# EDGAR Filing Document

**Accession Number:** 0001956031
**File Stem:** 0001104659-25-077560
**Filing Date:** 2025-8
**Character Count:** 17101
**Document Hash:** 0439aa67cc4ef6f7e42a3dc3f73de65d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-077560.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001104659-25-077560

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thematics Asset Management
- **CENTRAL INDEX KEY:** 0001956031

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22946
- **FILM NUMBER:** 251211678

**BUSINESS ADDRESS:**
- **STREET 1:** 11 RUE SCRIBE
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75009
- **BUSINESS PHONE:** 33 0779885389

**MAIL ADDRESS:**
- **STREET 1:** 11 RUE SCRIBE
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75009

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Thematics Asset Management<br>**Address:** 11 Rue Scribe<br>Paris, I0 75009

**Form 13F File Number:** 028-22946

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Nolan Hoffmeyer<br>**Title:** Deputy CEO<br>**Phone:** 0033-1-78-40-80-59

**Signature, Place, and Date of Signing:**

Nolan Hoffmeyer  Paris, I0  07-15-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 126

**Form 13F Information Table Value Total:** $2223525461

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                           | Form 13F File Number   |
|:---|:---|:---|
|  | Natixis Investment Managers SA | 028-19314              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADOBE INC | Common Stock | 00724F101 |  | 7253226 | 18748 | SH |  | DFND | 1 | 18748 | 0 | 0 |
| ADVANCED DRAIN SYS INC DEL | Common Stock | 00790R104 |  | 17286430 | 150500 | SH |  | DFND | 1 | 150500 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | Common Stock | 007903107 |  | 39678504 | 279623 | SH |  | DFND | 1 | 279623 | 0 | 0 |
| AECOM | Common Stock | 00766T100 |  | 13326622 | 118081 | SH |  | DFND | 1 | 118081 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | Common Stock | 00846U101 |  | 10580423 | 89657 | SH |  | DFND | 1 | 89657 | 0 | 0 |
| ALARM COM HLDGS INC | Common Stock | 011642105 |  | 4057031 | 71717 | SH |  | DFND | 1 | 71717 | 0 | 0 |
| ALCON AG | Common Stock | H01301128 |  | 6289862 | 71249 | SH |  | DFND | 1 | 71249 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | Common Stock | 02043Q107 |  | 1995019 | 6118 | SH |  | DFND | 1 | 6118 | 0 | 0 |
| ALPHABET INC | Common Stock | 02079K305 |  | 37996422 | 215607 | SH |  | DFND | 1 | 215607 | 0 | 0 |
| AMAZON COM INC | Common Stock | 023135106 |  | 4392407 | 20021 | SH |  | DFND | 1 | 20021 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | Common Stock | 030420103 |  | 11927570 | 85742 | SH |  | DFND | 1 | 85742 | 0 | 0 |
| API GROUP CORP | Common Stock | 00187Y100 |  | 18396428 | 540542 | SH |  | DFND | 1 | 528000 | 0 | 12542 |
| APPLIED INDL TECHNOLOGIES IN | Common Stock | 03820C105 |  | 11932821 | 51335 | SH |  | DFND | 1 | 51335 | 0 | 0 |
