Aequim Alternative Investments LP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 13, 2024), Aequim Alternative Investments LP reported 25 stock positions worth $267.6 million. Its top holding was CNX Resources (CNX) at 22.3% of the portfolio, followed by Carnival (CCL, 18.5%) and Fluor (FLR, 11.1%). Compared with Q4 2023, it opened 4 new positions, sold out of 2, added to 6 and reduced 2. The biggest buy was Nextera Energy (NEE, shares +177%) and the biggest sale Ford Motor (F, shares −32%).

Most Recent 13F
Q2 2026
Location
MILL VALLEY, CA
CIK
0001728201
Portfolio Value
$267.6M (Q1 2024)
SEC Filing
0001420506-24-000786 ↗ filed May 13, 2024

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $267.6M $267.6M Q1 2024 Q2 2024: $242.4M Q2 2024 Q3 2024: $234.1M Q3 2024 Q4 2024: $154.0M Q4 2024 Q1 2025: $128.1M Q1 2025 Q2 2025: $162.9M Q2 2025 Q3 2025: $597.8M Q3 2025 Q4 2025: $197.5M Q4 2025 Q1 2026: $231.5M Q1 2026 Q2 2026: $337.1M Q2 2026

Holdings 25 stocks · $267.6M
CNX CNX Resources Corp. 22.27% 2,512,300 $59.6M No change
CCL Carnival Corp. 18.53% 3,033,900 $49.6M Add +19.9%
FLR Fluor Corp. 11.08% 700,960 $29.6M No change
NEE Nextera Energy Inc. 10.20% 426,900 $27.3M Add +177.2%
F Ford Motor Co. filed as FORD MTR CO DEL 5.77% 1,162,738 $15.4M Reduce -32.5%
CNK Cinemark Holdings Inc. 5.43% 808,251 $14.5M Add +20.8%
WDC Western Digital Corp. 3.91% 153,200 $10.5M New
LSXMA Liberty Media Corp. Class A New 3.88% 350,000 $10.4M New
DFS Discover Financial Services 3.67% 75,000 $9.8M New
COIN Coinbase Global Inc. Class A 3.21% 32,400 $8.6M No change
STX Seagate Technology Holdings 2.76% 79,400 $7.4M Add +90.0%
WOLF Wolfspeed Inc. 1.81% 163,800 $4.8M Add +14.7%
ZD Ziff Davis Inc. 1.65% 70,100 $4.4M No change
BMRN Biomarin Pharmaceutical Inc. 1.40% 43,000 $3.8M No change
JAZZ Jazz Pharmaceuticals PLC 1.17% 25,900 $3.1M No change
PSN Parsons Corp. 0.68% 22,000 $1.8M New
CLF Cleveland-Cliffs Inc. 0.62% 73,000 $1.7M No change
BAX Baxter International Inc. 0.40% 25,000 $1.1M No change
ADNT Adient PLC 0.33% 26,500 $872K No change
RPAY Repay Holdings Corp. 0.32% 78,100 $859K Reduce -30.6%
EEFT Euronet Worldwide Inc. 0.27% 6,600 $726K No change
CPRI Capri Holdings Ltd. 0.21% 12,500 $566K Add +20.8%
OMF Onemain Holdings Inc. 0.16% 8,426 $430K No change
GT Goodyear Tire & Rubber Co. 0.15% 30,000 $412K No change
OI O-I Glass Inc. 0.12% 20,000 $332K No change
Other holdings (76): bonds, preferreds, convertibles and warrants · $2.4B (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 8,000,000$344.8MAdd +1.3%
EXEEW Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 2,753,916$225.7MNo change
EXEEZ Chesapeake Energy -CW26 *W EXP 02/09/202 2,295,261$176.8MNo change
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal 100,000,000$99.6MNew
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 1,294,187$94.1MNo change
SNAP INC (SNAP 0.25 05/01/25) NOTE 0.250% 5/0 · principal 90,000,000$87.6MNo change
ZILLOW GROUP INC (Z 0.75 09/01/24) NOTE 0.750% 9/0 · principal 70,000,000$82.7MNo change
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal 70,000,000$69.2MNew
ETSY INC (ETSY 0.125 10/01/26) NOTE 0.125%10/0 · principal 65,000,000$69.0MNo change
PELOTON INTERACTIVE INC (PTON 0 02/15/26) NOTE 2/1 · principal 73,500,000$62.3MNo change
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 65,590,000$60.4MAdd +8.3%
AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) NOTE 0.125% 5/0 · principal 50,000,000$59.2MNo change
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B 815,000$52.3MAdd +10.1%
UNITY SOFTWARE INC (U 0 11/15/26) NOTE 11/1 · principal 55,250,000$47.1MNo change
RBC BEARINGS INC (RBC 5 10/15/24 A) 5% CNV PFD SR A 385,000$47.0MAdd +24.2%
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 782,000$46.1MNew
DATADOG INC (DDOG 0.125 06/15/25) NOTE 0.125% 6/1 · principal 32,500,000$46.0MReduce -18.8%
GUARDANT HEALTH INC (GH 0 11/15/27) NOTE 11/1 · principal 60,000,000$41.1MReduce -5.5%
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal 35,000,000$39.5MNew
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal 37,500,000$34.5MNo change
AFFIRM HOLDINGS INC (AFRM 0 11/15/26) NOTE 11/1 · principal 41,300,000$34.4MNo change
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal 35,000,000$33.1MReduce -13.6%
PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) NOTE 1.000% 4/1 · principal 30,000,000$31.2MNo change
CLARIVATE PLC (CLVT 5.25 06/01/24 A) 5.25% PFD CONV A 1,000,000$29.7MNo change
