Varenne Capital Partners
Long book
$403.0M
Q1 2026
Positions
27
Top-10 weight
77%
concentration
Last quarter
+15.7%
SPY +14.8%
Turnover
54%
of book per quarter
Strategy in plain words
auto-generated from filingsVarenne Capital Partners is a concentrated fundamental stock-picker, running a $403.0M US long book across 27 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: TAIWAN SEMICONDUCTOR-SP ADR, ARISTA NETWORKS INC, BOOKING HOLDINGS INC, ENVISTA HOLDINGS CORP, ANALOG DEVICES INC.
Over the last 9 quarters its long book ran on average 1.3pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.2%
Q2 2024
+5.2%
Q3 2024
+6.7%
Q4 2024
-9.5%
Q1 2025
+22.8%
Q2 2025
+10.2%
Q3 2025
+0.8%
Q4 2025
+0.4%
Q1 2026
+15.7%
Sector allocation
Technology 38%
Healthcare 21%
Industrials 17%
Other 9%
Consumer discretionary 7%
Communications 7%
Services media 0%
Long book by quarter
What does Varenne Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ANET ARISTA NETWORKS INC | Technology | 420.0K | $51.7M | 12.8% | -5.0% |
| BKNG BOOKING HOLDINGS INC | Industrials | 6.4K | $27.1M | 6.7% | +1000.9% |
| NVST ENVISTA HOLDINGS CORP | Healthcare | 1.1M | $26.7M | 6.6% | New |
| ADI ANALOG DEVICES INC | Technology | 81.0K | $25.9M | 6.4% | +8.4% |
| TEL TE CONNECTIVITY PLC | Consumer discretionary | 121.0K | $25.4M | 6.3% | -57.5% |
| T AT&T INC | Communications | 834.0K | $24.3M | 6.0% | New |
| LLY ELI LILLY & CO | Healthcare | 26.1K | $24.0M | 6.0% | +1.3% |
| APH AMPHENOL CORP-CL A | Technology | 185.4K | $23.5M | 5.8% | +0.9% |
| GMED GLOBUS MEDICAL INC - A | Healthcare | 236.6K | $20.5M | 5.1% | New |
| DECK DECKERS OUTDOOR CORP | Other | 202.7K | $20.4M | 5.1% | New |
| MSFT MICROSOFT CORP | Technology | 51.8K | $19.2M | 4.8% | +1.1% |
| GXO GXO LOGISTICS INC | Industrials | 162.8K | $8.5M | 2.1% | New |
| JCI JOHNSON CONTROLS INTERNATION | Industrials | 50.3K | $6.6M | 1.6% | New |
| GEV GE VERNOVA INC | Industrials | 6.3K | $5.5M | 1.4% | -19.6% |
| WAB WABTEC CORP | Industrials | 19.2K | $4.8M | 1.2% | -92.7% |
| MU MICRON TECHNOLOGY INC | Technology | 12.2K | $4.1M | 1.0% | -23.1% |
| GTLS CHART INDUSTRIES INC | Industrials | 17.9K | $3.7M | 0.9% | +49.0% |
| HO1 HOLOGIC INC | — | 47.4K | $3.6M | 0.9% | +62.7% |
| AL AIR LEASE CORP | — | 53.6K | $3.5M | 0.9% | +16.9% |
| AVGO BROADCOM INC | Technology | 9.6K | $3.0M | 0.7% | +1.3% |
| AM6 AMICUS THERAPEUTICS INC | — | 180.8K | $2.6M | 0.7% | New |
| K4F ONESTREAM INC | — | 76.9K | $1.9M | 0.5% | New |
| GEHC GE HEALTHCARE TECHNOLOGY | Healthcare | 17.6K | $1.3M | 0.3% | +1.6% |
| ROP ROPER TECHNOLOGIES INC | Technology | 1.7K | $616K | 0.2% | New |
| SDA SEALED AIR CORP | Services media | 6.5K | $276K | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 30 | $413.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 28 | $520.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 24 | $526.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 22 | $576.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 18 | $278.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 17 | $338.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 16 | $522.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 16 | $396.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 17 | $637.5M | canonical | SEC ↗ |
Similar funds
Sanders Capital, LLCGATES FOUNDATION TRUSTEAGLE CAPITAL MANAGEMENT LLCWoodbridge Co LtdAlecta Tjanstepension OmsesidigtMubadala Investment Co PJSCH&H International Investment, LLCNewlands Management Operations LLCINVESTOR ABIndependent Franchise Partners LLPPineStone Asset Management Inc.Pentwater Capital Management LP