Boussard & Gavaudan Investment Management LLP

London, X0

$1.0bn in 84 US stocks at the end of 31 March 2026. The top 10 are 58.5% of the money. It changed about 55.3% of the portfolio this quarter.

Value

$1.0bn

Stocks

Top 10 share

58.5%

Turnover

55.3%

What changed this quarter

New

Bought for the first time this quarter.

Bridgebio Pharma
4.4% of the fund
Guardant Health
3.7% of the fund
White Mountains Insurance GroupWTM
3.0% of the fund
Granite Constr
2.4% of the fund
LCI Inds
1.8% of the fund
Irhythm Holdings
1.2% of the fund
MKS
1.0% of the fund
Alussa Energy Acquisition Corp. IIALUB
0.7% of the fund
WatersWAT
0.6% of the fund
PenumbraPEN
0.6% of the fund
Versant Media GroupVSNT
0.5% of the fund
Transmedics Group
0.5% of the fund
CourseraCOUR
0.4% of the fund
Estee Lauder CompaniesEL
0.4% of the fund
Southern Company
0.4% of the fund
Magnum Ice CreamMICC
0.3% of the fund
Duke Energy Corp New
0.3% of the fund
Rivian Automotive
0.3% of the fund
Halozyme Therapeutics
0.3% of the fund
Mister CAR Wash
0.2% of the fund
GoDaddyGDDY
0.2% of the fund
Akamai Technologies
0.2% of the fund
WEC Energy Group
0.2% of the fund
SemtechSMTC
0.1% of the fund
Sunbelt Rentals HoldingsSUNB
0.1% of the fund

Added

Bought more of a stock they already held.

Warner Bros. DiscoveryWBD
6.0% of the fund
+217%
Advanced Energy Inds
5.5% of the fund
+10%
Electronic ArtsEA
5.0% of the fund
+113%
Equinox Gold
4.8% of the fund
+128%
Alnylam Pharmaceuticals
3.9% of the fund
+53%
Norfolk SouthernNSC
3.7% of the fund
+31%
Chefs Whse
3.2% of the fund
+2%
OSI Systems
3.1% of the fund
+115%
Ascendis Pharma A/S
1.8% of the fund
+52%
ON Semiconductor
1.7% of the fund
+48%
Post Hldgs
1.5% of the fund
+245%
Qnity ElectronicsQ
0.9% of the fund
+48%
Liberty BroadbandLBRDA
0.5% of the fund
+10%
DuPont de NemoursDD
0.5% of the fund
+30%
Global Business Travel GroupGBTG
0.2% of the fund
+198%
MasterBrandMBC
<0.1% of the fund
+71%

Cut

Sold some of their stake.

Western Digital
17.9% of the fund
-7%
Seagate HDD Cayman
3.6% of the fund
-87%
Snowflake
1.9% of the fund
-46%
Live Nation Entertainment IN
1.6% of the fund
-12%
ANI Pharmaceuticals
1.6% of the fund
-28%
Burlington Stores
0.6% of the fund
-81%
Solstice Advanced MaterialsSOLS
0.6% of the fund
-42%
Centuri HoldingsCTRI
0.4% of the fund
-29%
Ormat Technologies
0.4% of the fund
-78%
Synaptics
0.3% of the fund
-66%
RalliantRAL
0.2% of the fund
-62%
AmrizeAMRZ
0.2% of the fund
-69%
Ionis Pharmaceuticals
0.1% of the fund
-92%
Jd.com
0.1% of the fund
-80%
Global Pmts
<0.1% of the fund
-86%

Sold out

Sold their entire stake.

