Boussard & Gavaudan Investment Management LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Boussard & Gavaudan Investment Management LLP reported 64 stock positions worth $456.4 million. Its top holding was Axon Enterprise Inc. (axon 0.5 12/15/27) at 15.7% of the portfolio, followed by Strategy Inc. (mstr 0.625 09/15/28) (12.8%) and Western Digital Corp. (wdc 3 11/15/28) (12.1%). Compared with Q2 2025, it opened 34 new positions, sold out of 18, added to 12 and reduced 14. The biggest buy was a new position in Strategy Inc. (mstr 0.625 09/15/28) and the biggest sale Axon Enterprise Inc. (axon 0.5 12/15/27) (shares −14%).
- Most Recent 13F
- Q1 2026
- Location
- London, X0
- CIK
- 0001614986
- Portfolio Value
- $456.4M (Q3 2025)
- SEC Filing
- 0001614986-25-000008 ↗ filed Nov 12, 2025
Holdings Value
Holdings 64 stocks · $456.4M
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | 15.67% | 22,924 | $71.5M | Reduce -13.6% |
| STRATEGY INC (MSTR 0.625 09/15/28) | 12.80% | 31,000 | $58.4M | New |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | 12.13% | 17,535 | $55.4M | Add +133.8% |
| BOX INC (BOX 0 01/15/26) | 7.44% | 27,237 | $34.0M | Reduce -0.3% |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | 6.71% | 22,615 | $30.6M | Add +28.9% |
| K Kellanova | 5.34% | 298,161 | $24.4M | Add +315.9% |
| CYBR Cyberark Software Ltd./Israel | 5.22% | 49,220 | $23.8M | New |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | 4.56% | 16,092 | $20.8M | Add +7.3% |
| ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) | 3.09% | 10,000 | $14.1M | New |
| NSC Norfolk Southern Corp. | 2.16% | 32,958 | $9.9M | New |
| GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) | 1.85% | 3,500 | $8.4M | New |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | 1.84% | 6,800 | $8.4M | New |
| DROPBOX INC (DBX 0 03/01/28) | 1.84% | 8,081 | $8.4M | Reduce -44.7% |
| RAC Rithm Acquisition Corp. Class A | 1.80% | 800,000 | $8.2M | No change |
| OACC Oaktree Acquisition Corp. I-A | 1.73% | 750,000 | $7.9M | No change |
| ANSC Agriculture & Natural Soluti | 1.68% | 700,000 | $7.7M | No change |
| AMRZ Amrize Ltd. | 1.35% | 127,867 | $6.2M | New |
| LBRDA Liberty Broadband-A | 1.30% | 92,098 | $5.9M | Add +11.7% |
| BCSS.U Bain Capital GSS Investment | 1.11% | 500,000 | $5.1M | New |
| AEXA American Exceptionalism Class A | 1.11% | 460,000 | $5.0M | New |
| LLYVK Liberty Media Corp.-Liberty-C | 0.97% | 45,435 | $4.4M | Add +395.0% |
| LION Lionsgate Studios Corp. | 0.85% | 562,009 | $3.9M | Reduce -4.8% |
| COMP Compass Inc. Class A | 0.84% | 476,166 | $3.8M | New |
| DD Dupont DE Nemours Inc. | 0.79% | 46,886 | $3.6M | New |
| RAL Ralliant Corp. | 0.79% | 85,243 | $3.6M | New |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | 0.74% | 2,780 | $3.4M | Add +892.9% |
| LLYVA Liberty Media Corp.-Liberty-A | 0.68% | 32,534 | $3.1M | Add +621.2% |
| TASK Taskus Inc. Class A | 0.61% | 156,988 | $2.8M | New |
| PAII Pyrophyte Acquisition Corp. Class A | 0.55% | 250,000 | $2.5M | New |
| CORZ Core Scientific Inc. | 0.54% | 137,319 | $2.5M | New |
| CTRI Centuri Holdings Inc. | 0.52% | 113,012 | $2.4M | New |
| ANGI Angi Inc. | 0.49% | 139,855 | $2.2M | Reduce -3.9% |
| GFL GFL Environmental Inc.-Sub VT | 0.30% | 29,238 | $1.4M | Reduce -55.7% |
| STRATEGY INC (MSTR 0.875 03/15/31) | 0.26% | 764 | $1.2M | New |
| NVRI Enviri Corp. | 0.13% | 47,491 | $602K | New |
| CMDB Costamare Bulkers Holding | 0.11% | 33,957 | $487K | Add +43.7% |
| LBRDK Liberty Broadband-C | 0.02% | 1,155 | $75K | New |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | 0.02% | 25,564 | $72K | Add +184.0% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | 0.01% | 27,380 | $40K | Add +28.1% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | 0.01% | 30,000 | $33K | No change |
| SNOWFLAKE INC (SNOW 0 10/01/27) | 0.01% | 16,740 | $25K | New |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | 0.00% | 19,500 | $22K | Reduce -44.6% |
| SNOWFLAKE INC (SNOW 0 10/01/29) | 0.00% | 14,000 | $22K | New |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | 0.00% | 13,073 | $21K | New |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | 0.00% | 13,000 | $21K | Reduce -25.7% |
| CLOUDFLARE INC (NET 0 08/15/26) | 0.00% | 12,000 | $15K | Add +140.0% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | 0.00% | 7,000 | $10K | New |
