Ares Systematic Credit Ltd

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Ares Systematic Credit Ltd reported 137 stock positions worth $49.3 million. Its top holding was Ciena (CIEN) at 2.6% of the portfolio, followed by Bloom Energy Class A (BE, 2.1%) and On Semiconductor (ON, 2.0%). Compared with Q1 2026, it opened 107 new positions, sold out of 13, added to 11 and reduced 18. The biggest buy was a new position in Ciena (CIEN) and the biggest sale an exit from Arrowhead Pharmaceuticals (ARWR).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0002135379
Portfolio Value
$49.3M (Q2 2026)
SEC Filing
0001104659-26-097277 ↗ filed Aug 14, 2026

Holdings Value

0$10.0M$20.0M$30.0M$40.0M$50.0M Q4 2025: $25.9M Q4 2025 Q1 2026: $21.7M Q1 2026 Q2 2026: $49.3M $49.3M Q2 2026

Holdings 137 stocks · $49.3M
CIEN Ciena Corp. 2.56% 2,567 $1.3M New
BE Bloom Energy Corp. Class A 2.11% 3,430 $1.0M Reduce -43.4%
ON On Semiconductor 2.04% 10,628 $1.0M New
SITM Sitime Corp. 2.01% 1,326 $989K New
DOCN Digitalocean Holdings Inc. 2.01% 6,293 $988K Reduce -23.2%
DDOG Datadog Inc. Class A 2.00% 3,791 $987K Reduce -4.5%
PRCH Porch Group Inc. 2.00% 65,389 $983K Reduce -16.4%
MCHP Microchip Technology Inc. 1.96% 10,578 $965K New
GWRE Guidewire Software Inc. 1.95% 7,790 $959K Add +55.6%
AVT Avnet Inc. 1.94% 10,751 $955K Add +136.3%
DAVE Dave Inc. 1.93% 2,558 $953K Reduce -36.1%
SNOW Snowflake Inc. 1.93% 3,743 $953K Reduce -19.0%
U Unity Software Inc. 1.93% 33,270 $951K Reduce -21.3%
BILL Bill Holdings Inc. 1.92% 26,216 $948K Add +39.3%
DBX Dropbox Inc. Class A 1.92% 34,393 $945K Add +16.0%
WK Workiva Inc. 1.88% 19,062 $925K Add +64.6%
BAND Bandwidth Inc. Class A 1.84% 14,303 $905K New
XMTR Xometry Inc. Class A 1.72% 8,778 $847K Reduce -45.6%
AEIS Advanced Energy Industries 1.71% 2,263 $844K New
XYZ Block Inc. 1.71% 11,075 $842K Reduce -3.9%
SMTC Semtech Corp. 1.70% 5,168 $836K Reduce -43.6%
HLF Herbalife Ltd. 1.67% 62,768 $825K Add +39.7%
FSLY Fastly Inc. Class A 1.56% 41,774 $767K Add +47.1%
NVAX Novavax Inc. 1.53% 80,155 $755K Reduce -10.5%
CRNC Cerence Inc. 1.41% 61,428 $695K Reduce -20.9%
FIVN FIVE9 Inc. 1.39% 32,101 $684K Add +2.7%
UPWK Upwork Inc. 1.13% 66,651 $557K No change
UBER Uber Technologies Inc. 1.05% 7,159 $517K New
PEB Pebblebrook Hotel Trust 1.05% 26,607 $516K New
PD Pagerduty Inc. 0.98% 50,028 $483K Add +3.3%
OUT Outfront Media Inc. 0.96% 14,457 $474K New
WT Wisdomtree Inc. 0.95% 27,517 $466K New
XHR Xenia Hotels & Resorts Inc. 0.90% 21,767 $443K New
ETSY Etsy Inc. 0.87% 5,697 $429K Reduce -40.4%
VSXY Victoria's Secret & Co. 0.86% 5,049 $421K New
VIAV Viavi Solutions Inc. 0.85% 8,811 $421K New
ADPT Adaptive Biotechnologies 0.84% 19,359 $415K New
GHC Graham Holdings Co. Class B 0.84% 362 $413K New
WWW Wolverine World Wide Inc. 0.83% 24,772 $409K New
VAC Marriott Vacations World 0.82% 3,952 $403K New
COIN Coinbase Global Inc. Class A 0.81% 2,725 $398K Reduce -39.5%
NET Cloudflare Inc. Class A 0.81% 1,623 $398K New
COMP Compass Inc. Class A 0.80% 32,012 $395K New
CENX Century Aluminum Company 0.77% 8,254 $380K New
OMCL Omnicell Inc. 0.77% 9,142 $380K New
THC Tenet Healthcare Corp. 0.77% 2,026 $379K New
COLL Collegium Pharmaceutical Inc. 0.76% 10,352 $375K Add +1.9%
VFC VF Corp. 0.75% 22,285 $372K New
