Boussard & Gavaudan Investment Management LLP

2) Key holdings — size and significance

• Largest positions:
  • Seagate HDD Cayman: $71.77M (9.53%).
  • Axon Enterprise Inc.: $71.53M (9.49%).
  • Strategy Inc.: $58.40M (7.75%).
  • Western Digital Corp.: $55.38M (7.35%). Together these four holdings represent 34.1% of the portfolio and are therefore primary drivers of performance and risk.
• Notable pairs and duplicates:
  • Snowflake appears twice in the file ($25.32M and $21.86M). Combined Snowflake exposure is $47.18M (6.26%).
  • Strategy Inc., Halozyme, and Etsy also have multiple reported lines. These duplicates should be aggregated for accurate exposure assessment; combined holdings materially change single-name weightings.
• Mid‑sized positions (top 11–20) include Chefs’ Warehouse ($40.08M, 5.32%), Box ($33.95M, 4.51%), Tyler ISD $32.91M (4.37%), Burlington Stores ($30.62M, 4.06%). These names create a diversified set of large, idiosyncratic bets across software, retail and specialty distribution.
• Liquidity and idiosyncratic risk: Several positions are concentrated but relatively small-cap or structured (multiple SPACs/acquisition vehicles listed among the top 50). That increases idiosyncratic and liquidity risk relative to a portfolio of large-cap liquid equities.

3) Sector allocation and limitations

• Reported sector allocation is dominated by a single “Unknown” bucket: $733.56M (about 97.3% of the portfolio). The SEC file’s sector mapping prevents a reliable machine-read sector breakdown from the provided sector totals.
• Using the tickers and typical industry classifications (inferred, not official from this filing), the portfolio shows clear tilts toward:
  • Technology / Software & Hardware (Seagate, Western Digital, Snowflake, Box, Cloudflare, CyberArk, Dropbox, Super Micro, Lumentum).
  • Consumer/retail and distribution (Burlington Stores, Chefs’ Warehouse, Etsy reduced but previously large).
  • Biotech / Healthcare exposure (Alnylam $21.5M, Halozyme partial positions).
  • Utilities / Energy modest exposure (WEC, Duke, Southern) but small in aggregate.
• Takeaway: sector-level conclusions from the filed sector totals are unreliable because of the “Unknown” classification; investors should aggregate holdings by GICS or another standard to determine true sector weights. From the holdings list, the largest visible economic exposure is to technology (hardware and software).