13F
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Mirova US LLC

13F equity value
$8.8B
Positions
42
Top 10 concentration
50.0%
Quarters / total new picks
19 / 36
13F equity value over time
$0M$5B$10B20192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 19 quarters, returned +2.0% per quarter — versus +2.4% per quarter from simply owning every 13F stock. It beat that baseline in only 42.1% of quarters (excess t = -0.39, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-2.4%
t-stat
-0.39
Quarterly win rate
42%
Annualized excess
-8.6%
$1 → follow vs universe
$0.99 vs $1.47
Cumulative return: $1 invested in new picks vs universe
1.00 20200630: universe 1.10520200930: universe 1.35520210331: universe 1.36720210930: universe 1.22720211231: universe 1.04420220331: universe 1.12120220630: universe 1.03920220930: universe 1.11620221231: universe 1.03620230630: universe 0.99920230930: universe 1.13420231231: universe 1.18520240331: universe 1.21120240630: universe 1.32120240930: universe 1.31020241231: universe 1.22320250630: universe 1.26120250930: universe 1.41820251231: universe 1.467 20200630: follow 1.10520200930: follow 1.03420210331: follow 1.43120210930: follow 0.80620211231: follow 0.53320220331: follow 0.50020220630: follow 0.45420220930: follow 0.48020221231: follow 0.48020230630: follow 0.49820230930: follow 0.70120231231: follow 0.70620240331: follow 0.90620240630: follow 0.87120240930: follow 0.84920241231: follow 0.92920250630: follow 0.92920250930: follow 0.90820251231: follow 0.989 0.42 1.00 1.58 202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 42 · 2026 Q1

Ticker Value Weight QoQ
NVDA $882M
10.0%
TRIM
MSFT $576M
6.5%
TRIM
MA $479M
5.4%
TRIM
TSM $433M
4.9%
TRIM
TJX $385M
4.4%
TRIM
AVGO $345M
3.9%
ADD
LLY $339M
3.9%
TRIM
NEE $337M
3.8%
TRIM
SHOP $317M
3.6%
TRIM
WM $313M
3.5%
TRIM
EBAY $312M
3.5%
TRIM
ECL $311M
3.5%
TRIM
TMO $302M
3.4%
TRIM
HUBB $283M
3.2%
ADD
PANW $257M
2.9%
TRIM
VRT $256M
2.9%
ADD
ISRG $236M
2.7%
TRIM
LOW $222M
2.5%
TRIM
XYL $216M
2.5%
TRIM
EW $210M
2.4%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

None.

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.