Boussard & Gavaudan Investment Management LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Boussard & Gavaudan Investment Management LLP reported 77 stock positions worth $660.5 million. Its top holding was Snowflake Inc. (snow 0 10/01/29) at 7.2% of the portfolio, followed by Blackstone (BX, 6.2%) and Apple (AAPL, 4.9%). Compared with Q3 2025, it opened 40 new positions, sold out of 28, added to 21 and reduced 11. The biggest buy was Snowflake Inc. (snow 0 10/01/29) (shares +118%) and the biggest sale an exit from Axon Enterprise Inc. (axon 0.5 12/15/27).
- Most Recent 13F
- Q1 2026
- Location
- London, X0
- CIK
- 0001614986
- Portfolio Value
- $660.5M (Q4 2025)
- SEC Filing
- 0001614986-26-000003 ↗ filed Feb 12, 2026
Holdings Value
Holdings 77 stocks · $660.5M
| SNOWFLAKE INC (SNOW 0 10/01/29) | 7.21% | 30,500 | $47.6M | Add +117.9% |
| BX Blackstone Inc. | 6.21% | 265,000 | $41.0M | New |
| AAPL Apple Inc. | 4.92% | 119,000 | $32.5M | New |
| BOX INC (BOX 0 01/15/26) | 4.87% | 27,237 | $32.1M | No change |
| NSC Norfolk Southern Corp. | 4.54% | 103,369 | $30.0M | Add +213.6% |
| INTC Intel Corp. | 4.12% | 730,000 | $27.2M | New |
| COST Costco Wholesale Corp. | 3.93% | 30,000 | $26.0M | New |
| EA Electronic Arts Inc. | 3.76% | 121,534 | $24.8M | New |
| RNAM Avidity Biosciences Inc. | 3.58% | 328,204 | $23.7M | New |
| ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) | 3.57% | 18,500 | $23.6M | Add +85.0% |
| CYBR Cyberark Software Ltd./Israel | 3.43% | 50,226 | $22.7M | Add +2.0% |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | 3.37% | 9,325 | $22.3M | New |
| WBD Warner Bros Discovery Inc. | 3.18% | 726,325 | $21.0M | New |
| AXTA Axalta Coating Systems Ltd. | 3.18% | 639,885 | $21.0M | New |
| MSFT Microsoft Corp. | 2.21% | 30,000 | $14.6M | New |
| NVDA Nvidia Corp. | 1.99% | 70,000 | $13.1M | New |
| KLAC KLA Corp. | 1.89% | 10,000 | $12.5M | New |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | 1.81% | 8,500 | $12.0M | New |
| AMZN Amazon.com Inc. | 1.76% | 50,000 | $11.6M | New |
| TSLA Tesla Inc. | 1.72% | 25,000 | $11.4M | New |
| NEM Newmont Corp. | 1.70% | 110,000 | $11.2M | New |
| SCHW Schwab (charles) Corp. | 1.67% | 110,000 | $11.1M | New |
| PLTR Palantir Technologies Inc. Class A | 1.64% | 60,000 | $10.9M | New |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | 1.63% | 7,500 | $10.8M | New |
| JNJ Johnson & Johnson | 1.57% | 50,000 | $10.3M | New |
| HOLX Hologic Inc. | 1.33% | 117,910 | $8.8M | New |
| RAC Rithm Acquisition Corp. Class A | 1.20% | 768,000 | $8.0M | Reduce -4.0% |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | 1.19% | 5,000 | $7.8M | No change |
| OACC Oaktree Acquisition Corp. I-A | 1.16% | 720,000 | $7.7M | Reduce -4.0% |
| JD.COM INC (JD 0.25 06/01/29) | 1.14% | 7,500 | $7.5M | New |
| ANSC Agriculture & Natural Soluti | 1.14% | 672,000 | $7.5M | Reduce -4.0% |
| KVUE Kenvue Inc. | 1.08% | 412,844 | $7.2M | New |
| RAL Ralliant Corp. | 1.05% | 135,441 | $6.9M | Add +58.9% |
| SOLS Solstice Adv Materials Inc. | 1.03% | 139,194 | $6.8M | New |
| COMP Compass Inc. Class A | 1.03% | 639,465 | $6.8M | Add +34.3% |
| AMRZ Amrize Ltd. | 0.94% | 113,097 | $6.2M | Reduce -11.6% |
| CTRI Centuri Holdings Inc. | 0.84% | 217,800 | $5.5M | Add +92.7% |
| BCSS Bain Capital GSS Inv- A | 0.76% | 500,000 | $5.0M | No change |
