Boussard & Gavaudan Investment Management LLP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 19, 2025), Boussard & Gavaudan Investment Management LLP reported 48 stock positions worth $381.3 million. Its top holding was Axon Enterprise Inc. (axon 0.5 12/15/27) at 25.0% of the portfolio, followed by Box Inc. (box 0 01/15/26) (9.6%) and Hess (HES, 7.5%). Compared with Q1 2025, it opened 23 new positions, sold out of 19, added to 13 and reduced 7. The biggest buy was Axon Enterprise Inc. (axon 0.5 12/15/27) (shares +80%) and the biggest sale Hess (HES, shares −24%).
- Most Recent 13F
- Q1 2026
- Location
- London, X0
- CIK
- 0001614986
- Portfolio Value
- $381.3M (Q2 2025)
- SEC Filing
- 0001614986-25-000007 ↗ filed Aug 19, 2025
Holdings Value
Holdings 48 stocks · $381.3M
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | 24.98% | 26,541 | $95.2M | Add +80.4% |
| BOX INC (BOX 0 01/15/26) | 9.56% | 27,307 | $36.5M | Add +76.8% |
| HES Hess Corp. | 7.49% | 205,508 | $28.6M | Reduce -23.9% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | 7.11% | 17,500 | $27.1M | Add +66.7% |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | 5.95% | 15,000 | $22.7M | Add +66.7% |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | 5.93% | 17,550 | $22.6M | Add +9.3% |
| ANSS Ansys Inc. | 5.03% | 54,484 | $19.2M | Reduce -35.4% |
| DKS Dick's Sporting Goods Inc. | 4.28% | 81,743 | $16.3M | New |
| DROPBOX INC (DBX 0 03/01/28) | 3.88% | 14,610 | $14.8M | Add +52.0% |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | 2.98% | 10,000 | $11.3M | New |
| BLACKLINE INC (BL 1 06/01/29) | 2.80% | 10,000 | $10.7M | New |
| RAC Rithm Acquisition Corp. Class A | 2.14% | 800,000 | $8.2M | New |
| LBRDA Liberty Broadband-A | 2.11% | 82,438 | $8.0M | Add +26.3% |
| OACC Oaktree Acquisition Corp. I-A | 2.06% | 750,000 | $7.9M | No change |
| ANSC Agriculture & Natural Soluti | 1.99% | 700,000 | $7.6M | No change |
| K Kellanova | 1.49% | 71,683 | $5.7M | New |
| SAGE Sage Therapeutics Inc. | 1.47% | 614,939 | $5.6M | Reduce -6.2% |
| SKX Skechers USA Inc. Class A | 1.33% | 80,000 | $5.1M | New |
| SNDK Sandisk Corp. | 0.95% | 78,605 | $3.6M | New |
| FL Foot Locker Inc. | 0.92% | 142,870 | $3.5M | New |
| LION Lionsgate Studios Corp. | 0.89% | 590,471 | $3.4M | New |
| ARES ACQUISITION CORP II | 0.89% | 300,000 | $3.4M | No change |
| GFL GFL Environmental Inc.-Sub VT | 0.87% | 66,058 | $3.3M | Add +14.3% |
| NVEE NV5 Global Inc. | 0.78% | 128,635 | $3.0M | New |
| TRIP Tripadvisor Inc. | 0.59% | 175,075 | $2.3M | Reduce -41.9% |
| ANGI Angi Inc. | 0.59% | 145,458 | $2.2M | New |
| SRDX Surmodics Inc. | 0.50% | 64,245 | $1.9M | Reduce -27.5% |
| LLYVK Liberty Media Corp.-Liberty-C | 0.19% | 9,178 | $742K | New |
| LLYVA Liberty Media Corp.-Liberty-A | 0.09% | 4,511 | $358K | New |
| CMDB Costamare Bulkers Holding | 0.06% | 23,628 | $213K | New |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | 0.01% | 54,910 | $56K | No change |
| ETSY INC (ETSY 0.125 10/01/26) | 0.01% | 49,226 | $48K | No change |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | 0.01% | 30,000 | $37K | Add +346.1% |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | 0.01% | 35,200 | $35K | Add +134.7% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | 0.01% | 21,380 | $33K | Add +104.1% |
| MIDDLEBY CORP (MIDD 1 09/01/25) | 0.01% | 27,700 | $32K | New |