HQY Healthequity Inc. 0.75% 4,100 $370K New
SAH Sonic Automotive Inc. Class A 0.74% 4,328 $367K New
PARR Par Pacific Holdings Inc. 0.69% 6,103 $342K New
RRC Range Resources Corp. 0.69% 9,193 $342K New
BGS B&G Foods Inc. 0.69% 85,085 $339K New
ENR Energizer Holdings Inc. 0.67% 15,465 $332K New
ATRO Astronics Corp. 0.66% 3,991 $324K Reduce -46.3%
LEVI Levi Strauss & Co. Class A 0.65% 12,829 $319K New
AMN Amn Healthcare Services Inc. 0.65% 9,822 $318K New
GPK Graphic Packaging Holding Co. 0.64% 29,647 $313K New
WCC Wesco International Inc. 0.63% 892 $308K New
ZBRA Zebra Technologies Corp. Class A 0.60% 1,125 $296K New
RIG Transocean Ltd. 0.60% 60,312 $295K Add +23.7%
ASH Ashland Inc. 0.59% 4,438 $292K New
JAZZ Jazz Pharmaceuticals PLC 0.59% 1,201 $289K New
GPOR Gulfport Energy Corp. 0.57% 1,654 $281K New
APG Api Group Corp. 0.57% 6,609 $280K New
CSTM Constellium SE 0.57% 8,782 $280K New
ADT Adt Inc. 0.56% 42,159 $274K New
NPO Enpro Inc. 0.55% 725 $273K New
HGV Hilton Grand Vacations Inc. 0.55% 5,167 $271K New
M Macy's Inc. 0.52% 10,966 $258K New
MGY Magnolia Oil & Gas Corp. Class A 0.52% 10,086 $258K New
FUN Six Flags Entertainment Corp. 0.52% 12,049 $257K New
ADNT Adient PLC 0.51% 13,716 $252K New
MUR Murphy Oil Corp. 0.50% 7,535 $245K New
BXC Bluelinx Holdings Inc. 0.48% 3,788 $234K New
CRS Carpenter Technology 0.46% 368 $227K New
SBH Sally Beauty Holdings Inc. 0.46% 16,005 $226K New
VG Venture Global Inc. Class A 0.46% 20,203 $225K New
AMRX Amneal Pharmaceuticals Inc. 0.46% 12,978 $225K New
CE Celanese Corp. 0.45% 4,813 $221K New
BCO The Brink's Co. 0.45% 2,333 $220K New
AXON Axon Enterprise Inc. 0.44% 384 $215K New
VYX NCR Voyix Corp. 0.42% 25,589 $209K New
ENTG Entegris Inc. 0.41% 1,119 $201K New
XPO Xpo Inc. 0.40% 964 $198K New
HRI Herc Holdings Inc. filed as HERC HLDGS INC 0.39% 1,351 $194K New
NWL Newell Brands Inc. 0.39% 31,259 $192K New
PK Park Hotels & Resorts Inc. 0.37% 12,761 $182K New
MTDR Matador Resources Co. 0.37% 3,615 $180K New
CROX Crocs Inc. 0.36% 1,481 $179K New
CVI CVR Energy Inc. 0.36% 6,486 $179K New
EZPW Ezcorp Inc. Class A 0.36% 5,084 $176K New
DCH Dauch Corporation 0.36% 32,376 $175K New
LIND Lindblad Expeditions Holding 0.35% 6,108 $172K New
STX Seagate Technology Holdings 0.34% 173 $167K New
GAP The Gap Inc. 0.34% 8,933 $167K New
ST Sensata Technologies Holdplc 0.34% 3,493 $167K New
KALU Kaiser Aluminum Corp. 0.32% 812 $159K New
PENN Penn Entertainment Inc. 0.32% 7,287 $156K New
LGND Ligand Pharmaceuticals 0.30% 464 $147K New
CHRD Chord Energy Corp. 0.29% 1,271 $145K New
RLJ RLJ Lodging Trust 0.28% 11,849 $140K New
TALO Talos Energy Inc. 0.28% 10,700 $138K New
HPP Hudson Pacific Properties Inc. 0.28% 9,031 $137K New
W Wayfair Inc. Class A 0.27% 1,451 $134K Reduce -67.2%
ECHO Echostar Corp. Class A 0.27% 1,320 $134K New
SVC Service Pptys TR 0.27% 79,155 $134K New
CWEN Clearway Energy Inc. Class C 0.26% 3,804 $130K New
COHR Coherent Corp. 0.26% 324 $128K New
CRGY Crescent Energy Inc. Class A 0.25% 12,679 $125K New
CLH Clean Harbors Inc. 0.25% 405 $121K New
DVA Davita Inc. 0.24% 534 $119K New
RNG Ringcentral Inc. Class A 0.24% 3,019 $118K New
AMBP Ardagh Metal Packaging SA 0.23% 23,706 $112K New
AMKR Amkor Technology Inc. 0.22% 1,244 $107K New