| APTIV PLC | Common Stock | G3265R107 |  | 11370364 | 166672 | SH |  | DFND | 1 | 162952 | 0 | 3720 |
| ARGENX SE | American Depository Receipt | 04016X101 |  | 6380923 | 11576 | SH |  | DFND | 1 | 11576 | 0 | 0 |
| ATLASSIAN CORPORATION | Common Stock | 049468101 |  | 4616236 | 22730 | SH |  | DFND | 1 | 22730 | 0 | 0 |
| AUTODESK INC | Common Stock | 052769106 |  | 18057837 | 58332 | SH |  | DFND | 1 | 58332 | 0 | 0 |
| AXON ENTERPRISE INC | Common Stock | 05464C101 |  | 22430550 | 27092 | SH |  | DFND | 1 | 26464 | 0 | 628 |
| BENTLEY SYS INC | Common Stock | 08265T208 |  | 28684138 | 531483 | SH |  | DFND | 1 | 531483 | 0 | 0 |
| BJS WHSL CLUB HLDGS INC | Common Stock | 05550J101 |  | 5196543 | 48192 | SH |  | DFND | 1 | 48192 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | Common Stock | 101137107 |  | 8171538 | 76078 | SH |  | DFND | 1 | 76078 | 0 | 0 |
| BROADCOM INC | Common Stock | 11135F101 |  | 20354547 | 73842 | SH |  | DFND | 1 | 73842 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | Common Stock | 127387108 |  | 50677116 | 164456 | SH |  | DFND | 1 | 164456 | 0 | 0 |
| CALIFORNIA WTR SVC GROUP | Common Stock | 130788102 |  | 7025296 | 154470 | SH |  | DFND | 1 | 154470 | 0 | 0 |
| CELLEBRITE DI LTD | Common Stock | M2197Q107 |  | 13918816 | 869926 | SH |  | DFND | 1 | 850000 | 0 | 19926 |
| CINTAS CORP | Common Stock | 172908105 |  | 14142884 | 63458 | SH |  | DFND | 1 | 62000 | 0 | 1458 |
| CLEAN HARBORS INC | Common Stock | 184496107 |  | 44117698 | 190837 | SH |  | DFND | 1 | 188324 | 0 | 2513 |
| CORE  MAIN INC | Common Stock | 21874C102 |  | 21967400 | 364000 | SH |  | DFND | 1 | 364000 | 0 | 0 |
| COSTAR GROUP INC | Common Stock | 22160N109 |  | 7302250 | 90824 | SH |  | DFND | 1 | 90824 | 0 | 0 |
| COSTCO WHSL CORP NEW | Common Stock | 22160K105 |  | 7248341 | 7322 | SH |  | DFND | 1 | 7322 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | Common Stock | 22788C105 |  | 26540144 | 52110 | SH |  | DFND | 1 | 52110 | 0 | 0 |
| CRYOPORT INC | Common Stock | 229050307 |  | 14285042 | 1914885 | SH |  | DFND | 1 | 1870969 | 0 | 43916 |
| CVS HEALTH CORP | Common Stock | 126650100 |  | 4044090 | 58627 | SH |  | DFND | 1 | 58627 | 0 | 0 |
| CYBERARK SOFTWARE LTD | Common Stock | M2682V108 |  | 33313300 | 81875 | SH |  | DFND | 1 | 80000 | 0 | 1875 |
| DANAHER CORPORATION | Common Stock | 235851102 |  | 16732033 | 84702 | SH |  | DFND | 1 | 84702 | 0 | 0 |
| DESCARTES SYS GROUP INC | Common Stock | 249906108 |  | 5128702 | 50457 | SH |  | DFND | 1 | 50457 | 0 | 0 |
| DEXCOM INC | Common Stock | 252131107 |  | 29476611 | 337686 | SH |  | DFND | 1 | 332749 | 0 | 4937 |
| DIGITAL RLTY TR INC | Common Stock | 253868103 |  | 26226031 | 150439 | SH |  | DFND | 1 | 147000 | 0 | 3439 |
| DISNEY WALT CO | Common Stock | 254687106 |  | 4185462 | 33751 | SH |  | DFND | 1 | 33751 | 0 | 0 |
| ECOLAB INC | Common Stock | 278865100 |  | 41165582 | 152782 | SH |  | DFND | 1 | 150737 | 0 | 2045 |
| ELASTIC N V | Common Stock | N14506104 |  | 40051437 | 474937 | SH |  | DFND | 1 | 469537 | 0 | 5400 |