BlackstoneBX
-100%
AppleAAPL
-100%
BOX
-100%
IntelINTC
-100%
Costco WholesaleCOST
-100%
Avidity Biosciences
-100%
Cyberark Software
-100%
Axalta Coating SystemsAXTA
-100%
Cloudflare
-100%
Spotify USA
-100%
MicrosoftMSFT
-100%
NvidiaNVDA
-100%
KLAKLAC
-100%
Granite Constr
-100%
Amazon.comAMZN
-100%
TeslaTSLA
-100%
Datadog
-100%
NewmontNEM
-100%
Charles SchwabSCHW
-100%
Palantir TechnologiesPLTR
-100%
Collegium Pharmaceutical
-100%
Johnson & JohnsonJNJ
-100%
Hologic
-100%
Snap
-100%
Alibaba Group Hldg
-100%

Holdings

Western Digital
Share
17.9%
Value
$186m
Shares
27,450
-7%
Warner Bros. DiscoveryWBD
Share
6.0%
Value
$63m
Shares
2,299,611
+217%
Advanced Energy Inds
Share
5.5%
Value
$57m
Shares
24,962
+10%
Electronic ArtsEA
Share
5.0%
Value
$53m
Shares
258,844
+113%
Equinox Gold
Share
4.8%
Value
$50m
Shares
21,225
+128%
Bridgebio Pharma
Share
4.4%
Value
$46m
Shares
26,000
New
Alnylam Pharmaceuticals
Share
3.9%
Value
$41m
Shares
32,000
+53%
Norfolk SouthernNSC
Share
3.7%
Value
$39m
Shares
135,885
+31%
Guardant Health
Share
3.7%
Value
$38m
Shares
23,200
New
Seagate HDD Cayman
Share
3.6%
Value
$37m
Shares
8,322
-87%
Chefs Whse
Share
3.2%
Value
$34m
Shares
22,976
+2%
OSI Systems
Share
3.1%
Value
$32m
Shares
20,900
+115%
White Mountains Insurance GroupWTM
Share
3.0%
Value
$31m
Shares
13,975
New
Granite Constr
Share
2.4%
Value
$25m
Shares
15,000
New
Snowflake
Share
1.9%
Value
$20m
Shares
16,500
-46%
LCI Inds
Share
1.8%
Value
$19m
Shares
15,750
New
Ascendis Pharma A/S
Share
1.8%
Value
$19m
Shares
12,900
+52%
ON Semiconductor
Share
1.7%
Value
$17m
Shares
13,800
+48%
Live Nation Entertainment IN
Share
1.6%
Value
$17m
Shares
11,000
-12%
ANI Pharmaceuticals
Share
1.6%
Value
$16m
Shares
13,350
-28%
Post Hldgs
Share
1.5%
Value
$16m
Shares
14,827
+245%
Irhythm Holdings
Share
1.2%
Value
$12m
Shares
11,000
New
MKS
Share
1.0%
Value
$10m
Shares
6,300
New
Qnity ElectronicsQ
Share
0.9%
Value
$9m
Shares
81,658
+48%
Rithm AcquisitionRAC
Share
0.8%
Value
$8m
Shares
768,000
Held
Oaktree Acquisition Corp. III Life SciencesOACC
Share
0.7%
Value
$8m
Shares
720,000
Held
Agriculture & NAT SOL ACQ
Share
0.7%
Value
$8m
Shares
672,000
Held
Alussa Energy Acquisition Corp. IIALUB
Share
0.7%
Value
$7m
Shares
700,000
New
WatersWAT
Share
0.6%
Value
$6m
Shares
20,845
New
Burlington Stores
Share
0.6%
Value
$6m
Shares
3,687
-81%
Solstice Advanced MaterialsSOLS
Share
0.6%
Value
$6m
Shares
81,164
-42%
PenumbraPEN
Share
0.6%
Value
$6m
Shares
18,147
New
Versant Media GroupVSNT
Share
0.5%
Value
$6m
Shares
152,952
New
Transmedics Group
Share
0.5%
Value
$5m
Shares
4,000
New
Bain Capital GSS InvestmentBCSS
Share
0.5%
Value
$5m
Shares
500,000
Held
Liberty BroadbandLBRDA
Share
0.5%
Value
$5m
Shares
101,035
+10%
DuPont de NemoursDD
Share
0.5%
Value
$5m
Shares
104,826
+30%
Liberty Live HoldingsLLYVK
Share
0.4%
Value
$4m
Shares
48,397
Held
Centuri HoldingsCTRI
Share
0.4%
Value
$4m
Shares