| Q Qnity Electronics Inc. | 0.70% | 55,298 | $4.6M | Add +135.9% |
| LBRDA Liberty Broadband-A | 0.68% | 92,098 | $4.5M | No change |
| LLYVK Liberty Live Holdings Class C | 0.61% | 48,397 | $4.0M | Add +6.5% |
| KW Kennedy-Wilson Holdings Inc. | 0.54% | 365,279 | $3.6M | New |
| ZD Ziff Davis Inc. | 0.54% | 99,471 | $3.5M | New |
| LLYVA Liberty Live Holdings Class A | 0.52% | 41,916 | $3.4M | Add +28.8% |
| DD Dupont DE Nemours Inc. | 0.50% | 80,701 | $3.3M | Add +72.1% |
| AEXA American Exceptionalism Class A | 0.47% | 275,000 | $3.1M | Reduce -40.2% |
| PAII Pyrophyte Acquisition Corp. Class A | 0.37% | 240,000 | $2.4M | Reduce -4.0% |
| TEX Terex Corp. | 0.34% | 41,795 | $2.2M | New |
| LION Lionsgate Studios Corp. | 0.23% | 167,420 | $1.5M | Reduce -70.2% |
| GFL GFL Environmental Inc.-Sub VT | 0.22% | 32,839 | $1.4M | Add +12.3% |
| GBTG Global Business Travel Group | 0.17% | 144,203 | $1.1M | New |
| CCXIU Churchill Capital Corp. Xi | 0.16% | 100,000 | $1.0M | New |
| KBONU Karbon Capital Partners Corp. | 0.15% | 100,000 | $1.0M | New |
| THS Treehouse Foods Inc. | 0.14% | 38,338 | $908K | New |
| TASK Taskus Inc. Class A | 0.12% | 68,234 | $801K | Reduce -56.5% |
| MBC Masterbrand Inc. | 0.09% | 54,325 | $600K | New |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | 0.03% | 62,947 | $216K | Add +146.2% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | 0.02% | 29,499 | $138K | Add +68.2% |
| LBRDK Liberty Broadband-C | 0.01% | 1,155 | $56K | No change |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | 0.01% | 22,778 | $38K | Add +225.4% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | 0.01% | 22,476 | $34K | Reduce -17.9% |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | 0.00% | 20,954 | $31K | Add +60.3% |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | 0.00% | 19,468 | $29K | Reduce -13.9% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | 0.00% | 12,750 | $20K | New |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | 0.00% | 14,119 | $19K | Add +407.9% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | 0.00% | 12,500 | $19K | Reduce -3.9% |
| CLOUDFLARE INC (NET 0 08/15/26) | 0.00% | 15,000 | $18K | Add +25.0% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | 0.00% | 13,500 | $15K | New |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | 0.00% | 9,700 | $15K | New |
| GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) | 0.00% | 4,820 | $12K | Add +37.7% |
| DATADOG INC (DDOG 0 12/01/29) | 0.00% | 11,195 | $11K | New |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | 0.00% | 9,300 | $11K | New |
| SYNAPTICS INC (SYNA 0.75 12/01/31) | 0.00% | 8,876 | $9K | New |
| SNAP INC (SNAP 0.5 05/01/30) | 0.00% | 10,000 | $9K | Add +100.0% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | 0.00% | 7,000 | $6K | Add +600.0% |
| POST HOLDINGS INC (POST 2.5 08/15/27) filed as POST HLDGS INC | 0.00% | 4,302 | $5K | New |
| TETRA TECH INC (TTEK 2.25 08/15/28) | 0.00% | 3,000 | $3K | New |
Options reported separately and not counted above: WARNER BROS DISCOVERY INC calls ($1.8M), LIONSGATE STUDIOS CORP calls ($610K), ENVIRI CORP calls ($327K), AVIDITY BIOSCIENCES INC calls ($221K), CBOE GLOBAL MKTS INC puts ($68K), TRIPADVISOR INC calls ($61K), STATE STR SPDR S&P 500 ETF T puts ($2K), CIRCLE INTERNET GROUP INC calls ($0).
