Quaero Capital S.A.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 19, 2024), Quaero Capital S.A. reported 22 stock positions worth $34.7 million. Its top holding was Linde (LIN) at 14.6% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 12.7%) and First Solar (FSLR, 10.2%). Compared with Q4 2023, it opened 5 new positions, sold out of 18, added to 4 and reduced 12. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +14%) and the biggest sale an exit from Fluence Energy (FLNC).
- Most Recent 13F
- Q2 2025
- Location
- GENEVE, V8
- CIK
- 0001843510
- Portfolio Value
- $34.7M (Q1 2024)
- SEC Filing
- 0001843510-24-000002 ↗ filed Apr 19, 2024
Holdings Value
Holdings 22 stocks · $34.7M
| LIN Linde PLC | 14.64% | 10,932 | $5.1M | Reduce -31.3% |
| TSM Taiwan Semiconductor-SP ADR | 12.66% | 32,274 | $4.4M | Add +14.3% |
| FSLR First Solar Inc. | 10.17% | 20,879 | $3.5M | Reduce -42.9% |
| ENPH Enphase Energy Inc. | 9.51% | 27,247 | $3.3M | Reduce -22.8% |
| HASI Ha Sustainable Infrastructur filed as HANNON ARMSTRONG SUST INFR C | 6.45% | 78,729 | $2.2M | Reduce -20.0% |
| RSG Republic Services Inc. | 5.27% | 9,550 | $1.8M | Add +1.6% |
| EQIX Equinix Inc. | 5.20% | 2,185 | $1.8M | Add +4.0% |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 4.44% | 27,355 | $1.5M | New |
| GFL GFL Environmental Inc.-Sub VT | 3.35% | 33,700 | $1.2M | New |
| TRGP Targa Resources Corp. | 3.12% | 9,650 | $1.1M | Add +30.4% |
| ETN Eaton Corp. PLC | 3.10% | 3,442 | $1.1M | New |
| AMT American Tower Corp. | 3.08% | 5,400 | $1.1M | Reduce -39.3% |
| WM Waste Management Inc. | 3.04% | 4,950 | $1.1M | Reduce -30.3% |
| RUN Sunrun Inc. | 2.18% | 57,375 | $756K | Reduce -56.7% |
| CNP Centerpoint Energy Inc. | 2.18% | 26,476 | $754K | Reduce -47.0% |
| PCG P G & E Corp. | 2.12% | 43,900 | $736K | Reduce -50.5% |
| SRE Sempra | 2.10% | 10,130 | $728K | Reduce -22.6% |
| CP Canadian Pacific Kansas City | 2.01% | 7,900 | $697K | New |
| CNI Canadian Natl Railway Co. | 1.98% | 5,200 | $685K | New |
| MP MP Materials Corp. | 1.47% | 35,578 | $509K | No change |
| BE Bloom Energy Corp. Class A | 1.16% | 35,636 | $401K | Reduce -83.9% |
| SBAC SBA Communications Corp. | 0.77% | 1,239 | $268K | Reduce -66.8% |
Other holdings (25): bonds, preferreds, convertibles and warrants · $29.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | 2,000,000 | $2.1M | No change |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | 1,300,000 | $1.9M | No change |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 1,600,000 | $1.6M | No change |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 1,600,000 | $1.6M | New |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 700,000 | $1.6M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 1,500,000 | $1.6M | No change |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 1,500,000 | $1.5M | No change |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 750,000 | $1.4M | No change |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 1,500,000 | $1.4M | No change |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | 1,000,000 | $1.4M | Reduce -16.7% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 1,300,000 | $1.4M | Reduce -27.8% |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 1,000,000 | $1.3M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 1,400,000 | $1.3M | No change |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 1,200,000 | $1.1M | No change |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | 1,200,000 | $1.0M | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,000,000 | $1.0M | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,000,000 | $932K | New |
| BOX INC (BOX 0 01/15/26) | NOTE 1/1 · principal | 700,000 | $840K | No change |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | 700,000 | $803K | No change |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 800,000 | $803K | New |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 700,000 | $693K | New |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 500,000 | $681K | No change |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 400,000 | $588K | No change |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 500,000 | $563K | New |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 600,000 | $548K | No change |
Total filed on the 13F, all lines: $64.3M.
