Aequim Alternative Investments LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Aequim Alternative Investments LP reported 24 stock positions worth $128.1 million. Its top holding was Cinemark (CNK) at 19.4% of the portfolio, followed by Carnival (CCL, 15.3%) and Spotify Technology (SPOT, 10.7%). Compared with Q4 2024, it opened 4 new positions, sold out of 1, added to 4 and reduced 1. The biggest buy was Spotify Technology (SPOT, shares +134%) and the biggest sale Fluor (FLR, shares −54%).

Most Recent 13F
Q2 2026
Location
MILL VALLEY, CA
CIK
0001728201
Portfolio Value
$128.1M (Q1 2025)
SEC Filing
0001420506-25-000996 ↗ filed May 13, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $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 $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 24 stocks · $128.1M
CNK Cinemark Holdings Inc. 19.44% 1,000,209 $24.9M Add +4.2%
CCL Carnival Corp. 15.32% 1,004,704 $19.6M No change
SPOT Spotify Technology SA 10.73% 25,000 $13.8M Add +133.6%
FLR Fluor Corp. 10.50% 375,318 $13.4M Reduce -53.9%
DFS Discover Financial Services 8.33% 62,478 $10.7M No change
COIN Coinbase Global Inc. Class A 7.91% 58,800 $10.1M No change
SIRI Sirius XM Holdings Inc. 5.16% 293,124 $6.6M No change
K Kellanova 3.38% 52,546 $4.3M New
ETSY Etsy Inc. 2.73% 74,126 $3.5M New
RPAY Repay Holdings Corp. 2.52% 578,484 $3.2M No change
PD Pagerduty Inc. 2.33% 163,300 $3.0M No change
ALE Allete Inc. 1.98% 38,525 $2.5M Add +45.5%
JAZZ Jazz Pharmaceuticals PLC 1.62% 16,700 $2.1M No change
ITCI Intra-Cellular Therapies Inc. 1.54% 15,000 $2.0M New
WOLF Wolfspeed Inc. 1.51% 630,885 $1.9M Add +53.1%
PSN Parsons Corp. 1.35% 29,300 $1.7M No change
WK Workiva Inc. 1.32% 22,200 $1.7M No change
BAX Baxter International Inc. 0.67% 25,000 $856K No change
CLF Cleveland-Cliffs Inc. 0.47% 73,000 $600K No change
OMF Onemain Holdings Inc. 0.32% 8,426 $412K No change
NET Cloudflare Inc. Class A 0.29% 3,300 $372K New
GT Goodyear Tire & Rubber Co. 0.22% 30,000 $277K No change
ZD Ziff Davis Inc. 0.21% 7,033 $264K No change
OI O-I Glass Inc. 0.18% 20,000 $229K No change

Options reported separately and not counted above: UBER calls ($18.2M).

