Quaero Capital S.A.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 6, 2025), Quaero Capital S.A. reported 33 stock positions worth $31.8 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 10.6% of the portfolio, followed by GE Vernova (GEV, 9.4%) and Eaton (ETN, 8.3%). Compared with Q1 2025, it opened 11 new positions, sold out of 6, added to 3 and reduced 17. The biggest buy was GE Vernova (GEV, shares +9%) and the biggest sale an exit from Kinetik (KNTK).
- Most Recent 13F
- Q2 2025
- Location
- GENEVE, V8
- CIK
- 0001843510
- Portfolio Value
- $31.8M (Q2 2025)
- SEC Filing
- 0001843510-25-000004 ↗ filed Aug 6, 2025
Holdings Value
Holdings 33 stocks · $31.8M
| TSM Taiwan Semiconductor-SP ADR | 10.59% | 14,876 | $3.4M | Reduce -11.6% |
| GEV GE Vernova Inc. | 9.43% | 5,666 | $3.0M | Add +8.6% |
| ETN Eaton Corp. PLC | 8.30% | 7,394 | $2.6M | Reduce -14.0% |
| BEPC Brookfield Renewable Corp. | 7.47% | 72,501 | $2.4M | No change |
| LIN Linde PLC | 6.90% | 4,677 | $2.2M | No change |
| NEE Nextera Energy Inc. | 6.88% | 31,498 | $2.2M | Reduce -29.7% |
| VRT Vertiv Holdings Co. Class A | 6.78% | 16,781 | $2.2M | Add +10.0% |
| HASI Ha Sustainable Infrastructur | 5.31% | 62,908 | $1.7M | Reduce -6.3% |
| HUBB Hubbell Inc. | 4.28% | 3,335 | $1.4M | Reduce -20.3% |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 3.86% | 22,566 | $1.2M | Reduce -36.0% |
| ETR Entergy Corp. | 2.06% | 7,899 | $657K | Reduce -48.9% |
| WCN Waste Connections Inc. | 1.85% | 3,146 | $587K | Reduce -61.4% |
| LNG Cheniere Energy Inc. | 1.83% | 2,392 | $583K | Reduce -54.6% |
| PWR Quanta Services Inc. | 1.76% | 1,478 | $559K | Reduce -29.6% |
| TRP TC Energy Corp. | 1.75% | 11,365 | $555K | Reduce -60.8% |
| KMI Kinder Morgan Inc. | 1.65% | 17,846 | $525K | Reduce -50.7% |
| CMS CMS Energy Corp. | 1.56% | 7,161 | $496K | New |
| ITRI Itron Inc. | 1.54% | 3,730 | $491K | Add +62.2% |
| SRE Sempra | 1.47% | 6,169 | $467K | Reduce -56.9% |
| PEG Public Service Enterprise GP | 1.45% | 5,475 | $461K | New |
| TRGP Targa Resources Corp. | 1.43% | 2,616 | $455K | Reduce -52.9% |
| FER Ferrovial NV | 1.37% | 8,143 | $434K | Reduce -53.5% |
| VST Vistra Corp. | 1.33% | 2,186 | $424K | Reduce -12.6% |
| XEL Xcel Energy Inc. | 1.26% | 5,876 | $400K | New |
| DTE DTE Energy Company | 1.23% | 2,960 | $392K | New |
| ASR Grupo Aeroportuario Sur-ADR | 1.04% | 1,040 | $332K | New |
| OMAB Grupo Aeroportuario Cen-ADR | 1.04% | 3,123 | $329K | New |
| NI Nisource Inc. | 0.92% | 7,267 | $293K | New |
| CLH Clean Harbors Inc. | 0.81% | 1,113 | $257K | Reduce -72.2% |
| SBAC SBA Communications Corp. | 0.72% | 980 | $230K | New |
| AMT American Tower Corp. | 0.72% | 1,034 | $229K | New |
| NSC Norfolk Southern Corp. | 0.71% | 888 | $227K | New |
| CP Canadian Pacific Kansas City | 0.70% | 2,801 | $222K | New |
Other holdings (32): bonds, preferreds, convertibles and warrants · $48.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 2,400,000 | $2.7M | Add +20.0% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 2,000,000 | $2.0M | Add +33.3% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,500,000 | $2.0M | Add +50.0% |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 1,800,000 | $2.0M | No change |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 1,400,000 | $2.0M | No change |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 1,800,000 | $2.0M | New |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 2,000,000 | $2.0M | Add +25.0% |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 1,500,000 | $1.9M | New |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 1,500,000 | $1.8M | No change |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | 500,000 | $1.8M | No change |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 1,000,000 | $1.8M | No change |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 1,700,000 | $1.7M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 1,700,000 | $1.6M | No change |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | 1,400,000 | $1.6M | New |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 1,400,000 | $1.6M | Add +16.7% |
| 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 | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 1,000,000 | $1.3M | No change |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 1,000,000 | $1.3M | New |
| GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | 1,000,000 | $1.2M | New |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | 1,200,000 | $1.2M | New |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 1,000,000 | $1.2M | Add +66.7% |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · 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 | $1.1M | No change |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 1,000,000 | $994K | New |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 1,000,000 | $987K | New |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 1,000,000 | $973K | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,000,000 | $964K | No change |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 1,000,000 | $955K | No change |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 800,000 | $913K | No change |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 800,000 | $911K | No change |
Total filed on the 13F, all lines: $79.8M.
