Quaero Capital S.A.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 5, 2024), Quaero Capital S.A. reported 26 stock positions worth $45.2 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 11.5% of the portfolio, followed by First Solar (FSLR, 8.7%) and Linde (LIN, 7.5%). Compared with Q1 2024, it opened 7 new positions, sold out of 3, added to 5 and reduced 8. The biggest buy was a new position in Nextera Energy (NEE) and the biggest sale Linde (LIN, shares −29%).
- Most Recent 13F
- Q2 2025
- Location
- GENEVE, V8
- CIK
- 0001843510
- Portfolio Value
- $45.2M (Q2 2024)
- SEC Filing
- 0001843510-24-000003 ↗ filed Aug 5, 2024
Holdings Value
Holdings 26 stocks · $45.2M
| TSM Taiwan Semiconductor-SP ADR | 11.53% | 29,984 | $5.2M | Reduce -7.1% |
| FSLR First Solar Inc. | 8.68% | 17,404 | $3.9M | Reduce -16.6% |
| LIN Linde PLC | 7.53% | 7,757 | $3.4M | Reduce -29.0% |
| ETN Eaton Corp. PLC | 6.97% | 10,052 | $3.2M | Add +192.0% |
| HASI Ha Sustainable Infrastructur filed as HANNON ARMSTRONG SUST INFR C | 5.84% | 89,220 | $2.6M | Add +13.3% |
| NEE Nextera Energy Inc. | 5.51% | 35,165 | $2.5M | New |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 5.20% | 50,117 | $2.3M | Add +83.2% |
| ENPH Enphase Energy Inc. | 4.29% | 19,457 | $1.9M | Reduce -28.6% |
| WCN Waste Connections Inc. | 3.89% | 10,040 | $1.8M | New |
| FER Ferrovial NV | 3.86% | 44,946 | $1.7M | New |
| EQIX Equinix Inc. | 3.66% | 2,185 | $1.7M | No change |
| CLH Clean Harbors Inc. | 3.04% | 6,072 | $1.4M | New |
| VRT Vertiv Holdings Co. Class A | 2.91% | 15,220 | $1.3M | New |
| RSG Republic Services Inc. | 2.91% | 6,762 | $1.3M | Reduce -29.2% |
| PCG P G & E Corp. | 2.78% | 71,900 | $1.3M | Add +63.8% |
| TRGP Targa Resources Corp. | 2.75% | 9,650 | $1.2M | No change |
| CNP Centerpoint Energy Inc. | 2.57% | 37,476 | $1.2M | Add +41.5% |
| HUBB Hubbell Inc. | 2.52% | 3,118 | $1.1M | New |
| BEPC Brookfield Renewable Cor-A | 2.51% | 40,030 | $1.1M | New |
| GFL GFL Environmental Inc.-Sub VT | 2.38% | 27,620 | $1.1M | Reduce -18.0% |
| AMT American Tower Corp. | 2.32% | 5,400 | $1.0M | No change |
| SRE Sempra | 1.70% | 10,130 | $770K | No change |
| CP Canadian Pacific Kansas City | 1.38% | 7,900 | $622K | No change |
| CNI Canadian Natl Railway Co. | 1.36% | 5,200 | $615K | No change |
| RUN Sunrun Inc. | 1.16% | 44,375 | $526K | Reduce -22.7% |
| MP MP Materials Corp. | 0.76% | 26,978 | $343K | Reduce -24.2% |
Other holdings (23): bonds, preferreds, convertibles and warrants · $28.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | 2,000,000 | $1.9M | No change |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 1,800,000 | $1.8M | Add +12.5% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 1,700,000 | $1.6M | Add +30.8% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 1,500,000 | $1.6M | No change |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 1,600,000 | $1.6M | No change |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 750,000 | $1.6M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 1,500,000 | $1.5M | No change |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 700,000 | $1.5M | 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 | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 1,400,000 | $1.3M | No change |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | 800,000 | $1.1M | Reduce -38.5% |
| 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 | $1.1M | No change |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 1,000,000 | $1.1M | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,000,000 | $1.1M | No change |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 1,000,000 | $1.0M | Add +25.0% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,000,000 | $915K | No change |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 800,000 | $878K | Add +60.0% |
| BOX INC (BOX 0 01/15/26) | NOTE 1/1 · principal | 700,000 | $801K | No change |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | 700,000 | $777K | No change |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 500,000 | $672K | No change |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 700,000 | $670K | No change |
Total filed on the 13F, all lines: $73.5M.
Portfolio Sells Q1 2024 → Q2 2024
| LIN Linde PLC | Reduce -29.0% | 7.53% | −7.11 |
| ENPH Enphase Energy Inc. | Reduce -28.6% | 4.29% | −5.22 |
| WM Waste Management Inc. | Sold out | 0.00% | −3.04 |
| RSG Republic Services Inc. | Reduce -29.2% | 2.91% | −2.37 |
| FSLR First Solar Inc. | Reduce -16.6% | 8.68% | −1.49 |
| BE Bloom Energy Corp. Class A | Sold out | 0.00% | −1.16 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -7.1% | 11.53% | −1.14 |
| RUN Sunrun Inc. | Reduce -22.7% | 1.16% | −1.02 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -18.0% | 2.38% | −0.98 |
| SBAC SBA Communications Corp. | Sold out | 0.00% | −0.77 |
| MP MP Materials Corp. | Reduce -24.2% | 0.76% | −0.71 |
Portfolio Buys Q1 2024 → Q2 2024
| NEE Nextera Energy Inc. | New | 5.51% | +5.51 |
| WCN Waste Connections Inc. | New | 3.89% | +3.89 |
| ETN Eaton Corp. PLC | Add +192.0% | 6.97% | +3.87 |
| FER Ferrovial NV | New | 3.86% | +3.86 |
| CLH Clean Harbors Inc. | New | 3.04% | +3.04 |
| VRT Vertiv Holdings Co. Class A | New | 2.91% | +2.91 |
| HUBB Hubbell Inc. | New | 2.52% | +2.52 |
| BEPC Brookfield Renewable Cor-A | New | 2.51% | +2.51 |
| NXT Nextpower Inc. | Add +83.2% | 5.20% | +0.76 |
| PCG P G & E Corp. | Add +63.8% | 2.78% | +0.65 |
| CNP Centerpoint Energy Inc. | Add +41.5% | 2.57% | +0.39 |
| HASI Ha Sustainable Infrastructur | Add +13.3% | 5.84% | −0.61 |
Notes & Other Activity Q1 2024 → Q2 2024
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Add +12.5% | 1,800,000 | $1.8M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Add +30.8% | 1,700,000 | $1.6M |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | Reduce -38.5% | 800,000 | $1.1M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Add +25.0% | 1,000,000 | $1.0M |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | Add +60.0% | 800,000 | $878K |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Sold out | 400,000 | $588Kbefore exit |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | Sold out | 600,000 | $548Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.