| ELI LILLY  CO | Common Stock | 532457108 |  | 6746832 | 8655 | SH |  | DFND | 1 | 8655 | 0 | 0 |
| EQUINIX INC | Common Stock | 29444U700 |  | 28123046 | 35354 | SH |  | DFND | 1 | 34662 | 0 | 692 |
| ESSENTIAL UTILS INC | Common Stock | 29670G102 |  | 15328644 | 412726 | SH |  | DFND | 1 | 412726 | 0 | 0 |
| EXACT SCIENCES CORP | Common Stock | 30063P105 |  | 3443844 | 64807 | SH |  | DFND | 1 | 64807 | 0 | 0 |
| FERGUSON ENTERPRISES INC | Common Stock | 31488V107 |  | 16288571 | 74804 | SH |  | DFND | 1 | 74804 | 0 | 0 |
| FISERV INC | Common Stock | 337738108 |  | 21352116 | 123845 | SH |  | DFND | 1 | 121000 | 0 | 2845 |
| GARMIN LTD | Common Stock | H2906T109 |  | 10351886 | 49597 | SH |  | DFND | 1 | 49597 | 0 | 0 |
| GARTNER INC | Common Stock | 366651107 |  | 4184485 | 10352 | SH |  | DFND | 1 | 10352 | 0 | 0 |
| GENERAC HLDGS INC | Common Stock | 368736104 |  | 9528048 | 66532 | SH |  | DFND | 1 | 65000 | 0 | 1532 |
| GODADDY INC | Common Stock | 380237107 |  | 4766908 | 26474 | SH |  | DFND | 1 | 26474 | 0 | 0 |
| H2O AMERICA | Common Stock | 784305104 |  | 5521605 | 106246 | SH |  | DFND | 1 | 106246 | 0 | 0 |
| HEALTHEQUITY INC | Common Stock | 42226A107 |  | 10686463 | 102009 | SH |  | DFND | 1 | 102009 | 0 | 0 |
| HOLOGIC INC | Common Stock | 436440101 |  | 30344751 | 465696 | SH |  | DFND | 1 | 465696 | 0 | 0 |
| HUBSPOT INC | Common Stock | 443573100 |  | 7663682 | 13768 | SH |  | DFND | 1 | 13768 | 0 | 0 |
| IDEX CORP | Common Stock | 45167R104 |  | 17057328 | 97154 | SH |  | DFND | 1 | 97154 | 0 | 0 |
| INTUIT | Common Stock | 461202103 |  | 7925133 | 10062 | SH |  | DFND | 1 | 10062 | 0 | 0 |
| INTUITIVE SURGICAL INC | Common Stock | 46120E602 |  | 39135845 | 72019 | SH |  | DFND | 1 | 72019 | 0 | 0 |
| IQVIA HLDGS INC | Common Stock | 46266C105 |  | 2444063 | 15509 | SH |  | DFND | 1 | 15509 | 0 | 0 |
| JBT MAREL CORPORATION | Common Stock | 477839104 |  | 25080464 | 208552 | SH |  | DFND | 1 | 208552 | 0 | 0 |
| KLA CORP | Common Stock | 482480100 |  | 27735693 | 30964 | SH |  | DFND | 1 | 30964 | 0 | 0 |
| LABCORP HOLDINGS INC | Common Stock | 504922105 |  | 5254138 | 20015 | SH |  | DFND | 1 | 20015 | 0 | 0 |
| LITTELFUSE INC | Common Stock | 537008104 |  | 14387832 | 63458 | SH |  | DFND | 1 | 62000 | 0 | 1458 |
| MANHATTAN ASSOCIATES INC | Common Stock | 562750109 |  | 21571228 | 109238 | SH |  | DFND | 1 | 109238 | 0 | 0 |
| MASCO CORP | Common Stock | 574599106 |  | 7241594 | 112517 | SH |  | DFND | 1 | 112517 | 0 | 0 |
| MEDTRONIC PLC | Common Stock | G5960L103 |  | 16117646 | 184899 | SH |  | DFND | 1 | 184899 | 0 | 0 |
| MERCK  CO INC | Common Stock | 58933Y105 |  | 3796751 | 47963 | SH |  | DFND | 1 | 47963 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | Common Stock | 592688105 |  | 12839690 | 10930 | SH |  | DFND | 1 | 10930 | 0 | 0 |
| MICROSOFT CORP | Common Stock | 594918104 |  | 26410481 | 53096 | SH |  | DFND | 1 | 53096 | 0 | 0 |
| MIDDLESEX WTR CO | Common Stock | 596680108 |  | 9264780 | 171000 | SH |  | DFND | 1 | 171000 | 0 | 0 |
