BDF-Gestion Dumps 39,000 AMD Shares Worth $6.4 Million

BDF-Gestion significantly reduced its Advanced Micro Devices (AMD) holding in Q3 2025, selling 39,327 shares valued at approximately $6.35 million and cutting its position by over half to 0.63% of its AUM. This divestment notably preceded AMD's strategic partnership announcement with OpenAI on October 6, which subsequently drove AMD shares up 38%, suggesting the fund missed out on substantial gains from the sold portion.

Analysis

BDF-Gestion significantly reduced its Advanced Micro Devices (AMD) holding in Q3 2025, divesting 39,327 shares valued at an estimated $6.35 million. This action cut their AMD position by more than half, reducing it to 0.63% of the fund's AUM and placing it outside their top five holdings. The average selling price for these shares during Q3 was approximately $192.

This divestment notably preceded a significant positive catalyst for AMD. On October 6, AMD announced a strategic partnership with OpenAI to deploy six gigawatts of AMD's graphics processing units (GPUs), a deal that could also grant OpenAI a 10% stake in AMD. Following this news, AMD shares surged 38% over the last month, reaching $214.9 by October 10, and outperforming the S&P 500 by 15.3 percentage points over the past year.

BDF-Gestion's decision, which also involved trimming other large tech names, appears to be a move to lock in 2025 profits. However, the timing proved "unfortunate" given the subsequent substantial appreciation in AMD's stock price post-OpenAI announcement, indicating missed gains on the divested portion.

Despite BDF-Gestion's reduction, AMD's underlying fundamentals remain robust, with TTM revenue of $29.60 billion and net income of $2.83 billion. The company's diversified product portfolio across CPUs, GPUs, and SoCs, coupled with its strengthened position in the AI hardware market via the OpenAI partnership, underpins the current "strongly positive" market sentiment for AMD.

Key Decisions for Investors

• Investors should re-evaluate AMD's enhanced growth trajectory and AI market positioning following the OpenAI partnership, considering its potential long-term impact on revenue and market share
• Institutional investors may consider monitoring other large fund flows into AMD, particularly given BDF-Gestion's profit-taking ahead of a major catalyst
• Prudent investors should assess their own profit targets and risk management strategies, as BDF-Gestion's experience highlights the challenge of market timing even for seasoned funds