Boussard & Gavaudan Investment Management LLP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Boussard & Gavaudan Investment Management LLP reported 44 stock positions worth $314.7 million. Its top holding was Hess (HES) at 13.8% of the portfolio, followed by Axon Enterprise Inc. (axon 0.5 12/15/27) (10.8%) and Ansys (ANSS, 8.4%). Compared with Q4 2024, it opened 19 new positions, sold out of 53, added to 8 and reduced 10. The biggest buy was Seagate HDD Cayman (stx 3.5 06/01/28) (shares +41%) and the biggest sale an exit from Microsoft (MSFT).
- Most Recent 13F
- Q1 2026
- Location
- London, X0
- CIK
- 0001614986
- Portfolio Value
- $314.7M (Q1 2025)
- SEC Filing
- 0001614986-25-000003 ↗ filed May 15, 2025
Holdings Value
Holdings 44 stocks · $314.7M
| HES Hess Corp. | 13.79% | 269,934 | $43.4M | No change |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | 10.77% | 14,710 | $33.9M | Reduce -60.2% |
| ANSS Ansys Inc. | 8.41% | 84,331 | $26.5M | Reduce -0.1% |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | 6.76% | 16,050 | $21.3M | Add +72.6% |
| BOX INC (BOX 0 01/15/26) | 6.11% | 15,442 | $19.2M | Reduce -3.1% |
| DYNAVAX TECHNOLOGIES (DVAX 2.5 05/15/26) | 6.00% | 14,180 | $18.9M | No change |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | 4.95% | 13,000 | $15.6M | Add +40.6% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | 4.61% | 10,500 | $14.5M | Add +320.0% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | 4.52% | 12,121 | $14.2M | New |
| DFS Discover Financial Services | 4.48% | 84,509 | $14.1M | Add +2.0% |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | 4.15% | 9,000 | $13.0M | Reduce -56.1% |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | 3.12% | 9,155 | $9.8M | New |
| OACC Oaktree Acquisition Corp. I-A | 2.44% | 750,000 | $7.7M | No change |
| ANSC Agriculture & Natural Soluti | 2.37% | 700,000 | $7.5M | No change |
| X United States Steel Corp. | 2.31% | 174,407 | $7.3M | Reduce -59.8% |
| FLUOR CORP (FLR 1.125 08/15/29) | 1.79% | 5,324 | $5.6M | Reduce -59.7% |
| LBRDA Liberty Broadband-A | 1.73% | 65,269 | $5.4M | New |
| SAGE Sage Therapeutics Inc. | 1.67% | 655,662 | $5.3M | New |
| ENOVIS CORP (ENOV 3.875 10/15/28) | 1.65% | 5,000 | $5.2M | New |
| BGC BGC Group Inc. Class A | 1.39% | 488,483 | $4.4M | Reduce -0.5% |
| TRIP Tripadvisor Inc. | 1.32% | 301,498 | $4.2M | Reduce -19.7% |
| SWTX Springworks Therapeutics Inc. | 1.23% | 86,500 | $3.9M | New |
| ARES ACQUISITION CORP II | 1.07% | 300,000 | $3.4M | No change |
| GFL GFL Environmental Inc.-Sub VT | 0.87% | 57,770 | $2.7M | Add +3.0% |
| SRDX Surmodics Inc. | 0.87% | 88,647 | $2.7M | Reduce -9.9% |
| CNNE Cannae Holdings Inc. | 0.65% | 111,067 | $2.0M | New |
| DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN | 0.64% | 505,142 | $2.0M | New |
| QTRX Quanterix Corp. | 0.15% | 71,671 | $457K | New |
| BEACON ROOFING SUPPLY INC | 0.09% | 723 | $293K | New |
| INSMED INC (INSM 0.75 06/01/28) | 0.02% | 25,500 | $60K | Reduce -0.8% |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | 0.02% | 54,910 | $54K | No change |
| ETSY INC (ETSY 0.125 10/01/26) | 0.02% | 49,226 | $47K | No change |
| ZSCALER INC. (ZS 0.125 07/01/25) | 0.01% | 30,000 | $39K | Add +114.3% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | 0.01% | 14,500 | $19K | New |
| SPOTIFY USA INC (SPOT 0 03/15/26) | 0.01% | 15,000 | $18K | New |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | 0.01% | 15,000 | $16K | New |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | 0.00% | 10,473 | $15K | Add +31.4% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | 0.00% | 10,000 | $10K | New |
| DROPBOX INC (DBX 0 03/01/28) | 0.00% | 9,610 | $9K | Add +1.2% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | 0.00% | 6,725 | $8K | New |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | 0.00% | 7,000 | $7K | New |
| TETRA TECH INC (TTEK 2.25 08/15/28) | 0.00% | 6,300 | $7K | New |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | 0.00% | 3,825 | $5K | New |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | 0.00% | 4,000 | $4K | New |
Options reported separately and not counted above: UNITED STATES STL CORP NEW calls ($3.0M), SPRINGWORKS THERAPEUTICS INC calls ($720K), ETSY INC puts ($172K).
