Managers / Q2 2025
Quaero Capital S.A.
CIK 0001843510 · 20 BIS RUE DE LAUSSANE, GENEVE, V8, 1201 · 0041225188310
Reported Value
$80M
Q2 2025
Positions
65
Filings on Record
21
2021–present window
Filed
Aug 6, 2025
original filing
Summary
Quaero Capital S.A. reported $80M in U.S.-listed holdings across 65 positions for Q2 2025.
Its largest position, TSM, represents 4.2% of the portfolio.
Compared with Q1 2025, the fund opened 20 new positions and exited 10.
Portfolio Metrics
Turnover
+20.4%
vs prior filed quarter
Top-10 Concentration
+31.5%
share of reported value
Largest Position
+4.2%
Taiwan Semiconductor Mfg
New / Exited
20 / 10
positions this quarter
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
13F Reported Value
Portfolio Composition
By security type
- US DOMESTIC · 57.8% · $46M
- Common Stock · 34.2% · $27M
- ADR · 5.1% · $4M
- GLOBAL · 2.4% · $2M
- REIT · 0.6% · $458,678
Quarter-over-Quarter Changes full breakdown →
vs Q1 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| TRIP COM GROUP LTD | NEW | +1.80M | 1.80M | +$2M | $2M |
| ALIBABA GROUP HLDG LTD | NEW | +1.50M | 1.50M | +$2M | $2M |
| WEC ENERGY GROUP INC | NEW | +1.40M | 1.40M | +$2M | $2M |
| COINBASE GLOBAL INC | NEW | +1.00M | 1.00M | +$1M | $1M |
| GRANITE CONSTR INC | NEW | +1.00M | 1.00M | +$1M | $1M |
| ALARM COM HLDGS INC | NEW | +1.20M | 1.20M | +$1M | $1M |
| HAEMONETICS CORP MASS | NEW | +1.00M | 1.00M | +$994,470 | $994,470 |
| MKS INC. | NEW | +1.00M | 1.00M | +$986,600 | $986,600 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2025
64 positions (from 65 filing rows — )
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | TSMTAIWAN SEMICONDUCTOR MFG LTDhistory → | SPONSORED ADS | 4.22% | $3M | 14.9K |
| 2 | ITRIITRON INC | NOTE3/1 · COM | 3.99% | $3M | 2.40M |
| 3 | GEVGE VERNOVA INChistory → | COM | 3.76% | $3M | 5.7K |
| 4 | ETNEATON CORP PLChistory → | SHS | 3.31% | $3M | 7.4K |
| 5 | BEPCBROOKFIELD RENEWABLE CORPhistory → | CL A EX SUB VTG | 2.98% | $2M | 72.5K |
| 6 | LINLINDE PLChistory → | SHS | 2.75% | $2M | 4.7K |
| 7 | NEENEXTERA ENERGY INChistory → | COM | 2.74% | $2M | 31.5K |
| 8 | VRTVERTIV HOLDINGS COhistory → | COM CL A | 2.70% | $2M | 16.8K |
| 9 | AMERICAN WTR CAP CORP | NOTE 3.625% 6/1 | 2.52% | $2M | 2.00M |
| 10 | LIBERTY MEDIA CORP DEL | NOTE 2.250% 8/1 | 2.52% | $2M | 1.50M |
| 11 | SOUTHERN CO | NOTE 3.875%12/1 | 2.49% | $2M | 1.80M |
| 12 | UBER TECHNOLOGIES INC | NOTE 0.875%12/0 | 2.49% | $2M | 1.40M |
| 13 | TRIP COM GROUP LTD | NOTE 0.750% 6/1 | 2.49% | $2M | 1.80M |
| 14 | BENTLEY SYS INC | NOTE 0.125% 1/1 | 2.48% | $2M | 2.00M |
| 15 | ALIBABA GROUP HLDG LTD | NOTE 0.500% 6/0 | 2.38% | $2M | 1.50M |
| 16 | TYLER TEX INDPT SCH DIST | NOTE 0.250% 3/1 | 2.31% | $2M | 1.50M |
| 17 | AXON ENTERPRISE INC | NOTE 0.500%12/1 | 2.27% | $2M | 500.0K |
| 18 | WESTERN DIGITAL CORP | NOTE 3.000%11/1 | 2.25% | $2M | 1.00M |
| 19 | DROPBOX INC | NOTE3/0 | 2.12% | $2M | 1.70M |
| 20 | HASIHA SUSTAINABLE INFRA CAP INChistory → | COM | 2.12% | $2M | 62.9K |
| 21 | AKAMAI TECHNOLOGIES INC | NOTE 0.375% 9/0 | 2.07% | $2M | 1.70M |
| 22 | WEC ENERGY GROUP INC | NOTE 4.375% 6/0 | 1.98% | $2M | 1.40M |
| 23 | TETRA TECH INC NEW | DBCV 2.250% 8/1 | 1.97% | $2M | 1.40M |
| 24 | SHOPIFY INC | NOTE 0.125%11/0 | 1.91% | $2M | 1.50M |
| 25 | FORD MTR CO | NOTE3/1 | 1.85% | $1M | 1.50M |
| 26 | PARSONS CORP DEL | NOTE 2.625% 3/0 | 1.76% | $1M | 1.40M |
| 27 | HUBBHUBBELL INChistory → | COM | 1.71% | $1M | 3.3K |
| 28 | FLUOR CORP | NOTE 1.125% 8/1 | 1.65% | $1M | 1.00M |
| 29 | COINBASE GLOBAL INC | NOTE 0.250% 4/0 | 1.64% | $1M | 1.00M |
| 30 | GRANITE CONSTR INC | NOTE 3.250% 6/1 | 1.56% | $1M | 1.00M |
