Boussard & Gavaudan Investment Management LLP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Boussard & Gavaudan Investment Management LLP reported 69 stock positions worth $420.1 million. Its top holding was Warner Bros Discovery (WBD) at 14.9% of the portfolio, followed by Electronic Arts (EA, 12.5%) and Equinox Gold Corp. (eqxcn 4.75 10/15/28) (11.9%). Compared with Q4 2025, it opened 27 new positions, sold out of 35, added to 16 and reduced 15. The biggest buy was Warner Bros Discovery (WBD, shares +217%) and the biggest sale Snowflake Inc. (snow 0 10/01/29) (shares −46%).

Most Recent 13F
Q1 2026
Location
London, X0
CIK
0001614986
Portfolio Value
$420.1M (Q1 2026)
SEC Filing
0001614986-26-000005 ↗ filed May 15, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $549.7M Q1 2024 Q2 2024: $316.9M Q2 2024 Q3 2024: $621.1M Q3 2024 Q4 2024: $755.7M Q4 2024 Q1 2025: $314.7M Q1 2025 Q2 2025: $381.3M Q2 2025 Q3 2025: $456.4M Q3 2025 Q4 2025: $660.5M Q4 2025 Q1 2026: $420.1M $420.1M Q1 2026

Holdings 69 stocks · $420.1M
WBD Warner Bros Discovery Inc. 14.89% 2,299,611 $62.5M Add +216.6%
EA Electronic Arts Inc. 12.50% 258,844 $52.5M Add +113.0%
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) 11.94% 21,225 $50.2M Add +127.6%
NSC Norfolk Southern Corp. 9.17% 135,885 $38.5M Add +31.5%
GUARDANT HEALTH INC (GH 1.25 02/15/31) 9.11% 23,200 $38.3M New
WTM White Mountains Insurance GP 7.37% 13,975 $31.0M New
ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) 3.92% 13,350 $16.5M Reduce -27.8%
Q Qnity Electronics Inc. 2.15% 81,658 $9.0M Add +47.7%
RAC Rithm Acquisition Corp. Class A 1.91% 768,000 $8.0M No change
OACC Oaktree Acquisition Corp. I-A 1.81% 720,000 $7.6M No change
ANSC Agriculture & Natural Soluti 1.81% 672,000 $7.6M No change
ALUB Alussa Energy Acquisit II-A 1.66% 700,000 $7.0M New
WAT Waters Corp. 1.48% 20,845 $6.2M New
SOLS Solstice Adv Materials Inc. 1.42% 81,164 $6.0M Reduce -41.7%
PEN Penumbra Inc. 1.41% 18,147 $5.9M New
VSNT Versant Media Group Inc. 1.32% 152,952 $5.6M New
TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) 1.23% 4,000 $5.2M New
BCSS Bain Capital GSS Inv- A 1.20% 500,000 $5.0M No change
LBRDA Liberty Broadband-A 1.18% 101,035 $5.0M Add +9.7%
DD Dupont DE Nemours Inc. 1.13% 104,826 $4.7M Add +29.9%
LLYVK Liberty Live Holdings Class C 1.05% 48,397 $4.4M No change
CTRI Centuri Holdings Inc. 1.05% 154,273 $4.4M Reduce -29.2%
COUR Coursera Inc. 1.01% 731,788 $4.3M New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.94% 57,824 $4.0M New
LLYVA Liberty Live Holdings Class A 0.89% 41,916 $3.7M No change
MICC The Magnum Ice Cream Co. NV 0.79% 226,500 $3.3M New
AEXA American Exceptionalism Class A 0.71% 275,000 $3.0M No change
MCW Mister Car Wash Inc. 0.59% 352,529 $2.5M New
PAII Pyrophyte Acquisition Corp. Class A 0.58% 240,000 $2.4M No change
GBTG Global Business Travel Group 0.56% 430,176 $2.4M Add +198.3%
GDDY GoDaddy Inc. Class A 0.54% 27,809 $2.3M New
RAL Ralliant Corp. 0.50% 51,796 $2.1M Reduce -61.8%
AMRZ Amrize Ltd. 0.45% 34,641 $1.9M Reduce -69.4%
SMTC Semtech Corp. 0.36% 20,620 $1.5M New
SUNB Sunbelt Rentals Holdings Inc. 0.29% 19,438 $1.2M New
ATAI Ataibeckley Inc. 0.25% 295,264 $1.0M New
CCXI Churchill Capital Corp. Class A 0.24% 100,000 $1.0M No change
KBON Karbon Capital Partners Class A 0.24% 100,000 $1.0M No change
MBC Masterbrand Inc. 0.18% 93,024 $773K Add +71.2%
WESTERN DIGITAL CORP (WDC 3 11/15/28) 0.04% 27,450 $186K Reduce -7.0%
LBRDK Liberty Broadband-C 0.01% 1,155 $57K No change
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) 0.01% 24,962 $57K Add +9.6%
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) 0.01% 26,000 $46K New
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) 0.01% 32,000 $41K Add +52.7%
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) 0.01% 8,322 $37K Reduce -86.8%
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) 0.01% 22,976 $34K Add +2.2%
OSI SYSTEMS INC (OSIS 2.25 08/01/29) 0.01% 20,900 $32K Add +115.5%
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) 0.01% 15,000 $25K New
SNOWFLAKE INC (SNOW 0 10/01/29) 0.00% 16,500 $20K Reduce -45.9%
LCI INDUSTRIES (LCII 3 03/01/30) 0.00% 15,750 $19K New
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) 0.00% 12,900 $19K Add +51.8%
ON SEMICONDUCTOR CORP (ON 0 05/01/27) 0.00% 13,800 $17K Add +48.4%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) 0.00% 11,000 $17K Reduce -12.0%
POST HOLDINGS INC (POST 2.5 08/15/27) filed as POST HLDGS INC 0.00% 14,827 $16K Add +244.7%
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) 0.00% 11,000 $12K New
MKS INC (MKSI 1.25 06/01/30) 0.00% 6,300 $10K New
BURLINGTON STORES INC (BURL 1.25 12/15/27) 0.00% 3,687 $6K Reduce -81.1%
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) 0.00% 3,110 $4K Reduce -78.0%
SOUTHERN CO (SO 4.5 06/15/27) 0.00% 3,300 $4K New
SYNAPTICS INC (SYNA 0.75 12/01/31) 0.00% 3,000 $3K Reduce -66.2%
DUKE ENERGY CORP (DUK 4.125 04/15/26) 0.00% 2,600 $3K New
RIVIAN AUTO INC (RIVN 4.625 03/15/29) 0.00% 2,600 $3K New
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) 0.00% 2,100 $3K New
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) 0.00% 2,000 $2K New
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) 0.00% 1,500 $2K New
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) 0.00% 1,000 $2K Reduce -92.2%
JD.COM INC (JD 0.25 06/01/29) 0.00% 1,500 $2K Reduce -80.0%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) 0.00% 1,000 $880 Reduce -85.7%
COINBASE GLOBAL INC (COIN 0.25 04/01/30) 0.00% 800 $730 New

Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T calls ($16.3M), LIONSGATE STUDIOS CORP calls ($771K), CBOE GLOBAL MKTS INC puts ($264K), ISHARES TR puts ($15K), STATE STR SPDR S&P 500 ETF T puts ($30).

Other holdings (15): bonds, preferreds, convertibles and warrants · $698K (not counted above)
SecurityClassShares / PrincipalValueChange
RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 266,666$171KNo change
OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 150,000$113KNo change
KDKRW Ares Acquisition Corp. II-28 *W EXP 09/25/203 100,000$105KNo change
ALUB.WS Alussa Energy Acquisition-30 *W EXP 99/99/999 233,333$84KNew
ANSCW Agriculture & Natural Solu-W *W EXP 10/01/202 350,000$70KNo change
BCSS.WS Bain Capital GSS Investment *W EXP 01/01/202 100,000$62KNo change
PAII.WS Pyrophyte Acquisition Corp. I *W EXP 07/30/203 125,000$44KNo change
KBONW Karbon Capital Partners Corp. *W EXP 12/11/203 25,000$13KNo change
BKSYW Blacksky Technology -CW24 *W EXP 09/09/202 237,226$9KNo change
CCXIW Churchill Capital Corp. Xi *W EXP 12/10/203 10,000$8KNo change
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 72,260$8KNo change
LOTWW Lotus Technology Inc.-28 *W EXP 02/22/202 91,666$6KNo change
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 25,000$5KNo change
LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 62,500$687No change
ORGNW Origin Materials -CW26 *W EXP 06/25/202 76,667$191No change

Total filed on the 13F, all lines: $420.8M.