Other holdings (67): bonds, preferreds, convertibles and warrants · $2.4B (not counted above)
SecurityClassShares / PrincipalValueChange
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 1,154,388$116.0MReduce -10.8%
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 115,000,000$110.1MAdd +53.3%
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal 90,000,000$100.3MNo change
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 115,000,000$99.9MAdd +6.5%
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 101,500,000$99.6MNo change
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 1,800,000$85.9MNo change
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal 77,500,000$84.0MNo change
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 70,000,000$82.4MAdd +40.0%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) NOTE 3.625% 6/1 · principal 75,000,000$77.0MNo change
VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal 59,500,000$76.7MNo change
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 1,140,000$75.2MAdd +15.2%
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 60,000,000$66.5MNo change
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal 60,000,000$64.3MNo change
FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal 62,500,000$63.4MNo change
ETSY INC (ETSY 0.125 10/01/26) NOTE 0.125%10/0 · principal 65,000,000$62.6MNo change
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 50,000,000$60.3MNo change
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 1,350,000$59.6MAdd +309.1%
INTERDIGITAL INC (IDCC 3.5 06/01/27) NOTE 3.500% 6/0 · principal 20,000,000$53.8MNo change
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 48,000,000$52.1MNo change
SHOPIFY INC (SHOPCN 0.125 11/01/25) NOTE 0.125%11/0 · principal 50,000,000$50.3MNo change
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 1,050,000$50.2MNo change
PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) NOTE 1.000% 4/1 · principal 45,000,000$48.3MNo change
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal 48,500,000$47.4MAdd +7.8%
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal 40,000,000$46.2MReduce -20.0%
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal 42,500,000$40.8MNo change
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 38,500,000$37.0MNo change
GUARDANT HEALTH INC (GH 1.25 02/15/31) DEBT 1.250% 2/1 · principal 35,000,000$36.3MNew
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal 26,302,000$35.1MNew
EXACT SCIENCES CORP (EXAS 0.375 03/15/27) NOTE 0.375% 3/1 · principal 37,500,000$34.5MAdd +7.1%
CONFLUENT INC (CFLT 0 01/15/27) NOTE 1/1 · principal 32,460,000$30.0MAdd +62.3%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal 30,000,000$29.1MNew
DATADOG INC (DDOG 0.125 06/15/25) NOTE 0.125% 6/1 · principal 25,550,000$28.7MNo change
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B 500,000$27.4MAdd +11.1%
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 750,000$26.7MReduce -31.8%
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 400,000$23.9MNew
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal 20,000,000$21.7MAdd +60.0%
JAMF HOLDING CORP (JAMF 0.125 09/01/26) NOTE 0.125% 9/0 · principal 22,500,000$21.2MAdd +9.8%
CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal 17,500,000$20.1MNo change
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) NOTE 1.250% 5/0 · principal 20,000,000$20.0MNew
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal 17,500,000$19.6MNo change
ENOVIS CORP (ENOV 3.875 10/15/28) NOTE 3.875%10/1 · principal 17,500,000$18.0MAdd +40.0%
UNITY SOFTWARE INC (U 0 11/15/26) NOTE 11/1 · principal 18,674,000$17.4MReduce -66.2%
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 17,500,000$14.9MNo change
ENPHASE ENERGY INC (ENPH 0 03/01/26) NOTE 3/0 · principal 15,000,000$14.3MNew
PROS HOLDINGS INC (PRO 2.25 09/15/27) NOTE 2.250% 9/1 · principal 15,000,000$14.2MNo change
BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal 15,500,000$14.1MNo change
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 9,000,000$12.5MNo change
MIDDLEBY CORP (MIDD 1 09/01/25) NOTE 1.000% 9/0 · principal 10,326,000$12.5MReduce -48.4%
RAPID7 INC (RPD 2.25 05/01/25) NOTE 2.250% 5/0 · principal 11,925,000$11.9MNo change
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 440,000$10.2MNo change
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) NOTE 4.000% 5/0 · principal 6,000,000$9.8MNo change
SNAP INC (SNAP 0 05/01/27) NOTE 5/0 · principal 10,000,000$8.9MNo change
VARONIS SYSTEM INC (VRNS 1.25 08/15/25) NOTE 1.250% 8/1 · principal 5,000,000$6.7MNo change
ACCOLADE INC (ACCD 0.5 04/01/26) NOTE 0.500% 4/0 · principal 5,000,000$4.9MNew
LIVEPERSON INC (LPSN 0 12/15/26) NOTE 12/1 · principal 9,400,000$3.7MNo change
PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) NOTE 0.750% 8/0 · principal 3,298,000$3.3MNo change
ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal 3,500,000$3.0MNo change
AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal 2,500,000$2.5MNew
EZCORP INC (EZPW 2.375 05/01/25) NOTE 2.375% 5/0 · principal 2,500,000$2.5MNew
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) NOTE 0.125% 1/1 · principal 2,500,000$2.4MNo change
HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal 2,500,000$2.4MNo change
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E 69,492$2.1MAdd +39.0%
GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 1,151,021$2.0MAdd +6.1%
CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 231,114$897KNo change
ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 414,191$145KNo change
BFLYW Butterfly Network Inc. -CW25 *W EXP 02/12/202 49,393$4KNew
IMTXW Immatics NV -CW *W EXP 07/01/202 252,741$4KNo change

Total filed on the 13F, all lines: $2.5B.

Portfolio Sells Q4 2024 → Q1 2025
FLR Fluor Corp. Reduce -53.9% 10.50% −15.55
ADNT Adient PLC Sold out 0.00% −0.30

Portfolio Buys Q4 2024 → Q1 2025
SPOT Spotify Technology SA Add +133.6% 10.73% +7.63
K Kellanova New 3.38% +3.38
ETSY Etsy Inc. New 2.73% +2.73
ITCI Intra-Cellular Therapies Inc. New 1.54% +1.54
ALE Allete Inc. Add +45.5% 1.98% +0.86
NET Cloudflare Inc. Class A New 0.29% +0.29
CNK Cinemark Holdings Inc. Add +4.2% 19.44% +0.13
WOLF Wolfspeed Inc. Add +53.1% 1.51% −0.28

