# Quaero Capital S.A.

> Institutional holdings reported to the SEC as of Q2 2025 on Form 13F. CIK 1843510. Source: https://holderbook.com/funds/1843510-quaero-capital-s-a/

- Reported value: $79.8M
- Positions: 65
- Weight of the ten largest: 30.9%
- Filed: 2025-08-06

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $3.4M | 14,876 | 4.2% | 9 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $3.0M | 5,666 | 3.8% | 4 |
| ITRON INC | - | $2.7M | 2,400,000 | 3.4% | 6 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $2.6M | 7,394 | 3.3% | 6 |
| BROOKFIELD RENEWABLE CORP | [BEPC](https://holderbook.com/stocks/BEPC/) | $2.4M | 72,501 | 3.0% | 2 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $2.2M | 4,677 | 2.7% | 10 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $2.2M | 31,498 | 2.7% | 5 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $2.2M | 16,781 | 2.7% | 5 |
| AMERICAN WTR CAP CORP | - | $2.0M | 2,000,000 | 2.5% | 4 |
| LIBERTY MEDIA CORP DEL | - | $2.0M | 1,500,000 | 2.5% | 7 |
| SOUTHERN CO | - | $2.0M | 1,800,000 | 2.5% | 6 |
| UBER TECHNOLOGIES INC | - | $2.0M | 1,400,000 | 2.5% | 3 |
| TRIP COM GROUP LTD | - | $2.0M | 1,800,000 | 2.5% | 1 |
| BENTLEY SYS INC | - | $2.0M | 2,000,000 | 2.5% | 14 |
| ALIBABA GROUP HLDG LTD | - | $1.9M | 1,500,000 | 2.4% | 1 |
| TYLER TEX INDPT SCH DIST | - | $1.8M | 1,500,000 | 2.3% | 14 |
| AXON ENTERPRISE INC | - | $1.8M | 500,000 | 2.3% | 7 |
| WESTERN DIGITAL CORP | - | $1.8M | 1,000,000 | 2.2% | 3 |
| DROPBOX INC | - | $1.7M | 1,700,000 | 2.1% | 2 |
| HA SUSTAINABLE INFRA CAP INC | [HASI](https://holderbook.com/stocks/HASI/) | $1.7M | 62,908 | 2.1% | 19 |
| AKAMAI TECHNOLOGIES INC | - | $1.6M | 1,700,000 | 2.1% | 19 |
| WEC ENERGY GROUP INC | - | $1.6M | 1,400,000 | 2.0% | 1 |
| TETRA TECH INC NEW | - | $1.6M | 1,400,000 | 2.0% | 4 |
| SHOPIFY INC | - | $1.5M | 1,500,000 | 1.9% | 7 |
| FORD MTR CO DEL | - | $1.5M | 1,500,000 | 1.9% | 14 |
| PARSONS CORP DEL | - | $1.4M | 1,400,000 | 1.8% | 2 |
| HUBBELL INC | [HUBB](https://holderbook.com/stocks/HUBB/) | $1.4M | 3,335 | 1.7% | 5 |
| FLUOR CORP | - | $1.3M | 1,000,000 | 1.7% | 4 |
| COINBASE GLOBAL INC | - | $1.3M | 1,000,000 | 1.6% | 1 |
| GRANITE CONSTR INC | - | $1.2M | 1,000,000 | 1.6% | 1 |
| NEXTPOWER INC | [NXT](https://holderbook.com/stocks/NXT/) | $1.2M | 22,566 | 1.5% | 6 |
| ALARM COM HLDGS INC | - | $1.2M | 1,200,000 | 1.5% | 1 |
| PROGRESS SOFTWARE CORP | - | $1.2M | 1,000,000 | 1.5% | 2 |
| MIDDLEBY CORP | - | $1.1M | 1,000,000 | 1.4% | 15 |
| RAPID7 INC | - | $1.1M | 1,200,000 | 1.3% | 2 |
| HAEMONETICS CORP MASS | - | $994.5K | 1,000,000 | 1.2% | 1 |
| MKS INC. | - | $986.6K | 1,000,000 | 1.2% | 1 |
| MERITAGE HOMES CORP | - | $973.0K | 1,000,000 | 1.2% | 1 |
| AIRBNB INC | - | $963.9K | 1,000,000 | 1.2% | 6 |
| GLOBAL PMTS INC | - | $954.9K | 1,000,000 | 1.2% | 2 |
| POST HLDGS INC | - | $912.8K | 800,000 | 1.1% | 6 |