Portfolio Sells Q4 2025 → Q1 2026
SNOWFLAKE INC (SNOW 0 10/01/29) Reduce -45.9% 0.00% −7.20
BX Blackstone Inc. Sold out 0.00% −6.21
AAPL Apple Inc. Sold out 0.00% −4.92
BOX INC (BOX 0 01/15/26) Sold out 0.00% −4.87
INTC Intel Corp. Sold out 0.00% −4.12
COST Costco Wholesale Corp. Sold out 0.00% −3.93
RNAM Avidity Biosciences Inc. Sold out 0.00% −3.58
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −3.43
AXTA Axalta Coating Systems Ltd. Sold out 0.00% −3.18
MSFT Microsoft Corp. Sold out 0.00% −2.21
NVDA Nvidia Corp. Sold out 0.00% −1.99
KLAC KLA Corp. Sold out 0.00% −1.89
AMZN Amazon.com Inc. Sold out 0.00% −1.76
TSLA Tesla Inc. Sold out 0.00% −1.72
NEM Newmont Corp. Sold out 0.00% −1.70
SCHW Schwab (charles) Corp. Sold out 0.00% −1.67
PLTR Palantir Technologies Inc. Class A Sold out 0.00% −1.64
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) Sold out 0.00% −1.63
JNJ Johnson & Johnson Sold out 0.00% −1.57
HOLX Hologic Inc. Sold out 0.00% −1.33
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) Sold out 0.00% −1.19
JD.COM INC (JD 0.25 06/01/29) Reduce -80.0% 0.00% −1.14
KVUE Kenvue Inc. Sold out 0.00% −1.08
COMP Compass Inc. Class A Sold out 0.00% −1.03
RAL Ralliant Corp. Reduce -61.8% 0.50% −0.55
KW Kennedy-Wilson Holdings Inc. Sold out 0.00% −0.54
ZD Ziff Davis Inc. Sold out 0.00% −0.54
AMRZ Amrize Ltd. Reduce -69.4% 0.45% −0.49
TEX Terex Corp. Sold out 0.00% −0.34
LION Lionsgate Studios Corp. Sold out 0.00% −0.23
GFL GFL Environmental Inc.-Sub VT Sold out 0.00% −0.22
THS Treehouse Foods Inc. Sold out 0.00% −0.14
TASK Taskus Inc. Class A Sold out 0.00% −0.12
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) Reduce -86.8% 0.01% −0.02
BURLINGTON STORES INC (BURL 1.25 12/15/27) Reduce -81.1% 0.00% −0.00
CLOUDFLARE INC (NET 0 08/15/26) Sold out 0.00% −0.00
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) Reduce -92.2% 0.00% −0.00
SPOTIFY USA INC (SPOT 0 03/15/26) Sold out 0.00% −0.00
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) Reduce -78.0% 0.00% −0.00
GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) Sold out 0.00% −0.00
DATADOG INC (DDOG 0 12/01/29) Sold out 0.00% −0.00
SNAP INC (SNAP 0.5 05/01/30) Sold out 0.00% −0.00
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) Reduce -85.7% 0.00% −0.00
SYNAPTICS INC (SYNA 0.75 12/01/31) Reduce -66.2% 0.00% −0.00
TETRA TECH INC (TTEK 2.25 08/15/28) Sold out 0.00% −0.00
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) Reduce -12.0% 0.00% +0.00
WESTERN DIGITAL CORP (WDC 3 11/15/28) Reduce -7.0% 0.04% +0.02
CTRI Centuri Holdings Inc. Reduce -29.2% 1.05% +0.21
ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) Reduce -27.8% 3.92% +0.35
SOLS Solstice Adv Materials Inc. Reduce -41.7% 1.42% +0.39