| MODINE MFG CO | Common Stock | 607828100 |  | 7387500 | 75000 | SH |  | DFND | 1 | 75000 | 0 | 0 |
| MONGODB INC | Common Stock | 60937P106 |  | 23689602 | 112813 | SH |  | DFND | 1 | 112813 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | Common Stock | 620076307 |  | 27111261 | 64480 | SH |  | DFND | 1 | 63000 | 0 | 1480 |
| MSA SAFETY INC | Common Stock | 553498106 |  | 16803259 | 100300 | SH |  | DFND | 1 | 98000 | 0 | 2300 |
| MSCI INC | Common Stock | 55354G100 |  | 7697172 | 13346 | SH |  | DFND | 1 | 13346 | 0 | 0 |
| NASDAQ INC | Common Stock | 631103108 |  | 8948975 | 100078 | SH |  | DFND | 1 | 100078 | 0 | 0 |
| NATERA INC | Common Stock | 632307104 |  | 5188992 | 30715 | SH |  | DFND | 1 | 30715 | 0 | 0 |
| NETFLIX INC | Common Stock | 64110L106 |  | 5351163 | 3996 | SH |  | DFND | 1 | 3996 | 0 | 0 |
| NEW YORK TIMES CO | Common Stock | 650111107 |  | 4914484 | 87790 | SH |  | DFND | 1 | 87790 | 0 | 0 |
| NVENT ELECTRIC PLC | Common Stock | G6700G107 |  | 43760722 | 597416 | SH |  | DFND | 1 | 590880 | 0 | 6536 |
| NVIDIA CORPORATION | Common Stock | 67066G104 |  | 113314378 | 717225 | SH |  | DFND | 1 | 716240 | 0 | 985 |
| OKTA INC | Common Stock | 679295105 |  | 12993801 | 129977 | SH |  | DFND | 1 | 127000 | 0 | 2977 |
| ORACLE CORP | Common Stock | 68389X105 |  | 3759124 | 17194 | SH |  | DFND | 1 | 17194 | 0 | 0 |
| OSI SYSTEMS INC | Common Stock | 671044105 |  | 25315413 | 112583 | SH |  | DFND | 1 | 110000 | 0 | 2583 |
| PALO ALTO NETWORKS INC | Common Stock | 697435105 |  | 20895790 | 102110 | SH |  | DFND | 1 | 100209 | 0 | 1901 |
| PENTAIR PLC | Common Stock | G7S00T104 |  | 12240870 | 119237 | SH |  | DFND | 1 | 119237 | 0 | 0 |
| PLANET FITNESS INC | Common Stock | 72703H101 |  | 6162088 | 56507 | SH |  | DFND | 1 | 56507 | 0 | 0 |
| PROCEPT BIOROBOTICS CORP | Common Stock | 74276L105 |  | 22735238 | 394709 | SH |  | DFND | 1 | 394709 | 0 | 0 |
| PROGYNY INC | Common Stock | 74340E103 |  | 2727274 | 123967 | SH |  | DFND | 1 | 123967 | 0 | 0 |
| PTC INC | Common Stock | 69370C100 |  | 33113752 | 192142 | SH |  | DFND | 1 | 192142 | 0 | 0 |
| RAPID7 INC | Common Stock | 753422104 |  | 9043321 | 390978 | SH |  | DFND | 1 | 382000 | 0 | 8978 |
| ROLLINS INC | Common Stock | 775711104 |  | 25177481 | 446251 | SH |  | DFND | 1 | 436000 | 0 | 10251 |
| ROPER TECHNOLOGIES INC | Common Stock | 776696106 |  | 20871049 | 36820 | SH |  | DFND | 1 | 36820 | 0 | 0 |
| S GLOBAL INC | Common Stock | 78409V104 |  | 8554226 | 16223 | SH |  | DFND | 1 | 16223 | 0 | 0 |
| SENTINELONE INC | Common Stock | 81730H109 |  | 18820393 | 1029562 | SH |  | DFND | 1 | 1006000 | 0 | 23562 |
| SERVICENOW INC | Common Stock | 81762P102 |  | 75588554 | 73524 | SH |  | DFND | 1 | 72844 | 0 | 680 |
| SHIFT4 PMTS INC | Common Stock | 82452J109 |  | 19272633 | 194457 | SH |  | DFND | 1 | 190000 | 0 | 4457 |
| SMITH A O CORP | Common Stock | 831865209 |  | 9638790 | 147000 | SH |  | DFND | 1 | 147000 | 0 | 0 |