| FLUOR CORP (FLR 1.125 08/15/29) | 0.00% | 8,000 | $9K | Reduce -20.0% |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | 0.00% | 5,000 | $9K | New |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) filed as Q2 HLDGS INC | 0.00% | 8,800 | $9K | Reduce -40.1% |
| ETSY INC (ETSY 0.125 10/01/26) | 0.00% | 7,500 | $8K | Reduce -84.8% |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | 0.00% | 4,600 | $5K | New |
| SNAP INC (SNAP 0.5 05/01/30) | 0.00% | 5,000 | $4K | New |
| ITRON INC (ITRI 0 03/15/26) | 0.00% | 4,000 | $4K | Reduce -73.3% |
| SOUTHERN CO (SO 4.5 06/15/27) | 0.00% | 3,300 | $4K | New |
| ETSY INC (ETSY 0.25 06/15/28) | 0.00% | 4,000 | $4K | Reduce -33.3% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | 0.00% | 2,100 | $3K | New |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | 0.00% | 2,600 | $3K | New |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | 0.00% | 2,000 | $2K | New |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | 0.00% | 1,000 | $2K | New |
| MKS INC (MKSI 1.25 06/01/30) | 0.00% | 1,000 | $1K | New |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | 0.00% | 800 | $984 | New |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | 0.00% | 1,000 | $916 | New |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | 0.00% | 500 | $648 | Reduce -97.3% |
Options reported separately and not counted above: CORE SCIENTIFIC INC NEW calls ($264K), WARNER BROS DISCOVERY INC calls ($211K), TRIPADVISOR INC calls ($209K), QUALCOMM INC calls ($207K), ETSY INC puts ($412).
Other holdings (12): bonds, preferreds, convertibles and warrants · $669K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| RAC.WS Rithm Acquisition Corp. - 30 | *W EXP 99/99/999 | 266,666 | $176K | No change |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 09/25/203 | 120,000 | $125K | New |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | 150,000 | $124K | No change |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 350,000 | $88K | No change |
| PAII.WS Pyrophyte Acquisition Corp. I | *W EXP 07/30/203 | 125,000 | $44K | New |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 72,260 | $41K | No change |
| BKSYW Blacksky Technology -CW24 | *W EXP 09/09/202 | 237,226 | $38K | No change |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | 45,387 | $19K | No change |
| LOTWW Lotus Technology Inc.-28 | *W EXP 02/22/202 | 91,666 | $8K | No change |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 25,000 | $5K | No change |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | 62,500 | $1K | No change |
| ORGNW Origin Materials -CW26 | *W EXP 06/25/202 | 76,667 | $1K | No change |
Total filed on the 13F, all lines: $457.0M.
Portfolio Sells Q2 2025 → Q3 2025
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | Reduce -13.6% | 15.67% | −9.30 |
| HES Hess Corp. | Sold out | 0.00% | −7.49 |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | Reduce -25.7% | 0.00% | −7.10 |
| ANSS Ansys Inc. | Sold out | 0.00% | −5.03 |
| DKS Dick's Sporting Goods Inc. | Sold out | 0.00% | −4.28 |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | Sold out | 0.00% | −2.98 |
| BLACKLINE INC (BL 1 06/01/29) | Sold out | 0.00% | −2.80 |
| BOX INC (BOX 0 01/15/26) | Reduce -0.3% | 7.44% | −2.12 |
| DROPBOX INC (DBX 0 03/01/28) | Reduce -44.7% | 1.84% | −2.04 |
| SAGE Sage Therapeutics Inc. | Sold out | 0.00% | −1.47 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −1.33 |
| SNDK Sandisk Corp. | Sold out | 0.00% | −0.95 |
| FL Foot Locker Inc. | Sold out | 0.00% | −0.92 |
| ARES ACQUISITION CORP II | Sold out | 0.00% | −0.89 |
| NVEE NV5 Global Inc. | Sold out | 0.00% | −0.78 |
| TRIP Tripadvisor Inc. | Sold out | 0.00% | −0.59 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -55.7% | 0.30% | −0.56 |
| SRDX Surmodics Inc. | Sold out | 0.00% | −0.50 |
| ANGI Angi Inc. | Reduce -3.9% | 0.49% | −0.10 |
| LION Lionsgate Studios Corp. | Reduce -4.8% | 0.85% | −0.04 |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | Sold out | 0.00% | −0.01 |
| ETSY INC (ETSY 0.125 10/01/26) | Reduce -84.8% | 0.00% | −0.01 |
| MIDDLEBY CORP (MIDD 1 09/01/25) | Sold out | 0.00% | −0.01 |