TWLO Twilio Inc. Class A 0.21% 505 $104K New
URI United Rentals Inc. 0.21% 90 $102K New
ATKR Atkore Inc. 0.21% 1,338 $102K New
AAP Advance Auto Parts Inc. 0.20% 1,614 $100K New
SPH Suburban Propane Partners LP 0.20% 5,792 $99K New
ESTC Elastic NV 0.20% 1,708 $97K New
FOR Forestar Group Inc. 0.20% 3,052 $97K New
MD Pediatrix Medical Group Inc. 0.20% 3,793 $96K New
ENS Enersys 0.18% 377 $88K New
WEX Wex Inc. 0.17% 610 $86K New
MWA Mueller Water Products Inc. Class A 0.17% 3,221 $83K New
MATV Mativ Holdings Inc. 0.16% 10,306 $78K New
MUSA Murphy USA Inc. 0.16% 144 $78K New
PMTS Cpi Card Group Inc. 0.07% 1,724 $36K New
UCTT Ultra Clean Holdings Inc. 0.04% 150 $21K New
SYNA Synaptics Inc. 0.04% 148 $18K Reduce -98.2%
ALRM Alarm.com Holdings Inc. 0.03% 330 $15K New
EAT Brinker International Inc. 0.03% 89 $15K New
PBI Pitney Bowes Inc. 0.02% 639 $11K New
GPRE Green Plains Inc. 0.02% 534 $8K New
VSH Vishay Intertechnology Inc. 0.01% 124 $7K New
WULF Terawulf Inc. 0.00% 3 $74 Reduce -100.0%
Other holdings (105): bonds, preferreds, convertibles and warrants · $115.5M (not counted above)
SecurityClassShares / PrincipalValueChange
FIRSTENERGY CORP (FE 3.875 01/15/31) NOTE 3.875% 1/1 · principal 4,800,000$5.3MNew
Cracker Barrel Old Country Store Inc Convertible Bond · principal 4,400,000$4.5MNew
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) NOTE 2.500% 9/0 · principal 4,000,000$4.5MAdd +8.1%
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal 5,000,000$4.4MAdd +117.4%
RUBRIK INC (RBRK 0 06/15/30) NOTE 6/1 · principal 4,300,000$4.4MNew
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal 4,100,000$3.9MAdd +720.0%
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal 2,800,000$3.3MReduce -6.7%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 2,700,000$3.2MAdd +68.8%
T1 ENERGY INC (TE 5.25 12/01/30) NOTE 5.250%12/0 · principal 1,700,000$2.9MAdd +70.0%
GUARDANT HEALTH INC (GH 0 11/15/27) NOTE 11/1 · principal 2,200,000$2.7MAdd +450.0%
GREEN PLAINS INC (GPRE 5.25 11/01/30 UNRS) NOTE 5.250%11/0 · principal 2,000,000$2.7MAdd +300.0%
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal 1,500,000$2.7MAdd +7.1%
SOUTHERN CO (SO 3.25 06/15/28) NOTE 3.250% 6/1 · principal 2,600,000$2.6MNew
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) NOTE 4.750% 6/1 · principal 2,100,000$2.5MAdd +23.5%
Envista Holdings Corp Note 1.750% 8/1 · principal 2,400,000$2.4MNew
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) NOTE 2.250% 6/0 · principal 2,500,000$2.4MReduce -45.6%
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) NOTE 1.250%11/0 · principal 2,400,000$2.3MNew
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 1,600,000$2.3MNo change
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 2,100,000$2.2MReduce -8.7%
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) NOTE 4.375% 6/0 · principal 1,800,000$2.2MReduce -48.6%
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal 1,200,000$2.1MNew
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal 2,000,000$2.1MAdd +150.0%
SPECTRUM BRANDS INC (SPB 3.375 06/01/29) NOTE 3.375% 6/0 · principal 2,000,000$2.1MAdd +5.3%
