Quaero Capital S.A.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 30, 2025), Quaero Capital S.A. reported 28 stock positions worth $45.4 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 9.1% of the portfolio, followed by Nextera Energy (NEE, 7.8%) and Eaton (ETN, 7.4%). Compared with Q3 2024, it opened 4 new positions, sold out of 3, added to 7 and reduced 17. The biggest buy was Quanta Services (PWR, shares +198%) and the biggest sale an exit from Brookfield Renewable Cor-A (BEPC).
- Most Recent 13F
- Q2 2025
- Location
- GENEVE, V8
- CIK
- 0001843510
- Portfolio Value
- $45.4M (Q4 2024)
- SEC Filing
- 0001843510-25-000001 ↗ filed Jan 30, 2025
Holdings Value
Holdings 28 stocks · $45.4M
| TSM Taiwan Semiconductor-SP ADR | 9.11% | 20,926 | $4.1M | Reduce -29.2% |
| NEE Nextera Energy Inc. | 7.83% | 49,574 | $3.6M | Reduce -5.3% |
| ETN Eaton Corp. PLC | 7.38% | 10,088 | $3.3M | Reduce -6.5% |
| LIN Linde PLC | 5.53% | 5,997 | $2.5M | Reduce -15.0% |
| VRT Vertiv Holdings Co. Class A | 5.09% | 20,326 | $2.3M | Add +5.0% |
| PWR Quanta Services Inc. | 4.96% | 7,128 | $2.3M | Add +198.2% |
| HUBB Hubbell Inc. | 4.96% | 5,371 | $2.2M | Add +4.3% |
| GEV GE Vernova Inc. | 4.78% | 6,601 | $2.2M | Add +70.6% |
| EQIX Equinix Inc. | 3.90% | 1,875 | $1.8M | Reduce -14.2% |
| HASI Ha Sustainable Infrastructur | 3.67% | 62,008 | $1.7M | Reduce -35.3% |
| GFL GFL Environmental Inc.-Sub VT | 3.66% | 37,310 | $1.7M | Add +35.1% |
| WCN Waste Connections Inc. | 3.50% | 9,250 | $1.6M | Reduce -7.9% |
| FSLR First Solar Inc. | 3.31% | 8,521 | $1.5M | Reduce -38.8% |
| KNTK Kinetik Holdings Inc. | 3.22% | 25,800 | $1.5M | Add +92.5% |
| PCG P G & E Corp. | 3.06% | 68,730 | $1.4M | Reduce -4.4% |
| ETR Entergy Corp. | 2.98% | 17,806 | $1.4M | Reduce -7.9% |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 2.89% | 35,862 | $1.3M | Reduce -27.2% |
| TRP TC Energy Corp. | 2.69% | 26,260 | $1.2M | New |
| ENPH Enphase Energy Inc. | 2.52% | 16,643 | $1.1M | Reduce -34.5% |
| TSLA Tesla Inc. | 2.38% | 2,669 | $1.1M | New |
| SRE Sempra | 2.14% | 11,080 | $972K | Add +9.4% |
| TRGP Targa Resources Corp. | 2.14% | 5,440 | $971K | Reduce -20.0% |
| CLH Clean Harbors Inc. | 1.89% | 3,730 | $858K | Reduce -21.0% |
| FER Ferrovial NV | 1.69% | 18,290 | $769K | Reduce -36.6% |
| RSG Republic Services Inc. | 1.53% | 3,450 | $694K | Reduce -17.9% |
| LNG Cheniere Energy Inc. | 1.35% | 2,860 | $615K | New |
| RUN Sunrun Inc. | 1.09% | 53,673 | $496K | Reduce -25.2% |
| HE Hawaiian Electric Inds | 0.75% | 35,010 | $341K | New |
Other holdings (26): bonds, preferreds, convertibles and warrants · $32.9M (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 | $1.9M | No change |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 1,500,000 | $1.8M | No change |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 700,000 | $1.7M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 1,700,000 | $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 |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 1,400,000 | $1.5M | New |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 1,500,000 | $1.5M | No change |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 1,500,000 | $1.5M | No change |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 1,400,000 | $1.5M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 1,500,000 | $1.5M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 1,400,000 | $1.4M | No change |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 1,200,000 | $1.4M | No change |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 1,000,000 | $1.3M | New |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | 500,000 | $1.3M | Reduce -37.5% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 1,000,000 | $1.3M | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,000,000 | $1.2M | No change |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 450,000 | $1.2M | Reduce -40.0% |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · 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 | $938K | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,000,000 | $938K | No change |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 1,000,000 | $900K | No change |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 800,000 | $859K | New |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 700,000 | $651K | No change |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 500,000 | $619K | No change |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 500,000 | $528K | New |
Total filed on the 13F, all lines: $78.3M.