154,273
-29%
CourseraCOUR
Share
0.4%
Value
$4m
Shares
731,788
New
Ormat Technologies
Share
0.4%
Value
$4m
Shares
3,110
-78%
Estee Lauder CompaniesEL
Share
0.4%
Value
$4m
Shares
57,824
New
Liberty Live HoldingsLLYVA
Share
0.4%
Value
$4m
Shares
41,916
Held
Southern Company
Share
0.4%
Value
$4m
Shares
3,300
New
Magnum Ice CreamMICC
Share
0.3%
Value
$3m
Shares
226,500
New
Synaptics
Share
0.3%
Value
$3m
Shares
3,000
-66%
American Exceptionalism Acquisition Corp. AAEXA
Share
0.3%
Value
$3m
Shares
275,000
Held
Duke Energy Corp New
Share
0.3%
Value
$3m
Shares
2,600
New
Rivian Automotive
Share
0.3%
Value
$3m
Shares
2,600
New
Halozyme Therapeutics
Share
0.3%
Value
$3m
Shares
2,100
New
Mister CAR Wash
Share
0.2%
Value
$2m
Shares
352,529
New
Pyrophyte Acquisition Corp. IIPAII
Share
0.2%
Value
$2m
Shares
240,000
Held
Global Business Travel GroupGBTG
Share
0.2%
Value
$2m
Shares
430,176
+198%
GoDaddyGDDY
Share
0.2%
Value
$2m
Shares
27,809
New
Akamai Technologies
Share
0.2%
Value
$2m
Shares
2,000
New
RalliantRAL
Share
0.2%
Value
$2m
Shares
51,796
-62%
AmrizeAMRZ
Share
0.2%
Value
$2m
Shares
34,641
-69%
WEC Energy Group
Share
0.2%
Value
$2m
Shares
1,500
New
SemtechSMTC
Share
0.1%
Value
$2m
Shares
20,620
New
Ionis Pharmaceuticals
Share
0.1%
Value
$2m
Shares
1,000
-92%
Jd.com
Share
0.1%
Value
$2m
Shares
1,500
-80%
Sunbelt Rentals HoldingsSUNB
Share
0.1%
Value
$1m
Shares
19,438
New
AtaiBeckleyATAI
Share
<0.1%
Value
$1m
Shares
295,264
New
Churchill Capital Corp XICCXI
Share
<0.1%
Value
$1m
Shares
100,000
New
Karbon Capital PartnersKBON
Share
<0.1%
Value
$1m
Shares
100,000
New
Global Pmts
Share
<0.1%
Value
$880,092
Shares
1,000
-86%
MasterBrandMBC
Share
<0.1%
Value
$773,029
Shares
93,024
+71%
Coinbase Global
Share
<0.1%
Value
$730,490
Shares
800
New
Rithm AcquisitionRAC-WS
Share
<0.1%
Value
$170,666
Shares
266,666
Held
Oaktree Acquisition Corp IIIOACCW
Share
<0.1%
Value
$112,500
Shares
150,000
Held
Kodiak AIKDKRW
Share
<0.1%
Value
$104,500
Shares
100,000
Held
Alussa Energy AcquisitALUB-WS
Share
<0.1%
Value
$83,999
Shares
233,333
New
Agriculture & NAT SOL ACQANSCW
Share
<0.1%
Value
$70,000
Shares
350,000
Held
Bain CAP GSS InvtBCSS-WS
Share
<0.1%
Value
$62,000
Shares
100,000
Held
Liberty BroadbandLBRDK
Share
<0.1%
Value
$57,195
Shares
1,155
Held
Pyrophyte AcquisitionPAII-WS
Share
<0.1%
Value
$43,750
Shares
125,000
Held
Karbon CAP PartnersKBONW
Share
<0.1%
Value
$12,855
Shares
25,000
New
Blacksky TechnologyBKSYW
Share
<0.1%
Value
$9,489
Shares
237,226
Held
Churchill CAP Corp XICCXIW
Share
<0.1%
Value
$8,200
Shares
10,000
New
Fold HldgsFLDDW
Share
<0.1%
Value
$7,948
Shares
72,260
Held
Lotus TechnologyLOTWW
Share
<0.1%
Value
$6,407
Shares
91,666
Held
GCT Semiconductor HldgGCTS-WS
Share
<0.1%
Value
$4,725
Shares
25,000
Held
Lanvin Group Holdings LimiteLANWF
Share
<0.1%
Value
$687
Shares
62,500
Held
Origin Materials
Share
<0.1%
Value
$191
Shares
76,667
Held

