Boussard & Gavaudan Investment Management LLP
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 30 quarters, returned +3.4% per quarter — versus +2.5% per quarter from simply owning every 13F stock. It beat that baseline in only 46.7% of quarters (excess t = 0.20, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 84 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| WDC | $186M | | TRIM |
| WBD | $63M | | ADD |
| AEIS | $57M | | ADD |
| EA | $53M | | ADD |
| BBIO | $46M | | NEW |
| ALNY | $41M | | ADD |
| NSC | $39M | | ADD |
| GH | $38M | | NEW |
| OSIS | $32M | | ADD |
| WTM | $31M | | NEW |
| GVA | $25M | | NEW |
| SNOW | $20M | | TRIM |
| LCII | $19M | | NEW |
| ASND | $19M | | ADD |
| ON | $17M | | ADD |
| LYV | $17M | | TRIM |
| POST | $16M | | ADD |
| IRTC | $12M | | NEW |
| MKSI | $10M | | NEW |
| Q | $9M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.