SUPER MICRO COMPUTER INC (SMCI 2.25 07/15/28) NOTE 2.250% 7/1 · principal 2,100,000$2.1MReduce -34.4%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal 2,200,000$2.0MAdd +340.0%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 1,500,000$2.0MAdd +7.1%
SNAP INC (SNAP 0.5 05/01/30) NOTE 0.500% 5/0 · principal 2,400,000$2.0MNo change
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) NOTE 0.750% 6/0 · principal 1,600,000$1.8MAdd +1500.0%
WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal 100,000$1.7MReduce -50.0%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal 1,700,000$1.7MAdd +30.8%
ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal 1,700,000$1.6MAdd +325.0%
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal 1,400,000$1.6MNew
VARONIS SYSTEM INC (VRNS 1 09/15/29) NOTE 1.000% 9/1 · principal 1,500,000$1.5MNew
XOMETRY INC (XMTR 1 02/01/27) NOTE 1.000% 2/0 · principal 800,000$1.4MNo change
SITIME (SITM 0 06/15/31) NOTE 6/1 · principal 1,200,000$1.3MNew
CELCUITY INC (CELC 0.25 08/01/32) NOTE 0.250% 8/0 · principal 1,000,000$1.1MNew
CERENCE INC (CRNC 1.5 07/01/28) NOTE 1.500% 7/0 · principal 1,200,000$1.1MNo change
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) NOTE 3.250% 6/1 · principal 500,000$1.0MAdd +25.0%
NUVATION BIO INC (NUVB 0.75 07/01/32) NOTE 0.750% 7/0 · principal 1,000,000$1.0MNew
PAGERDUTY INC. (PD 1.5 10/15/28 *) NOTE 1.500%10/1 · principal 1,000,000$936KNew
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 13,142$884KNo change
EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal 1,100,000$877KNew
TRAVERE THERAPEUTICS INC (TVTX 0.5 05/15/32) NOTE 0.500% 5/1 · principal 700,000$823KNew
GROUPON INC (GRPN 6.25 03/15/27 *) NOTE 6.250% 3/1 · principal 700,000$792KNo change
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal 500,000$766KNew
SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) NOTE 0.250%10/0 · principal 400,000$651KReduce -33.3%
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 550$636KNo change
Cloudflare Inc Convertible Bond · principal 500,000$634KNew
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 200,000$589KNo change
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 11,035$586KNo change
UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal 400,000$539KReduce -20.0%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 408$512KNo change
BRIDGEBIO PHARMA INC (BBIO 1.75 03/01/31) NOTE 1.750% 3/0 · principal 300,000$505KNo change
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 100,000$490KNo change
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 4,022$465KNo change
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal 400,000$406KNew
ORACLE CORP (ORCL 6.5 01/15/29 D) 6.5 DEP CUM SR D 9,031$406KReduce -13.8%
APPLIED DIGITAL CORP (APLD 2.75 06/01/30) NOTE 2.750% 6/0 · principal 100,000$399KNo change
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 6,813$377KNo change
EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) PFD CV TR SEC 28 7,200$364KNo change
SUPER MICRO COMPUTER INC (SMCI 0 06/15/30) NOTE 6/1 · principal 400,000$356KNew
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal 200,000$341KNo change
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 350,000$315KReduce -92.5%
GAMESTOP CORP (GME 0 06/15/32) NOTE 6/1 · principal 300,000$305KNew