Company	Share of fund	Value	Shares	Change
Western Digital	17.9%	$186m	27,450	-7%
Warner Bros. DiscoveryWBD	6.0%	$63m	2,299,611	+217%
Advanced Energy Inds	5.5%	$57m	24,962	+10%
Electronic ArtsEA	5.0%	$53m	258,844	+113%
Equinox Gold	4.8%	$50m	21,225	+128%
Bridgebio Pharma	4.4%	$46m	26,000	New
Alnylam Pharmaceuticals	3.9%	$41m	32,000	+53%
Norfolk SouthernNSC	3.7%	$39m	135,885	+31%
Guardant Health	3.7%	$38m	23,200	New
Seagate HDD Cayman	3.6%	$37m	8,322	-87%
Chefs Whse	3.2%	$34m	22,976	+2%
OSI Systems	3.1%	$32m	20,900	+115%
White Mountains Insurance GroupWTM	3.0%	$31m	13,975	New
Granite Constr	2.4%	$25m	15,000	New
Snowflake	1.9%	$20m	16,500	-46%
LCI Inds	1.8%	$19m	15,750	New
Ascendis Pharma A/S	1.8%	$19m	12,900	+52%
ON Semiconductor	1.7%	$17m	13,800	+48%
Live Nation Entertainment IN	1.6%	$17m	11,000	-12%
ANI Pharmaceuticals	1.6%	$16m	13,350	-28%
Post Hldgs	1.5%	$16m	14,827	+245%
Irhythm Holdings	1.2%	$12m	11,000	New
MKS	1.0%	$10m	6,300	New
Qnity ElectronicsQ	0.9%	$9m	81,658	+48%
Rithm AcquisitionRAC	0.8%	$8m	768,000	Held
Oaktree Acquisition Corp. III Life SciencesOACC	0.7%	$8m	720,000	Held
Agriculture & NAT SOL ACQ	0.7%	$8m	672,000	Held
Alussa Energy Acquisition Corp. IIALUB	0.7%	$7m	700,000	New
WatersWAT	0.6%	$6m	20,845	New
Burlington Stores	0.6%	$6m	3,687	-81%
Solstice Advanced MaterialsSOLS	0.6%	$6m	81,164	-42%
PenumbraPEN	0.6%	$6m	18,147	New
Versant Media GroupVSNT	0.5%	$6m	152,952	New
Transmedics Group	0.5%	$5m	4,000	New
Bain Capital GSS InvestmentBCSS	0.5%	$5m	500,000	Held
Liberty BroadbandLBRDA	0.5%	$5m	101,035	+10%
DuPont de NemoursDD	0.5%	$5m	104,826	+30%
Liberty Live HoldingsLLYVK	0.4%	$4m	48,397	Held
Centuri HoldingsCTRI	0.4%	$4m	154,273	-29%
CourseraCOUR	0.4%	$4m	731,788	New
Ormat Technologies	0.4%	$4m	3,110	-78%
Estee Lauder CompaniesEL	0.4%	$4m	57,824	New
Liberty Live HoldingsLLYVA	0.4%	$4m	41,916	Held
Southern Company	0.4%	$4m	3,300	New
Magnum Ice CreamMICC	0.3%	$3m	226,500	New
Synaptics	0.3%	$3m	3,000	-66%
American Exceptionalism Acquisition Corp. AAEXA	0.3%	$3m	275,000	Held
Duke Energy Corp New	0.3%	$3m	2,600	New
Rivian Automotive	0.3%	$3m	2,600	New
Halozyme Therapeutics	0.3%	$3m	2,100	New
Mister CAR Wash	0.2%	$2m	352,529	New
Pyrophyte Acquisition Corp. IIPAII	0.2%	$2m	240,000	Held
Global Business Travel GroupGBTG	0.2%	$2m	430,176	+198%
