Varenne Capital Partners

Q4 2025 13F-HR Holdings

Location
Paris, I0
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
26
Total value ($000)
$520,864
Net value change ($000)
-5,817 (-1.1%)
New positions
10
Sold out positions
7
Turnover %
48.2%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/12/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
TSM 55,559 NEW
LLY 27,649 NEW
XYL 27,238 NEW
MSFT 24,795 NEW
ADI 20,290 NEW
WAB 3,734 7.1%
AL 2,949 NEW
GTLS 2,476 NEW
HOLX 2,170 NEW
AVGO 1,801 123.0%
Top Reduces (Value $000, Stocks/ETFs)
APH -49,647 -66.6%
UHS -30,267 -80.3%
DIS -29,194 -100.0%
ADBE -16,610 -100.0%
CVS -9,948 -100.0%
ANET -6,744 -10.4%
GLW -4,844 -18.7%
NKE -3,721 -100.0%
WNS -3,623 -100.0%
TE CONNECTIVITY PLC -3,165 -4.7%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 40,045 (7.7% 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.
Filter:
Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type