CIK: 0001956031
Total reported value
$2.2B
Reporting period: 2025-09-30 · Number of holdings: 125
Thematics Asset Management disclosed 125 holdings in its latest 13F filing for the period ending 2025-09-30, with total reported value of $2.2B and a quarterly turnover rate of 25.5%.
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Thematics Asset Management's disclosed holdings carry a Herfindahl concentration index of 0.014 — mathematically equivalent to about 69 equally-sized positions, well below its 125 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.90), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 32% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add MSFT
+25.6% $28.4M
Add AVGO
+16.2% $21.9M
Add VRT
-9.4% $18.4M
Add MDB
-7.3% $12.7M
Trim MTD
-64.3% -$8.1M
Trim STE
+1.3% -$5.6M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 4.92% | -0.05% | -18.98% | |
| 2 | NOW | Servicenow INC | Stock-Tech | 3.32% | +0.17% | +8.21% | |
| 3 | SNPS | Synopsys INC | Stock-Tech | 3.19% | -0.16% | -7.64% | |
| 4 | CDNS | Cadence Design Sys INC | Stock-Tech | 2.34% | -0.01% | -10.64% | |
| 5 | SNOW | Snowflake INC | Stock-Tech | 2.04% | — | — | |
| 6 | CLH | Clean Harbors INC | Stock-Industrials | 2.03% | +0.24% | +0.77% | |
| 7 | VOO | Vanguard S&P 500 ETF | ETF-Large Cap & Growth | 2.01% | +0.10% | +10.18% | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.99% | +0.10% | -16.13% | |
| 9 | PTC | Ptc INC | Stock-Tech | 1.95% | +0.34% | +9.92% | |
| 10 | NVT | nVent Electric plc | Stock-Industrials | 1.90% | +0.04% | -28.88% | |
| 11 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 1.82% | +0.72% | -9.41% | |
| 12 | ECL | Ecolab INC | Stock-Materials | 1.68% | — | -11.72% | |
| 13 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 1.58% | — | +8.21% | |
| 14 | MSFT | Microsoft CORP | Stock-Tech | 1.57% | +1.26% | +25.64% | |
| 15 | CRWD | Crowdstrike Holdings INC - A | Stock-Tech | 1.48% | -0.40% | +28.00% | |
| 16 | MDB | Mongodb INC | Stock-Tech | 1.47% | +0.47% | -7.28% | |
| 17 | HO1 | Hologic INC | Stock-Other | 1.43% | — | +0.12% | |
| 18 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 1.33% | +0.05% | +16.68% | |
| 19 | JBTM | Jbt Marel CORP | Stock-Industrials | 1.33% | +0.04% | — | |
| 20 | MSI | Motorola Solutions INC | Stock-Tech | 1.33% | — | -0.86% | |
| 21 | STE | STERIS plc | Stock-Healthcare | 1.29% | -0.43% | +1.31% | |
| 22 | AVGO | Broadcom INC | Stock-Tech | 1.29% | +0.96% | +16.24% | |
| 23 | ZS | Zscaler INC | Stock-Tech | 1.28% | — | -7.15% | |
| 24 | BSY | Bentley Systems Inc-class B | Stock-Tech | 1.24% | +0.18% | — | |
| 25 | EQIX | Equinix INC | Stock-Real Estate | 1.23% | — | -2.18% | |
| 26 | OSIS | Osi Systems INC | Stock-Tech | 1.20% | — | -5.48% | |