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 31,000,000$28.2MNo change
ENPHASE ENERGY INC (ENPH 0.25 03/01/25) NOTE 0.250% 3/0 · principal 16,500,000$26.0MNo change
GUIDEWIRE SOFTWARE INC (GWRE 1.25 03/15/25) NOTE 1.250% 3/1 · principal 22,150,000$25.7MReduce -24.9%
SHOPIFY INC (SHOPCN 0.125 11/01/25) NOTE 0.125%11/0 · principal 26,563,000$25.3MNo change
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal 27,500,000$23.2MNo change
CONFLUENT INC (CFLT 0 01/15/27) NOTE 1/1 · principal 25,000,000$21.5MNo change
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal 13,000,000$19.2MAdd +30.0%
JAMF HOLDING CORP (JAMF 0.125 09/01/26) NOTE 0.125% 9/0 · principal 20,500,000$18.4MNo change
DISH NETWORK CORP (DISH 0 12/15/25) NOTE 12/1 · principal 25,000,000$18.4MReduce -58.3%
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal 10,000,000$18.0MNew
COMMERCE.COM INC (CMRC 0.25 10/01/26) NOTE 0.250%10/0 · principal 20,000,000$16.5MNo change
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal 18,500,000$16.2MAdd +76.2%
BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal 17,500,000$15.8MNo change
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal 15,000,000$14.4MNew
VERINT SYSTEMS INC (VRNT 0.25 04/15/26) NOTE 0.250% 4/1 · principal 15,000,000$14.1MNo change
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal 11,500,000$13.3MNew
PENGUIN SOLUTIONS CAYMEN (PENG 2.25 02/15/26) NOTE 2.250% 2/1 · principal 9,500,000$13.2MNo change
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) NOTE 2.250% 2/0 · principal 15,000,000$12.3MNo change
RAPID7 INC (RPD 2.25 05/01/25) NOTE 2.250% 5/0 · principal 11,925,000$12.3MNo change
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal 15,000,000$12.1MNew
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal 15,000,000$11.7MAdd +50.0%
MANNKIND CORP (MNKD 2.5 03/01/26) NOTE 2.500% 3/0 · principal 10,000,000$11.3MNew
UGI CORP (UGI 7.25 06/01/24) UNIT 06/01/2024 174,000$10.1MNo change
ENVESTNET INC (ENV 0.75 08/15/25) 0.75 8/15/2025 · principal 9,000,000$8.8MNo change
MARCUS CORPORATION (MCS 5 09/15/25) NOTE 5.000% 9/1 · principal 6,000,000$8.6MNo change
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 440,000$8.3MNo change
CUTERA INC (CUTR 2.25 03/15/26) NOTE 2.250% 3/1 · principal 20,355,000$7.9MNo change
VARONIS SYSTEM INC (VRNS 1.25 08/15/25) NOTE 1.250% 8/1 · principal 5,000,000$7.9MNo change
PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) NOTE 0.750% 8/0 · principal 8,000,000$7.6MNo change
PROS HOLDINGS INC (PRO 1 05/15/24) NOTE 1.000% 5/1 · principal 7,500,000$7.3MNo change
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal 5,000,000$7.2MNew
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) NOTE 0.250% 3/1 · principal 5,000,000$6.3MNew
EXACT SCIENCES CORP (EXAS 0.375 03/15/27) NOTE 0.375% 3/1 · principal 6,000,000$5.7MReduce -20.0%
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 100,000$4.5MNew
EXACT SCIENCES CORP (EXAS 1 01/15/25) NOTE 1.000% 1/1 · principal 4,000,000$4.5MReduce -50.0%
RWT HOLDINGS INC (RWT 5.75 10/01/25) NOTE 5.750%10/0 · principal 4,250,000$4.1MNo change
LIVEPERSON INC (LPSN 0 12/15/26) NOTE 12/1 · principal 9,400,000$3.7MAdd +56.7%
CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal 3,500,000$3.3MNo change
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) NOTE 0.125% 1/1 · principal 2,500,000$2.5MNew
CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal 1,500,000$2.4MNo change
HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal 2,500,000$2.3MReduce -87.8%
CUTERA INC (CUTR 4 06/01/29) NOTE 4.000% 6/0 · principal 9,500,000$2.1MNo change
SEMTECH CORP (SMTC 1.625 11/01/27) NOTE 1.625%11/0 · principal 1,500,000$1.5MNo change
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E 50,000$1.4MNo change
REDWOOD TRUST INC (RWT 5.625 07/15/24) NOTE 5.625% 7/1 · principal 1,203,000$1.2MNo change
ALGONQUIN PWR & (AQNCN 7.75 06/15/24) UNIT 06/15/2024 50,000$1.1MNo change
SPIRIT AIRLINES INC (SAVE 1 05/15/26) NOTE 1.000% 5/1 · principal 2,000,000$943KNo change
IMTXW Immatics NV -CW *W EXP 07/01/202 252,741$657KNo change
ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 414,191$567KNo change
GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 985,000$473KAdd +304.9%
ALURW Allurion Technologies-28 *W EXP 08/01/203 122,500$31KNo change
BFLYW Butterfly Network Inc. -CW25 *W EXP 02/12/202 49,393$2KNo change

