In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Varenne Capital Partners reported 15 stock positions worth $271.3 million . Its top holding was Meta Platforms Class A (META) at 17.4% of the portfolio, followed by Arista Networks (ANET, 13.7% ) and Wabtec (WAB, 13.3% ). Compared with Q4 2024, it opened 5 new positions, sold out of 5, added to 4 and reduced 6. The biggest buy was Arista Networks (ANET, shares +267% ) and the biggest sale an exit from Eaton (ETN).
Location PARIS, I0
CIK 0001902567
Portfolio Value $271.3M (Q1 2025) Holdings 15 stocks · $271.3M 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 2024 META Meta Platforms Inc. Class A 81,939 $47.2M Add +8.9% ANET Arista Networks Inc. 479,827 $37.2M Add +267.1% WAB Wabtec Corp. 198,684 $36.0M Reduce -30.7% FLS Flowserve Corp. 481,408 $23.5M Add +5.6% NFLX Netflix Inc. 24,897 $23.2M Reduce -40.9% ADBE Adobe Inc. 49,879 $19.1M New GOOGL Alphabet Inc. Class A 117,293 $18.1M Reduce -41.1% AMZN Amazon.com Inc. 77,976 $14.8M Reduce -54.5% NVDA Nvidia Corp. 127,341 $13.8M Add +18.1% TT Trane Technologies PLC 29,526 $9.9M New APH Amphenol Corp. Class A 117,527 $7.7M Reduce -69.0% SPGI S&P Global Inc. 14,196 $7.2M New GRMN Garmin Ltd. 31,043 $6.7M New CRH CRH PLC 44,608 $3.9M New ESGR Enstar Group Ltd. 8,058 $2.7M Reduce -11.0%
Options reported separately and not counted above: UBS GROUP AG calls ($4.0M), MICRON TECHNOLOGY INC calls ($3.0M), ORACLE CORP calls ($167K).
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ ETN Eaton Corp. PLC Sold out 0.00% −7.96 AMZN Amazon.com Inc. Reduce -54.5% 5.47% −5.81 APH Amphenol Corp. Class A Reduce -69.0% 2.84% −5.04 GOOGL Alphabet Inc. Class A Reduce -41.1% 6.69% −4.61 WAB Wabtec Corp. Reduce -30.7% 13.28% −3.02 NFLX Netflix Inc. Reduce -40.9% 8.56% −2.70 IFF Intl Flavors & Fragrances Sold out 0.00% −1.96 SMAR Smartsheet Inc. Class A Sold out 0.00% −0.79 BARNES GROUP INC Sold out 0.00% −0.46 MRVL Marvell Technology Inc. Sold out 0.00% −0.17 ESGR Enstar Group Ltd. Reduce -11.0% 0.99% +0.11
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ ANET Arista Networks Inc. Add +267.1% 13.70% +9.37 ADBE Adobe Inc. New 7.05% +7.05 META Meta Platforms Inc. Class A Add +8.9% 17.41% +4.20 TT Trane Technologies PLC New 3.67% +3.67 SPGI S&P Global Inc. New 2.66% +2.66 GRMN Garmin Ltd. New 2.48% +2.48 CRH CRH PLC New 1.45% +1.45 FLS Flowserve Corp. Add +5.6% 8.67% +0.81 NVDA Nvidia Corp. Add +18.1% 5.09% +0.75
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ UBS GROUP AG call Reduce -29.0% 67,714 $4.0M MICRON TECHNOLOGY INC call Add +603.4% 80,465 $3.0M ORACLE CORP call New 20,936 $167K
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