Varenne Capital Partners

Name: Varenne Capital Partners 13F holdings, Q2 2025
Creator: Varenne Capital Partners
Published: 2025-08-12

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Varenne Capital Partners reported 15 stock positions worth $396.4 million. Its top holding was Amphenol Class A (APH) at 19.3% of the portfolio, followed by Wabtec (WAB, 14.6%) and Arista Networks (ANET, 13.3%). Compared with Q1 2025, it opened 7 new positions, sold out of 7, added to 6 and reduced 1. The biggest buy was Amphenol Class A (APH, shares +558%) and the biggest sale an exit from Meta Platforms Class A (META).

Most Recent 13F: Q2 2026
Location: PARIS, I0
CIK: 0001902567
Portfolio Value: $396.4M (Q2 2025)
SEC Filing: 0000945621-25-000733 ↗ filed Aug 12, 2025

Holdings Value

Holdings 15 stocks · $396.4M


APH Amphenol Corp. Class A	19.28%	773,745	$76.4M	Add +558.4%
WAB Wabtec Corp.	14.63%	277,078	$58.0M	Add +39.5%
ANET Arista Networks Inc.	13.31%	515,485	$52.7M	Add +7.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO	8.75%	279,755	$34.7M	New
NFLX Netflix Inc.	7.60%	22,482	$30.1M	Reduce -9.7%
TSM Taiwan Semiconductor-SP ADR	7.57%	132,480	$30.0M	New
GRMN Garmin Ltd.	6.12%	116,210	$24.3M	Add +274.4%
CME Cme Group Inc.	5.98%	86,050	$23.7M	New
SPGI S&P Global Inc.	5.87%	44,098	$23.3M	Add +210.6%
ADBE Adobe Inc.	5.15%	52,720	$20.4M	Add +5.7%
DT Dynatrace Inc.	3.77%	270,615	$14.9M	New
SKX Skechers USA Inc. Class A	0.86%	54,225	$3.4M	New
ESGR Enstar Group Ltd.	0.68%	8,058	$2.7M	No change
EVRI Everi Holdings Inc.	0.43%	120,376	$1.7M	New
AVDX Avidxchange Holdings Inc.	0.00%	171	$2K	New

Options reported separately and not counted above: TAIWAN SEMICONDUCTOR MANUFAC calls ($77.3M), META PLATFORMS INC calls ($35.1M), NIKE INC calls ($24.4M), PAYPAL HLDGS INC calls ($17.0M), UBS GROUP AG calls ($15.9M), MICRON TECHNOLOGY INC calls ($9.9M), UBS GROUP AG puts ($510K).

Portfolio Sells Q1 2025 → Q2 2025


META Meta Platforms Inc. Class A	Sold out	0.00%	−17.41
FLS Flowserve Corp.	Sold out	0.00%	−8.67
GOOGL Alphabet Inc. Class A	Sold out	0.00%	−6.69
AMZN Amazon.com Inc.	Sold out	0.00%	−5.47
NVDA Nvidia Corp.	Sold out	0.00%	−5.09
TT Trane Technologies PLC	Sold out	0.00%	−3.67
CRH CRH PLC	Sold out	0.00%	−1.45
NFLX Netflix Inc.	Reduce -9.7%	7.60%	−0.96

Portfolio Buys Q1 2025 → Q2 2025


APH Amphenol Corp. Class A	Add +558.4%	19.28%	+16.44
DIS The Walt Disney Co.	New	8.75%	+8.75
TSM Taiwan Semiconductor-SP ADR	New	7.57%	+7.57
CME Cme Group Inc.	New	5.98%	+5.98
DT Dynatrace Inc.	New	3.77%	+3.77
GRMN Garmin Ltd.	Add +274.4%	6.12%	+3.63
SPGI S&P Global Inc.	Add +210.6%	5.87%	+3.21
WAB Wabtec Corp.	Add +39.5%	14.63%	+1.35
SKX Skechers USA Inc. Class A	New	0.86%	+0.86
EVRI Everi Holdings Inc.	New	0.43%	+0.43
AVDX Avidxchange Holdings Inc.	New	0.00%	+0.00
ANET Arista Networks Inc.	Add +7.4%	13.31%	−0.40
ADBE Adobe Inc.	Add +5.7%	5.15%	−1.91

Options Activity Q1 2025 → Q2 2025


TAIWAN SEMICONDUCTOR MANUFAC	call	New	12,200	$77.3M
META PLATFORMS INC	call	New	3,000	$35.1M
NIKE INC	call	New	23,000	$24.4M
PAYPAL HLDGS INC	call	New	19,292	$17.0M
UBS GROUP AG	call	Reduce -50.0%	33,857	$15.9M
MICRON TECHNOLOGY INC	call	Reduce -77.0%	18,467	$9.9M
UBS GROUP AG	put	New	33,857	$510K
ORACLE CORP	call	Sold out	20,936	$167Kbefore 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