Quaero Capital S.A.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 24, 2025), Quaero Capital S.A. reported 28 stock positions worth $36.2 million. Its top holding was Nextera Energy (NEE) at 8.8% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 7.7%) and Eaton (ETN, 6.5%). Compared with Q4 2024, it opened 6 new positions, sold out of 6, added to 6 and reduced 16. The biggest buy was a new position in Brookfield Renewable (BEPC) and the biggest sale Quanta Services (PWR, shares −71%).
- Most Recent 13F
- Q2 2025
- Location
- GENEVE, V8
- CIK
- 0001843510
- Portfolio Value
- $36.2M (Q1 2025)
- SEC Filing
- 0001843510-25-000002 ↗ filed Apr 24, 2025
Holdings Value
Holdings 28 stocks · $36.2M
| NEE Nextera Energy Inc. | 8.76% | 44,780 | $3.2M | Reduce -9.7% |
| TSM Taiwan Semiconductor-SP ADR | 7.71% | 16,836 | $2.8M | Reduce -19.6% |
| ETN Eaton Corp. PLC | 6.45% | 8,599 | $2.3M | Reduce -14.8% |
| LIN Linde PLC | 6.01% | 4,677 | $2.2M | Reduce -22.0% |
| BEPC Brookfield Renewable Corp. | 5.59% | 72,501 | $2.0M | New |
| HASI Ha Sustainable Infrastructur | 5.42% | 67,108 | $2.0M | Add +8.2% |
| GEV GE Vernova Inc. | 4.40% | 5,216 | $1.6M | Reduce -21.0% |
| WCN Waste Connections Inc. | 4.39% | 8,154 | $1.6M | Reduce -11.8% |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 4.10% | 35,262 | $1.5M | Reduce -1.7% |
| HUBB Hubbell Inc. | 3.82% | 4,185 | $1.4M | Reduce -22.1% |
| TRP TC Energy Corp. | 3.78% | 28,965 | $1.4M | Add +10.3% |
| ETR Entergy Corp. | 3.64% | 15,444 | $1.3M | Reduce -13.3% |
| KNTK Kinetik Holdings Inc. | 3.42% | 23,835 | $1.2M | Reduce -7.6% |
| LNG Cheniere Energy Inc. | 3.37% | 5,274 | $1.2M | Add +84.4% |
| EQIX Equinix Inc. | 3.22% | 1,430 | $1.2M | Reduce -23.7% |
| TRGP Targa Resources Corp. | 3.07% | 5,553 | $1.1M | Add +2.1% |
| VRT Vertiv Holdings Co. Class A | 3.04% | 15,251 | $1.1M | Reduce -25.0% |
| KMI Kinder Morgan Inc. | 2.85% | 36,183 | $1.0M | New |
| SRE Sempra | 2.82% | 14,306 | $1.0M | Add +29.1% |
| GFL GFL Environmental Inc.-Sub VT | 2.67% | 20,000 | $966K | Reduce -46.4% |
| RSG Republic Services Inc. | 2.21% | 3,302 | $800K | Reduce -4.3% |
| CLH Clean Harbors Inc. | 2.18% | 4,000 | $788K | Add +7.2% |
| FER Ferrovial NV | 2.15% | 17,507 | $780K | Reduce -4.3% |
| PWR Quanta Services Inc. | 1.47% | 2,098 | $533K | Reduce -70.6% |
| AYI Acuity Inc. | 1.37% | 1,889 | $497K | New |
| VST Vistra Corp. | 0.81% | 2,500 | $294K | New |
| ITRI Itron Inc. | 0.67% | 2,300 | $241K | New |
| WPM Wheaton Precious Metals Corp. | 0.61% | 2,830 | $220K | New |
Other holdings (27): bonds, preferreds, convertibles and warrants · $34.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 2,000,000 | $2.1M | Add +42.9% |
| 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 | $1.8M | No change |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 1,400,000 | $1.7M | No change |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 1,700,000 | $1.7M | New |
| 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 |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 1,500,000 | $1.5M | No change |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 1,500,000 | $1.5M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 1,500,000 | $1.5M | No change |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 1,400,000 | $1.4M | New |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 1,000,000 | $1.3M | No change |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 1,200,000 | $1.2M | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,000,000 | $1.2M | No change |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 1,000,000 | $1.2M | No change |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | 500,000 | $1.2M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 1,000,000 | $1.1M | No change |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | 1,200,000 | $1.0M | New |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 800,000 | $1.0M | No change |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 800,000 | $955K | No change |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 1,000,000 | $955K | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,000,000 | $955K | No change |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 1,000,000 | $888K | No change |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 400,000 | $821K | Reduce -42.9% |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 500,000 | $659K | No change |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 600,000 | $628K | New |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 500,000 | $489K | No change |
Total filed on the 13F, all lines: $70.2M.