| HALOZYME THERAPEUTICS INC | - | $910.6K | 800,000 | 1.1% | 3 |
| ENTERGY CORP NEW | [ETR](https://holderbook.com/stocks/ETR/) | $656.6K | 7,899 | 0.8% | 4 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $587.4K | 3,146 | 0.7% | 5 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $582.5K | 2,392 | 0.7% | 3 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $558.8K | 1,478 | 0.7% | 4 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $555.2K | 11,365 | 0.7% | 3 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $524.7K | 17,846 | 0.7% | 2 |
| CMS ENERGY CORP | [CMS](https://holderbook.com/stocks/CMS/) | $496.1K | 7,161 | 0.6% | 1 |
| ITRON INC | [ITRI](https://holderbook.com/stocks/ITRI/) | $491.0K | 3,730 | 0.6% | 2 |
| SEMPRA | [SRE](https://holderbook.com/stocks/SRE/) | $467.4K | 6,169 | 0.6% | 12 |
| PUBLIC SVC ENTERPRISE GROUP | [PEG](https://holderbook.com/stocks/PEG/) | $460.9K | 5,475 | 0.6% | 1 |
| TARGA RES CORP | [TRGP](https://holderbook.com/stocks/TRGP/) | $455.4K | 2,616 | 0.6% | 8 |
| FERROVIAL NV | [FER](https://holderbook.com/stocks/FER/) | $434.2K | 8,143 | 0.5% | 5 |
| VISTRA CORP | [VST](https://holderbook.com/stocks/VST/) | $423.7K | 2,186 | 0.5% | 2 |
| XCEL ENERGY INC | [XEL](https://holderbook.com/stocks/XEL/) | $400.2K | 5,876 | 0.5% | 1 |
| DTE ENERGY CO | [DTE](https://holderbook.com/stocks/DTE/) | $392.1K | 2,960 | 0.5% | 1 |
| GRUPO AEROPORTUARIO DEL SURE | [ASR](https://holderbook.com/stocks/ASR/) | $331.6K | 1,040 | 0.4% | 1 |
| GRUPO AEROPORTUARIO DEL CENT | [OMAB](https://holderbook.com/stocks/OMAB/) | $329.5K | 3,123 | 0.4% | 1 |
| NISOURCE INC | [NI](https://holderbook.com/stocks/NI/) | $293.2K | 7,267 | 0.4% | 1 |
| CLEAN HARBORS INC | [CLH](https://holderbook.com/stocks/CLH/) | $257.3K | 1,113 | 0.3% | 5 |
| SBA COMMUNICATIONS CORP | [SBAC](https://holderbook.com/stocks/SBAC/) | $230.1K | 980 | 0.3% | 1 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $228.5K | 1,034 | 0.3% | 1 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $227.3K | 888 | 0.3% | 1 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $222.1K | 2,801 | 0.3% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2024 | -6.5% | +2.1% | -8.6% | 63% |
| Q3 2024 | +8.5% | +5.4% | +3.1% | 62% |
| Q1 2024 | +0.2% | +10.0% | -9.9% | 69% |
| Q4 2023 | +6.3% | +11.2% | -4.9% | 73% |
| Q3 2023 | -16.4% | -3.6% | -12.8% | 78% |
| Q2 2023 | -8.1% | +8.3% | -16.3% | 80% |
| Q1 2023 | +1.7% | +7.0% | -5.4% | 79% |
| Q4 2022 | -2.0% | +7.1% | -9.0% | 78% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2025 | $79.8M | 65 |
| Q1 2025 | $70.2M | 55 |
| Q4 2024 | $78.3M | 54 |
| Q3 2024 | $83.2M | 50 |
| Q2 2024 | $73.5M | 49 |
| Q1 2024 | $64.3M | 47 |
| Q4 2023 | $96.5M | 59 |
| Q3 2023 | $105.2M | 74 |
| Q2 2023 | $130.0M | 81 |
| Q1 2023 | $136.9M | 84 |
| Q4 2022 | $144.7M | 91 |
| Q3 2022 | $127.8M | 74 |