Form 8.3

Boussard & Gavaudan Investment Management filed an opening Rule 8.3 disclosure on Qualcomm Inc. (position date 12 Dec 2025, disclosed 15 Dec 2025) showing no direct equity ownership but cash‑settled short exposure referencing 11,013 Qualcomm shares (reported as 0.00% of the class). The filing records a recent CFD that increased the short by 543 reference shares at $180.95 each, with no stock‑settled derivatives, subscription rights, indemnities or voting arrangements disclosed and no supplemental open‑positions form attached. The discloser also noted Alphawave IP Group plc; because the exposure is cash‑settled and below 1%, the filing indicates derivative short positioning without voting control and does not trigger Takeover Code thresholds.

Analysis

Boussard & Gavaudan Investment Management filed an opening Rule 8.3 disclosure on Qualcomm Inc., stating a position date of 12 December 2025 and disclosure dated 15 December 2025. The filing shows zero direct equity ownership and a reported cash-settled short exposure referencing 11,013 Qualcomm shares, recorded as 0.00% of the class, and also names Alphawave IP Group plc in the disclosure context.

The filing details a CFD that increased the short position by 543 reference shares at a reported price of $180.95 per unit, with no stock-settled derivatives, subscription rights, indemnities or voting arrangements disclosed and no Supplemental Form 8 attached. The cash-settled nature of the exposure means the discloser lacks voting control and the record shows a limited, derivative-based tactical short rather than a takeover or activist equity stake.

Given the absolute size and 0.00% percentage, the immediate market and takeover implications are limited; however the position signals a mildly negative sentiment toward Qualcomm from this manager and introduces potential for derivative-driven short-term flow or volatility. Market-impact metrics provided (sentiment_score -0.25, market_impact_score 0.12) corroborate a cautious, low-impact market reaction, so monitoring further derivative or equity disclosures is warranted rather than assuming a material shift in fundamentals.

Key Decisions for Investors

• Do not change core Qualcomm equity exposure solely on this filing given the disclosed short equals 11,013 reference shares (0.00% of the class) and no stock-settled positions were reported
• Monitor subsequent Rule 8 and Supplemental Form 8 filings and public short-interest data for increases in cash-settled derivatives or any transition to stock-settled positions, which would raise voting and takeover implications
• If concerned about derivative-driven volatility, consider modest, targeted hedges or defined stop-losses and watch price action around the CFD reference level of $180.95 as a short-term technical reference