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Varenne Capital Partners
Giuseppe Perrone · Asset Manager · Multi-Strategy
Founded in 2003 by Giuseppe Perrone, Marco Sormani, and David Mellul, Varenne Capital Partners is an independent, employee-owned investment management firm headquartered in Paris, France. The firm is dedicated to providing superior long-term returns through a disciplined, research-intensive approach that applies private equity-style due diligence to global public equity markets. Varenne is characterized by its fully proprietary research and a unique investment process that avoids sell-side influence. Over its history, the firm has expanded its capabilities to integrate four distinct performance pillars—Long Equity, Short Equity, Merger Arbitrage, and Tail Risk Hedging—into a single, cohesive investment strategy. Serving a diverse global clientele including institutional investors and family offices, Varenne Capital maintains a strong focus on risk management and transparency, utilizing a highly stable team of professionals and advanced in-house technology systems to capture opportunities across market cycles.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +11.9% |
| YTD return | +10.4% |
| Sharpe ratio | 3.71 |
| Win rate | 43% |
| AUM | $1.0B |
| Inception | Oct 1, 2025 |
| Updated | Sep 22, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.0B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.varennecapital.com |
Current Holdings
Updated on Sep 22, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| AVGO | Broadcom Inc | 9.3% | -6.8% |
| ANET | Arista Networks | 8.9% | +36.9% |
| IFNNY | Infineon Technologies AG ADR | 8.8% | +0.0% |
| BNPQY | BNP Paribas SA ADR | 8.6% | 0.0% |
| TSM | Taiwan Semiconductor Manufacturing | 6.7% | +22.3% |
| VEOEY | Veolia Environnement SA ADR | 5.9% | 0.0% |
| ORANY | Orange S.A. | 5.8% | -0.0% |
| FER | Ferrovial SE | 5.4% | -11.7% |
| SNY | Sanofi ADR | 4.2% | -13.4% |
| AIQUY | Air Liquide SA ADR | 3.8% | +9.9% |
| TTE | TotalEnergies SE ADR | 3.6% | +44.7% |
| ASML | ASML Holding NV ADR | 3.5% | -1.7% |
| NVDA | NVIDIA Corporation | 3.5% | +1.6% |
| FIVE | Five Below Inc | 3.4% | -5.0% |
| LLY | Eli Lilly and Company | 3.3% | +15.2% |
| APH | Amphenol Corporation | 3.2% | +29.1% |
| WWD | Woodward Inc | 3.2% | -11.1% |
| EL | Estee Lauder Companies Inc | 3.2% | +15.7% |
| CBOE | Cboe Global Markets Inc | 3.1% | +4.4% |
| ADI | Analog Devices Inc | 2.7% | +10.1% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 17, 2026 | SELL | TSM | 8.7% → 6.7% |
| Aug 17, 2026 | SELL | ADI | 3.5% → 2.7% |
| Aug 17, 2026 | SELL | MSFT | 2.9% → 0.0% |
| Aug 17, 2026 | SELL | TTE | 3.8% → 3.6% |
| Aug 17, 2026 | SELL | APH | 3.5% → 3.2% |
Investment Style Analysis
Varenne Capital Partners is widely recognized for employing a Multi-Strategy strategy. As of Sep 22, 2026, the firm oversees approximately $1.0B in assets under management (AUM). The portfolio demonstrates a clear preference for the Semiconductors and Computer Hardware sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 17, Varenne Capital Partners made a significant move by reducing the position in TSM. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Varenne Capital Partners employs a unique investment philosophy centered on four complementary performance engines: Long Equity, Short Equity, Merger Arbitrage, and Tail Risk Hedging. This multi-pillar framework is designed to generate absolute returns while minimizing risk by capturing value through high-conviction fundamental stock picking and opportunistic special situations. The firm utilizes a rigorous Business Analysis framework for its long positions, focusing on companies with sustainable competitive advantages and deep discounts to intrinsic value. Simultaneously, it uses short positions to profit from capital events and tail-risk hedging to protect against extreme market disruptions. A cornerstone of their strategy is the exclusive use of internally generated proprietary research, ensuring independence from market consensus and sell-side brokers.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Varenne Capital Partners.
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Frequently asked questions
How is the simulated portfolio for Varenne Capital Partners constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Varenne Capital Partners's largest holding?
As of the latest filing, Varenne Capital Partners's top position is Broadcom Inc (AVGO), representing 9.3% of the portfolio. This reflects a high-conviction bet by the institution.
What is Varenne Capital Partners's historical performance and risk profile?
Our simulation indicates a total return of +11.9% with a win rate of 43%. Notably, the portfolio maintains a Sharpe Ratio of 3.71, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Varenne Capital Partners primarily invest in?
Varenne Capital Partners has a strong preference for the Semiconductors sector, which makes up 31.1% of their disclosed assets. The portfolio also has exposure to Computer Hardware, indicating a specific thematic focus.
Is Varenne Capital Partners's portfolio concentrated or diversified?
Varenne Capital Partners runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 27.0% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Varenne Capital Partners performed in 2026?
Our AI-simulated model portfolio for Varenne Capital Partners tracks a Year-to-Date (YTD) return of +10.4%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Giuseppe Perrone manage Varenne Capital Partners directly?
Yes, Giuseppe Perrone serves as the key portfolio manager for Varenne Capital Partners, overseeing the investment strategy and final capital allocation decisions.