Portfolio Sells Q4 2023 → Q1 2024
| FLNC Fluence Energy Inc. | Sold out | 0.00% | −4.80 |
| PDD PDD Holdings Inc. | Sold out | 0.00% | −4.25 |
| FUTU Futu Holdings Ltd.-ADR | Sold out | 0.00% | −4.12 |
| BZ Kanzhun Ltd. - ADR | Sold out | 0.00% | −3.86 |
| ACMR Acm Research Inc. Class A | Sold out | 0.00% | −3.83 |
| BE Bloom Energy Corp. Class A | Reduce -83.9% | 1.16% | −3.77 |
| EDU New Oriental Educatio-SP ADR | Sold out | 0.00% | −2.65 |
| ATAT Atour Lifestyle Holdings-ADR | Sold out | 0.00% | −2.16 |
| RUN Sunrun Inc. | Reduce -56.7% | 2.18% | −1.73 |
| LTHM Livent Corp. | Sold out | 0.00% | −1.71 |
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −1.70 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −1.66 |
| LI Li Auto Inc. - ADR | Sold out | 0.00% | −1.63 |
| CEG Constellation Energy | Sold out | 0.00% | −0.97 |
| STNG Scorpio Tankers Inc. | Sold out | 0.00% | −0.91 |
| ECO Okeanis Eco Tankers Corp. | Sold out | 0.00% | −0.78 |
| ALB Albemarle Corp. | Sold out | 0.00% | −0.66 |
| ARRY Array Technologies Inc. | Sold out | 0.00% | −0.65 |
| SBAC SBA Communications Corp. | Reduce -66.8% | 0.77% | −0.65 |
| CMBT CMB Tech NV | Sold out | 0.00% | −0.57 |
| BORR Borr Drilling Ltd. | Sold out | 0.00% | −0.33 |
| PCG P G & E Corp. | Reduce -50.5% | 2.12% | −0.28 |
| CNP Centerpoint Energy Inc. | Reduce -47.0% | 2.18% | +0.03 |
| AMT American Tower Corp. | Reduce -39.3% | 3.08% | +0.19 |
| SRE Sempra | Reduce -22.6% | 2.10% | +0.63 |
| FSLR First Solar Inc. | Reduce -42.9% | 10.17% | +0.70 |
| WM Waste Management Inc. | Reduce -30.3% | 3.04% | +1.13 |
| HASI Ha Sustainable Infrastructur | Reduce -20.0% | 6.45% | +2.37 |
| ENPH Enphase Energy Inc. | Reduce -22.8% | 9.51% | +2.50 |
| LIN Linde PLC | Reduce -31.3% | 14.64% | +4.82 |
Portfolio Buys Q4 2023 → Q1 2024
| TSM Taiwan Semiconductor-SP ADR | Add +14.3% | 12.66% | +8.25 |
| NXT Nextpower Inc. | New | 4.44% | +4.44 |
| GFL GFL Environmental Inc.-Sub VT | New | 3.35% | +3.35 |
| ETN Eaton Corp. PLC | New | 3.10% | +3.10 |
| RSG Republic Services Inc. | Add +1.6% | 5.27% | +2.94 |
| EQIX Equinix Inc. | Add +4.0% | 5.20% | +2.66 |
| TRGP Targa Resources Corp. | Add +30.4% | 3.12% | +2.15 |
| CP Canadian Pacific Kansas City | New | 2.01% | +2.01 |
| CNI Canadian Natl Railway Co. | New | 1.98% | +1.98 |
Notes & Other Activity Q4 2023 → Q1 2024
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | New | 1,600,000 | $1.6M |
| PALO ALTO NETWORKS (PANW 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | Sold out | 500,000 | $1.5Mbefore exit |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | Reduce -16.7% | 1,000,000 | $1.4M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Reduce -27.8% | 1,300,000 | $1.4M |
| WINNEBAGO INDUSTRIES (WGO 1.5 04/01/25) | NOTE 1.500% 4/0 · principal | Sold out | 1,000,000 | $1.3Mbefore exit |
| PARSONS CORP (PSN 0.25 08/15/25) | NOTE 0.250% 8/1 · principal | Sold out | 800,000 | $1.1Mbefore exit |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | New | 1,000,000 | $932K |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | New | 800,000 | $803K |
| EQT CORP (EQT 1.75 05/01/26) | NOTE 1.750% 5/0 · principal | Sold out | 300,000 | $798Kbefore exit |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | New | 700,000 | $693K |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | New | 500,000 | $563K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.