BLOCK INC (XYZ 0.25 11/01/27) NOTE 0.250%11/0 · principal 300,000$285KNo change
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal 300,000$281KReduce -88.0%
VEECO INSTRUMENTS INC (VECO 2.875 06/01/29) NOTE 2.875% 6/0 · principal 100,000$267KNew
GUARDANT HEALTH INC (GH 1.25 02/15/31) DEBT 1.250% 2/1 · principal 100,000$252KReduce -75.0%
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 5,861$234KNo change
MACOM TECH SOLUTIONS (MTSI 0 12/15/29) NOTE 12/1 · principal 100,000$231KReduce -95.0%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal 200,000$227KNo change
NEXTERA ENERGY INC (NEE 7.375 02/15/29) UNIT 02/15/2029 4,731$227KNew
CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal 100,000$225KNo change
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal 100,000$224KNew
MARA HOLDINGS INC (MARA 2.125 09/01/31) NOTE 2.125% 9/0 · principal 200,000$223KNew
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 923$211KNo change
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 2,747$211KReduce -53.3%
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 200,000$205KNew
GAMESTOP CORP (GME 0 04/01/30) NOTE 4/0 · principal 200,000$204KNew
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) NOTE 5.500% 3/1 · principal 200,000$200KNo change
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal 100,000$199KReduce -50.0%
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal 200,000$187KNew
INTERDIGITAL INC (IDCC 3.5 06/01/27) NOTE 3.500% 6/0 · principal 50,000$183KReduce -50.0%
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 200,000$183KNew
STRATEGY INC (MSTR 0 03/01/30) NOTE 3/0 · principal 200,000$177KNo change
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 4,180$173KNo change
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) NOTE 1.750% 6/1 · principal 100,000$156KReduce -80.0%
LIVANOVA PLC (LIVN 2.5 03/15/29) NOTE 2.500% 3/1 · principal 100,000$136KNew
ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) NOTE 2.250% 9/0 · principal 100,000$130KNew
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A 274$123KNew
ARROWHEAD RESEARCH CORP (ARWR 0 01/15/32) NOTE 1/1 · principal 100,000$120KReduce -90.0%
VSE CORP (VSEC 5.75 02/01/29) UNIT 02/01/2029 1,961$113KNo change
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal 100,000$113KNew
LEMAITRE VASCULAR INC (LMAT 2.5 02/01/30) NOTE 2.500% 2/0 · principal 100,000$106KNo change
PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal 100,000$102KNo change
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 100,000$101KNo change
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 1,591$99KNo change
ENOVIS CORP (ENOV 3.875 10/15/28) NOTE 3.875%10/1 · principal 100,000$96KNew
BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal 100,000$96KReduce -90.0%
SNAP INC (SNAP 0.125 03/01/28) NOTE 0.125% 3/0 · principal 100,000$92KNo change
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 100,000$90KReduce -75.0%
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD 1,265$62KNo change
ALPHABET INC (GOOGL 6.25 05/15/29 B) DEP SHS RP1/20 B 1,210$61KNew
STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF 705$41KNew
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 774$38KNo change

Total filed on the 13F, all lines: $164.7M.