| SPOTIFY USA INC (SPOT 0 03/15/26) | Sold out | 0.00% | −0.01 |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | Reduce -97.3% | 0.00% | −0.01 |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | Reduce -44.6% | 0.00% | −0.00 |
| ITRON INC (ITRI 0 03/15/26) | Reduce -73.3% | 0.00% | −0.00 |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | Sold out | 0.00% | −0.00 |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) | Reduce -40.1% | 0.00% | −0.00 |
| POST HOLDINGS INC (POST 2.5 08/15/27) | Sold out | 0.00% | −0.00 |
| FLUOR CORP (FLR 1.125 08/15/29) | Reduce -20.0% | 0.00% | −0.00 |
| ETSY INC (ETSY 0.25 06/15/28) | Reduce -33.3% | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| STRATEGY INC (MSTR 0.625 09/15/28) | New | 12.80% | +12.80 |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | Add +133.8% | 12.13% | +12.13 |
| CYBR Cyberark Software Ltd./Israel | New | 5.22% | +5.22 |
| K Kellanova | Add +315.9% | 5.34% | +3.85 |
| ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) | New | 3.09% | +3.09 |
| NSC Norfolk Southern Corp. | New | 2.16% | +2.16 |
| GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) | New | 1.85% | +1.85 |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | New | 1.84% | +1.84 |
| AMRZ Amrize Ltd. | New | 1.35% | +1.35 |
| BCSS.U Bain Capital GSS Investment | New | 1.11% | +1.11 |
| AEXA American Exceptionalism Class A | New | 1.11% | +1.11 |
| COMP Compass Inc. Class A | New | 0.84% | +0.84 |
| DD Dupont DE Nemours Inc. | New | 0.79% | +0.79 |
| RAL Ralliant Corp. | New | 0.79% | +0.79 |
| LLYVK Liberty Media Corp.-Liberty-C | Add +395.0% | 0.97% | +0.78 |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | Add +28.9% | 6.71% | +0.78 |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | Add +892.9% | 0.74% | +0.74 |
| TASK Taskus Inc. Class A | New | 0.61% | +0.61 |
| LLYVA Liberty Media Corp.-Liberty-A | Add +621.2% | 0.68% | +0.58 |
| PAII Pyrophyte Acquisition Corp. Class A | New | 0.55% | +0.55 |
| CORZ Core Scientific Inc. | New | 0.54% | +0.54 |
| CTRI Centuri Holdings Inc. | New | 0.52% | +0.52 |
| STRATEGY INC (MSTR 0.875 03/15/31) | New | 0.26% | +0.26 |
| NVRI Enviri Corp. | New | 0.13% | +0.13 |
| CMDB Costamare Bulkers Holding | Add +43.7% | 0.11% | +0.05 |
| LBRDK Liberty Broadband-C | New | 0.02% | +0.02 |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | Add +184.0% | 0.02% | +0.01 |
| SNOWFLAKE INC (SNOW 0 10/01/27) | New | 0.01% | +0.01 |
| SNOWFLAKE INC (SNOW 0 10/01/29) | New | 0.00% | +0.00 |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | New | 0.00% | +0.00 |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | New | 0.00% | +0.00 |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | New | 0.00% | +0.00 |
| CLOUDFLARE INC (NET 0 08/15/26) | Add +140.0% | 0.00% | +0.00 |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | New | 0.00% | +0.00 |
| SNAP INC (SNAP 0.5 05/01/30) | New | 0.00% | +0.00 |
| SOUTHERN CO (SO 4.5 06/15/27) | New | 0.00% | +0.00 |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | New | 0.00% | +0.00 |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | New | 0.00% | +0.00 |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | New | 0.00% | +0.00 |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | New | 0.00% | +0.00 |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | New | 0.00% | +0.00 |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | New | 0.00% | +0.00 |
| MKS INC (MKSI 1.25 06/01/30) | New | 0.00% | +0.00 |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | Add +28.1% | 0.01% | +0.00 |
| LBRDA Liberty Broadband-A | Add +11.7% | 1.30% | −0.80 |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | Add +7.3% | 4.56% | −1.40 |
Options Activity Q2 2025 → Q3 2025
| CORE SCIENTIFIC INC NEW | call | New | 3,150 | $264K |
| WARNER BROS DISCOVERY INC | call | New | 2,500 | $211K |
| TRIPADVISOR INC | call | New | 1,500 | $209K |
| QUALCOMM INC | call | New | 100 | $207K |
| DICKS SPORTING GOODS INC | put | Sold out | 492 | $82Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | Sold out | 150,000 | $167Kbefore exit |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 09/25/203 | New | 120,000 | $125K |
| PAII.WS Pyrophyte Acquisition Corp. I | *W EXP 07/30/203 | New | 125,000 | $44K |
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 |