Portfolio Sells Q4 2024 → Q1 2025
| PWR Quanta Services Inc. | Reduce -70.6% | 1.47% | −3.49 |
| FSLR First Solar Inc. | Sold out | 0.00% | −3.31 |
| PCG P G & E Corp. | Sold out | 0.00% | −3.06 |
| ENPH Enphase Energy Inc. | Sold out | 0.00% | −2.52 |
| TSLA Tesla Inc. | Sold out | 0.00% | −2.38 |
| VRT Vertiv Holdings Co. Class A | Reduce -25.0% | 3.04% | −2.05 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -19.6% | 7.71% | −1.39 |
| HUBB Hubbell Inc. | Reduce -22.1% | 3.82% | −1.14 |
| RUN Sunrun Inc. | Sold out | 0.00% | −1.09 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -46.4% | 2.67% | −0.99 |
| ETN Eaton Corp. PLC | Reduce -14.8% | 6.45% | −0.93 |
| HE Hawaiian Electric Inds | Sold out | 0.00% | −0.75 |
| EQIX Equinix Inc. | Reduce -23.7% | 3.22% | −0.68 |
| GEV GE Vernova Inc. | Reduce -21.0% | 4.40% | −0.39 |
| KNTK Kinetik Holdings Inc. | Reduce -7.6% | 3.42% | +0.19 |
| FER Ferrovial NV | Reduce -4.3% | 2.15% | +0.46 |
| LIN Linde PLC | Reduce -22.0% | 6.01% | +0.48 |
| ETR Entergy Corp. | Reduce -13.3% | 3.64% | +0.67 |
| RSG Republic Services Inc. | Reduce -4.3% | 2.21% | +0.68 |
| WCN Waste Connections Inc. | Reduce -11.8% | 4.39% | +0.90 |
| NEE Nextera Energy Inc. | Reduce -9.7% | 8.76% | +0.93 |
| NXT Nextpower Inc. | Reduce -1.7% | 4.10% | +1.22 |
Portfolio Buys Q4 2024 → Q1 2025
| BEPC Brookfield Renewable Corp. | New | 5.59% | +5.59 |
| KMI Kinder Morgan Inc. | New | 2.85% | +2.85 |
| LNG Cheniere Energy Inc. | Add +84.4% | 3.37% | +2.01 |
| HASI Ha Sustainable Infrastructur | Add +8.2% | 5.42% | +1.75 |
| AYI Acuity Inc. | New | 1.37% | +1.37 |
| TRP TC Energy Corp. | Add +10.3% | 3.78% | +1.08 |
| TRGP Targa Resources Corp. | Add +2.1% | 3.07% | +0.93 |
| VST Vistra Corp. | New | 0.81% | +0.81 |
| SRE Sempra | Add +29.1% | 2.82% | +0.68 |
| ITRI Itron Inc. | New | 0.67% | +0.67 |
| WPM Wheaton Precious Metals Corp. | New | 0.61% | +0.61 |
| CLH Clean Harbors Inc. | Add +7.2% | 2.18% | +0.28 |
Notes & Other Activity Q4 2024 → Q1 2025
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Add +42.9% | 2,000,000 | $2.1M |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | New | 1,700,000 | $1.7M |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | Sold out | 1,400,000 | $1.4Mbefore exit |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | New | 1,400,000 | $1.4M |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | Sold out | 450,000 | $1.2Mbefore exit |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | Sold out | 1,200,000 | $1.1Mbefore exit |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | New | 1,200,000 | $1.0M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | New | 1,000,000 | $955K |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | Reduce -42.9% | 400,000 | $821K |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Sold out | 700,000 | $651Kbefore exit |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | New | 600,000 | $628K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.