In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Varenne Capital Partners reported 24 stock positions worth $480.8 million . Its top holding was Te Connectivity (TEL) at 13.5% of the portfolio, followed by Arista Networks (ANET, 12.1% ) and Wabtec (WAB, 11.7% ). Compared with Q3 2025, it opened 10 new positions, sold out of 7, added to 7 and reduced 7. The biggest buy was a new position in Taiwan Semiconductor-SP ADR (TSM) and the biggest sale Amphenol Class A (APH, shares −69% ).
Location PARIS, I0
CIK 0001902567
Portfolio Value $480.8M (Q4 2025) Holdings 24 stocks · $480.8M 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 Q3 2025 TEL Te Connectivity PLC 284,802 $64.8M Reduce -8.0% ANET Arista Networks Inc. 442,083 $58.0M Reduce -0.4% WAB Wabtec Corp. 263,672 $56.3M Add +0.6% TSM Taiwan Semiconductor-SP ADR 182,745 $55.6M New LLY Eli Lilly & Co. 25,716 $27.6M New XYL Xylem Inc. 199,927 $27.2M New APH Amphenol Corp. Class A 183,750 $24.8M Reduce -69.5% MSFT Microsoft Corp. 51,246 $24.8M New UBER Uber Technologies Inc. 272,382 $22.3M Add +9.3% NFLX Netflix Inc. 235,621 $22.1M Add +15.9% ADSK Autodesk Inc. 74,092 $21.9M Add +9.2% GLW Corning Inc. 241,150 $21.1M Reduce -23.8% ADI Analog Devices Inc. 74,780 $20.3M New UHS Universal Health Services-B 33,940 $7.4M Reduce -81.6% GEV GE Vernova Inc. 7,818 $5.1M Reduce -1.3% MU Micron Technology Inc. 15,847 $4.5M Reduce -34.5% AVGO Broadcom Inc. 9,430 $3.3M Add +112.5% BKNG Booking Holdings Inc. 583 $3.1M Add +99.0% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 45,888 $2.9M New GTLS Chart Industries Inc. 12,000 $2.5M New HOLX Hologic Inc. 29,116 $2.2M New GEHC GE Healthcare Technology 17,357 $1.4M Add +5.0% PYPL PayPal Holdings Inc. 21,031 $1.2M New Q Qnity Electronics Inc. 3,077 $251K New
Options reported separately and not counted above: ON HLDG AG calls ($29.9M), NIKE INC calls ($10.2M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ APH Amphenol Corp. Class A Reduce -69.5% 5.17% −10.55 UHS Universal Health Services-B Reduce -81.6% 1.54% −6.41 DIS The Walt Disney Co. Sold out 0.00% −6.16 ADBE Adobe Inc. Sold out 0.00% −3.51 CVS CVS Health Corp. Sold out 0.00% −2.10 ANET Arista Networks Inc. Reduce -0.4% 12.05% −1.60 GLW Corning Inc. Reduce -23.8% 4.39% −1.09 TEL Te Connectivity PLC Reduce -8.0% 13.48% −0.87 NKE Nike Inc. Class B Sold out 0.00% −0.79 WNS WNS Holdings Ltd. Sold out 0.00% −0.76 AVDX Avidxchange Holdings Inc. Sold out 0.00% −0.48 ZM Zoom Communications Inc. Sold out 0.00% −0.33 GEV GE Vernova Inc. Reduce -1.3% 1.06% +0.04 MU Micron Technology Inc. Reduce -34.5% 0.94% +0.09
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ TSM Taiwan Semiconductor-SP ADR New 11.56% +11.56 LLY Eli Lilly & Co. New 5.75% +5.75 XYL Xylem Inc. New 5.67% +5.67 MSFT Microsoft Corp. New 5.16% +5.16 ADI Analog Devices Inc. New 4.22% +4.22 WAB Wabtec Corp. Add +0.6% 11.71% +0.62 AL Sumisho Air Lease Corp. New 0.61% +0.61 GTLS Chart Industries Inc. New 0.51% +0.51 HOLX Hologic Inc. New 0.45% +0.45 AVGO Broadcom Inc. Add +112.5% 0.68% +0.37 BKNG Booking Holdings Inc. Add +99.0% 0.65% +0.32 PYPL PayPal Holdings Inc. New 0.26% +0.26 Q Qnity Electronics Inc. New 0.05% +0.05 GEHC GE Healthcare Technology Add +5.0% 0.30% +0.03 ADSK Autodesk Inc. Add +9.2% 4.56% +0.01 UBER Uber Technologies Inc. Add +9.3% 4.63% −0.52 NFLX Netflix Inc. Add +15.9% 4.60% −0.55
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ ON HLDG AG call New 35,700 $29.9M META PLATFORMS INC call Sold out 3,000 $27.2Mbefore exit NIKE INC call Add +64.3% 37,800 $10.2M PAYPAL HLDGS INC call Sold out 19,292 $6.0Mbefore 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