Portfolio Buys Q4 2025 → Q1 2026
WBD Warner Bros Discovery Inc. Add +216.6% 14.89% +11.71
GUARDANT HEALTH INC (GH 1.25 02/15/31) New 9.11% +9.11
EA Electronic Arts Inc. Add +113.0% 12.50% +8.74
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) Add +127.6% 11.94% +8.57
WTM White Mountains Insurance GP New 7.37% +7.37
NSC Norfolk Southern Corp. Add +31.5% 9.17% +4.63
ALUB Alussa Energy Acquisit II-A New 1.66% +1.66
WAT Waters Corp. New 1.48% +1.48
Q Qnity Electronics Inc. Add +47.7% 2.15% +1.45
PEN Penumbra Inc. New 1.41% +1.41
VSNT Versant Media Group Inc. New 1.32% +1.32
TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) New 1.23% +1.23
COUR Coursera Inc. New 1.01% +1.01
EL Estee Lauder Companies Class A New 0.94% +0.94
MICC The Magnum Ice Cream Co. NV New 0.79% +0.79
DD Dupont DE Nemours Inc. Add +29.9% 1.13% +0.63
MCW Mister Car Wash Inc. New 0.59% +0.59
GDDY GoDaddy Inc. Class A New 0.54% +0.54
LBRDA Liberty Broadband-A Add +9.7% 1.18% +0.51
GBTG Global Business Travel Group Add +198.3% 0.56% +0.39
SMTC Semtech Corp. New 0.36% +0.36
SUNB Sunbelt Rentals Holdings Inc. New 0.29% +0.29
ATAI Ataibeckley Inc. New 0.25% +0.25
MBC Masterbrand Inc. Add +71.2% 0.18% +0.09
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) New 0.01% +0.01
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) Add +9.6% 0.01% +0.01
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) New 0.01% +0.01
OSI SYSTEMS INC (OSIS 2.25 08/01/29) Add +115.5% 0.01% +0.01
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) Add +52.7% 0.01% +0.01
LCI INDUSTRIES (LCII 3 03/01/30) New 0.00% +0.00
POST HOLDINGS INC (POST 2.5 08/15/27) Add +244.7% 0.00% +0.00
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) New 0.00% +0.00
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) Add +2.2% 0.01% +0.00
MKS INC (MKSI 1.25 06/01/30) New 0.00% +0.00
ON SEMICONDUCTOR CORP (ON 0 05/01/27) Add +48.4% 0.00% +0.00
SOUTHERN CO (SO 4.5 06/15/27) New 0.00% +0.00
DUKE ENERGY CORP (DUK 4.125 04/15/26) New 0.00% +0.00
RIVIAN AUTO INC (RIVN 4.625 03/15/29) New 0.00% +0.00
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) New 0.00% +0.00
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) New 0.00% +0.00
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) New 0.00% +0.00
COINBASE GLOBAL INC (COIN 0.25 04/01/30) New 0.00% +0.00
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) Add +51.8% 0.00% −1.81

Options Activity Q4 2025 → Q1 2026
STATE STR SPDR S&P 500 ETF T call New 1,125 $16.3M
WARNER BROS DISCOVERY INC call Sold out 2,500 $1.8Mbefore exit
LIONSGATE STUDIOS CORP call Add +56.7% 5,527 $771K
ENVIRI CORP call Sold out 1,049 $327Kbefore exit
CBOE GLOBAL MKTS INC put Add +2921.9% 11,151 $264K
AVIDITY BIOSCIENCES INC call Sold out 3,384 $221Kbefore exit
TRIPADVISOR INC call Sold out 1,500 $61Kbefore exit
ISHARES TR put New 500 $15K
STATE STR SPDR S&P 500 ETF T put Reduce -72.6% 1,125 $30
CIRCLE INTERNET GROUP INC call Sold out 50 $0before exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2025 → Q1 2026
ALUB.WS Alussa Energy Acquisition-30 *W EXP 99/99/999 New 233,333 $84K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q1 2026 69$420.1MWBD, EA, EQUINOX GOLD CORP (EQXCN 4.75 10/15/28), NSC, GUARDANT HEALTH INC (GH 1.25 02/15/31)
Q4 2025 77$660.5MSNOWFLAKE INC (SNOW 0 10/01/29), BX, AAPL, BOX INC (BOX 0 01/15/26), NSC
Q3 2025 64$456.4MAXON ENTERPRISE INC (AXON 0.5 12/15/27), STRATEGY INC (MSTR 0.625 09/15/28), WESTERN DIGITAL CORP (WDC 3 11/15/28), BOX INC (BOX 0 01/15/26), BURLINGTON STORES INC (BURL 1.25 12/15/27)
Q2 2025Amended 48$381.3MAXON ENTERPRISE INC (AXON 0.5 12/15/27), BOX INC (BOX 0 01/15/26), HES, LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29), INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28)
Q1 2025 44$314.7MHES, AXON ENTERPRISE INC (AXON 0.5 12/15/27), ANSS, BURLINGTON STORES INC (BURL 1.25 12/15/27), BOX INC (BOX 0 01/15/26)
Q4 2024 78$755.7MMSFT, AAPL, NVDA, GOOGL, LLY
Q3 2024 68$621.1MAXON ENTERPRISE INC (AXON 0.5 12/15/27), HES, CNX RESOURCES CORP (CNX 2.25 05/01/26), COST, INTERDIGITAL INC (IDCC 3.5 06/01/27)
Q2 2024 57$316.9MHES, X, ANSS, CTLT, LSXMK
Q1 2024 62$549.7MPXD, LSXMK, HES, ALTAIR ENGINEERING INC (ALTR 0.25 06/01/24), X