Varenne Capital Partners

Q3 2025 13F-HR Holdings

Location
Paris, I0
Holdings as of
9/30/2025
Date filed
11/12/2025
Form type
13F-HR
Num holdings
24
Total value ($000)
$526,681
Net value change ($000)
-49,792 (-8.6%)
New positions
14
Sold out positions
8
Turnover %
70.4%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/12/2025 Next filing: 2/17/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
TE CONNECTIVITY PLC 67,990 NEW
UHS 37,670 NEW
GLW 25,969 NEW
UBER 24,404 NEW
ADSK 21,561 NEW
ANET 11,957 22.7%
CVS 9,948 NEW
GEV 4,872 NEW
MU 4,047 NEW
NKE 3,721 NEW
Top Reduces (Value $000, Stocks/ETFs)
TSM -30,005 -100.0%
GARMIN LTD -24,255 -100.0%
CME -23,717 -100.0%
SPGI -23,252 -100.0%
DT -14,941 -100.0%
NFLX -5,736 -19.1%
DIS -5,498 -15.8%
WAB -5,434 -9.4%
ADBE -3,786 -18.6%
SKAA -3,422 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 52,827 (10.0% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type