Varenne Capital Partners Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MFG LTD	182,745	$55,559	10.7%	$304.03	—	SPONSORED ADS	874039100
—	ON HLDG AG	35,700	$29,872	5.7%	—	—	CALL	H5919C904
LLY	ELI LILLY & CO	25,716	$27,649	5.3%	$955.55	0.0%	COM	532457108
XYL	XYLEM INC	199,927	$27,238	5.2%	$143.58	0.0%	COM	98419M100
MSFT	MICROSOFT CORP	51,246	$24,795	4.8%	$500.58	0.0%	COM	594918104
ADI	ANALOG DEVICES INC	74,780	$20,290	3.9%	$250.62	0.0%	COM	032654105
AL	AIR LEASE CORP	45,888	$2,949	0.6%	$63.69	0.0%	CL A	00912X302
GTLS	CHART INDS INC	12,000	$2,476	0.5%	$202.64	0.0%	COM	16115Q308
HOLX	HOLOGIC INC	29,116	$2,170	0.4%	$73.07	0.0%	COM	436440101
PYPL	PAYPAL HLDGS INC	21,031	$1,228	0.2%	$64.84	0.0%	COM	70450Y103
Q	QNITY ELECTRONICS INC	3,077	$251	0.0%	$84.91	0.0%	COMMON STOCK	74743L100

Increased Positions (7)

— NIKE INC 2.0%

Value ($000) $10,173 (-48.2%) Shares 37,800 (+64.3%) Est. Cost — Unrealized —

NFLX NETFLIX INC 4.2%

Value ($000) $22,102 (-9.3%) Shares 235,621 (+1059.2%) Est. Cost $104.13 Unrealized +3.5%

UBER UBER TECHNOLOGIES INC 4.3%

Value ($000) $22,266 (-8.8%) Shares 272,382 (+9.3%) Est. Cost $93.22 Unrealized -3.4%

AVGO BROADCOM INC 0.6%

Value ($000) $3,265 (+123.1%) Shares 9,430 (+112.5%) Est. Cost $332.88 Unrealized +7.2%

BKNG BOOKING HOLDINGS INC 0.6%

Value ($000) $3,124 (+97.4%) Shares 583 (+99.0%) Est. Cost $5351.82 Unrealized -4.0%

ADSK AUTODESK INC 4.2%

Value ($000) $21,942 (+1.8%) Shares 74,092 (+9.2%) Est. Cost $304.55 Unrealized -0.7%

GEHC GE HEALTHCARE TECHNOLOGIES I 0.3%

Value ($000) $1,424 (+14.7%) Shares 17,357 (+5.0%) Est. Cost $74.70 Unrealized +4.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NIKE INC	37,800 (+64.3%)	$10,173 (-48.2%)	2.0%	—	—	CALL	654106903
NFLX	NETFLIX INC	235,621 (+1059.2%)	$22,102 (-9.3%)	4.2%	$104.13	+3.5%	COM	64110L106
UBER	UBER TECHNOLOGIES INC	272,382 (+9.3%)	$22,266 (-8.8%)	4.3%	$93.22	-3.4%	COM	90353T100
AVGO	BROADCOM INC	9,430 (+112.5%)	$3,265 (+123.1%)	0.6%	$332.88	+7.2%	COM	11135F101
BKNG	BOOKING HOLDINGS INC	583 (+99.0%)	$3,124 (+97.4%)	0.6%	$5351.82	-4.0%	COM	09857L108
ADSK	AUTODESK INC	74,092 (+9.2%)	$21,942 (+1.8%)	4.2%	$304.55	-0.7%	COM	052769106
GEHC	GE HEALTHCARE TECHNOLOGIES I	17,357 (+5.0%)	$1,424 (+14.7%)	0.3%	$74.70	+4.3%	COMMON STOCK	36266G107

Exited Positions (9)