| SPOTIFY USA INC (SPOT 0 03/15/26) | 0.01% | 21,000 | $30K | Add +40.0% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | 0.01% | 18,850 | $22K | New |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) filed as Q2 HLDGS INC | 0.00% | 14,681 | $17K | New |
| ITRON INC (ITRI 0 03/15/26) | 0.00% | 15,000 | $17K | New |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | 0.00% | 9,000 | $16K | Reduce -30.8% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | 0.00% | 7,500 | $14K | Reduce -48.3% |
| FLUOR CORP (FLR 1.125 08/15/29) | 0.00% | 10,000 | $13K | Add +87.8% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | 0.00% | 10,000 | $10K | New |
| POST HOLDINGS INC (POST 2.5 08/15/27) filed as POST HLDGS INC | 0.00% | 5,500 | $6K | New |
| CLOUDFLARE INC (NET 0 08/15/26) | 0.00% | 5,000 | $6K | New |
| ETSY INC (ETSY 0.25 06/15/28) | 0.00% | 6,000 | $5K | New |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | 0.00% | 280 | $310 | New |
Options reported separately and not counted above: ETSY INC puts ($100K), DICKS SPORTING GOODS INC puts ($82K).
Other holdings (11): bonds, preferreds, convertibles and warrants · $605K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 150,000 | $167K | No change |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | 150,000 | $128K | No change |
| RAC.WS Rithm Acquisition Corp. - 30 | *W EXP 99/99/999 | 266,666 | $120K | New |
| BKSYW Blacksky Technology -CW24 | *W EXP 09/09/202 | 237,226 | $60K | No change |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 72,260 | $55K | No change |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 350,000 | $47K | No change |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | 45,387 | $15K | No change |
| LOTWW Lotus Technology Inc.-28 | *W EXP 02/22/202 | 91,666 | $10K | No change |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 25,000 | $2K | No change |
| ORGNW Origin Materials -CW26 | *W EXP 06/25/202 | 76,667 | $1K | No change |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | 62,500 | $1K | No change |
Total filed on the 13F, all lines: $381.9M.
Portfolio Sells Q1 2025 → Q2 2025
| HES Hess Corp. | Reduce -23.9% | 7.49% | −6.30 |
| DYNAVAX TECHNOLOGIES (DVAX 2.5 05/15/26) | Sold out | 0.00% | −6.00 |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | Reduce -30.8% | 0.00% | −4.95 |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | Sold out | 0.00% | −4.52 |
| DFS Discover Financial Services | Sold out | 0.00% | −4.48 |
| ANSS Ansys Inc. | Reduce -35.4% | 5.03% | −3.39 |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | Sold out | 0.00% | −3.12 |
| X United States Steel Corp. | Sold out | 0.00% | −2.31 |
| ENOVIS CORP (ENOV 3.875 10/15/28) | Sold out | 0.00% | −1.65 |
| BGC BGC Group Inc. Class A | Sold out | 0.00% | −1.39 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −1.23 |
| TRIP Tripadvisor Inc. | Reduce -41.9% | 0.59% | −0.73 |
| CNNE Cannae Holdings Inc. | Sold out | 0.00% | −0.65 |
| DCH Dauch Corporation | Sold out | 0.00% | −0.64 |
| SRDX Surmodics Inc. | Reduce -27.5% | 0.50% | −0.37 |
| SAGE Sage Therapeutics Inc. | Reduce -6.2% | 1.47% | −0.20 |
| QTRX Quanterix Corp. | Sold out | 0.00% | −0.15 |
| BEACON ROOFING SUPPLY INC | Sold out | 0.00% | −0.09 |
| INSMED INC (INSM 0.75 06/01/28) | Sold out | 0.00% | −0.02 |
