Aequim Alternative Investments LP
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 15, 2024), Aequim Alternative Investments LP reported 23 stock positions worth $234.1 million. Its top holding was CNX Resources (CNX) at 33.9% of the portfolio, followed by Fluor (FLR, 15.1%) and Western Digital (WDC, 10.8%). Compared with Q2 2024, it opened 2 new positions, sold out of 2, added to 5 and reduced 4. The biggest buy was Western Digital (WDC, shares +142%) and the biggest sale Carnival (CCL, shares −60%).
- Most Recent 13F
- Q2 2026
- Location
- MILL VALLEY, CA
- CIK
- 0001728201
- Portfolio Value
- $234.1M (Q3 2024)
- SEC Filing
- 0001420506-24-002584 ↗ filed Nov 15, 2024
Holdings Value
Holdings 23 stocks · $234.1M
| CNX CNX Resources Corp. | 33.93% | 2,437,927 | $79.4M | Reduce -13.2% |
| FLR Fluor Corp. | 15.14% | 742,760 | $35.4M | Add +6.0% |
| WDC Western Digital Corp. | 10.82% | 371,000 | $25.3M | Add +142.2% |
| CNK Cinemark Holdings Inc. | 9.61% | 808,251 | $22.5M | No change |
| CCL Carnival Corp. | 9.36% | 1,184,900 | $21.9M | Reduce -59.6% |
| COIN Coinbase Global Inc. Class A | 5.24% | 68,800 | $12.3M | No change |
| SIRI Sirius XM Holdings Inc. | 2.96% | 293,124 | $6.9M | New |
| DFS Discover Financial Services | 2.21% | 36,881 | $5.2M | Reduce -45.4% |
| RPAY Repay Holdings Corp. | 2.02% | 578,484 | $4.7M | Add +640.7% |
| SPOT Spotify Technology SA | 1.68% | 10,700 | $3.9M | New |
| PSN Parsons Corp. | 1.30% | 29,300 | $3.0M | No change |
| PD Pagerduty Inc. | 1.29% | 163,300 | $3.0M | Add +43.8% |
| JAZZ Jazz Pharmaceuticals PLC | 1.23% | 25,900 | $2.9M | No change |
| WOLF Wolfspeed Inc. | 0.82% | 196,836 | $1.9M | Add +20.2% |
| BAX Baxter International Inc. | 0.41% | 25,000 | $949K | No change |
| CLF Cleveland-Cliffs Inc. | 0.40% | 73,000 | $932K | No change |
| ZD Ziff Davis Inc. | 0.38% | 18,314 | $891K | Reduce -73.9% |
| EEFT Euronet Worldwide Inc. | 0.28% | 6,600 | $655K | No change |
| CPRI Capri Holdings Ltd. | 0.27% | 15,000 | $637K | No change |
| ADNT Adient PLC | 0.26% | 26,500 | $598K | No change |
| OMF Onemain Holdings Inc. | 0.17% | 8,426 | $397K | No change |
| GT Goodyear Tire & Rubber Co. | 0.11% | 30,000 | $266K | No change |
| OI O-I Glass Inc. | 0.11% | 20,000 | $262K | No change |
Options reported separately and not counted above: UBER calls ($18.8M).
Other holdings (78): bonds, preferreds, convertibles and warrants · $2.6B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 8,000,000 | $237.8M | No change |
| EXEEZ Chesapeake Energy -CW26 | *W EXP 02/09/202 | 2,295,261 | $158.3M | No change |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 90,000,000 | $100.2M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 101,500,000 | $99.7M | Add +125.6% |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 80,000,000 | $93.7M | No change |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 80,000,000 | $85.1M | No change |
| EXEEW Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | 1,146,996 | $84.8M | Reduce -58.4% |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | 1,294,097 | $84.4M | Reduce -0.0% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 75,000,000 | $77.2M | New |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 75,000,000 | $76.3M | New |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 1,200,000 | $72.6M | New |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 59,500,000 | $72.5M | No change |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 1,200,000 | $66.5M | Add +33.3% |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 62,500,000 | $65.7M | No change |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 60,000,000 | $64.6M | No change |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 65,000,000 | $64.4M | No change |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 57,500,000 | $60.3M | Reduce -23.3% |
| RBC BEARINGS INC (RBC 5 10/15/24 A) | 5% CNV PFD SR A | 435,000 | $57.7M | No change |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 55,250,000 | $49.6M | No change |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 1,100,000 | $49.5M | Add +10.0% |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 60,000,000 | $48.3M | No change |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 50,000,000 | $48.3M | No change |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | 36,550,000 | $47.5M | No change |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 42,500,000 | $39.8M | Add +13.3% |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | 30,000,000 | $37.3M | No change |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 03/15/25) | NOTE 1.250% 3/1 · principal | 22,150,000 | $35.6M | No change |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 20,000,000 | $31.6M | Add +15.1% |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 35,000,000 | $31.1M | Reduce -15.3% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | 27,500,000 | $30.7M | No change |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | 30,000,000 | $29.1M | Add +36.4% |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 31,000,000 | $29.1M | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 30,000,000 | $28.0M | Add +76.5% |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | NOTE 3.500% 6/0 · principal | 15,000,000 | $27.8M | Add +200.0% |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | 481,221 | $26.8M | Add +381.2% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 27,500,000 | $23.9M | No change |
| ENPHASE ENERGY INC (ENPH 0.25 03/01/25) | NOTE 0.250% 3/0 · principal | 16,500,000 | $23.2M | No change |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 17,500,000 | $22.7M | No change |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | 442,500 | $22.2M | Reduce -45.7% |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 25,000,000 | $21.7M | Add +66.7% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 15,000,000 | $21.6M | New |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 10,000,000 | $20.9M | No change |
| JAMF HOLDING CORP (JAMF 0.125 09/01/26) | NOTE 0.125% 9/0 · principal | 20,500,000 | $18.6M | No change |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | 20,000,000 | $17.8M | Reduce -9.1% |
| STRIDE INC (LRN 1.125 09/01/27) | NOTE 1.125% 9/0 · principal | 10,000,000 | $16.9M | New |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 15,000,000 | $15.9M | No change |
| MANNKIND CORP (MNKD 2.5 03/01/26) | NOTE 2.500% 3/0 · principal | 10,000,000 | $13.3M | No change |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | 12,500,000 | $12.5M | New |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 15,000,000 | $12.3M | Add +130.8% |
| RAPID7 INC (RPD 2.25 05/01/25) | NOTE 2.250% 5/0 · principal | 11,925,000 | $11.8M | No change |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 11,500,000 | $10.7M | Add +15.0% |
| PENGUIN SOLUTIONS CAYMEN (PENG 2.25 02/15/26) | NOTE 2.250% 2/1 · principal | 8,450,000 | $10.2M | Reduce -11.1% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 440,000 | $9.9M | No change |
| VARONIS SYSTEM INC (VRNS 1.25 08/15/25) | NOTE 1.250% 8/1 · principal | 5,000,000 | $9.3M | No change |
| ENVESTNET INC (ENV 0.75 08/15/25) | 0.75 8/15/2025 · principal | 9,000,000 | $8.9M | No change |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 10,000,000 | $8.6M | No change |
| M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 5,000,000 | $7.1M | No change |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 6,000,000 | $7.0M | New |
| CUTERA INC (CUTR 2.25 03/15/26) | NOTE 2.250% 3/1 · principal | 20,355,000 | $6.3M | No change |
| PROS HOLDINGS INC (PRO 2.25 09/15/27) | NOTE 2.250% 9/1 · principal | 6,000,000 | $5.4M | New |
| LIVEPERSON INC (LPSN 0 12/15/26) | NOTE 12/1 · principal | 9,400,000 | $4.2M | No change |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 4,250,000 | $4.2M | No change |
| EXACT SCIENCES CORP (EXAS 1 01/15/25) | NOTE 1.000% 1/1 · principal | 4,000,000 | $4.2M | No change |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 4,000,000 | $3.7M | No change |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 3,500,000 | $3.2M | No change |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | 3,298,000 | $3.2M | No change |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 3,625,000 | $3.1M | New |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 2,500,000 | $2.5M | No change |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 2,500,000 | $2.3M | No change |
| CUTERA INC (CUTR 4 06/01/29) | NOTE 4.000% 6/0 · principal | 9,500,000 | $1.6M | No change |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 50,000 | $1.5M | No change |
| GCMGW GCM Grosvenor Inc. A -CW25 | *W EXP 11/17/202 | 1,085,000 | $1.1M | No change |
| CMPOW Composecure Inc. -CW25 | *W EXP 12/27/202 | 231,114 | $883K | New |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | 414,191 | $714K | No change |
| SPIRIT AIRLINES INC (SAVE 1 05/15/26) | NOTE 1.000% 5/1 · principal | 2,000,000 | $623K | No change |
| IMTXW Immatics NV -CW | *W EXP 07/01/202 | 252,741 | $581K | No change |
| CUTERA INC (CUTR 2.25 06/01/28) | NOTE 2.250% 6/0 · principal | 2,000,000 | $320K | No change |
| ALURW Allurion Technologies-28 | *W EXP 08/01/203 | 122,500 | $5K | No change |
| BFLYW Butterfly Network Inc. -CW25 | *W EXP 02/12/202 | 49,393 | $4K | No change |
Total filed on the 13F, all lines: $2.8B.