Portfolio Sells Q1 2026 → Q2 2026
ARWR Arrowhead Pharmaceuticals Inc. Sold out 0.00% −3.49
QTWO Q2 Holdings Inc. Sold out 0.00% −3.28
MKSI MKS Inc. Sold out 0.00% −3.02
COIN Coinbase Global Inc. Class A Reduce -39.5% 0.81% −2.52
MTSI Macom Technology Solutions H Sold out 0.00% −2.49
SYNA Synaptics Inc. Reduce -98.2% 0.04% −2.49
U Unity Software Inc. Reduce -21.3% 1.93% −2.07
PTCT PTC Therapeutics Inc. Sold out 0.00% −1.87
NVAX Novavax Inc. Reduce -10.5% 1.53% −1.80
WULF Terawulf Inc. Reduce -100.0% 0.00% −1.77
WGO Winnebago Industries Sold out 0.00% −1.53
ATRO Astronics Corp. Reduce -46.3% 0.66% −1.47
SNOW Snowflake Inc. Reduce -19.0% 1.93% −1.33
XYZ Block Inc. Reduce -3.9% 1.71% −1.31
SMTC Semtech Corp. Reduce -43.6% 1.70% −1.28
BE Bloom Energy Corp. Class A Reduce -43.4% 2.11% −1.23
ETSY Etsy Inc. Reduce -40.4% 0.87% −1.22
DAVE Dave Inc. Reduce -36.1% 1.93% −1.19
W Wayfair Inc. Class A Reduce -67.2% 0.27% −1.14
PTON Peloton Interactive Inc. Class A Sold out 0.00% −1.10
XMTR Xometry Inc. Class A Reduce -45.6% 1.72% −1.06
XIFR XPLR Infrastructure LP Sold out 0.00% −1.05
DOCN Digitalocean Holdings Inc. Reduce -23.2% 2.01% −0.95
AFRM Affirm Holdings Inc. Sold out 0.00% −0.94
ZS Zscaler Inc. Sold out 0.00% −0.87
CRNC Cerence Inc. Reduce -20.9% 1.41% −0.72
SOFI Sofi Technologies Inc. Sold out 0.00% −0.71
LIF LIFE360 Inc. Sold out 0.00% −0.49
PRCH Porch Group Inc. Reduce -16.4% 2.00% −0.49
OKTA Okta Inc. Sold out 0.00% −0.38
DDOG Datadog Inc. Class A Reduce -4.5% 2.00% −0.11

Portfolio Buys Q1 2026 → Q2 2026
CIEN Ciena Corp. New 2.56% +2.56
ON On Semiconductor New 2.04% +2.04
SITM Sitime Corp. New 2.01% +2.01
MCHP Microchip Technology Inc. New 1.96% +1.96
BAND Bandwidth Inc. Class A New 1.84% +1.84
AEIS Advanced Energy Industries New 1.71% +1.71
UBER Uber Technologies Inc. New 1.05% +1.05
PEB Pebblebrook Hotel Trust New 1.05% +1.05
OUT Outfront Media Inc. New 0.96% +0.96
WT Wisdomtree Inc. New 0.95% +0.95
XHR Xenia Hotels & Resorts Inc. New 0.90% +0.90
VSXY Victoria's Secret & Co. New 0.86% +0.86
VIAV Viavi Solutions Inc. New 0.85% +0.85
ADPT Adaptive Biotechnologies New 0.84% +0.84
GHC Graham Holdings Co. Class B New 0.84% +0.84
WWW Wolverine World Wide Inc. New 0.83% +0.83
VAC Marriott Vacations World New 0.82% +0.82
NET Cloudflare Inc. Class A New 0.81% +0.81
COMP Compass Inc. Class A New 0.80% +0.80
CENX Century Aluminum Company New 0.77% +0.77
OMCL Omnicell Inc. New 0.77% +0.77
THC Tenet Healthcare Corp. New 0.77% +0.77
VFC VF Corp. New 0.75% +0.75
HQY Healthequity Inc. New 0.75% +0.75
SAH Sonic Automotive Inc. Class A New 0.74% +0.74
AVT Avnet Inc. Add +136.3% 1.94% +0.71
PARR Par Pacific Holdings Inc. New 0.69% +0.69
RRC Range Resources Corp. New 0.69% +0.69
BGS B&G Foods Inc. New 0.69% +0.69
ENR Energizer Holdings Inc. New 0.67% +0.67
LEVI Levi Strauss & Co. Class A New 0.65% +0.65