| 27 | ROL | Rollins INC | Stock-Consumer Disc | 1.20% | — | +0.84% | |
| 28 | DLR | Digital Realty Trust INC | Stock-Real Estate | 1.19% | — | +0.64% | |
| 29 | APG | Api Group CORP | Stock-Industrials | 1.16% | — | +37.74% | |
| 30 | AMD | Advanced Micro Devices | Stock-Tech | 1.14% | -0.31% | -44.26% | |
| 31 | VRNS | Varonis Systems INC | Stock-Tech | 1.13% | +0.11% | -8.07% | |
| 32 | DXCM | Dexcom INC | Stock-Healthcare | 1.11% | — | +7.29% | |
| 33 | KLAC | Kla CORP | Stock-Tech | 1.07% | — | -29.15% | |
| 34 | PANW | Palo Alto Networks INC | Stock-Tech | 1.04% | +0.13% | +10.04% | |
| 35 | APTV | Aptiv PLC | Stock-Consumer Disc | 1.02% | +1.02% | NEW | |
| 36 | CNM | Core & Main Inc-class A | Stock-Industrials | 1.02% | +0.07% | +14.84% | |
| 37 | PRCT | Procept Biorobotics CORP | Stock-Other | 1.02% | +0.35% | +59.62% | |
| 38 | MANH | Manhattan Associates INC | Stock-Tech | 1.02% | +0.06% | — | |
| 39 | WCN | Waste Connections INC | Stock-Industrials | 0.95% | — | +7.24% | |
| 40 | SPSC | Sps Commerce INC | Stock-Tech | 0.93% | — | +12.40% | |
| 41 | S | Sentinelone INC -class A | Stock-Tech | 0.93% | — | +12.55% | |
| 42 | WMS | Advanced Drainage Systems In | Stock-Industrials | 0.92% | +0.38% | -3.32% | |
| 43 | CLBT | Cellebrite DI Ltd. | Stock-Other | 0.90% | +0.90% | NEW | |
| 44 | WAB | Wabtec CORP | Stock-Industrials | 0.86% | -0.33% | -22.41% | |
| 45 | TYL | Tyler Technologies INC | Stock-Tech | 0.84% | — | -9.77% | |
| 46 | ROP | Roper Technologies INC | Stock-Tech | 0.83% | — | — | |
| 47 | AXON | Axon Enterprise INC | Stock-Industrials | 0.83% | — | -5.63% | |
| 48 | ADSK | Autodesk INC | Stock-Tech | 0.83% | — | -1.62% | |
| 49 | DHR | Danaher CORP | Stock-Healthcare | 0.83% | — | +8.26% | |
| 50 | MDT | Medtronic plc | Stock-Healthcare | 0.80% | — | — |
Performance for Q3 2026
+3.7%
Performance Last 4 Quarters
+5.7%
Based on 73% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-09-30 | 125 | $2.2B | 25 | |
| 2025-06-30 | 126 | $2.2B | 0 | |
| 2025-03-31 | 126 | $2.0B | 0 | |
| 2024-12-31 | 135 | $2.3B | 0 | |
| 2024-09-30 | 131 | $2.5B | 0 | |
| 2024-06-30 | 137 | $2.4B | 0 | |
| 2024-03-31 | 140 | $2.4B | 0 | |
| 2023-12-31 | 140 | $2.3B | 0 | |
| 2023-09-30 | 138 | $2.0B | 0 | |
| 2023-06-30 | 135 | $2.1B | 0 | |
| 2023-03-31 | 143 | $1.8B | 0 | |
| 2022-12-31 | 141 | $1.6B | 0 |
Thematics Asset Management's most significant position changes for 2025-09-30: Sold out: Cyberark Software LTD; New buy: Aptiv PLC (APTV); New buy: Cellebrite DI Ltd. (CLBT); New buy: JFrog Ltd. (FROG); New buy: Zebra Technologies Corp-cl A (ZBRA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | +1.3% | +25.64% | Add |
| 2 | AVGO | Broadcom INC | +1% | +16.24% | Add |
| 3 | VRT | Vertiv Holdings Co-a | +0.7% | -9.41% | Trim |
