Form 8.3-Qualcomm Incorporated

Boussard & Gavaudan Investment Management filed a Form 8.3 disclosing an opening position in Qualcomm: on 15 Dec 2025 it sold 10,400 Qualcomm shares at $180.05 and holds cash-settled derivative exposure referencing 11,013 shares, yielding a combined short exposure of 21,413 shares (reported as 0.00% of issued share capital). The filing, dated 16 Dec 2025, shows no stock-settled derivatives, no indemnities or related arrangements and also notes Alphawave IP Group plc in the disclosure; the position signals a modest short/cash-settled derivative bet by the manager rather than a material stake in Qualcomm.

Analysis

Boussard & Gavaudan Investment Management LLP filed a Form 8.3 reporting an opening position in Qualcomm Inc.; the position was held on 15 December 2025 and the disclosure was dated 16 December 2025. The filing shows a sale of 10,400 Qualcomm shares executed at $180.05 and cash-settled derivatives referencing 11,013 shares, producing a combined reference exposure of 21,413 shares.

All reported interests and short positions are listed as 0.00% of issued share capital, indicating the position is below the 1% Takeover Code disclosure threshold and is not a material equity stake. The disclosure records no stock-settled derivatives, no indemnities or other arrangements, and no supplemental open-position form attached, which points to a synthetic or cash-settled directional trade rather than an intent to acquire control.

Given the nominal size relative to Qualcomm’s market capitalization implied by the 0.00% reporting, immediate market impact should be limited; however, the combination of a reported outright sale and cash-settled derivative exposure is a clear signal of short or hedged positioning by the manager. Investors should monitor for further 8.3/Supplemental filings or increases in derivative reference amounts that could magnify synthetic exposure and produce flow-driven volatility.

Key Decisions for Investors

• Monitor subsequent Form 8.3 and any Supplemental filings from Boussard & Gavaudan for increases in cash-settled derivative reference (currently 11,013) because additional builds could materially amplify synthetic short exposure.
• Do not base a material trade solely on this filing given the combined 21,413-share reference exposure reported as 0.00% of capital; treat the disclosure as an informational signal and size any position changes to liquidity risk.
• For portfolios sensitive to short flows or volatility, consider modest protective hedges or reducing near-term directional exposure while watching for any stock-settled derivative disclosures or follow-on sales around the disclosed $180.05 trade.