Form 8.3

Boussard & Gavaudan Investment Management filed a Form 8.3 on Dec. 9, 2025 disclosing an opening position in Qualcomm Inc. (position date Dec. 8), reporting zero direct shares but cash-settled derivative exposure of 5,817 reference securities and an increase in a short CFD position of 1,662 reference securities at $174.82 per unit; the filing also notes disclosures in respect of Alphawave IP Group plc, lists no indemnities or related arrangements, and did not attach a Supplemental Form 8. This indicates the manager holds short/derivative exposure to Qualcomm rather than stock ownership, a modest position by the issuer’s standards per the form, which market participants could interpret as tactical shorting or hedging ahead of corporate events.

Analysis

Boussard & Gavaudan Investment Management LLP filed a Form 8.3 on 9 December 2025 disclosing an opening position in Qualcomm Inc. with the position dated 8 December 2025; the filing lists zero direct shares owned and a cash‑settled derivative exposure corresponding to 5,817 reference securities. The filing also records a specific CFD transaction described as an increase in a short position for 1,662 reference securities at a price of $174.82 per unit and notes a disclosure in respect of Alphawave IP Group plc. No stock‑settled derivatives, subscription rights, indemnities, or arrangements were reported, and no Supplemental Form 8 (Open Positions) was attached.

The net disclosed footprint is derivative‑based short exposure rather than an equity stake, and the form shows 0.00% ownership by the reporting threshold, implying the position is modest relative to Qualcomm’s free float as reported on the form. The filing signals mildly negative positioning by a discretionary manager rather than activist intent and, given the cash‑settled nature, could reflect tactical shorting or hedging around price levels near $174.82. Market impact appears limited from this filing alone, but it merits monitoring for escalation (additional filings, shifts to stock‑settled positions) that could alter liquidity and sentiment dynamics.

Key Decisions for Investors

• Monitor subsequent Form 8.3/8 filings for increases in derivative exposure or conversion to stock‑settled positions, as the 5,817 cash‑settled references and 1,662 CFD increase may precede larger moves
• Reassess short exposure and hedge use around the $174.82 reference level reported in the CFD, employing options or position sizing to limit downside in the event of volatility
• Treat this filing as a tactical signal rather than a structural bear thesis given the 0.00% ownership disclosure, and avoid overreacting with large directional trades absent further evidence
• Watch volume, price reaction and any company‑specific catalysts (earnings, guidance or corporate actions) that could validate or negate the reported short positioning