Options Activity Q4 2024 → Q1 2025
UBER Uber Technologies Inc. call New 250,000 $18.2M
UBER TECHNOLOGIES INC call Sold out 250,000 $15.1Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Sold out 8,542,000 $235.3Mbefore exit
EXEEZ Chesapeake Energy -CW26 *W EXP 02/09/202 Sold out 2,295,261 $207.3Mbefore exit
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 Reduce -10.8% 1,154,388 $116.0M
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal Add +53.3% 115,000,000 $110.1M
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Sold out 100,000,000 $109.0Mbefore exit
EXEEW Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 Sold out 1,146,996 $108.9Mbefore exit
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Add +6.5% 115,000,000 $99.9M
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal Add +40.0% 70,000,000 $82.4M
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 Add +15.2% 1,140,000 $75.2M
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Add +309.1% 1,350,000 $59.6M
GUARDANT HEALTH INC (GH 0 11/15/27) NOTE 11/1 · principal Sold out 60,000,000 $50.5Mbefore exit
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal Add +7.8% 48,500,000 $47.4M
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal Reduce -20.0% 40,000,000 $46.2M
GUARDANT HEALTH INC (GH 1.25 02/15/31) DEBT 1.250% 2/1 · principal New 35,000,000 $36.3M
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal New 26,302,000 $35.1M
EXACT SCIENCES CORP (EXAS 0.375 03/15/27) NOTE 0.375% 3/1 · principal Add +7.1% 37,500,000 $34.5M
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal Sold out 20,000,000 $32.1Mbefore exit
CONFLUENT INC (CFLT 0 01/15/27) NOTE 1/1 · principal Add +62.3% 32,460,000 $30.0M
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal New 30,000,000 $29.1M
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B Add +11.1% 500,000 $27.4M
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -31.8% 750,000 $26.7M
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A New 400,000 $23.9M
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal Sold out 10,000,000 $22.1Mbefore exit
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) NOTE 3.875% 9/1 · principal Add +60.0% 20,000,000 $21.7M
ENPHASE ENERGY INC (ENPH 0.25 03/01/25) NOTE 0.250% 3/0 · principal Sold out 21,167,000 $21.5Mbefore exit
JAMF HOLDING CORP (JAMF 0.125 09/01/26) NOTE 0.125% 9/0 · principal Add +9.8% 22,500,000 $21.2M
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) NOTE 1.250% 5/0 · principal New 20,000,000 $20.0M
ENOVIS CORP (ENOV 3.875 10/15/28) NOTE 3.875%10/1 · principal Add +40.0% 17,500,000 $18.0M
UNITY SOFTWARE INC (U 0 11/15/26) NOTE 11/1 · principal Reduce -66.2% 18,674,000 $17.4M
ENPHASE ENERGY INC (ENPH 0 03/01/26) NOTE 3/0 · principal New 15,000,000 $14.3M
MIDDLEBY CORP (MIDD 1 09/01/25) NOTE 1.000% 9/0 · principal Reduce -48.4% 10,326,000 $12.5M
GUIDEWIRE SOFTWARE INC (GWRE 1.25 03/15/25) NOTE 1.250% 3/1 · principal Sold out 6,514,000 $9.6Mbefore exit
SEMTECH CORP (SMTC 1.625 11/01/27) NOTE 1.625%11/0 · principal Sold out 3,750,000 $6.6Mbefore exit
PEGASYSTEMS INC (PEGA 0.75 03/01/25) NOTE 0.750% 3/0 · principal Sold out 5,000,000 $5.0Mbefore exit
ACCOLADE INC (ACCD 0.5 04/01/26) NOTE 0.500% 4/0 · principal New 5,000,000 $4.9M
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal Sold out 5,000,000 $4.8Mbefore exit
EXACT SCIENCES CORP (EXAS 1 01/15/25) NOTE 1.000% 1/1 · principal Sold out 4,675,000 $4.7Mbefore exit
PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) NOTE 1.500% 9/1 · principal Sold out 3,000,000 $3.4Mbefore exit
CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal Sold out 3,500,000 $3.4Mbefore exit
CUTERA INC (CUTR 2.25 03/15/26) NOTE 2.250% 3/1 · principal Sold out 20,355,000 $2.8Mbefore exit
AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal New 2,500,000 $2.5M
EZCORP INC (EZPW 2.375 05/01/25) NOTE 2.375% 5/0 · principal New 2,500,000 $2.5M
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E Add +39.0% 69,492 $2.1M
GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 Add +6.1% 1,151,021 $2.0M
CUTERA INC (CUTR 4 06/01/29) NOTE 4.000% 6/0 · principal Sold out 9,500,000 $855Kbefore exit
CUTERA INC (CUTR 2.25 06/01/28) NOTE 2.250% 6/0 · principal Sold out 2,000,000 $180Kbefore exit
BFLYW Butterfly Network Inc. -CW25 *W EXP 02/12/202 New 49,393 $4K

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