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Varenne Capital Partners

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13F filer, CIK 1902567, PARIS, France

Varenne Capital Partners reported $520,864,231 across 26 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 79.77% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000945621-26-000325

Period
2025-12-31
Reported value
$521M
Holdings
26
Top 10 weight
79.77%
New
11
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TSMnew+182,745$55.6M
LLYnew+25,716$27.6M
XYLnew+199,927$27.2M
MSFTnew+51,246$24.8M
ADInew+74,780$20.3M

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
APHreduced-418,186-$56.5M
UHSreduced-150,317-$32.8M
DISexited-254,970-$29.2M
ADBEexited-47,086-$16.6M
CVSexited-131,950-$9.95M

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, Q4 2025

Share positions as resolved from 13F-HR 0000945621-26-000325, largest first. % of portfolio is the value over $480,819,178, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TELTE CONNECTIVITY PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 309,707 shares; 2025Q4: 284,802 shares 284,802$64.8M13.48%-24,905Timeline
ANETARISTA NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 479,827 shares; 2025Q2: 515,485 shares; 2025Q3: 444,004 shares; 2025Q4: 442,083 shares 442,083$58M12.05%-1,921Timeline
WABWABTECQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 439,422 shares; 2024Q4: 286,800 shares; 2025Q1: 198,684 shares; 2025Q2: 277,078 shares; 2025Q3: 262,242 shares; 2025Q4: 263,672 shares 263,672$56.3M11.71%+1,430Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 132,480 shares; 2025Q3: not reported; 2025Q4: 182,745 shares 182,745$55.6M11.56%newTimeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 25,716 shares 25,716$27.6M5.75%newTimeline
XYLXYLEM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 199,927 shares 199,927$27.2M5.66%newTimeline
APHAMPHENOL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 616,544 shares; 2024Q4: 378,617 shares; 2025Q1: 117,527 shares; 2025Q2: 773,745 shares; 2025Q3: 601,936 shares; 2025Q4: 183,750 shares 183,750$24.8M5.17%-418,186Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 51,246 shares 51,246$24.8M5.16%newTimeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 249,097 shares; 2025Q4: 272,382 shares 272,382$22.3M4.63%+23,285Timeline
NFLXNETFLIX INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,263 shares; 2024Q4: 42,141 shares; 2025Q1: 24,897 shares; 2025Q2: 22,482 shares; 2025Q3: 20,327 shares; 2025Q4: 235,621 shares 235,621$22.1M4.6%+215,294Timeline
ADSKAUTODESK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 67,873 shares; 2025Q4: 74,092 shares 74,092$21.9M4.56%+6,219Timeline
GLWCORNING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 316,577 shares; 2025Q4: 241,150 shares 241,150$21.1M4.39%-75,427Timeline
ADIANALOG DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 74,780 shares 74,780$20.3M4.22%newTimeline
UHSUNIVERSAL HLTH SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 184,257 shares; 2025Q4: 33,940 shares 33,940$7.4M1.54%-150,317Timeline
GEVGE VERNOVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 7,923 shares; 2025Q4: 7,818 shares 7,818$5.11M1.06%-105Timeline
MUMICRON TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 24,186 shares; 2025Q4: 15,847 shares 15,847$4.52M0.94%-8,339Timeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,437 shares; 2025Q4: 9,430 shares 9,430$3.27M0.68%+4,993Timeline
BKNGBOOKING HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 293 shares; 2025Q4: 583 shares 583$3.12M0.65%+290Timeline
ALAIR LEASE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 45,888 shares 45,888$2.95M0.61%newTimeline
GTLSCHART INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 12,000 shares 12,000$2.48M0.51%newTimeline
HOLXHOLOGIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 29,116 shares 29,116$2.17M0.45%newTimeline
GEHCGE HEALTHCARE TECHNOLOGIES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 16,531 shares; 2025Q4: 17,357 shares 17,357$1.42M0.3%+826Timeline
PYPLPAYPAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 21,031 shares 21,031$1.23M0.26%newTimeline
QQNITY ELECTRONICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 3,077 shares 3,077$251K0.05%newTimeline

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
ON HLDG AGON HLDG AG NAMEN AKT Acall35,700$29.9Mnew
NIKE INCNIKE INC CALLcall37,800$10.2M+14,800

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
DISDISNEY WALT CO254,970$29.2Mshares
META PLATFORMS INCMETA PLATFORMS INC3,000$27.2Mcall
ADBEADOBE INC47,086$16.6Mshares
CVSCVS HEALTH CORP131,950$9.95Mshares
PAYPAL HLDGS INCPAYPAL HLDGS INC19,292$5.98Mcall
NKENIKE INC53,359$3.72Mshares
WNS HLDGS LTD COM SHSWNS HLDGS LTD COM SHS47,498$3.62Mshares
AVIDXCHANGE HOLDINGS INCAVIDXCHANGE HOLDINGS INC228,987$2.28Mshares
ZMZOOM COMMUNICATIONS INC18,848$1.55Mshares

How Q4 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 0000945621-26-000325 base2026-02-17acceptance time not in the bulk data set