In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Varenne Capital Partners reported 16 stock positions worth $576.4 million . Its top holding was Veeva Systems Class A (VEEV) at 15.6% of the portfolio, followed by Eaton (ETN, 14.7% ) and Alphabet Class A (GOOGL, 13.2% ). Compared with Q4 2023, it opened 3 new positions, sold out of 4, added to 7 and reduced 5. The biggest buy was a new position in Veeva Systems Class A (VEEV) and the biggest sale Nvidia (NVDA, shares −76% ).
Location PARIS, I0
CIK 0001902567
Portfolio Value $576.4M (Q1 2024) Holdings 16 stocks · $576.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 VEEV Veeva Systems Inc. Class A 388,080 $89.9M New ETN Eaton Corp. PLC 271,238 $84.8M New GOOGL Alphabet Inc. Class A 505,157 $76.2M Add +2361.3% ULTA Ulta Beauty Inc. 112,617 $58.9M Reduce -1.1% META Meta Platforms Inc. Class A 107,283 $52.1M Add +40.9% AMZN Amazon.com Inc. 266,695 $48.1M Reduce -0.9% NOW ServiceNow Inc. 57,936 $44.2M Add +2279.3% CDNS Cadence Design SYS Inc. 94,674 $29.5M Add +806.8% MSFT Microsoft Corp. 66,202 $27.9M Reduce -8.2% SNPS Synopsys Inc. 48,318 $27.6M Add +1363.3% NVDA Nvidia Corp. 20,488 $18.5M Reduce -75.6% EMR Emerson Electric Co. 64,696 $7.3M Reduce -72.9% DOOR Masonite International Corp. 29,181 $3.8M New ANET Arista Networks Inc. 9,510 $2.8M Add +31.7% IR Ingersoll-Rand Inc. 28,832 $2.7M Add +31.7% GE General Electric 11,930 $2.1M No change
Options reported separately and not counted above: UBS calls ($61.0M).
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ NVDA Nvidia Corp. Reduce -75.6% 3.21% −14.52 ULTA Ulta Beauty Inc. Reduce -1.1% 10.22% −13.58 AMZN Amazon.com Inc. Reduce -0.9% 8.35% −9.10 EMR Emerson Electric Co. Reduce -72.9% 1.27% −8.64 MSFT Microsoft Corp. Reduce -8.2% 4.83% −6.74 CRM Salesforce Inc. Sold out 0.00% −0.72 FTRE Fortrea Holdings Inc. Sold out 0.00% −0.69 TGH Textainer Group Holdings Ltd. Sold out 0.00% −0.48 AVGO Broadcom Inc. Sold out 0.00% −0.16
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ VEEV Veeva Systems Inc. Class A New 15.60% +15.60 ETN Eaton Corp. PLC New 14.71% +14.71 GOOGL Alphabet Inc. Class A Add +2361.3% 13.23% +12.00 NOW ServiceNow Inc. Add +2279.3% 7.66% +6.93 SNPS Synopsys Inc. Add +1363.3% 4.79% +4.07 CDNS Cadence Design SYS Inc. Add +806.8% 5.11% +3.90 DOOR Masonite International Corp. New 0.67% +0.67 ANET Arista Networks Inc. Add +31.7% 0.48% −0.25 IR Ingersoll-Rand Inc. Add +31.7% 0.47% −0.25 META Meta Platforms Inc. Class A Add +40.9% 9.04% −2.46
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ UBS UBS Group AG-Reg call Reduce -16.5% 325,312 $61.0M TSM Taiwan Semiconductor-SP ADR call Sold out 46,311 $20.4Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 26 $595.9M AVGO, TSM, ANET, WWD, APH Q1 2026 27 $403.0M TSM, ANET, BKNG, NVST, ADI Q4 2025 24 $480.8M TEL, ANET, WAB, TSM, LLY Q3 2025 21 $473.9M APH, TEL, ANET, WAB, UHS Q2 2025 15 $396.4M APH, WAB, ANET, DIS, NFLX Q1 2025 15 $271.3M META, ANET, WAB, FLS, NFLX Q4 2024 15 $333.5M WAB, META, GOOGL, AMZN, NFLX Q3 2024 13 $513.9M META, WAB, ETN, NFLX, IFF Q2 2024 14 $353.9M NVDA, META, AMZN, NOW, IFF Q1 2024 16 $576.4M VEEV, ETN, GOOGL, ULTA, META