Other holdings (11): bonds, preferreds, convertibles and warrants · $369K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | 150,000 | $114K | New |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 350,000 | $109K | No change |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 72,260 | $52K | New |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 150,000 | $42K | No change |
| BKSYW Blacksky Technology -CW24 | *W EXP 09/09/202 | 237,226 | $27K | Reduce -10.5% |
| LOTWW Lotus Technology Inc.-28 | *W EXP 02/22/202 | 91,666 | $9K | No change |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | 45,387 | $8K | No change |
| ORGNW Origin Materials -CW26 | *W EXP 06/25/202 | 76,667 | $4K | No change |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 25,000 | $2K | No change |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | 62,500 | $2K | No change |
| SSTPW SYSTEM1 Inc.-CW | *W EXP 01/27/202 | 56,666 | $1K | No change |
Total filed on the 13F, all lines: $315.1M.
Portfolio Sells Q4 2024 → Q1 2025
| MSFT Microsoft Corp. | Sold out | 0.00% | −9.43 |
| AAPL Apple Inc. | Sold out | 0.00% | −9.36 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −7.18 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −5.14 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −5.12 |
| ALTAIR ENGINEERING INC (ALTR 1.75 06/15/27) | Sold out | 0.00% | −3.69 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −3.54 |
| HUBSPOT INC (HUBS 0.375 06/01/25) | Sold out | 0.00% | −2.98 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −2.80 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −2.54 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −2.40 |
| BX Blackstone Inc. | Sold out | 0.00% | −2.36 |
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −2.17 |
| TXN Texas Instruments Inc. | Sold out | 0.00% | −2.05 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −1.98 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −1.98 |
| CBOE Cboe Global Markets Inc. | Sold out | 0.00% | −1.58 |
| MCO Moody's Corp. | Sold out | 0.00% | −1.27 |
| ON On Semiconductor | Sold out | 0.00% | −1.16 |
| BAP Credicorp Ltd. | Sold out | 0.00% | −1.15 |
| AXTA Axalta Coating Systems Ltd. | Sold out | 0.00% | −1.10 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.80 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.72 |
| SWKS Skyworks Solutions Inc. | Sold out | 0.00% | −0.71 |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | Sold out | 0.00% | −0.71 |
| BERY Berry Global Group Inc. | Sold out | 0.00% | −0.47 |
| ENVISTA HOLDINGS CORP (NVST 2.375 06/01/25) | Sold out | 0.00% | −0.41 |
| SCCO Southern Copper Corp. | Sold out | 0.00% | −0.38 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.37 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.35 |
| ADM Archer-Daniels-Midland Co. | Sold out | 0.00% | −0.30 |
| PODD Insulet Corp. | Sold out | 0.00% | −0.27 |
| FAST Fastenal Co. | Sold out | 0.00% | −0.26 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.24 |
| SJM The JM Smucker Co. | Sold out | 0.00% | −0.22 |
| MAR Marriott International Class A | Sold out | 0.00% | −0.20 |
| CNP Centerpoint Energy Inc. | Sold out | 0.00% | −0.19 |
| MLM Martin Marietta Materials | Sold out | 0.00% | −0.19 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.18 |
| INFN Infinera Corp. | Sold out | 0.00% | −0.16 |
| SNREY Sunrise Communicat Class A | Sold out | 0.00% | −0.16 |
| DOW Dow Inc. | Sold out | 0.00% | −0.15 |
| GDDY GoDaddy Inc. Class A | Sold out | 0.00% | −0.13 |
| CHD Church & Dwight Co. Inc. | Sold out | 0.00% | −0.13 |
