Boussard & Gavaudan Investment Management LLP

1) Portfolio overview — size, concentration and turnover

• Portfolio value on 2025-09-30: $753.45M, down 3.3% from $779.25M on 2025-06-30.
• Number of reported positions: 68. The filer opened 26 new positions and sold 26 positions during the quarter. New positions therefore represent 26/68 = 38% of current holdings — a high rate of churn that signals active rebalancing.
• Concentration is high: the top 10 positions total $443.79M, or about 58.9% of the portfolio. The top four positions alone a...