AMN Amn Healthcare Services Inc. New 0.65% +0.65
GPK Graphic Packaging Holding Co. New 0.64% +0.64
WCC Wesco International Inc. New 0.63% +0.63
ZBRA Zebra Technologies Corp. Class A New 0.60% +0.60
ASH Ashland Inc. New 0.59% +0.59
JAZZ Jazz Pharmaceuticals PLC New 0.59% +0.59
GPOR Gulfport Energy Corp. New 0.57% +0.57
APG Api Group Corp. New 0.57% +0.57
CSTM Constellium SE New 0.57% +0.57
ADT Adt Inc. New 0.56% +0.56
NPO Enpro Inc. New 0.55% +0.55
HGV Hilton Grand Vacations Inc. New 0.55% +0.55
M Macy's Inc. New 0.52% +0.52
MGY Magnolia Oil & Gas Corp. Class A New 0.52% +0.52
FUN Six Flags Entertainment Corp. New 0.52% +0.52
ADNT Adient PLC New 0.51% +0.51
MUR Murphy Oil Corp. New 0.50% +0.50
BXC Bluelinx Holdings Inc. New 0.48% +0.48
CRS Carpenter Technology New 0.46% +0.46

Notes & Other Activity Q1 2026 → Q2 2026
FIRSTENERGY CORP (FE 3.875 01/15/31) NOTE 3.875% 1/1 · principal New 4,800,000 $5.3M
Cracker Barrel Old Country Store Inc Convertible Bond · principal New 4,400,000 $4.5M
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) NOTE 2.500% 9/0 · principal Add +8.1% 4,000,000 $4.5M
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal Add +117.4% 5,000,000 $4.4M
RUBRIK INC (RBRK 0 06/15/30) NOTE 6/1 · principal New 4,300,000 $4.4M
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal Add +720.0% 4,100,000 $3.9M
PEABODY ENERGY CORP (BTU 3.25 03/01/28) NOTE 3.250% 3/0 · principal Sold out 3,800,000 $3.8Mbefore exit
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) NOTE 1.750% 8/1 · principal Sold out 3,700,000 $3.7Mbefore exit
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal Reduce -6.7% 2,800,000 $3.3M
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal Add +68.8% 2,700,000 $3.2M
T1 ENERGY INC (TE 5.25 12/01/30) NOTE 5.250%12/0 · principal Add +70.0% 1,700,000 $2.9M
GUARDANT HEALTH INC (GH 0 11/15/27) NOTE 11/1 · principal Add +450.0% 2,200,000 $2.7M
GREEN PLAINS INC (GPRE 5.25 11/01/30 UNRS) NOTE 5.250%11/0 · principal Add +300.0% 2,000,000 $2.7M
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal Add +7.1% 1,500,000 $2.7M
SOUTHERN CO (SO 3.25 06/15/28) NOTE 3.250% 6/1 · principal New 2,600,000 $2.6M
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) NOTE 4.750% 6/1 · principal Add +23.5% 2,100,000 $2.5M
Envista Holdings Corp Note 1.750% 8/1 · principal New 2,400,000 $2.4M
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) NOTE 2.250% 6/0 · principal Reduce -45.6% 2,500,000 $2.4M
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) NOTE 1.250%11/0 · principal New 2,400,000 $2.3M
ETSY INC (ETSY 0.125 10/01/26) NOTE 0.125%10/0 · principal Sold out 2,300,000 $2.2Mbefore exit
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Reduce -8.7% 2,100,000 $2.2M
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal Sold out 2,100,000 $2.2Mbefore exit