| XYZ Block Inc. | Sold out | 0.00% | −0.12 |
| VEEV Veeva Systems Inc. Class A | Sold out | 0.00% | −0.12 |
| FRESHPET INC (FRPT 3 04/01/28) | Sold out | 0.00% | −0.00 |
| NUTANIX INC (NTNX 0.25 10/01/27) | Sold out | 0.00% | −0.00 |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | Sold out | 0.00% | −0.00 |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | Sold out | 0.00% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | Add +40.6% | 4.95% | +4.95 |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | Add +72.6% | 6.76% | +4.92 |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | Add +320.0% | 4.61% | +4.61 |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | New | 4.52% | +4.52 |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | New | 3.12% | +3.12 |
| DFS Discover Financial Services | Add +2.0% | 4.48% | +2.59 |
| LBRDA Liberty Broadband-A | New | 1.73% | +1.73 |
| SAGE Sage Therapeutics Inc. | New | 1.67% | +1.67 |
| ENOVIS CORP (ENOV 3.875 10/15/28) | New | 1.65% | +1.65 |
| SWTX Springworks Therapeutics Inc. | New | 1.23% | +1.23 |
| CNNE Cannae Holdings Inc. | New | 0.65% | +0.65 |
| DCH Dauch Corporation | New | 0.64% | +0.64 |
| GFL GFL Environmental Inc.-Sub VT | Add +3.0% | 0.87% | +0.54 |
| QTRX Quanterix Corp. | New | 0.15% | +0.15 |
| BEACON ROOFING SUPPLY INC | New | 0.09% | +0.09 |
| ZSCALER INC. (ZS 0.125 07/01/25) | Add +114.3% | 0.01% | +0.01 |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | New | 0.01% | +0.01 |
| SPOTIFY USA INC (SPOT 0 03/15/26) | New | 0.01% | +0.01 |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | New | 0.01% | +0.01 |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | New | 0.00% | +0.00 |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | Add +31.4% | 0.00% | +0.00 |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | New | 0.00% | +0.00 |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | New | 0.00% | +0.00 |
| TETRA TECH INC (TTEK 2.25 08/15/28) | New | 0.00% | +0.00 |
| DROPBOX INC (DBX 0 03/01/28) | Add +1.2% | 0.00% | +0.00 |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | New | 0.00% | +0.00 |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | New | 0.00% | +0.00 |
Options Activity Q4 2024 → Q1 2025
| UNITED STATES STL CORP NEW | call | New | 10,000 | $3.0M |
| UNITED STATES STL CORP NEW | put | Sold out | 4,333 | $2.0Mbefore exit |
| SPRINGWORKS THERAPEUTICS INC | call | New | 1,250 | $720K |
| CBOE GLOBAL MKTS INC | put | Sold out | 4,243 | $277Kbefore 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 2024 → Q1 2025
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | New | 150,000 | $114K |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | New | 72,260 | $52K |
| BKSYW Blacksky Technology -CW24 | *W EXP 09/09/202 | Reduce -10.5% | 237,226 | $27K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q1 2026 | 69 | $420.1M | WBD, EA, EQUINOX GOLD CORP (EQXCN 4.75 10/15/28), NSC, GUARDANT HEALTH INC (GH 1.25 02/15/31) |
| Q4 2025 | 77 | $660.5M | SNOWFLAKE INC (SNOW 0 10/01/29), BX, AAPL, BOX INC (BOX 0 01/15/26), NSC |
| Q3 2025 | 64 | $456.4M | AXON 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 | $381.3M | AXON 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 | $314.7M | HES, 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 | $755.7M | MSFT, AAPL, NVDA, GOOGL, LLY |
| Q3 2024 | 68 | $621.1M | AXON 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 | $316.9M | HES, X, ANSS, CTLT, LSXMK |
| Q1 2024 | 62 | $549.7M | PXD, LSXMK, HES, ALTAIR ENGINEERING INC (ALTR 0.25 06/01/24), X |