GoDaddyGDDY	0.2%	$2m	27,809	New
Akamai Technologies	0.2%	$2m	2,000	New
RalliantRAL	0.2%	$2m	51,796	-62%
AmrizeAMRZ	0.2%	$2m	34,641	-69%
WEC Energy Group	0.2%	$2m	1,500	New
SemtechSMTC	0.1%	$2m	20,620	New
Ionis Pharmaceuticals	0.1%	$2m	1,000	-92%
Jd.com	0.1%	$2m	1,500	-80%
Sunbelt Rentals HoldingsSUNB	0.1%	$1m	19,438	New
AtaiBeckleyATAI	<0.1%	$1m	295,264	New
Churchill Capital Corp XICCXI	<0.1%	$1m	100,000	New
Karbon Capital PartnersKBON	<0.1%	$1m	100,000	New
Global Pmts	<0.1%	$880,092	1,000	-86%
MasterBrandMBC	<0.1%	$773,029	93,024	+71%
Coinbase Global	<0.1%	$730,490	800	New
Rithm AcquisitionRAC-WS	<0.1%	$170,666	266,666	Held
Oaktree Acquisition Corp IIIOACCW	<0.1%	$112,500	150,000	Held
Kodiak AIKDKRW	<0.1%	$104,500	100,000	Held
Alussa Energy AcquisitALUB-WS	<0.1%	$83,999	233,333	New
Agriculture & NAT SOL ACQANSCW	<0.1%	$70,000	350,000	Held
Bain CAP GSS InvtBCSS-WS	<0.1%	$62,000	100,000	Held
Liberty BroadbandLBRDK	<0.1%	$57,195	1,155	Held
Pyrophyte AcquisitionPAII-WS	<0.1%	$43,750	125,000	Held
Karbon CAP PartnersKBONW	<0.1%	$12,855	25,000	New
Blacksky TechnologyBKSYW	<0.1%	$9,489	237,226	Held
Churchill CAP Corp XICCXIW	<0.1%	$8,200	10,000	New
Fold HldgsFLDDW	<0.1%	$7,948	72,260	Held
Lotus TechnologyLOTWW	<0.1%	$6,407	91,666	Held
GCT Semiconductor HldgGCTS-WS	<0.1%	$4,725	25,000	Held
Lanvin Group Holdings LimiteLANWF	<0.1%	$687	62,500	Held
Origin Materials	<0.1%	$191	76,667	Held

Options (5)

State STR Spdr S&P 500 ETF T
Type
Call
Value
$16m
Contracts
1,125
Lionsgate Studios
Type
Call
Value
$770,600
Contracts
5,527
Cboe Global Mkts
Type
Put
Value
$263,911
Contracts
11,151
Ishares TR
Type
Put
Value
$14,990
Contracts
500
State STR Spdr S&P 500 ETF T
Type
Put
Value
$30
Contracts
1,125

Company	Type	Value	Contracts
State STR Spdr S&P 500 ETF T	Call	$16m	1,125
Lionsgate Studios	Call	$770,600	5,527
Cboe Global Mkts	Put	$263,911	11,151
Ishares TR	Put	$14,990	500
State STR Spdr S&P 500 ETF T	Put	$30	1,125

Over time and by industry

Value over time

Sep '25

Mar '26

Value is up 33.7% since 30 June 2025.

Where the money is

Media & telecom7.0%

Technology6.8%

Financial services6.3%

Industrials4.7%

Health care1.3%

Retail & consumer0.9%

Materials0.8%

Everyday goods0.7%

Utilities0.4%

Other71.3%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.