Total filed on the 13F, all lines: $2.7B.

Portfolio Sells Q4 2023 → Q1 2024
F Ford Motor Co. Reduce -32.5% 5.77% −4.76
ECHO Echostar Corp. Class A Sold out 0.00% −0.19
CGC Canopy Growth Corp. Sold out 0.00% −0.18
RPAY Repay Holdings Corp. Reduce -30.6% 0.32% −0.16

Portfolio Buys Q4 2023 → Q1 2024
NEE Nextera Energy Inc. Add +177.2% 10.20% +5.50
WDC Western Digital Corp. New 3.91% +3.91
LSXMA Liberty Media Corp. Class A New New 3.88% +3.88
DFS Discover Financial Services New 3.67% +3.67
STX Seagate Technology Holdings Add +90.0% 2.76% +0.97
CNK Cinemark Holdings Inc. Add +20.8% 5.43% +0.70
PSN Parsons Corp. New 0.68% +0.68
CPRI Capri Holdings Ltd. Add +20.8% 0.21% −0.05
WOLF Wolfspeed Inc. Add +14.7% 1.81% −1.31
CCL Carnival Corp. Add +19.9% 18.53% −5.01

Notes & Other Activity Q4 2023 → Q1 2024
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Add +1.3% 8,000,000 $344.8M
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal New 100,000,000 $99.6M
NICE SYSTEMS INC (NICEIT 1.25 01/15/24) NOTE 1.250% 1/1 · principal Sold out 38,163,000 $84.5Mbefore exit
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal New 70,000,000 $69.2M
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal Add +8.3% 65,590,000 $60.4M
REPLIGEN CORP NOTE 1.000%12/1 · principal Sold out 50,000,000 $56.0Mbefore exit
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B Add +10.1% 815,000 $52.3M
SPLUNK INC (SPLK 1.125 06/15/27) NOTE 1.125% 6/1 · principal Sold out 50,000,000 $48.7Mbefore exit
RBC BEARINGS INC (RBC 5 10/15/24 A) 5% CNV PFD SR A Add +24.2% 385,000 $47.0M
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A New 782,000 $46.1M
DATADOG INC (DDOG 0.125 06/15/25) NOTE 0.125% 6/1 · principal Reduce -18.8% 32,500,000 $46.0M
GUARDANT HEALTH INC (GH 0 11/15/27) NOTE 11/1 · principal Reduce -5.5% 60,000,000 $41.1M
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal New 35,000,000 $39.5M
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal Reduce -13.6% 35,000,000 $33.1M
VERADIGM INC (MDRX 0.875 01/01/27) NOTE 0.875% 1/0 · principal Sold out 32,250,000 $32.5Mbefore exit
GUIDEWIRE SOFTWARE INC (GWRE 1.25 03/15/25) NOTE 1.250% 3/1 · principal Reduce -24.9% 22,150,000 $25.7M
ITRON INC (ITRI 0 03/15/26) NOTE 3/1 · principal Sold out 25,000,000 $23.1Mbefore exit
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal Add +30.0% 13,000,000 $19.2M
DISH NETWORK CORP (DISH 0 12/15/25) NOTE 12/1 · principal Reduce -58.3% 25,000,000 $18.4M
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal New 10,000,000 $18.0M
INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) NOTE 0.500% 8/1 · principal Sold out 18,000,000 $17.0Mbefore exit
PEGASYSTEMS INC (PEGA 0.75 03/01/25) NOTE 0.750% 3/0 · principal Sold out 17,500,000 $16.2Mbefore exit