DIS DISNEY WALT CO 5.6%

Value ($000) $29,194 Shares 254,970 Est. Cost $102.81 Unrealized +6.5%

— META PLATFORMS INC 5.2%

Value ($000) $27,217 Shares 3,000 Est. Cost — Unrealized —

ADBE ADOBE INC 3.2%

Value ($000) $16,610 Shares 47,086 Est. Cost $426.49 Unrealized -20.3%

CVS CVS HEALTH CORP 1.9%

Value ($000) $9,948 Shares 131,950 Est. Cost $67.82 Unrealized +16.0%

— PAYPAL HLDGS INC 1.1%

Value ($000) $5,981 Shares 19,292 Est. Cost — Unrealized —

NKE NIKE INC 0.7%

Value ($000) $3,721 Shares 53,359 Est. Cost $73.79 Unrealized -12.0%

— WNS HLDGS LTD 0.7%

Value ($000) $3,623 Shares 47,498 Est. Cost $76.27 Unrealized —

— AVIDXCHANGE HOLDINGS INC 0.4%

Value ($000) $2,278 Shares 228,987 Est. Cost $9.95 Unrealized —

ZM ZOOM COMMUNICATIONS INC 0.3%

Value ($000) $1,555 Shares 18,848 Est. Cost $78.02 Unrealized +7.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DIS	DISNEY WALT CO	254,970	$29,194	5.6%	$102.81	+6.5%	—	254687106
—	META PLATFORMS INC	3,000	$27,217	5.2%	—	—	CALL	30303M902
ADBE	ADOBE INC	47,086	$16,610	3.2%	$426.49	-20.3%	—	00724F101
CVS	CVS HEALTH CORP	131,950	$9,948	1.9%	$67.82	+16.0%	—	126650100
—	PAYPAL HLDGS INC	19,292	$5,981	1.1%	—	—	CALL	70450Y903
NKE	NIKE INC	53,359	$3,721	0.7%	$73.79	-12.0%	—	654106103
—	WNS HLDGS LTD	47,498	$3,623	0.7%	$76.27	—	—	G98196101
—	AVIDXCHANGE HOLDINGS INC	228,987	$2,278	0.4%	$9.95	—	—	05368X102
ZM	ZOOM COMMUNICATIONS INC	18,848	$1,555	0.3%	$78.02	+7.9%	—	98980L101

Decreased Positions (6)

APH AMPHENOL CORP NEW 4.8%

Value ($000) $24,843 (-66.6%) Shares 183,750 (-69.5%) Est. Cost $78.76 Unrealized +69.6%

UHS UNIVERSAL HLTH SVCS INC 1.4%

Value ($000) $7,403 (-80.3%) Shares 33,940 (-81.6%) Est. Cost $179.65 Unrealized +23.0%

GLW CORNING INC 4.1%

Value ($000) $21,125 (-18.7%) Shares 241,150 (-23.8%) Est. Cost $64.97 Unrealized +32.3%

TEL TE CONNECTIVITY PLC 12.4%

Value ($000) $64,825 (-4.7%) Shares 284,802 (-8.0%) Est. Cost $200.01 Unrealized +15.6%

MU MICRON TECHNOLOGY INC 0.9%

Value ($000) $4,525 (+11.8%) Shares 15,847 (-34.5%) Est. Cost $127.82 Unrealized +79.4%

GEV GE VERNOVA INC 1.0%

Value ($000) $5,112 (+4.9%) Shares 7,818 (-1.3%) Est. Cost $605.52 Unrealized +0.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APH	AMPHENOL CORP NEW	183,750 (-69.5%)	$24,843 (-66.6%)	4.8%	$78.76	+69.6%	CL A	032095101
UHS	UNIVERSAL HLTH SVCS INC	33,940 (-81.6%)	$7,403 (-80.3%)	1.4%	$179.65	+23.0%	CL B	913903100
GLW	CORNING INC	241,150 (-23.8%)	$21,125 (-18.7%)	4.1%	$64.97	+32.3%	COM	219350105
TEL	TE CONNECTIVITY PLC	284,802 (-8.0%)	$64,825 (-4.7%)	12.4%	$200.01	+15.6%	ORD SHS	G87052109
MU	MICRON TECHNOLOGY INC	15,847 (-34.5%)	$4,525 (+11.8%)	0.9%	$127.82	+79.4%	COM	595112103
GEV	GE VERNOVA INC	7,818 (-1.3%)	$5,112 (+4.9%)	1.0%	$605.52	+0.6%	COM	36828A101

Unchanged Positions (2)

ANET ARISTA NETWORKS INC 11.1%

Value ($000) $57,952 Shares 442,083 Est. Cost $100.36 Unrealized +37.2%

WAB WABTEC 10.8%

Value ($000) $56,306 Shares 263,672 Est. Cost $171.05 Unrealized +20.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ANET	ARISTA NETWORKS INC	442,083	$57,952	11.1%	$100.36	+37.2%	COM SHS	040413205
WAB	WABTEC	263,672	$56,306	10.8%	$171.05	+20.0%	COM	929740108