Portfolio Sells Q2 2024 → Q3 2024
| CCL Carnival Corp. | Reduce -59.6% | 9.36% | −13.31 |
| STX Seagate Technology Holdings | Sold out | 0.00% | −3.84 |
| LSXMA Liberty Media Corp. Class A New | Sold out | 0.00% | −2.16 |
| DFS Discover Financial Services | Reduce -45.4% | 2.21% | −1.43 |
| ZD Ziff Davis Inc. | Reduce -73.9% | 0.38% | −1.21 |
| CNX CNX Resources Corp. | Reduce -13.2% | 33.93% | +5.78 |
Portfolio Buys Q2 2024 → Q3 2024
| WDC Western Digital Corp. | Add +142.2% | 10.82% | +6.04 |
| SIRI Sirius XM Holdings Inc. | New | 2.96% | +2.96 |
| FLR Fluor Corp. | Add +6.0% | 15.14% | +2.55 |
| SPOT Spotify Technology SA | New | 1.68% | +1.68 |
| RPAY Repay Holdings Corp. | Add +640.7% | 2.02% | +1.68 |
| PD Pagerduty Inc. | Add +43.8% | 1.29% | +0.22 |
| WOLF Wolfspeed Inc. | Add +20.2% | 0.82% | −0.72 |
Options Activity Q2 2024 → Q3 2024
| UBER Uber Technologies Inc. | call | New | 250,000 | $18.8M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +125.6% | 101,500,000 | $99.7M |
| ZILLOW GROUP INC (Z 0.75 09/01/24) | NOTE 0.750% 9/0 · principal | Sold out | 80,000,000 | $86.9Mbefore exit |
| EXEEW Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | Reduce -58.4% | 1,146,996 | $84.8M |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | Reduce -0.0% | 1,294,097 | $84.4M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | New | 75,000,000 | $77.2M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | New | 75,000,000 | $76.3M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | New | 1,200,000 | $72.6M |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Add +33.3% | 1,200,000 | $66.5M |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | Reduce -23.3% | 57,500,000 | $60.3M |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Add +10.0% | 1,100,000 | $49.5M |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | Add +13.3% | 42,500,000 | $39.8M |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | Add +15.1% | 20,000,000 | $31.6M |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | Reduce -15.3% | 35,000,000 | $31.1M |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | Add +36.4% | 30,000,000 | $29.1M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Add +76.5% | 30,000,000 | $28.0M |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | NOTE 3.500% 6/0 · principal | Add +200.0% | 15,000,000 | $27.8M |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | Add +381.2% | 481,221 | $26.8M |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Reduce -45.7% | 442,500 | $22.2M |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | Add +66.7% | 25,000,000 | $21.7M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | New | 15,000,000 | $21.6M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Sold out | 13,000,000 | $18.2Mbefore exit |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | Reduce -9.1% | 20,000,000 | $17.8M |
| STRIDE INC (LRN 1.125 09/01/27) | NOTE 1.125% 9/0 · principal | New | 10,000,000 | $16.9M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Sold out | 18,500,000 | $16.3Mbefore exit |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Sold out | 13,625,000 | $14.6Mbefore exit |
| COMMERCE.COM INC (CMRC 0.25 10/01/26) | NOTE 0.250%10/0 · principal | Sold out | 15,000,000 | $13.2Mbefore exit |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | New | 12,500,000 | $12.5M |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Add +130.8% | 15,000,000 | $12.3M |
| MARCUS CORPORATION (MCS 5 09/15/25) | NOTE 5.000% 9/1 · principal | Sold out | 10,000,000 | $11.8Mbefore exit |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Add +15.0% | 11,500,000 | $10.7M |
| PENGUIN SOLUTIONS CAYMEN (PENG 2.25 02/15/26) | NOTE 2.250% 2/1 · principal | Reduce -11.1% | 8,450,000 | $10.2M |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | New | 6,000,000 | $7.0M |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | Sold out | 6,000,000 | $6.3Mbefore exit |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Sold out | 7,500,000 | $6.0Mbefore exit |
| DISH NETWORK CORP (DISH 0 12/15/25) | NOTE 12/1 · principal | Sold out | 7,500,000 | $5.6Mbefore exit |
| PROS HOLDINGS INC (PRO 2.25 09/15/27) | NOTE 2.250% 9/1 · principal | New | 6,000,000 | $5.4M |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | New | 3,625,000 | $3.1M |
| REDWOOD TRUST INC (RWT 5.625 07/15/24) | NOTE 5.625% 7/1 · principal | Sold out | 1,203,000 | $1.2Mbefore exit |
| CMPOW Composecure Inc. -CW25 | *W EXP 12/27/202 | New | 231,114 | $883K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 31 | $337.1M | CRWV, MKSI, PANW, WBD, EA |
| Q1 2026 | 34 | $231.5M | EA, MKSI, COIN, FLR, CRWV |
| Q4 2025 | 27 | $197.5M | SPOT, COIN, FOX, IBIT, CYBR |
| Q3 2025 | 25 | $597.8M | SPY, SPOT, COIN, IBIT, FLR |
| Q2 2025 | 22 | $162.9M | CCL, SPOT, COIN, FLR, MCHP |
| Q1 2025 | 24 | $128.1M | CNK, CCL, SPOT, FLR, DFS |
| Q4 2024 | 21 | $154.0M | FLR, CNK, CCL, COIN, DFS |
| Q3 2024 | 23 | $234.1M | CNX, FLR, WDC, CNK, CCL |
| Q2 2024 | 23 | $242.4M | CNX, CCL, FLR, CNK, COIN |
| Q1 2024 | 25 | $267.6M | CNX, CCL, FLR, NEE, F |