Other holdings (12): bonds, preferreds, convertibles and warrants · $768K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| RAC.WS Rithm Acquisition Corp. - 30 | *W EXP 99/99/999 | 266,666 | $183K | No change |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 09/25/203 | 100,000 | $170K | Reduce -16.7% |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | 150,000 | $133K | No change |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 350,000 | $123K | No change |
| BCSS.WS Bain Capital GSS Investment | *W EXP 01/01/202 | 100,000 | $70K | No change |
| PAII.WS Pyrophyte Acquisition Corp. I | *W EXP 07/30/203 | 125,000 | $50K | No change |
| BKSYW Blacksky Technology -CW24 | *W EXP 09/09/202 | 237,226 | $17K | No change |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 72,260 | $14K | No change |
| LOTWW Lotus Technology Inc.-28 | *W EXP 02/22/202 | 91,666 | $5K | 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 | $825 | No change |
| ORGNW Origin Materials -CW26 | *W EXP 06/25/202 | 76,667 | $437 | No change |
Total filed on the 13F, all lines: $661.3M.
Portfolio Sells Q3 2025 → Q4 2025
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | Sold out | 0.00% | −15.67 |
| STRATEGY INC (MSTR 0.625 09/15/28) | Sold out | 0.00% | −12.80 |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | Reduce -13.9% | 0.00% | −6.71 |
| K Kellanova | Sold out | 0.00% | −5.34 |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | Sold out | 0.00% | −4.56 |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | Sold out | 0.00% | −1.84 |
| DROPBOX INC (DBX 0 03/01/28) | Sold out | 0.00% | −1.84 |
| AEXA American Exceptionalism Class A | Reduce -40.2% | 0.47% | −0.63 |
| LION Lionsgate Studios Corp. | Reduce -70.2% | 0.23% | −0.61 |
| RAC Rithm Acquisition Corp. Class A | Reduce -4.0% | 1.20% | −0.59 |
| OACC Oaktree Acquisition Corp. I-A | Reduce -4.0% | 1.16% | −0.57 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −0.54 |
| ANSC Agriculture & Natural Soluti | Reduce -4.0% | 1.14% | −0.54 |
| ANGI Angi Inc. | Sold out | 0.00% | −0.49 |
| TASK Taskus Inc. Class A | Reduce -56.5% | 0.12% | −0.49 |
| AMRZ Amrize Ltd. | Reduce -11.6% | 0.94% | −0.41 |
| STRATEGY INC (MSTR 0.875 03/15/31) | Sold out | 0.00% | −0.26 |
| PAII Pyrophyte Acquisition Corp. Class A | Reduce -4.0% | 0.37% | −0.18 |
| NVRI Enviri Corp. | Sold out | 0.00% | −0.13 |
| CMDB Costamare Bulkers Holding | Sold out | 0.00% | −0.11 |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | Sold out | 0.00% | −0.01 |
| SNOWFLAKE INC (SNOW 0 10/01/27) | Sold out | 0.00% | −0.01 |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | Sold out | 0.00% | −0.00 |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | Reduce -17.9% | 0.01% | −0.00 |
| FLUOR CORP (FLR 1.125 08/15/29) | Sold out | 0.00% | −0.00 |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) | Sold out | 0.00% | −0.00 |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | Reduce -3.9% | 0.00% | −0.00 |
| ETSY INC (ETSY 0.125 10/01/26) | Sold out | 0.00% | −0.00 |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | Sold out | 0.00% | −0.00 |
| ITRON INC (ITRI 0 03/15/26) | Sold out | 0.00% | −0.00 |
| ETSY INC (ETSY 0.25 06/15/28) | Sold out | 0.00% | −0.00 |
| SOUTHERN CO (SO 4.5 06/15/27) | Sold out | 0.00% | −0.00 |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | Sold out | 0.00% | −0.00 |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | Sold out | 0.00% | −0.00 |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | Sold out | 0.00% | −0.00 |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | Sold out | 0.00% | −0.00 |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | Sold out | 0.00% | −0.00 |
