | 196,914 | 0.9% | 12 |
| SENTINELONE INC | [S](https://holderbook.com/stocks/S/) | $20.4M | 1,158,750 | 0.9% | 5 |
| ADVANCED DRAIN SYS INC DEL | [WMS](https://holderbook.com/stocks/WMS/) | $20.2M | 145,500 | 0.9% | 12 |
| CELLEBRITE DI LTD | [CLBT](https://holderbook.com/stocks/CLBT/) | $19.8M | 1,066,850 | 0.9% | 2 |
| WABTEC | [WAB](https://holderbook.com/stocks/WAB/) | $18.9M | 94,141 | 0.9% | 12 |
| TYLER TECHNOLOGIES INC | [TYL](https://holderbook.com/stocks/TYL/) | $18.4M | 35,170 | 0.8% | 12 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $18.4M | 36,820 | 0.8% | 12 |
| AXON ENTERPRISE INC | [AXON](https://holderbook.com/stocks/AXON/) | $18.3M | 25,568 | 0.8% | 4 |
| AUTODESK INC | [ADSK](https://holderbook.com/stocks/ADSK/) | $18.2M | 57,386 | 0.8% | 12 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $18.2M | 91,702 | 0.8% | 12 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $17.6M | 184,899 | 0.8% | 12 |
| IDEX CORP | [IEX](https://holderbook.com/stocks/IEX/) | $17.6M | 108,154 | 0.8% | 12 |
| ESSENTIAL UTILS INC | [WTRG](https://holderbook.com/stocks/WTRG/) | $16.5M | 412,726 | 0.7% | 12 |
| JFROG LTD | [FROG](https://holderbook.com/stocks/FROG/) | $16.4M | 346,739 | 0.7% | 1 |
| XYLEM INC | [XYL](https://holderbook.com/stocks/XYL/) | $16.1M | 109,373 | 0.7% | 12 |
| ZEBRA TECHNOLOGIES CORPORATI | [ZBRA](https://holderbook.com/stocks/ZBRA/) | $15.8M | 53,188 | 0.7% | 1 |
| CRYOPORT INC | [CYRX](https://holderbook.com/stocks/CYRX/) | $15.5M | 1,638,623 | 0.7% | 12 |
| FERGUSON ENTERPRISES INC | [FERG](https://holderbook.com/stocks/FERG/) | $15.5M | 68,804 | 0.7% | 3 |
| SHIFT4 PMTS INC | [FOUR](https://holderbook.com/stocks/FOUR/) | $15.2M | 196,367 | 0.7% | 8 |
| LITTELFUSE INC | [LFUS](https://holderbook.com/stocks/LFUS/) | $15.1M | 58,303 | 0.7% | 12 |
| MSA SAFETY INC | [MSA](https://holderbook.com/stocks/MSA/) | $15.0M | 86,935 | 0.7% | 12 |
| AECOM | [ACM](https://holderbook.com/stocks/ACM/) | $14.6M | 112,081 | 0.7% | 12 |
| VERALTO CORP | [VLTO](https://holderbook.com/stocks/VLTO/) | $13.8M | 129,882 | 0.6% | 8 |
| SYMBOTIC INC | [SYM](https://holderbook.com/stocks/SYM/) | $13.8M | 255,465 | 0.6% | 7 |
| APPLIED INDL TECHNOLOGIES IN | [AIT](https://holderbook.com/stocks/AIT/) | $13.4M | 51,335 | 0.6% | 12 |
| PENTAIR PLC | [PNR](https://holderbook.com/stocks/PNR/) | $13.2M | 119,237 | 0.6% | 12 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $13.1M | 59,403 | 0.6% | 12 |
| GENERAC HLDGS INC | [GNRC](https://holderbook.com/stocks/GNRC/) | $13.0M | 77,742 | 0.6% | 5 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $12.4M | 96,135 | 0.6% | 12 |
| FORTUNE BRANDS INNOVATIONS I | [FBIN](https://holderbook.com/stocks/FBIN/) | $12.3M | 230,136 | 0.6% | 1 |
| TRANSUNION | [TRU](https://holderbook.com/stocks/TRU/) | $12.1M | 144,722 | 0.6% | 12 |
| AMERICAN WTR WKS CO INC NEW | [AWK](https://holderbook.com/stocks/AWK/) | $11.9M | 85,742 | 0.5% | 12 |
| TETRA TECH INC NEW | [TTEK](https://holderbook.com/stocks/TTEK/) | $11.5M | 345,750 | 0.5% | 12 |
| AGILENT TECHNOLOGIES INC | [A](https://holderbook.com/stocks/A/) | $11.5M | 89,657 | 0.5% | 9 |
