I have Vallejo's PU Satin varnish and I quite like it, but you have to really properly mix it.
Look at the bottom of the bottle, it'll be caked in white stuff, that white stuff is what makes it matte.
No amount of shaking will release it for me, I cut off a long piece of sprue and remove the cap and physically stir the varnish, making sure to shift the white stuff at the bottom.
If that still doesn't work, I dunno. I thin mine roughly 50/50, maybe 60/40 thinner to varnish using Vallejo's own airbrush thinner.
I quite like Vallejo's PU varnish (opposed to their PU primer which I hate

) though I have mostly swapped to using Testors Dullcote instead. It comes in a little glass bottle and I thin it with Gunze's Mr Color Self Levelling Lacquer Thinner. The main reason I swapped to the Testors stuff is it dries faster and I don't need to stir the white stuff in, a quick couple of shakes and it's all blended together nicely.