In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Varenne Capital Partners reported 21 stock positions worth $473.9 million . Its top holding was Amphenol Class A (APH) at 15.7% of the portfolio, followed by Te Connectivity (TEL, 14.3% ) and Arista Networks (ANET, 13.7% ). Compared with Q2 2025, it opened 14 new positions, sold out of 8, added to 1 and reduced 6. The biggest buy was a new position in Te Connectivity (TEL) and the biggest sale an exit from Taiwan Semiconductor-SP ADR (TSM).
Location PARIS, I0
CIK 0001902567
Portfolio Value $473.9M (Q3 2025) Holdings 21 stocks · $473.9M 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 Q2 2025 APH Amphenol Corp. Class A 601,936 $74.5M Reduce -22.2% TEL Te Connectivity PLC 309,707 $68.0M New ANET Arista Networks Inc. 444,004 $64.7M Reduce -13.9% WAB Wabtec Corp. 262,242 $52.6M Reduce -5.3% UHS Universal Health Services-B 184,257 $37.7M New DIS The Walt Disney Co. filed as DISNEY WALT CO 254,970 $29.2M Reduce -8.9% GLW Corning Inc. 316,577 $26.0M New UBER Uber Technologies Inc. 249,097 $24.4M New NFLX Netflix Inc. 20,327 $24.4M Reduce -9.6% ADSK Autodesk Inc. 67,873 $21.6M New ADBE Adobe Inc. 47,086 $16.6M Reduce -10.7% CVS CVS Health Corp. 131,950 $9.9M New GEV GE Vernova Inc. 7,923 $4.9M New MU Micron Technology Inc. 24,186 $4.0M New NKE Nike Inc. Class B 53,359 $3.7M New WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 47,498 $3.6M New AVDX Avidxchange Holdings Inc. 228,987 $2.3M Add +133810.5% BKNG Booking Holdings Inc. 293 $1.6M New ZM Zoom Communications Inc. 18,848 $1.6M New AVGO Broadcom Inc. 4,437 $1.5M New GEHC GE Healthcare Technology 16,531 $1.2M New
Options reported separately and not counted above: META PLATFORMS INC calls ($27.2M), NIKE INC calls ($19.6M), PAYPAL HLDGS INC calls ($6.0M).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −7.57 GRMN Garmin Ltd. Sold out 0.00% −6.12 CME Cme Group Inc. Sold out 0.00% −5.98 SPGI S&P Global Inc. Sold out 0.00% −5.87 DT Dynatrace Inc. Sold out 0.00% −3.77 APH Amphenol Corp. Class A Reduce -22.2% 15.72% −3.56 WAB Wabtec Corp. Reduce -5.3% 11.09% −3.54 DIS The Walt Disney Co. Reduce -8.9% 6.16% −2.59 NFLX Netflix Inc. Reduce -9.6% 5.14% −2.45 ADBE Adobe Inc. Reduce -10.7% 3.51% −1.64 SKX Skechers USA Inc. Class A Sold out 0.00% −0.86 ESGR Enstar Group Ltd. Sold out 0.00% −0.68 EVRI Everi Holdings Inc. Sold out 0.00% −0.43 ANET Arista Networks Inc. Reduce -13.9% 13.65% +0.35
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ TEL Te Connectivity PLC New 14.35% +14.35 UHS Universal Health Services-B New 7.95% +7.95 GLW Corning Inc. New 5.48% +5.48 UBER Uber Technologies Inc. New 5.15% +5.15 ADSK Autodesk Inc. New 4.55% +4.55 CVS CVS Health Corp. New 2.10% +2.10 GEV GE Vernova Inc. New 1.03% +1.03 MU Micron Technology Inc. New 0.85% +0.85 NKE Nike Inc. Class B New 0.79% +0.79 WNS WNS Holdings Ltd. New 0.76% +0.76 AVDX Avidxchange Holdings Inc. Add +133810.5% 0.48% +0.48 BKNG Booking Holdings Inc. New 0.33% +0.33 ZM Zoom Communications Inc. New 0.33% +0.33 AVGO Broadcom Inc. New 0.31% +0.31 GEHC GE Healthcare Technology New 0.26% +0.26
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ TAIWAN SEMICONDUCTOR MANUFAC call Sold out 12,200 $77.3Mbefore exit UBS GROUP AG call Sold out 33,857 $15.9Mbefore exit MICRON TECHNOLOGY INC call Sold out 18,467 $9.9Mbefore exit UBS GROUP AG put Sold out 33,857 $510Kbefore 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