Tema ETFs' Strategic Growth
Tema ETFs Dramatically Expands Holdings in Q2, Intuitive Machines Stake Surges by Over 139,000%
Key Points
Mastercard’s substantial institutional ownership is highlighted by 97.28% of MA stock being held by institutions and hedge funds; notable holders include J. Stern & Co. LLP with 72,597,097 shares worth about $41.44 billion and Norges Bank adding a new position in the stock in the previous quarter.
Chevron remains a heavily institutionally owned holding (about 72.42% owned by institutions) for Tema, which increased its position by 3,770 shares (10.6%) to 39,304 shares, valued at roughly $6.515 million; analysts also raised expectations, with Erste Group Bank boosting its Chevron EPS forecasts to $15.32 for 2026 and $13.14 for 2027.
Cognex is being viewed as a growth bet, with Tema owning 320,678 shares (about 0.19% of Cognex) after adding 11,988 shares; external coverage turned more bullish as Needham & Company raised Cognex’s price target to $80 with a Buy rating, and Zacks Research upgraded Cognex from Hold to Strong Buy.
Intuitive Machines represents about 2.1% of Tema’s holdings and is Tema’s 8th largest position, with 3,105,074 shares valued at about $66.42 million; institutional ownership is strong, with 72.21% of the stock currently owned by institutions.
Procter & Gamble remains a sizable stake for Tema, rising 10.6% to 48,479 shares worth approximately $7.11 million; UBS Group also boosted its PG price objective from $166 to $172 and reiterated a Buy rating.
Tema ETFs LLC ramped up its positions across a wide range of large-cap stocks in the second quarter, according to its most recent Form 13F filing. The moves signal a broad, diversified push by the fund into blue-chip and growth names alike. Watchlist News reported several of the changes across multiple filings.
The biggest headline: Tema's stake in Intuitive Machines exploded by 139,768% to 3,105,074 shares, now worth about $66.42 million. That single position jumped to become the fund's eighth-largest holding.
Intuitive Machines Stake Surges to $66 Million
Tema's Intuitive Machines position is the standout move of the quarter. The fund added shares on a massive scale, bringing its total to 3,105,074 shares. The position is now worth roughly $66.42 million and makes up about 2.1% of Tema's total holdings, according to Watchlist News.
Institutional confidence in Intuitive Machines is strong beyond just Tema. About 72.21% of the stock is owned by institutions. That level of institutional backing often signals that large, professional investors see real long-term potential in a company.
Cognex Gets a Bullish Boost from Analysts and Tema
Tema added 11,988 shares of Cognex in Q2, bringing its total to 320,678 shares. That is about 0.19% of the entire company. The position is worth around $23.22 million, making it one of Tema's larger individual bets, per Watchlist News.
Analysts are growing more optimistic about Cognex too. Needham & Company raised its price target on the stock to $80 with a Buy rating. Zacks Research also upgraded Cognex from Hold to Strong Buy. Those signals suggest Wall Street sees upside ahead for the machine vision company.
Mastercard, Chevron, and P&G All Get Bigger Stakes
Tema increased its Mastercard position by 7.6% to 17,084 shares, now worth about $8.77 million. It also raised its Chevron holding by 10.6% to 39,304 shares, valued at roughly $6.52 million. Procter & Gamble saw the same 10.6% increase, reaching 48,479 shares worth about $7.11 million, according to Watchlist News.
Each of these stocks carries heavy institutional ownership. Mastercard sits at 97.28% institutional ownership. Chevron is about 72.42% owned by institutions. UBS Group raised its Procter & Gamble price target from $166 to $172 and kept a Buy rating. Erste Group Bank also lifted its Chevron earnings forecast to $15.32 per share for 2026.
Tema's Strategy Points to Steady, Diversified Growth
Beyond the five stocks highlighted, Tema also boosted positions in Coca-Cola by 10.6%, Amgen by 14.5%, Intel by 10.7%, and Bank of America by 10.7% during Q2, per Watchlist News. The pattern is consistent: moderate increases across established names, plus one high-conviction growth bet in Intuitive Machines.
This approach blends stability and growth. Blue chips like P&G and Mastercard offer steady returns. Intuitive Machines and Cognex represent higher-risk, higher-reward plays. Together, they show a fund trying to cover multiple bases at once.
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