Portfolio Sells Q3 2024 → Q4 2024
| BEPC Brookfield Renewable Cor-A | Sold out | 0.00% | −4.51 |
| AMT American Tower Corp. | Sold out | 0.00% | −3.33 |
| FSLR First Solar Inc. | Reduce -38.8% | 3.31% | −3.28 |
| ENPH Enphase Energy Inc. | Reduce -34.5% | 2.52% | −2.93 |
| HASI Ha Sustainable Infrastructur | Reduce -35.3% | 3.67% | −2.60 |
| RUN Sunrun Inc. | Reduce -25.2% | 1.09% | −1.37 |
| LIN Linde PLC | Reduce -15.0% | 5.53% | −0.85 |
| FER Ferrovial NV | Reduce -36.6% | 1.69% | −0.66 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -29.2% | 9.11% | −0.64 |
| NXT Nextpower Inc. | Reduce -27.2% | 2.89% | −0.62 |
| NEE Nextera Energy Inc. | Reduce -5.3% | 7.83% | −0.56 |
| AEM Agnico Eagle Mines Ltd. | Sold out | 0.00% | −0.46 |
| CLH Clean Harbors Inc. | Reduce -21.0% | 1.89% | −0.27 |
| RSG Republic Services Inc. | Reduce -17.9% | 1.53% | −0.07 |
| WCN Waste Connections Inc. | Reduce -7.9% | 3.50% | +0.09 |
| EQIX Equinix Inc. | Reduce -14.2% | 3.90% | +0.22 |
| TRGP Targa Resources Corp. | Reduce -20.0% | 2.14% | +0.23 |
| PCG P G & E Corp. | Reduce -4.4% | 3.06% | +0.36 |
| ETR Entergy Corp. | Reduce -7.9% | 2.98% | +0.56 |
| ETN Eaton Corp. PLC | Reduce -6.5% | 7.38% | +0.59 |
Portfolio Buys Q3 2024 → Q4 2024
| PWR Quanta Services Inc. | Add +198.2% | 4.96% | +3.61 |
| GEV GE Vernova Inc. | Add +70.6% | 4.78% | +2.91 |
| TRP TC Energy Corp. | New | 2.69% | +2.69 |
| TSLA Tesla Inc. | New | 2.38% | +2.38 |
| KNTK Kinetik Holdings Inc. | Add +92.5% | 3.22% | +2.07 |
| GFL GFL Environmental Inc.-Sub VT | Add +35.1% | 3.66% | +1.57 |
| VRT Vertiv Holdings Co. Class A | Add +5.0% | 5.09% | +1.43 |
| LNG Cheniere Energy Inc. | New | 1.35% | +1.35 |
| HUBB Hubbell Inc. | Add +4.3% | 4.96% | +0.77 |
| HE Hawaiian Electric Inds | New | 0.75% | +0.75 |
| SRE Sempra | Add +9.4% | 2.14% | +0.53 |
Notes & Other Activity Q3 2024 → Q4 2024
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | New | 1,400,000 | $1.5M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | New | 1,000,000 | $1.3M |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | Reduce -37.5% | 500,000 | $1.3M |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | Sold out | 1,000,000 | $1.3Mbefore exit |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | Reduce -40.0% | 450,000 | $1.2M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | New | 800,000 | $859K |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | New | 500,000 | $528K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.