Portfolio Sells Q1 2025 → Q2 2025
| KNTK Kinetik Holdings Inc. | Sold out | 0.00% | −3.42 |
| EQIX Equinix Inc. | Sold out | 0.00% | −3.22 |
| GFL GFL Environmental Inc.-Sub VT | Sold out | 0.00% | −2.67 |
| WCN Waste Connections Inc. | Reduce -61.4% | 1.85% | −2.55 |
| RSG Republic Services Inc. | Sold out | 0.00% | −2.21 |
| TRP TC Energy Corp. | Reduce -60.8% | 1.75% | −2.03 |
| NEE Nextera Energy Inc. | Reduce -29.7% | 6.88% | −1.89 |
| TRGP Targa Resources Corp. | Reduce -52.9% | 1.43% | −1.64 |
| ETR Entergy Corp. | Reduce -48.9% | 2.06% | −1.58 |
| LNG Cheniere Energy Inc. | Reduce -54.6% | 1.83% | −1.54 |
| AYI Acuity Inc. | Sold out | 0.00% | −1.37 |
| CLH Clean Harbors Inc. | Reduce -72.2% | 0.81% | −1.37 |
| SRE Sempra | Reduce -56.9% | 1.47% | −1.35 |
| KMI Kinder Morgan Inc. | Reduce -50.7% | 1.65% | −1.20 |
| FER Ferrovial NV | Reduce -53.5% | 1.37% | −0.79 |
| WPM Wheaton Precious Metals Corp. | Sold out | 0.00% | −0.61 |
| NXT Nextpower Inc. | Reduce -36.0% | 3.86% | −0.24 |
| HASI Ha Sustainable Infrastructur | Reduce -6.3% | 5.31% | −0.10 |
| PWR Quanta Services Inc. | Reduce -29.6% | 1.76% | +0.28 |
| HUBB Hubbell Inc. | Reduce -20.3% | 4.28% | +0.46 |
| VST Vistra Corp. | Reduce -12.6% | 1.33% | +0.52 |
| ETN Eaton Corp. PLC | Reduce -14.0% | 8.30% | +1.85 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -11.6% | 10.59% | +2.88 |
Portfolio Buys Q1 2025 → Q2 2025
| GEV GE Vernova Inc. | Add +8.6% | 9.43% | +5.03 |
| VRT Vertiv Holdings Co. Class A | Add +10.0% | 6.78% | +3.74 |
| CMS CMS Energy Corp. | New | 1.56% | +1.56 |
| PEG Public Service Enterprise GP | New | 1.45% | +1.45 |
| XEL Xcel Energy Inc. | New | 1.26% | +1.26 |
| DTE DTE Energy Company | New | 1.23% | +1.23 |
| ASR Grupo Aeroportuario Sur-ADR | New | 1.04% | +1.04 |
| OMAB Grupo Aeroportuario Cen-ADR | New | 1.04% | +1.04 |
| NI Nisource Inc. | New | 0.92% | +0.92 |
| ITRI Itron Inc. | Add +62.2% | 1.54% | +0.88 |
| SBAC SBA Communications Corp. | New | 0.72% | +0.72 |
| AMT American Tower Corp. | New | 0.72% | +0.72 |
| NSC Norfolk Southern Corp. | New | 0.71% | +0.71 |
| CP Canadian Pacific Kansas City | New | 0.70% | +0.70 |
Notes & Other Activity Q1 2025 → Q2 2025
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Add +20.0% | 2,400,000 | $2.7M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Add +33.3% | 2,000,000 | $2.0M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Add +50.0% | 1,500,000 | $2.0M |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | New | 1,800,000 | $2.0M |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | Add +25.0% | 2,000,000 | $2.0M |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | New | 1,500,000 | $1.9M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | New | 1,400,000 | $1.6M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Add +16.7% | 1,400,000 | $1.6M |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | New | 1,000,000 | $1.3M |
| GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | New | 1,000,000 | $1.2M |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | New | 1,200,000 | $1.2M |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | Add +66.7% | 1,000,000 | $1.2M |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | New | 1,000,000 | $994K |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | New | 1,000,000 | $987K |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | New | 1,000,000 | $973K |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Sold out | 1,000,000 | $888Kbefore exit |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | Sold out | 400,000 | $821Kbefore exit |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | Sold out | 500,000 | $659Kbefore exit |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Sold out | 500,000 | $489Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.