| 4 | MDB | Mongodb INC | +0.5% | -7.28% | Trim |
| 5 | WMS | Advanced Drainage Systems In | +0.4% | -3.32% | Add |
| 6 | PRCT | Procept Biorobotics CORP | +0.4% | +59.62% | Add |
| 7 | PTC | Ptc INC | +0.3% | +9.92% | Add |
| 8 | MOD | Modine Manufacturing Co | +0.3% | -10.67% | Add |
| 9 | CLH | Clean Harbors INC | +0.2% | +0.77% | Add |
| 10 | TTEK | Tetra Tech INC | +0.2% | +9.50% | Add |
| 11 | ACM | Aecom | +0.2% | -5.08% | Add |
| 12 | BSY | Bentley Systems Inc-class B | +0.2% | — | Unchanged |
| 13 | CYRX | Cryoport INC | +0.2% | -14.43% | Trim |
| 14 | NOW | Servicenow INC | +0.2% | +8.21% | Add |
| 15 | GNRC | Generac Holdings INC | +0.2% | +16.85% | Add |
| 16 | AIT | Applied Industrial Tech INC | +0.2% | — | Add |
| 17 | ZWS | Zurn Elkay Water Solutions C | +0.1% | — | Add |
| 18 | PANW | Palo Alto Networks INC | +0.1% | +10.04% | Add |
| 19 | VRNS | Varonis Systems INC | +0.1% | -8.07% | Trim |
| 20 | GOOGL | Alphabet Inc-cl A | +0.1% | -16.13% | Trim |
| 21 | VOO | Vanguard S&P 500 ETF | +0.1% | +10.18% | Add |
| 22 | FERG | Ferguson Enterprises INC | +0.1% | -8.02% | Trim |
| 23 | CNM | Core & Main Inc-class A | +0.1% | +14.84% | Add |
| 24 | MANH | Manhattan Associates INC | +0.1% | — | Unchanged |
| 25 | TMO | Thermo Fisher Scientific INC | +0.1% | +16.68% | Add |
| 26 | NVT | nVent Electric plc | 0% | -28.88% | Trim |
| 27 | JBTM | Jbt Marel CORP | 0% | — | Unchanged |
| 28 | CDNS | Cadence Design Sys INC | 0% | -10.64% | Trim |
| 29 | NVDA | Nvidia CORP | -0.1% | -18.98% | Trim |
| 30 | SNPS | Synopsys INC | -0.2% | -7.64% | Trim |
| 31 | CTAS | Cintas CORP | -0.2% | -29.09% | Trim |
| 32 | AMD | Advanced Micro Devices | -0.3% | -44.26% | Trim |
| 33 | WAB | Wabtec CORP | -0.3% | -22.41% | Trim |
| 34 | CRWD | Crowdstrike Holdings INC - A | -0.4% | +28.00% | Trim |
| 35 | GRMN | Garmin Ltd. | -0.4% | -70.71% | Trim |
| 36 | MTD | Mettler-toledo International | -0.4% | -64.31% | Trim |
| 37 | STE | STERIS plc | -0.4% | +1.31% | Trim |
| 38 | ✓ | Cyberark Software LTD | — | EXIT | Sold out |
| 39 | APTV | Aptiv PLC | — | NEW | New buy |
| 40 | CLBT | Cellebrite DI Ltd. | — | NEW | New buy |
| 41 | FROG | JFrog Ltd. | — | NEW | New buy |
| 42 | ZBRA | Zebra Technologies Corp-cl A | — | NEW | New buy |
| 43 | OKTA | Okta INC | — | EXIT | Sold out |
| 44 | FBIN | Fortune Brands Innovations I | — | NEW | New buy |
| 45 | ROK | Rockwell Automation INC | — | EXIT | Sold out |
| 46 | GNTX | Gentex CORP | — | EXIT | Sold out |
| 47 | ARGX | Argenx Se - Adr | — | NEW | New buy |
| 48 | GDDY | Godaddy INC - Class A | — | EXIT | Sold out |
| 49 | IT | Gartner INC | — | EXIT | Sold out |
| 50 | UNIT | Uniti Group INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
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