| ZSCALER INC. (ZS 0.125 07/01/25) | Sold out | 0.00% | −0.01 |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | Sold out | 0.00% | −0.00 |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | Reduce -48.3% | 0.00% | −0.00 |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | Sold out | 0.00% | −0.00 |
| TETRA TECH INC (TTEK 2.25 08/15/28) | Sold out | 0.00% | −0.00 |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | Sold out | 0.00% | −0.00 |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | Sold out | 0.00% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | Add +80.4% | 24.98% | +14.21 |
| DKS Dick's Sporting Goods Inc. | New | 4.28% | +4.28 |
| DROPBOX INC (DBX 0 03/01/28) | Add +52.0% | 3.88% | +3.88 |
| BOX INC (BOX 0 01/15/26) | Add +76.8% | 9.56% | +3.45 |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | New | 2.98% | +2.98 |
| BLACKLINE INC (BL 1 06/01/29) | New | 2.80% | +2.80 |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | Add +66.7% | 7.11% | +2.50 |
| RAC Rithm Acquisition Corp. Class A | New | 2.14% | +2.14 |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | Add +66.7% | 5.95% | +1.81 |
| K Kellanova | New | 1.49% | +1.49 |
| SKX Skechers USA Inc. Class A | New | 1.33% | +1.33 |
| SNDK Sandisk Corp. | New | 0.95% | +0.95 |
| FL Foot Locker Inc. | New | 0.92% | +0.92 |
| LION Lionsgate Studios Corp. | New | 0.89% | +0.89 |
| NVEE NV5 Global Inc. | New | 0.78% | +0.78 |
| ANGI Angi Inc. | New | 0.59% | +0.59 |
| LBRDA Liberty Broadband-A | Add +26.3% | 2.11% | +0.38 |
| LLYVK Liberty Media Corp.-Liberty-C | New | 0.19% | +0.19 |
| LLYVA Liberty Media Corp.-Liberty-A | New | 0.09% | +0.09 |
| CMDB Costamare Bulkers Holding | New | 0.06% | +0.06 |
| MIDDLEBY CORP (MIDD 1 09/01/25) | New | 0.01% | +0.01 |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | Add +346.1% | 0.01% | +0.01 |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | New | 0.01% | +0.01 |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) | New | 0.00% | +0.00 |
| ITRON INC (ITRI 0 03/15/26) | New | 0.00% | +0.00 |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | Add +134.7% | 0.01% | +0.00 |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | Add +104.1% | 0.01% | +0.00 |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | New | 0.00% | +0.00 |
| SPOTIFY USA INC (SPOT 0 03/15/26) | Add +40.0% | 0.01% | +0.00 |
| POST HOLDINGS INC (POST 2.5 08/15/27) | New | 0.00% | +0.00 |
| CLOUDFLARE INC (NET 0 08/15/26) | New | 0.00% | +0.00 |
| ETSY INC (ETSY 0.25 06/15/28) | New | 0.00% | +0.00 |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | New | 0.00% | +0.00 |
| GFL GFL Environmental Inc.-Sub VT | Add +14.3% | 0.87% | −0.01 |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | Add +9.3% | 5.93% | −0.83 |
| FLUOR CORP (FLR 1.125 08/15/29) | Add +87.8% | 0.00% | −1.79 |
Options Activity Q1 2025 → Q2 2025
| UNITED STATES STL CORP NEW | call | Sold out | 10,000 | $3.0Mbefore exit |
| SPRINGWORKS THERAPEUTICS INC | call | Sold out | 1,250 | $720Kbefore exit |
| DICKS SPORTING GOODS INC | put | New | 492 | $82K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| RAC.WS Rithm Acquisition Corp. - 30 | *W EXP 99/99/999 | New | 266,666 | $120K |
| SSTPW SYSTEM1 Inc.-CW | *W EXP 01/27/202 | Sold out | 56,666 | $1Kbefore exit |
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 |