| MKS INC (MKSI 1.25 06/01/30) | Sold out | 0.00% | −0.00 |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | Sold out | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| SNOWFLAKE INC (SNOW 0 10/01/29) | Add +117.9% | 7.21% | +7.20 |
| BX Blackstone Inc. | New | 6.21% | +6.21 |
| AAPL Apple Inc. | New | 4.92% | +4.92 |
| INTC Intel Corp. | New | 4.12% | +4.12 |
| COST Costco Wholesale Corp. | New | 3.93% | +3.93 |
| EA Electronic Arts Inc. | New | 3.76% | +3.76 |
| RNAM Avidity Biosciences Inc. | New | 3.58% | +3.58 |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | New | 3.37% | +3.37 |
| WBD Warner Bros Discovery Inc. | New | 3.18% | +3.18 |
| AXTA Axalta Coating Systems Ltd. | New | 3.18% | +3.18 |
| NSC Norfolk Southern Corp. | Add +213.6% | 4.54% | +2.38 |
| MSFT Microsoft Corp. | New | 2.21% | +2.21 |
| NVDA Nvidia Corp. | New | 1.99% | +1.99 |
| KLAC KLA Corp. | New | 1.89% | +1.89 |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | New | 1.81% | +1.81 |
| AMZN Amazon.com Inc. | New | 1.76% | +1.76 |
| TSLA Tesla Inc. | New | 1.72% | +1.72 |
| NEM Newmont Corp. | New | 1.70% | +1.70 |
| SCHW Schwab (charles) Corp. | New | 1.67% | +1.67 |
| PLTR Palantir Technologies Inc. Class A | New | 1.64% | +1.64 |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | New | 1.63% | +1.63 |
| JNJ Johnson & Johnson | New | 1.57% | +1.57 |
| HOLX Hologic Inc. | New | 1.33% | +1.33 |
| JD.COM INC (JD 0.25 06/01/29) | New | 1.14% | +1.14 |
| KVUE Kenvue Inc. | New | 1.08% | +1.08 |
| SOLS Solstice Adv Materials Inc. | New | 1.03% | +1.03 |
| KW Kennedy-Wilson Holdings Inc. | New | 0.54% | +0.54 |
| ZD Ziff Davis Inc. | New | 0.54% | +0.54 |
| ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) | Add +85.0% | 3.57% | +0.48 |
| TEX Terex Corp. | New | 0.34% | +0.34 |
| CTRI Centuri Holdings Inc. | Add +92.7% | 0.84% | +0.32 |
| Q Qnity Electronics Inc. | Add +135.9% | 0.70% | +0.27 |
| RAL Ralliant Corp. | Add +58.9% | 1.05% | +0.26 |
| COMP Compass Inc. Class A | Add +34.3% | 1.03% | +0.19 |
| GBTG Global Business Travel Group | New | 0.17% | +0.17 |
| CCXIU Churchill Capital Corp. Xi | New | 0.16% | +0.16 |
| KBONU Karbon Capital Partners Corp. | New | 0.15% | +0.15 |
| THS Treehouse Foods Inc. | New | 0.14% | +0.14 |
| MBC Masterbrand Inc. | New | 0.09% | +0.09 |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | Add +146.2% | 0.03% | +0.02 |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | Add +225.4% | 0.01% | +0.00 |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | New | 0.00% | +0.00 |
| SPOTIFY USA INC (SPOT 0 03/15/26) | New | 0.00% | +0.00 |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | New | 0.00% | +0.00 |
| DATADOG INC (DDOG 0 12/01/29) | New | 0.00% | +0.00 |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | New | 0.00% | +0.00 |
| SYNAPTICS INC (SYNA 0.75 12/01/31) | New | 0.00% | +0.00 |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | Add +600.0% | 0.00% | +0.00 |
| POST HOLDINGS INC (POST 2.5 08/15/27) | New | 0.00% | +0.00 |
| TETRA TECH INC (TTEK 2.25 08/15/28) | New | 0.00% | +0.00 |
Options Activity Q3 2025 → Q4 2025
| LIONSGATE STUDIOS CORP | call | New | 3,527 | $610K |
| ENVIRI CORP | call | New | 1,049 | $327K |
| CORE SCIENTIFIC INC NEW | call | Sold out | 3,150 | $264Kbefore exit |
| AVIDITY BIOSCIENCES INC | call | New | 3,384 | $221K |
| QUALCOMM INC | call | Sold out | 100 | $207Kbefore exit |
| CBOE GLOBAL MKTS INC | put | New | 369 | $68K |
| STATE STR SPDR S&P 500 ETF T | put | New | 4,100 | $2K |
| ETSY INC | put | Sold out | 1,000 | $412before exit |
| CIRCLE INTERNET GROUP INC | call | New | 50 | $0 |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 09/25/203 | Reduce -16.7% | 100,000 | $170K |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | Sold out | 45,387 | $19Kbefore 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 |