In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Varenne Capital Partners reported 27 stock positions worth $403.0 million . Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 15.5% of the portfolio, followed by Arista Networks (ANET, 12.8% ) and Booking (BKNG, 6.7% ). Compared with Q4 2025, it opened 11 new positions, sold out of 8, added to 11 and reduced 5. The biggest buy was a new position in Envista (NVST) and the biggest sale Wabtec (WAB, shares −93% ).
Location PARIS, I0
CIK 0001902567
Portfolio Value $403.0M (Q1 2026) Holdings 27 stocks · $403.0M 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 2025 TSM Taiwan Semiconductor-SP ADR 184,607 $62.6M Add +1.0% ANET Arista Networks Inc. 420,014 $51.7M Reduce -5.0% BKNG Booking Holdings Inc. 6,418 $27.1M Add +1000.9% NVST Envista Holdings Corp. 1,051,029 $26.7M New ADI Analog Devices Inc. 81,044 $25.9M Add +8.4% TEL Te Connectivity PLC 121,042 $25.4M Reduce -57.5% T AT&T Inc. 833,993 $24.3M New LLY Eli Lilly & Co. 26,061 $24.0M Add +1.3% APH Amphenol Corp. Class A 185,367 $23.5M Add +0.9% GMED Globus Medical Inc. Class A 236,615 $20.5M New DECK Deckers Outdoor Corp. 202,718 $20.4M New MSFT Microsoft Corp. 51,818 $19.2M Add +1.1% GXO Gxo Logistics Inc. 162,766 $8.5M New JCI Johnson Controls Internation 50,321 $6.6M New GEV GE Vernova Inc. 6,285 $5.5M Reduce -19.6% WAB Wabtec Corp. 19,214 $4.8M Reduce -92.7% MU Micron Technology Inc. 12,179 $4.1M Reduce -23.1% GTLS Chart Industries Inc. 17,874 $3.7M Add +49.0% HOLX Hologic Inc. 47,376 $3.6M Add +62.7% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 53,629 $3.5M Add +16.9% AVGO Broadcom Inc. 9,556 $3.0M Add +1.3% FOLD Amicus Therapeutics Inc. 180,818 $2.6M New OS Onestream Inc. 76,906 $1.9M New CWAN Clearwater Analytics HDS-A 76,841 $1.8M New GEHC GE Healthcare Technology 17,636 $1.3M Add +1.6% ROP Roper Technologies Inc. 1,734 $616K New SEE Sealed Air Corp. 6,535 $276K New
Options reported separately and not counted above: MICRON TECHNOLOGY INC calls ($8.0M), NIKE INC calls ($1.4M), AMAZON COM INC calls ($688K).
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ WAB Wabtec Corp. Reduce -92.7% 1.20% −10.52 TEL Te Connectivity PLC Reduce -57.5% 6.30% −7.18 XYL Xylem Inc. Sold out 0.00% −5.67 UBER Uber Technologies Inc. Sold out 0.00% −4.63 NFLX Netflix Inc. Sold out 0.00% −4.60 ADSK Autodesk Inc. Sold out 0.00% −4.56 GLW Corning Inc. Sold out 0.00% −4.39 UHS Universal Health Services-B Sold out 0.00% −1.54 PYPL PayPal Holdings Inc. Sold out 0.00% −0.26 Q Qnity Electronics Inc. Sold out 0.00% −0.05 MU Micron Technology Inc. Reduce -23.1% 1.02% +0.08 GEV GE Vernova Inc. Reduce -19.6% 1.37% +0.30 ANET Arista Networks Inc. Reduce -5.0% 12.84% +0.78
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ NVST Envista Holdings Corp. New 6.64% +6.64 BKNG Booking Holdings Inc. Add +1000.9% 6.73% +6.08 T AT&T Inc. New 6.02% +6.02 GMED Globus Medical Inc. Class A New 5.07% +5.07 DECK Deckers Outdoor Corp. New 5.05% +5.05 TSM Taiwan Semiconductor-SP ADR Add +1.0% 15.53% +3.97 ADI Analog Devices Inc. Add +8.4% 6.42% +2.20 GXO Gxo Logistics Inc. New 2.10% +2.10 JCI Johnson Controls Internation New 1.64% +1.64 APH Amphenol Corp. Class A Add +0.9% 5.83% +0.66 FOLD Amicus Therapeutics Inc. New 0.65% +0.65 OS Onestream Inc. New 0.46% +0.46 CWAN Clearwater Analytics HDS-A New 0.45% +0.45 HOLX Hologic Inc. Add +62.7% 0.89% +0.44 GTLS Chart Industries Inc. Add +49.0% 0.92% +0.41 AL Sumisho Air Lease Corp. Add +16.9% 0.87% +0.25 LLY Eli Lilly & Co. Add +1.3% 5.97% +0.22 ROP Roper Technologies Inc. New 0.15% +0.15 SEE Sealed Air Corp. New 0.07% +0.07 AVGO Broadcom Inc. Add +1.3% 0.74% +0.06 GEHC GE Healthcare Technology Add +1.6% 0.31% +0.02 MSFT Microsoft Corp. Add +1.1% 4.77% −0.38
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ ON HLDG AG call Sold out 35,700 $29.9Mbefore exit MICRON TECHNOLOGY INC call New 3,600 $8.0M AMAZON COM INC call New 12,240 $688K
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