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal Add +76.2% 18,500,000 $16.2M
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal New 15,000,000 $14.4M
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal New 11,500,000 $13.3M
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal New 15,000,000 $12.1M
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal Add +50.0% 15,000,000 $11.7M
MANNKIND CORP (MNKD 2.5 03/01/26) NOTE 2.500% 3/0 · principal New 10,000,000 $11.3M
TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) NOTE 12/1 · principal Sold out 12,500,000 $10.4Mbefore exit
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal New 5,000,000 $7.2M
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) NOTE 0.250% 3/1 · principal New 5,000,000 $6.3M
EXACT SCIENCES CORP (EXAS 0.375 03/15/27) NOTE 0.375% 3/1 · principal Reduce -20.0% 6,000,000 $5.7M
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 New 100,000 $4.5M
EXACT SCIENCES CORP (EXAS 1 01/15/25) NOTE 1.000% 1/1 · principal Reduce -50.0% 4,000,000 $4.5M
LIVEPERSON INC (LPSN 0 12/15/26) NOTE 12/1 · principal Add +56.7% 9,400,000 $3.7M
BROOKDALE SENIOR LIVING (BKD 7 11/15/25) UNIT 11/15/2025 Sold out 40,000 $3.2Mbefore exit
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) NOTE 0.125% 1/1 · principal New 2,500,000 $2.5M
INSMED INC (INSM 1.75 01/15/25) NOTE 1.750% 1/1 · principal Sold out 2,250,000 $2.4Mbefore exit
RINGCENTRAL INC (RNG 0 03/01/25) NOTE 3/0 · principal Sold out 2,500,000 $2.3Mbefore exit
HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal Reduce -87.8% 2,500,000 $2.3M
Q2 HOLDINGS INC (QTWO 0.125 11/15/25) NOTE 0.125%11/1 · principal Sold out 2,500,000 $2.3Mbefore exit
DAYFORCE INC (DAY 0.25 03/15/26) NOTE 0.250% 3/1 · principal Sold out 2,500,000 $2.3Mbefore exit
DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal Sold out 2,000,000 $2.1Mbefore exit
OKTA INC (OKTA 0.125 09/01/25) NOTE 0.125% 9/0 · principal Sold out 2,000,000 $1.9Mbefore exit
WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal Sold out 1,500,000 $1.4Mbefore exit
NIKOLA CORP (NKLA 8.25 12/15/26) NOTE 8.250%12/1 · principal Sold out 500,000 $596Kbefore exit
GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 Add +304.9% 985,000 $473K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 31$337.1MCRWV, MKSI, PANW, WBD, EA
Q1 2026 34$231.5MEA, MKSI, COIN, FLR, CRWV
Q4 2025 27$197.5MSPOT, COIN, FOX, IBIT, CYBR
Q3 2025 25$597.8MSPY, SPOT, COIN, IBIT, FLR
Q2 2025 22$162.9MCCL, SPOT, COIN, FLR, MCHP
Q1 2025 24$128.1MCNK, CCL, SPOT, FLR, DFS
Q4 2024 21$154.0MFLR, CNK, CCL, COIN, DFS
Q3 2024 23$234.1MCNX, FLR, WDC, CNK, CCL
Q2 2024 23$242.4MCNX, CCL, FLR, CNK, COIN
Q1 2024 25$267.6MCNX, CCL, FLR, NEE, F