# EDGAR Filing Document

**Accession Number:** 0001843510
**File Stem:** 0001843510-25-000004
**Filing Date:** 2025-8
**Character Count:** 10241
**Document Hash:** b3357b7bd5c191c888ce1b878e53778e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001843510-25-000004.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001843510-25-000004

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**EFFECTIVENESS DATE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Quaero Capital S.A.
- **CENTRAL INDEX KEY:** 0001843510

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20677
- **FILM NUMBER:** 251188184

**BUSINESS ADDRESS:**
- **STREET 1:** 20 BIS RUE DE LAUSSANE
- **CITY:** GENEVE
- **STATE:** V8
- **ZIP:** 1201
- **BUSINESS PHONE:** 0041225188310

**MAIL ADDRESS:**
- **STREET 1:** 20 BIS RUE DE LAUSSANE
- **CITY:** GENEVE
- **STATE:** V8
- **ZIP:** 1201

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Quaero Capital S.A.<br>**Address:** 20 BIS RUE DE LAUSSANE<br>GENEVE, V8 1201

**Form 13F File Number:** 028-20677

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Marcus Tang<br>**Title:** Head of Operations<br>**Phone:** 0041225188310

**Signature, Place, and Date of Signing:**

Marcus Tang  Geneve, V8  08-06-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 65