| SNOWFLAKE INC | Common Stock | 833445109 |  | 44588410 | 199260 | SH |  | DFND | 1 | 199260 | 0 | 0 |
| SOHO HOUSE  CO INC | Common Stock | 586001109 |  | 4033342 | 548754 | SH |  | DFND | 1 | 548754 | 0 | 0 |
| SPROUTS FMRS MKT INC | Common Stock | 85208M102 |  | 3738645 | 22708 | SH |  | DFND | 1 | 22708 | 0 | 0 |
| SPS COMM INC | Common Stock | 78463M107 |  | 23841607 | 175190 | SH |  | DFND | 1 | 175190 | 0 | 0 |
| STERIS PLC | Common Stock | G8473T100 |  | 27204675 | 113249 | SH |  | DFND | 1 | 111745 | 0 | 1504 |
| STRYKER CORPORATION | Common Stock | 863667101 |  | 4997994 | 12633 | SH |  | DFND | 1 | 12633 | 0 | 0 |
| SYMBOTIC INC | Common Stock | 87151X101 |  | 23756542 | 611494 | SH |  | DFND | 1 | 611494 | 0 | 0 |
| SYNOPSYS INC | Common Stock | 871607107 |  | 79116778 | 154320 | SH |  | DFND | 1 | 153097 | 0 | 1223 |
| T-MOBILE US INC | Common Stock | 872590104 |  | 6656746 | 27939 | SH |  | DFND | 1 | 27939 | 0 | 0 |
| TETRA TECH INC NEW | Common Stock | 88162G103 |  | 11354370 | 315750 | SH |  | DFND | 1 | 315750 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | Common Stock | 883556102 |  | 21017830 | 51837 | SH |  | DFND | 1 | 51179 | 0 | 658 |
| TOAST INC | Common Stock | 888787108 |  | 3744852 | 84553 | SH |  | DFND | 1 | 84553 | 0 | 0 |
| TORO CO | Common Stock | 891092108 |  | 7454832 | 105473 | SH |  | DFND | 1 | 105473 | 0 | 0 |
| TRANSUNION | Common Stock | 89400J107 |  | 11978472 | 136119 | SH |  | DFND | 1 | 133000 | 0 | 3119 |
| TYLER TECHNOLOGIES INC | Common Stock | 902252105 |  | 23107718 | 38978 | SH |  | DFND | 1 | 38978 | 0 | 0 |
| UNITEDHEALTH GROUP INC | Common Stock | 91324P102 |  | 3487825 | 11180 | SH |  | DFND | 1 | 11180 | 0 | 0 |
| VARONIS SYS INC | Common Stock | 922280102 |  | 23997036 | 472848 | SH |  | DFND | 1 | 462000 | 0 | 10848 |
| VERALTO CORP | Common Stock | 92338C103 |  | 13111588 | 129882 | SH |  | DFND | 1 | 129882 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | Common Stock | 92343V104 |  | 4774498 | 110342 | SH |  | DFND | 1 | 110342 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | Common Stock | 92532F100 |  | 4718230 | 10598 | SH |  | DFND | 1 | 10598 | 0 | 0 |
| VERTIV HOLDINGS CO | Common Stock | 92537N108 |  | 37688849 | 293504 | SH |  | DFND | 1 | 289000 | 0 | 4504 |
| WABTEC | Common Stock | 929740108 |  | 25400017 | 121328 | SH |  | DFND | 1 | 118582 | 0 | 2746 |
| WASTE CONNECTIONS INC | Common Stock | 94106B101 |  | 20626772 | 110469 | SH |  | DFND | 1 | 110469 | 0 | 0 |
| WASTE MGMT INC DEL | Common Stock | 94106L109 |  | 13592594 | 59403 | SH |  | DFND | 1 | 59403 | 0 | 0 |
| WIX COM LTD | Common Stock | M98068105 |  | 4264792 | 26914 | SH |  | DFND | 1 | 26914 | 0 | 0 |
| XYLEM INC | Common Stock | 98419M100 |  | 16644622 | 128669 | SH |  | DFND | 1 | 128669 | 0 | 0 |
| ZSCALER INC | Common Stock | 98980G102 |  | 31816877 | 101347 | SH |  | DFND | 1 | 99000 | 0 | 2347 |
| ZURN ELKAY WATER SOLNS CORP | Common Stock | 98983L108 |  | 7214420 | 197277 | SH |  | DFND | 1 | 197277 | 0 | 0 |

---