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Livermore
Livermore
ZHEN

Quaero Capital S.A.

SEC CIK
0001843510
Latest filing
Aug 6, 2025

The latest 13F from Quaero Capital S.A. covers Q2 2025 (filed Aug 6, 2025): 65 long positions worth $79.8M. The top 10 holdings make up 30.9% of the portfolio, and the largest is Taiwan Semiconductor Manufacturing Co Ltd (TSM) at 4.2%. Livermore has 20 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2025

Share counts compared with Q1 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
20
Est. +$15.8M
Added
3
Est. +$622.8K
Reduced
17
Est. −$9.20M
Sold out
10
Est. −$7.74M

Top 5 holdings

Share of this quarter's portfolio value

  1. TSMTaiwan Semiconductor Manufacturing Co Ltd
    4.2%$3.37MHistory
  2. GEVGE Vernova Inc.
    3.8%$3.00MHistory
  3. Itron, Inc.465741AN6
    3.4%$2.70M
  4. ETNEaton Corp plc
    3.3%$2.64MHistory
  5. BEPCBrookfield Renewable Corp
    3.0%$2.38MHistory

Share of portfolio

Top 5 holdings and the other 60 positions, by share of portfolio value

  1. TSM4.2%
  2. GEV3.8%
  3. Itron, Inc.3.4%
  4. ETN3.3%
  5. BEPC3.0%
  6. Other 60 positions82.4%

Biggest buys

New and added positions, by estimated amount bought

  1. Trip.com Group Ltd89677QAB3
    +$1.99MNew
  2. Alibaba Group Hldg Ltd01609WBG6
    +$1.90MNew
  3. Wec Energy Group, Inc.92939UAP1
    +$1.58MNew
  4. Coinbase Global, Inc.19260QAF4
    +$1.31MNew
  5. Granite Constr Inc387328AF4
    +$1.25MNew

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Trip.com Group Ltd89677QAB3
    +2.49 pp0.0% → 2.5%
  2. Alibaba Group Hldg Ltd01609WBG6
    +2.38 pp0.0% → 2.4%
  3. Wec Energy Group, Inc.92939UAP1
    +1.98 pp0.0% → 2.0%
  4. Coinbase Global, Inc.19260QAF4
    +1.64 pp0.0% → 1.6%
  5. Granite Constr Inc387328AF4
    +1.56 pp0.0% → 1.6%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. KNTKKinetik Holdings Inc.
    −$1.24MSold outHistory
  2. EQIXEquinix Inc
    −$1.17MSold outHistory
  3. GFLGFL Environmental Inc.
    −$966.2KSold outHistory
  4. WCNWaste Connections, Inc.
    −$935.1KReducedHistory
  5. NEENextera Energy Inc
    −$922.0KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. NEENextera Energy Inc
    −1.78 pp4.5% → 2.7%History
  2. KNTKKinetik Holdings Inc.
    −1.76 pp1.8% → 0.0%History
  3. EQIXEquinix Inc
    −1.66 pp1.7% → 0.0%History
  4. WCNWaste Connections, Inc.
    −1.53 pp2.3% → 0.7%History
  5. GFLGFL Environmental Inc.
    −1.38 pp1.4% → 0.0%History

Metrics

13F metrics for Q2 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$79.8M
+$9.60M (+13.7%) vs. prior quarter
Positions
65
+10 vs. prior quarter
Top 10 concentration
30.9%
Top 10 as share of value
Turnover
21.8%
Q2 2025, one quarter
Average holding period
5.5 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

18 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $159.3M (Q1 2022)

Q1 2021: $143.8MQ2 2021: $151.1MQ3 2021: $145.8MQ4 2021: $145.8MQ1 2022: $159.3MQ2 2022: $124.6MQ3 2022: $127.8MQ4 2022: $144.7MQ1 2023: $136.9MQ2 2023: $130.0MQ3 2023: $105.2MQ4 2023: $96.5MQ1 2024: $64.3MQ2 2024: $73.5MQ3 2024: $83.2MQ4 2024: $78.3MQ1 2025: $70.2MQ2 2025: $79.8M
Q1 2021Q2 2025
13F filings of Quaero Capital S.A. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2025Aug 6, 202565$79.8MTSMGEVItron, Inc.vs. Q1 2025SEC
Q1 2025Apr 24, 202555$70.2MNEETSMETNvs. Q4 2024SEC
Q4 2024Jan 30, 202554$78.3MTSMNEEETNvs. Q3 2024SEC
Q3 2024Oct 15, 202450$83.2MTSMNEEETNvs. Q2 2024SEC
Q2 2024Aug 5, 202449$73.5MTSMFSLRLINvs. Q1 2024SEC
Q1 2024Apr 19, 202447$64.3MLINTSMFSLRvs. Q4 2023SEC
Q4 2023Jan 26, 202459$96.5MLINFSLRENPHvs. Q3 2023SEC
Q3 2023Oct 30, 202374$105.2MFSLRLINFLNCvs. Q2 2023SEC
Q2 2023Aug 4, 202381$130.0MSEDGFSLRENPHvs. Q1 2023SEC
Q1 2023Apr 25, 202384$136.9MSEDGENPHFSLRvs. Q4 2022SEC
Q4 2022Jan 20, 202391$144.7MENPHSEDGNEEvs. Q3 2022SEC
Q3 2022Nov 3, 202276$127.8MENPHALBSEDGvs. Q2 2022SEC
Q2 2022Aug 4, 202278$124.6MENPHSEDGALBvs. Q1 2022SEC
Q1 2022Apr 25, 2022Amended82$159.3MENPHSEDGALBvs. Q4 2021SEC
Q4 2021Feb 10, 2022Amended66$145.8MENPHALBNEEvs. Q3 2021SEC
Q3 2021Oct 20, 202160$145.8MALBENPHFUTUvs. Q2 2021SEC
Q2 2021Jul 23, 202150$151.1MFUTUENPHPLUGvs. Q1 2021SEC
Q1 2021Apr 29, 202152$143.8MFUTUENPHPLUG–SEC