| SMITH A O CORP | [AOS](https://holderbook.com/stocks/AOS/) | $10.8M | 147,000 | 0.5% | 12 |
| MODINE MFG CO | [MOD](https://holderbook.com/stocks/MOD/) | $9.5M | 67,000 | 0.4% | 3 |
| HEALTHEQUITY INC | [HQY](https://holderbook.com/stocks/HQY/) | $9.4M | 99,242 | 0.4% | 12 |
| ZURN ELKAY WATER SOLNS CORP | [ZWS](https://holderbook.com/stocks/ZWS/) | $9.3M | 197,277 | 0.4% | 12 |
| MIDDLESEX WTR CO | [MSEX](https://holderbook.com/stocks/MSEX/) | $9.3M | 171,000 | 0.4% | 10 |
| CINTAS CORP | [CTAS](https://holderbook.com/stocks/CTAS/) | $9.2M | 44,997 | 0.4% | 12 |
| ARGENX SE | [ARGX](https://holderbook.com/stocks/ARGX/) | $8.5M | 11,576 | 0.4% | 2 |
| NASDAQ INC | [NDAQ](https://holderbook.com/stocks/NDAQ/) | $8.5M | 95,567 | 0.4% | 12 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $8.1M | 83,346 | 0.4% | 9 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $7.7M | 11,327 | 0.4% | 12 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $7.5M | 15,488 | 0.3% | 11 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $7.2M | 12,742 | 0.3% | 12 |
| RAPID7 INC | [RPD](https://holderbook.com/stocks/RPD/) | $7.1M | 376,738 | 0.3% | 12 |
| HUBSPOT INC | [HUBS](https://holderbook.com/stocks/HUBS/) | $6.8M | 14,553 | 0.3% | 12 |
| COSTAR GROUP INC | [CSGP](https://holderbook.com/stocks/CSGP/) | $6.7M | 79,915 | 0.3% | 12 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $6.6M | 8,655 | 0.3% | 4 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $6.5M | 6,978 | 0.3% | 12 |
| H2O AMERICA | [HTO](https://holderbook.com/stocks/HTO/) | $6.4M | 132,246 | 0.3% | 12 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $6.4M | 26,625 | 0.3% | 12 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $6.3M | 17,899 | 0.3% | 12 |
| LABCORP HOLDINGS INC | [LH](https://holderbook.com/stocks/LH/) | $6.2M | 21,459 | 0.3% | 6 |
| MASCO CORP | [MAS](https://holderbook.com/stocks/MAS/) | $5.9M | 83,517 | 0.3% | 12 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $5.6M | 15,021 | 0.3% | 4 |
| PLANET FITNESS MASTER ISSUER | [PLNT](https://holderbook.com/stocks/PLNT/) | $5.4M | 52,483 | 0.2% | 12 |
| BJS WHSL CLUB HLDGS INC | [BJ](https://holderbook.com/stocks/BJ/) | $5.4M | 57,453 | 0.2% | 12 |
| ALCON AG | [ALC](https://holderbook.com/stocks/ALC/) | $5.3M | 71,249 | 0.2% | 12 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $4.9M | 12,629 | 0.2% | 4 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2025 | +4.1% | +7.8% | -3.7% | 100% |
| Q2 2025 | +16.8% | +10.5% | +6.3% | 100% |
| Q1 2025 | -8.5% | -4.6% | -4.0% | 98% |
| Q4 2024 | +0.7% | +2.1% | -1.4% | 100% |
| Q3 2024 | +2.1% | +5.4% | -3.4% | 100% |
| Q2 2024 | +1.1% | +4.0% | -2.9% | 100% |
| Q1 2024 | +9.6% | +10.0% | -0.4% | 100% |
| Q4 2023 | +14.8% | +11.2% | +3.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $2.2B | 125 |
| Q2 2025 | $2.2B | 126 |
| Q1 2025 | $2.0B | 126 |
| Q4 2024 | $2.3B | 135 |
| Q3 2024 | $2.5B | 131 |
| Q2 2024 | $2.4B | 137 |
| Q1 2024 | $2.4B | 140 |
| Q4 2023 | $2.3B | 140 |
| Q3 2023 | $2.0B | 138 |
| Q2 2023 | $2.1B | 135 |
| Q1 2023 | $1.8B | 143 |
| Q4 2022 | $1.6B | 141 |