Skip to main content
Livermore
Livermore
ZHEN

Varenne Capital Partners

SEC CIK
0001902567
Latest filing
Aug 10, 2026

The latest 13F from Varenne Capital Partners covers Q2 2026 (filed Aug 10, 2026): 26 long positions worth $595.9M. The top 10 holdings make up 73.9% of the portfolio, and the largest is Broadcom Inc. (AVGO) at 13.8%. Livermore has 20 filings on Form 13F from this institution, going back to Q4 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
13
Est. +$216.1M
Added
6
Est. +$93.6M
Reduced
6
Est. −$31.2M
Sold out
14
Est. −$162.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. AVGOBroadcom Inc.
    13.8%$82.0MHistory
  2. TSMTaiwan Semiconductor Manufacturing Co Ltd
    12.3%$73.2MHistory
  3. ANETArista Networks, Inc.
    11.9%$71.1MHistory
  4. WWDWoodward, Inc.
    6.2%$36.8MHistory
  5. APHAmphenol Corp
    5.5%$32.8MHistory

Share of portfolio

Top 5 holdings and the other 21 positions, by share of portfolio value

  1. AVGO13.8%
  2. TSM12.3%
  3. ANET11.9%
  4. WWD6.2%
  5. APH5.5%
  6. Other 21 positions50.3%

Biggest buys

New and added positions, by estimated amount bought

  1. AVGOBroadcom Inc.
    +$78.4MAddedHistory
  2. WWDWoodward, Inc.
    +$36.8MNewHistory
  3. NVDANVIDIA Corp
    +$31.0MNewHistory
  4. ELEstee Lauder Companies Inc
    +$28.1MNewHistory
  5. CBOECboe Global Markets, Inc.
    +$25.9MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. AVGOBroadcom Inc.
    +13.03 pp0.7% → 13.8%History
  2. WWDWoodward, Inc.
    +6.18 pp0.0% → 6.2%History
  3. NVDANVIDIA Corp
    +5.20 pp0.0% → 5.2%History
  4. ELEstee Lauder Companies Inc
    +4.71 pp0.0% → 4.7%History
  5. CBOECboe Global Markets, Inc.
    +4.35 pp0.0% → 4.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. BKNGBooking Holdings Inc.
    −$27.1MSold outConverted for a 25-for-1 splitHistory
  2. NVSTEnvista Holdings Corp
    −$26.7MSold outHistory
  3. TELTE Connectivity plc
    −$25.4MSold outHistory
  4. TAT&T Inc.
    −$24.3MSold outHistory
  5. DECKDeckers Outdoor Corp
    −$20.4MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. BKNGBooking Holdings Inc.
    −6.73 pp6.7% → 0.0%History
  2. NVSTEnvista Holdings Corp
    −6.64 pp6.6% → 0.0%History
  3. TELTE Connectivity plc
    −6.30 pp6.3% → 0.0%History
  4. TAT&T Inc.
    −6.02 pp6.0% → 0.0%History
  5. DECKDeckers Outdoor Corp
    −5.05 pp5.1% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$595.9M
+$193.0M (+47.9%) vs. prior quarter
Positions
26
−1 vs. prior quarter
Top 10 concentration
73.9%
Top 10 as share of value
Turnover
38.9%
Q2 2026, one quarter
Average holding period
3.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $673.8M (Q4 2021)

Q4 2021: $673.8MQ1 2022: $492.8MQ2 2022: $331.4MQ3 2022: $217.4MQ4 2022: $135.7MQ1 2023: $298.5MQ2 2023: $207.4MQ3 2023: $57.0MQ4 2023: $234.4MQ1 2024: $576.4MQ2 2024: $353.9MQ3 2024: $513.9MQ4 2024: $333.5MQ1 2025: $271.3MQ2 2025: $396.4MQ3 2025: $473.9MQ4 2025: $480.8MQ1 2026: $403.0MQ2 2026: $595.9M
Q4 2021Q2 2026
13F filings of Varenne Capital Partners by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 10, 202626$595.9MAVGOTSMANETvs. Q1 2026SEC
Q1 2026May 13, 202627$403.0MTSMANETBKNGvs. Q4 2025SEC
Q4 2025Feb 17, 202624$480.8MTELANETWABvs. Q3 2025SEC
Q3 2025Nov 12, 202521$473.9MAPHTELANETvs. Q2 2025SEC
Q2 2025Aug 12, 202515$396.4MAPHWABANETvs. Q1 2025SEC
Q1 2025May 13, 202515$271.3MMETAANETWABvs. Q4 2024SEC
Q4 2024Feb 12, 202515$333.5MWABMETAGOOGLvs. Q3 2024SEC
Q3 2024Nov 14, 202413$513.9MMETAWABETNvs. Q2 2024SEC
Q2 2024Aug 12, 202414$353.9MNVDAMETAAMZNvs. Q1 2024SEC
Q1 2024May 14, 202416$576.4MVEEVETNGOOGLvs. Q4 2023SEC
Q4 2023Feb 13, 202417$234.4MULTANVDAAMZNvs. Q3 2023SEC
Q3 2023Nov 14, 20237$57.0MQGENATVIHZNPvs. Q2 2023SEC
Q2 2023Nov 14, 2023Amended10$207.4MSBUXQGENCTVAvs. Q1 2023SEC
Q1 2023May 12, 20239$298.5MSBUXDGCTVAvs. Q4 2022SEC
Q4 2022Feb 13, 20236$135.7MDGBKNGATVIvs. Q3 2022SEC
Q3 2022Nov 9, 20229$217.4MDGGOOGLBKNGvs. Q2 2022SEC
Q2 2022Jul 27, 202212$331.4MGOOGLDGNKEvs. Q1 2022SEC
Q1 2022May 12, 202214$492.8MGOOGLDGNKEvs. Q4 2021SEC
Q4 2021Feb 14, 202215$673.8MGOOGLAMATDG–SEC