Varenne Capital Partners
PARIS, I0
$596m in 26 US stocks at the end of 30 June 2026. The top 10 are 73.9% of the money. It changed about 51.6% of the portfolio this quarter.
Value
$596m
Stocks
26
Top 10 share
73.9%
Turnover
51.6%
What changed this quarter
New
Bought for the first time this quarter.
- WoodwardWWD6.2% of the fund
- NvidiaNVDA5.2% of the fund
- Estee Lauder CompaniesEL4.7% of the fund
- Cboe Global MktsCBOE4.4% of the fund
- Five BelowFIVE4.2% of the fund
- HersheyHSY3.7% of the fund
- Amazon.comAMZN2.4% of the fund
- V FVFC2.3% of the fund
- TextronTXT1.0% of the fund
- Waste ConnectionsWCN1.0% of the fund
- Ross StoresROST0.7% of the fund
- Warner Bros. DiscoveryWBD0.5% of the fund
- BradyBRC<0.1% of the fund
Added
Bought more of a stock they already held.
- BroadcomAVGO13.8% of the fund+2174%
- GE HealthCare TechnologiesGEHC2.6% of the fund+1273%
- Westinghouse Air Brake TechnologiesWAB0.9% of the fund+7%
Cut
Sold some of their stake.
- Taiwan Semiconductor ManufacturingTSM12.3% of the fund-17%
- Analog DevicesADI4.7% of the fund-13%
- GXO LogisticsGXO1.1% of the fund-17%
- Micron TechnologyMU1.0% of the fund-56%
- Johnson Controls InternationalJCI0.8% of the fund-34%
Sold out
Sold their entire stake.
- Booking HoldingsBKNG-100%
- Envista HoldingsNVST-100%
- TE ConnectivityTEL-100%
- AT&TT-100%
- Deckers OutdoorDECK-100%
- MicrosoftMSFT-100%
- GE VernovaGEV-100%
- Hologic-100%
- Air Lease-100%
- Amicus Therapeutics-100%
- Onestream-100%
- Clearwater Analytics Hldgs I-100%
- Roper TechnologiesROP-100%
- Sealed Air Corp New-100%
Holdings
- Cboe Global MktsCBOE
- Share
- 4.4%
- Value
- $26m
- Shares
- 106,908
New
- Chart Inds
- Share
- 0.6%
- Value
- $4m
- Shares
- 17,874
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| BroadcomAVGO | 13.8% | $82m | 217,265 | +2174% |
| Taiwan Semiconductor ManufacturingTSM | 12.3% | $73m | 153,341 | -17% |
| Arista NetworksANET | 11.9% | $71m | 419,076 | Held |
| WoodwardWWD | 6.2% | $37m | 86,629 | New |
| AmphenolAPH | 5.5% | $33m | 186,110 | Held |
| Eli LillyLLY | 5.3% | $31m | 26,251 | Held |
| NvidiaNVDA | 5.2% | $31m | 154,959 | New |
| Estee Lauder CompaniesEL | 4.7% | $28m | 355,673 | New |
| Analog DevicesADI | 4.7% | $28m | 70,156 | -13% |
| Cboe Global MktsCBOE | 4.4% | $26m | 106,908 | New |
| Five BelowFIVE | 4.2% | $25m | 140,847 | New |
| HersheyHSY | 3.7% | $22m | 127,096 | New |
| Globus MedicalGMED | 3.2% | $19m | 238,200 | Held |
| GE HealthCare TechnologiesGEHC | 2.6% | $15m | 242,161 | +1273% |
| Amazon.comAMZN | 2.4% | $15m | 61,050 | New |
| V FVFC | 2.3% | $14m | 820,157 | New |
| GXO LogisticsGXO | 1.1% | $7m | 135,089 | -17% |
| Micron TechnologyMU | 1.0% | $6m | 5,305 | -56% |
| TextronTXT | 1.0% | $6m | 63,169 | New |
| Waste ConnectionsWCN | 1.0% | $6m | 34,303 | New |
| Westinghouse Air Brake TechnologiesWAB | 0.9% | $6m | 20,473 | +7% |
| Johnson Controls InternationalJCI | 0.8% | $5m | 33,223 | -34% |
| Ross StoresROST | 0.7% | $4m | 18,694 | New |
| Chart Inds | 0.6% | $4m | 17,874 | Held |
| Warner Bros. DiscoveryWBD | 0.5% | $3m | 103,500 | New |
| BradyBRC | <0.1% | $299,132 | 3,269 | New |
Options (4)
- Charles Schwab
- Type
- Call
- Value
- $5m
- Contracts
- 17,000
- Warner Bros Discovery
- Type
- Put
- Value
- $2m
- Contracts
- 20,890
- Nike
- Type
- Call
- Value
- $87,544
- Contracts
- 17,100
- Meta Platforms
- Type
- Call
- Value
- $65,234
- Contracts
- 4,080
| Company | Type | Value | Contracts |
|---|---|---|---|
| Charles Schwab | Call | $5m | 17,000 |
| Warner Bros Discovery | Put | $2m | 20,890 |
| Nike | Call | $87,544 | 17,100 |
| Meta Platforms | Call | $65,234 | 4,080 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 50.3% since 30 June 2025.
Where the money is
Technology54.4%
Health care11.0%
Industrials10.0%
Retail & consumer9.7%
Everyday goods8.4%
Utilities1.0%
Media & telecom0.5%
Other5.0%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.