Quaero Capital S.A.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 15, 2024), Quaero Capital S.A. reported 27 stock positions worth $52.7 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 9.7% of the portfolio, followed by Nextera Energy (NEE, 8.4%) and Eaton (ETN, 6.8%). Compared with Q2 2024, it opened 5 new positions, sold out of 4, added to 9 and reduced 8. The biggest buy was Nextera Energy (NEE, shares +49%) and the biggest sale an exit from Centerpoint Energy (CNP).
- Most Recent 13F
- Q2 2025
- Location
- GENEVE, V8
- CIK
- 0001843510
- Portfolio Value
- $52.7M (Q3 2024)
- SEC Filing
- 0001843510-24-000004 ↗ filed Oct 15, 2024
Holdings Value
Holdings 27 stocks · $52.7M
| TSM Taiwan Semiconductor-SP ADR | 9.74% | 29,564 | $5.1M | Reduce -1.4% |
| NEE Nextera Energy Inc. | 8.39% | 52,320 | $4.4M | Add +48.8% |
| ETN Eaton Corp. PLC | 6.79% | 10,792 | $3.6M | Add +7.4% |
| FSLR First Solar Inc. | 6.59% | 13,914 | $3.5M | Reduce -20.1% |
| LIN Linde PLC | 6.38% | 7,054 | $3.4M | Reduce -9.1% |
| HASI Ha Sustainable Infrastructur | 6.26% | 95,770 | $3.3M | Add +7.3% |
| ENPH Enphase Energy Inc. | 5.45% | 25,395 | $2.9M | Add +30.5% |
| BEPC Brookfield Renewable Cor-A | 4.51% | 72,700 | $2.4M | Add +81.6% |
| HUBB Hubbell Inc. | 4.18% | 5,148 | $2.2M | Add +65.1% |
| EQIX Equinix Inc. | 3.68% | 2,185 | $1.9M | No change |
| VRT Vertiv Holdings Co. Class A | 3.66% | 19,365 | $1.9M | Add +27.2% |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 3.50% | 49,272 | $1.8M | Reduce -1.7% |
| WCN Waste Connections Inc. | 3.41% | 10,040 | $1.8M | No change |
| AMT American Tower Corp. | 3.33% | 7,550 | $1.8M | Add +39.8% |
| PCG P G & E Corp. | 2.70% | 71,900 | $1.4M | No change |
| RUN Sunrun Inc. | 2.46% | 71,792 | $1.3M | Add +61.8% |
| ETR Entergy Corp. | 2.41% | 9,663 | $1.3M | New |
| FER Ferrovial NV | 2.35% | 28,850 | $1.2M | Reduce -35.8% |
| CLH Clean Harbors Inc. | 2.17% | 4,722 | $1.1M | Reduce -22.2% |
| GFL GFL Environmental Inc.-Sub VT | 2.09% | 27,620 | $1.1M | No change |
| TRGP Targa Resources Corp. | 1.91% | 6,800 | $1.0M | Reduce -29.5% |
| GEV GE Vernova Inc. | 1.87% | 3,869 | $987K | New |
| SRE Sempra | 1.61% | 10,130 | $847K | No change |
| RSG Republic Services Inc. | 1.60% | 4,200 | $844K | Reduce -37.9% |
| PWR Quanta Services Inc. | 1.35% | 2,390 | $713K | New |
| KNTK Kinetik Holdings Inc. | 1.15% | 13,400 | $606K | New |
| AEM Agnico Eagle Mines Ltd. | 0.46% | 3,000 | $242K | New |
Other holdings (23): bonds, preferreds, convertibles and warrants · $30.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 1,800,000 | $2.0M | No change |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 1,500,000 | $1.9M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 1,700,000 | $1.8M | No change |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 750,000 | $1.7M | No change |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 1,600,000 | $1.6M | No change |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 1,200,000 | $1.6M | New |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 1,500,000 | $1.5M | New |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 1,500,000 | $1.5M | No change |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 1,400,000 | $1.5M | Add +40.0% |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 1,500,000 | $1.4M | No change |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | 800,000 | $1.4M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 1,400,000 | $1.3M | No change |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 700,000 | $1.3M | No change |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | 1,000,000 | $1.3M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 1,000,000 | $1.2M | New |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 1,000,000 | $1.2M | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,000,000 | $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 |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 800,000 | $951K | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,000,000 | $932K | No change |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 1,000,000 | $916K | New |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 700,000 | $704K | No change |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 500,000 | $611K | No change |
Total filed on the 13F, all lines: $83.2M.
Portfolio Sells Q2 2024 → Q3 2024
| CNP Centerpoint Energy Inc. | Sold out | 0.00% | −2.57 |
| FSLR First Solar Inc. | Reduce -20.1% | 6.59% | −2.09 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -1.4% | 9.74% | −1.78 |
| NXT Nextpower Inc. | Reduce -1.7% | 3.50% | −1.69 |
| FER Ferrovial NV | Reduce -35.8% | 2.35% | −1.51 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −1.38 |
| CNI Canadian Natl Railway Co. | Sold out | 0.00% | −1.36 |
| RSG Republic Services Inc. | Reduce -37.9% | 1.60% | −1.31 |
| LIN Linde PLC | Reduce -9.1% | 6.38% | −1.15 |
| CLH Clean Harbors Inc. | Reduce -22.2% | 2.17% | −0.87 |
| TRGP Targa Resources Corp. | Reduce -29.5% | 1.91% | −0.84 |
| MP MP Materials Corp. | Sold out | 0.00% | −0.76 |
Portfolio Buys Q2 2024 → Q3 2024
| NEE Nextera Energy Inc. | Add +48.8% | 8.39% | +2.88 |
| ETR Entergy Corp. | New | 2.41% | +2.41 |
| BEPC Brookfield Renewable Cor-A | Add +81.6% | 4.51% | +1.99 |
| GEV GE Vernova Inc. | New | 1.87% | +1.87 |
| HUBB Hubbell Inc. | Add +65.1% | 4.18% | +1.66 |
| PWR Quanta Services Inc. | New | 1.35% | +1.35 |
| RUN Sunrun Inc. | Add +61.8% | 2.46% | +1.30 |
| ENPH Enphase Energy Inc. | Add +30.5% | 5.45% | +1.16 |
| KNTK Kinetik Holdings Inc. | New | 1.15% | +1.15 |
| AMT American Tower Corp. | Add +39.8% | 3.33% | +1.01 |
| VRT Vertiv Holdings Co. Class A | Add +27.2% | 3.66% | +0.74 |
| AEM Agnico Eagle Mines Ltd. | New | 0.46% | +0.46 |
| HASI Ha Sustainable Infrastructur | Add +7.3% | 6.26% | +0.42 |
| ETN Eaton Corp. PLC | Add +7.4% | 6.79% | −0.18 |
Notes & Other Activity Q2 2024 → Q3 2024
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | Sold out | 2,000,000 | $1.9Mbefore exit |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | New | 1,200,000 | $1.6M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | New | 1,500,000 | $1.5M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Add +40.0% | 1,400,000 | $1.5M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | New | 1,000,000 | $1.2M |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | Sold out | 1,200,000 | $1.1Mbefore exit |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | New | 1,000,000 | $916K |
| BOX INC (BOX 0 01/15/26) | NOTE 1/1 · principal | Sold out | 700,000 | $801Kbefore exit |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | Sold out | 700,000 | $777Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.