| 31 | NXTNEXTRACKER INChistory → | CLASS A COM | 1.54% | $1M | 22.6K |
| 32 | ALARM COM HLDGS INC | NOTE 2.250% 6/0 | 1.46% | $1M | 1.20M |
| 33 | PROGRESS SOFTWARE CORP | NOTE 3.500% 3/0 | 1.45% | $1M | 1.00M |
| 34 | MIDDLEBY CORP | NOTE 1.000% 9/0 | 1.42% | $1M | 1.00M |
| 35 | RAPID7 INC | NOTE 1.250% 3/1 | 1.33% | $1M | 1.20M |
| 36 | HAEMONETICS CORP MASS | NOTE 2.500% 6/0 | 1.25% | $994,470 | 1.00M |
| 37 | MKS INC. | NOTE 1.250% 6/0 | 1.24% | $986,600 | 1.00M |
| 38 | MERITAGE HOMES CORP | NOTE 1.750% 5/1 | 1.22% | $972,990 | 1.00M |
| 39 | AIRBNB INC | NOTE3/1 | 1.21% | $963,890 | 1.00M |
| 40 | GLOBAL PMTS INC | NOTE 1.500% 3/0 | 1.20% | $954,900 | 1.00M |
| 41 | POST HLDGS INC | NOTE 2.500% 8/1 | 1.14% | $912,768 | 800.0K |
| 42 | HALOZYME THERAPEUTICS INC | NOTE 1.000% 8/1 | 1.14% | $910,640 | 800.0K |
| 43 | ETRENTERGY CORP NEW | COM | 0.82% | $656,565 | 7.9K |
| 44 | WCNWASTE CONNECTIONS INC | COM | 0.74% | $587,421 | 3.1K |
| 45 | LNGCHENIERE ENERGY INC | COM NEW | 0.73% | $582,500 | 2.4K |
| 46 | PWRQUANTA SVCS INC | COM | 0.70% | $558,802 | 1.5K |
| 47 | TRPTC ENERGY CORP | COM | 0.70% | $555,190 | 11.4K |
| 48 | KMIKINDER MORGAN INC DEL | COM | 0.66% | $524,672 | 17.8K |
| 49 | CMSCMS ENERGY CORP | COM | 0.62% | $496,114 | 7.2K |
| 50 | SRESEMPRA | COM | 0.59% | $467,425 | 6.2K |
| 51 | PEGPUBLIC SVC ENTERPRISE GRP IN | COM | 0.58% | $460,886 | 5.5K |
| 52 | TRGPTARGA RES CORP | COM | 0.57% | $455,393 | 2.6K |
| 53 | FERFERROVIAL SE | ORD SHS | 0.54% | $434,208 | 8.1K |
| 54 | VSTVISTRA CORP | COM | 0.53% | $423,669 | 2.2K |
| 55 | XELXCEL ENERGY INC | COM | 0.50% | $400,156 | 5.9K |
| 56 | DTEDTE ENERGY CO | COM | 0.49% | $392,082 | 3.0K |
| 57 | ASRGRUPO AEROPORTUARIO DEL SURE | SPON ADR SER B | 0.42% | $331,625 | 1.0K |
| 58 | OMABGRUPO AEROPORTUARIO DEL CENT | SPON ADR | 0.41% | $329,477 | 3.1K |
| 59 | NINISOURCE INC | COM | 0.37% | $293,151 | 7.3K |
| 60 | CLHCLEAN HARBORS INC | COM | 0.32% | $257,303 | 1.1K |
| 61 | SBACSBA COMMUNICATIONS CORP NEW | CL A | 0.29% | $230,143 | 980 |
| 62 | AMTAMERICAN TOWER CORP NEW | COM | 0.29% | $228,535 | 1.0K |
| 63 | NSCNORFOLK SOUTHN CORP | COM | 0.28% | $227,301 | 888 |
| 64 | CPCANADIAN PACIFIC KANSAS CITY | COM | 0.28% | $222,104 | 2.8K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q2 2025 | $80M | 65 | Aug 6, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $70M | 55 | Apr 24, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $78M | 54 | Jan 30, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $83M | 50 | Oct 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $74M | 49 | Aug 5, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $64M | 47 | Apr 19, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $97M | 59 | Jan 26, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $105M | 74 | Oct 30, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $130M | 81 | Aug 4, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $137M | 84 | Apr 25, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $145M | 91 | Jan 20, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $128M | 76 | Nov 3, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $125M | 78 | Aug 4, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022REVEALED | $289M | 136 | Apr 11, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021REVEALED | $288M | 127 | Feb 7, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $146M | 60 | Oct 20, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $151M | 50 | Jul 23, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $144M | 52 | Apr 29, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $134M | 51 | Feb 11, 2021 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.