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Varenne Capital Partners

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13F filer, CIK 1902567, PARIS, France

Varenne Capital Partners reported $576,472,813 across 22 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-12. Its ten largest share positions make up 94.25% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000945621-25-000733

Period
2025-06-30
Reported value
$576M
Holdings
22
Top 10 weight
94.25%
New
12
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
APHadded+656,218$64.8M
DISnew+279,755$34.7M
TSMnew+132,480$30M
CMEnew+86,050$23.7M
GRMNadded+85,167$17.8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
METAexited-81,939-$47.2M
FLSexited-481,408-$23.5M
GOOGLexited-117,293-$18.1M
AMZNexited-77,976-$14.8M
NVDAexited-127,341-$13.8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0000945621-25-000733, largest first. % of portfolio is the value over $396,366,665, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
APHAMPHENOL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 616,544 shares; 2024Q4: 378,617 shares; 2025Q1: 117,527 shares; 2025Q2: 773,745 shares 773,745$76.4M19.28%+656,218Timeline
WABWABTECQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 439,422 shares; 2024Q4: 286,800 shares; 2025Q1: 198,684 shares; 2025Q2: 277,078 shares 277,078$58M14.63%+78,394Timeline
ANETARISTA NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 479,827 shares; 2025Q2: 515,485 shares 515,485$52.7M13.31%+35,658Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 279,755 shares 279,755$34.7M8.75%newTimeline
NFLXNETFLIX INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,263 shares; 2024Q4: 42,141 shares; 2025Q1: 24,897 shares; 2025Q2: 22,482 shares 22,482$30.1M7.6%-2,415Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 132,480 shares 132,480$30M7.57%newTimeline
GRMNGARMIN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 31,043 shares; 2025Q2: 116,210 shares 116,210$24.3M6.12%+85,167Timeline
CMECME GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 86,050 shares 86,050$23.7M5.98%newTimeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 14,196 shares; 2025Q2: 44,098 shares 44,098$23.3M5.87%+29,902Timeline
ADBEADOBE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 49,879 shares; 2025Q2: 52,720 shares 52,720$20.4M5.15%+2,841Timeline
DTDYNATRACE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 270,615 shares 270,615$14.9M3.77%newTimeline
SKXSKECHERS U S A INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 54,225 shares 54,225$3.42M0.86%newTimeline
ENSTAR GROUP LIMITEDENSTAR GROUP LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,058 shares; 2024Q4: 9,058 shares; 2025Q1: 8,058 shares; 2025Q2: 8,058 shares 8,058$2.71M0.68%0
EVERI HLDGS INCEVERI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 120,376 shares 120,376$1.71M0.43%new
AVIDXCHANGE HOLDINGS INCAVIDXCHANGE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 171 shares 171$1.67K<0.01%new

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
TAIWAN SEMICONDUCTOR MANUFACTAIWAN SEMICONDUCTOR MANUFAC CALLcall12,200$77.3Mnew
META PLATFORMS INCMETA PLATFORMS INC CALLcall3,000$35.1Mnew
NIKE INCNIKE INC CALLcall23,000$24.4Mnew
PAYPAL HLDGS INCPAYPAL HLDGS INC CALLcall19,292$17Mnew
UBS GROUP AGUBS GROUP AG SHScall33,857$15.9M-33,857
MICRON TECHNOLOGY INCMICRON TECHNOLOGY INC CALLcall18,467$9.88M-61,998
UBS GROUP AGUBS GROUP AG PUTput33,857$510Knew

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
METAMETA PLATFORMS INC81,939$47.2Mshares
FLSFLOWSERVE CORP481,408$23.5Mshares
GOOGLALPHABET INC117,293$18.1Mshares
AMZNAMAZON COM INC77,976$14.8Mshares
NVDANVIDIA CORPORATION127,341$13.8Mshares
TTTRANE TECHNOLOGIES PLC29,526$9.95Mshares
CRHCRH PLC44,608$3.92Mshares
ORACLE CORPORACLE CORP20,936$167Kcall

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000945621-25-000733 base2025-08-12acceptance time not in the bulk data set