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) NOTE 4.375% 6/0 · principal Reduce -48.6% 1,800,000 $2.2M
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal New 1,200,000 $2.1M
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal Sold out 1,900,000 $2.1Mbefore exit
COGENT BIOSCIENCES INC (COGT 1.625 11/15/31) NOTE 1.625%11/1 · principal Sold out 1,800,000 $2.1Mbefore exit
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal Add +150.0% 2,000,000 $2.1M
SPECTRUM BRANDS INC (SPB 3.375 06/01/29) NOTE 3.375% 6/0 · principal Add +5.3% 2,000,000 $2.1M
SUPER MICRO COMPUTER INC (SMCI 2.25 07/15/28) NOTE 2.250% 7/1 · principal Reduce -34.4% 2,100,000 $2.1M
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal Sold out 2,100,000 $2.1Mbefore exit
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal Add +340.0% 2,200,000 $2.0M
LCI INDUSTRIES (LCII 3 03/01/30) NOTE 3.000% 3/0 · principal Sold out 1,700,000 $2.0Mbefore exit
WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) NOTE 3.250% 1/1 · principal Sold out 2,200,000 $2.0Mbefore exit
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal Add +7.1% 1,500,000 $2.0M
ALPHATEC HOLDINGS INC (ATEC 0.75 03/15/30) NOTE 0.750% 3/1 · principal Sold out 1,900,000 $2.0Mbefore exit
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) NOTE 2.500% 2/0 · principal Sold out 2,200,000 $2.0Mbefore exit
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal Sold out 1,600,000 $1.9Mbefore exit
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) NOTE 0.750% 6/0 · principal Add +1500.0% 1,600,000 $1.8M
WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal Reduce -50.0% 100,000 $1.7M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal Add +30.8% 1,700,000 $1.7M
ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal Add +325.0% 1,700,000 $1.6M
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal New 1,400,000 $1.6M
VARONIS SYSTEM INC (VRNS 1 09/15/29) NOTE 1.000% 9/1 · principal New 1,500,000 $1.5M
SITIME (SITM 0 06/15/31) NOTE 6/1 · principal New 1,200,000 $1.3M
CELCUITY INC (CELC 0.25 08/01/32) NOTE 0.250% 8/0 · principal New 1,000,000 $1.1M
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) NOTE 3.250% 6/1 · principal Add +25.0% 500,000 $1.0M
NUVATION BIO INC (NUVB 0.75 07/01/32) NOTE 0.750% 7/0 · principal New 1,000,000 $1.0M
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal Sold out 100,000 $944Kbefore exit
PAGERDUTY INC. (PD 1.5 10/15/28 *) NOTE 1.500%10/1 · principal New 1,000,000 $936K
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal Sold out 1,000,000 $917Kbefore exit

Showing the first 50 of 109.

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 137$49.3MCIEN, BE, ON, SITM, DOCN
Q1 2026 43$21.7MU, ARWR, GWRE, BE, FSLY
Q4 2025 51$25.9MBA, BE, PI, EXPE, QTWO