**Form 13F Information Table Value Total:** $79803582

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AIRBNB INC | NOTE3/1 | 009066AB7 |  | 963890 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE  0.375% 9/0 | 00971TAL5 |  | 1649340 | 1700000 | PRN |  | SOLE |  | 1700000 | 0 | 0 |
| ALARM COM HLDGS INC | NOTE  2.250% 6/0 | 011642AD7 |  | 1167840 | 1200000 | PRN |  | SOLE |  | 1200000 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | NOTE  0.500% 6/0 | 01609WBG6 |  | 1900770 | 1500000 | PRN |  | SOLE |  | 1500000 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 228535 | 1034 | SH |  | SOLE |  | 1034 | 0 | 0 |
| AMERICAN WTR CAP CORP | NOTE  3.625% 6/1 | 03040WBE4 |  | 2008860 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| AXON ENTERPRISE INC | NOTE  0.500%12/1 | 05464CAB7 |  | 1808350 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| BENTLEY SYS INC | NOTE  0.125% 1/1 | 08265TAB5 |  | 1977400 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| BROOKFIELD RENEWABLE CORP | CL A  EX SUB VTG | 11285B108 |  | 2376583 | 72501 | SH |  | SOLE |  | 72501 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 222104 | 2801 | SH |  | SOLE |  | 2801 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 582500 | 2392 | SH |  | SOLE |  | 2392 | 0 | 0 |
| CLEAN HARBORS INC | COM | 184496107 |  | 257303 | 1113 | SH |  | SOLE |  | 1113 | 0 | 0 |
| CMS ENERGY CORP | COM | 125896100 |  | 496114 | 7161 | SH |  | SOLE |  | 7161 | 0 | 0 |
| COINBASE GLOBAL INC | NOTE  0.250% 4/0 | 19260QAF4 |  | 1306120 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| DROPBOX INC | NOTE3/0 | 26210CAC8 |  | 1695070 | 1700000 | PRN |  | SOLE |  | 1700000 | 0 | 0 |
| DTE ENERGY CO | COM | 233331107 |  | 392082 | 2960 | SH |  | SOLE |  | 2960 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 2639584 | 7394 | SH |  | SOLE |  | 7394 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 656565 | 7899 | SH |  | SOLE |  | 7899 | 0 | 0 |
| FERROVIAL SE | ORD SHS | N3168P101 |  | 434208 | 8143 | SH |  | SOLE |  | 8143 | 0 | 0 |
| FLUOR CORP | NOTE  1.125% 8/1 | 343412AJ1 |  | 1318000 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| FORD MTR CO | NOTE3/1 | 345370CZ1 |  | 1478955 | 1500000 | PRN |  | SOLE |  | 1500000 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 2998164 | 5666 | SH |  | SOLE |  | 5666 | 0 | 0 |
| GLOBAL PMTS INC | NOTE  1.500% 3/0 | 37940XAU6 |  | 954900 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| GRANITE CONSTR INC | NOTE  3.250% 6/1 | 387328AF4 |  | 1247500 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| GRUPO AEROPORTUARIO DEL CENT | SPON ADR | 400501102 |  | 329477 | 3123 | SH |  | SOLE |  | 3123 | 0 | 0 |
| GRUPO AEROPORTUARIO DEL SURE | SPON ADR SER B | 40051E202 |  | 331625 | 1040 | SH |  | SOLE |  | 1040 | 0 | 0 |
| HA SUSTAINABLE INFRA CAP INC | COM | 41068X100 |  | 1689709 | 62908 | SH |  | SOLE |  | 62908 | 0 | 0 |
| HAEMONETICS CORP MASS | NOTE  2.500% 6/0 | 405024AD2 |  | 994470 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | NOTE  1.000% 8/1 | 40637HAF6 |  | 910640 | 800000 | PRN |  | SOLE |  | 800000 | 0 | 0 |
| HUBBELL INC | COM | 443510607 |  | 1362047 | 3335 | SH |  | SOLE |  | 3335 | 0 | 0 |
| ITRON INC | COM | 465741106 |  | 490980 | 3730 | SH |  | SOLE |  | 3730 | 0 | 0 |
| ITRON INC | NOTE3/1 | 465741AN6 |  | 2695920 | 2400000 | PRN |  | SOLE |  | 2400000 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 524672 | 17846 | SH |  | SOLE |  | 17846 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | NOTE  2.250% 8/1 | 531229AQ5 |  | 2007300 | 1500000 | PRN |  | SOLE |  | 1500000 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 2194355 | 4677 | SH |  | SOLE |  | 4677 | 0 | 0 |
| MERITAGE HOMES CORP | NOTE  1.750% 5/1 | 59001ABF8 |  | 972990 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| MIDDLEBY CORP | NOTE  1.000% 9/0 | 596278AB7 |  | 1132100 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| MKS INC. | NOTE  1.250% 6/0 | 55306NAB0 |  | 986600 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 2186591 | 31498 | SH |  | SOLE |  | 31498 | 0 | 0 |
| NEXTRACKER INC | CLASS A COM | 65290E101 |  | 1226913 | 22566 | SH |  | SOLE |  | 22566 | 0 | 0 |
| NISOURCE INC | COM | 65473P105 |  | 293151 | 7267 | SH |  | SOLE |  | 7267 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 227301 | 888 | SH |  | SOLE |  | 888 | 0 | 0 |
| PARSONS CORP DEL | NOTE  2.625% 3/0 | 70202LAD4 |  | 1404200 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| POST HLDGS INC | NOTE  2.500% 8/1 | 737446AT1 |  | 912768 | 800000 | PRN |  | SOLE |  | 800000 | 0 | 0 |
| PROGRESS SOFTWARE CORP | NOTE  3.500% 3/0 | 743312AD2 |  | 1160000 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 460886 | 5475 | SH |  | SOLE |  | 5475 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 558802 | 1478 | SH |  | SOLE |  | 1478 | 0 | 0 |
| RAPID7 INC | NOTE  1.250% 3/1 | 753422AH7 |  | 1064640 | 1200000 | PRN |  | SOLE |  | 1200000 | 0 | 0 |
| SBA COMMUNICATIONS CORP NEW | CL A | 78410G104 |  | 230143 | 980 | SH |  | SOLE |  | 980 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 467425 | 6169 | SH |  | SOLE |  | 6169 | 0 | 0 |
| SHOPIFY INC | NOTE  0.125%11/0 | 82509LAA5 |  | 1524480 | 1500000 | PRN |  | SOLE |  | 1500000 | 0 | 0 |
| SOUTHERN CO | NOTE  3.875%12/1 | 842587DP9 |  | 1990548 | 1800000 | PRN |  | SOLE |  | 1800000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 3369265 | 14876 | SH |  | SOLE |  | 14876 | 0 | 0 |
| TARGA RES CORP | COM | 87612G101 |  | 455393 | 2616 | SH |  | SOLE |  | 2616 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 555190 | 11365 | SH |  | SOLE |  | 11365 | 0 | 0 |
| TETRA TECH INC NEW | DBCV  2.250% 8/1 | 88162GAB9 |  | 1575000 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| TRIP COM GROUP LTD | NOTE  0.750% 6/1 | 89677QAB3 |  | 1986462 | 1800000 | PRN |  | SOLE |  | 1800000 | 0 | 0 |
| TYLER TEX INDPT SCH DIST | NOTE  0.250% 3/1 | 902252AB1 |  | 1843950 | 1500000 | PRN |  | SOLE |  | 1500000 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE  0.875%12/0 | 90353TAM2 |  | 1988938 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 2154848 | 16781 | SH |  | SOLE |  | 16781 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 423669 | 2186 | SH |  | SOLE |  | 2186 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 587421 | 3146 | SH |  | SOLE |  | 3146 | 0 | 0 |
| WEC ENERGY GROUP INC | NOTE  4.375% 6/0 | 92939UAP1 |  | 1576960 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| WESTERN DIGITAL CORP | NOTE  3.000%11/1 | 958102AT2 |  | 1794860 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 400156 | 5876 | SH |  | SOLE |  | 5876 | 0 | 0 |

---