Aequim Alternative Investments LP

MILL VALLEY, CA · CIK 1728201 · 13F filing filed 2026-08-11

SEC-registered investment adviser since 2018 · limited partnership

Assets managed$8.2bn
Staff11 · 4 in investment roles
Main clients (by assets)Private funds 61%, State and local governments 39%
Private funds1 (1 hedge) · $5.0bn gross assets
Form ADV · 2026-03-23SEC adviser record

Legal entityAEQUIM ALTERNATIVE INVESTMENTS LP (US)

Kindhedge funds, futures
Others nearbyMill Valley, CA

As an employer

Offices in1 country
Private fundshedge 1

$6.4bn reported value +24.8% vs Q1 2026

102positions

49.3%in top 10

18 new 27 added 11 reduced 18 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	WESTERN DIGITAL CORP NOTE 3.000%11/1 · principal WDC 3 11.15.28 · principal	WDC 3 11.15.28	60,500,000	$1.0bn15.90%	15.90%	Added +5.0m	+5,000,000 9.0%
2	HEWLETT PACKARD ENTERPRISE C 7.625 MAND CONV HPE 7.625 09.01.27	HPE 7.625 09.01.27	4,050,000	$473.9m7.37%	7.37%	Added +550.0k	+550,000 15.7%
3	BRUKER CORP 6.375 PREF SER A BRKR 6.375 09.01.28	BRKR 6.375 09.01.28	580,000	$258.8m4.02%	4.02%	Added +80.0k	+80,000 16.0%
4	ALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 · principal BABA 0.5 06.01.31 · principal	BABA 0.5 06.01.31	200,000,000	$236.2m3.67%	3.67%	Added +18.4m	+18,400,000 10.1%
5	SUPER MICRO COMPUTER INC 7 DEP CM SR A WI SMCI 7 06.01.29	SMCI 7 06.01.29	4,300,000	$223.4m3.47%	3.47%	New
6	ECHOSTAR CORP NOTE 3.875%11/3 · principal ECHO 3.875 11.30.30 · principal	ECHO 3.875 11.30.30	69,000,000	$215.6m3.35%	3.35%	Unchanged
7	SNOWFLAKE INC NOTE 10/0 · principal SNOW 0 10.01.27 · principal	SNOW 0 10.01.27	120,000,000	$199.7m3.10%	3.10%	Reduced -26.5m	-26,500,000 -18.1%
8	EVERGY INC NOTE 4.500%12/1 · principal EVRG 4.5 12.15.27 · principal	EVRG 4.5 12.15.27	134,000,000	$190.8m2.96%	2.96%	Unchanged
9	ORACLE CORP 6.5 DEP CUM SR D ORCL 6.5 01.15.29 D	ORCL 6.5 01.15.29 D	4,100,000	$184.3m2.86%	2.86%	Added +1.9m	+1,850,000 82.2%
10	WEC ENERGY GROUP INC NOTE 4.375% 6/0 · principal WEC 4.375 06.01.29 · principal	WEC 4.375 06.01.29	135,000,000	$167.4m2.60%	2.60%	Added +11.5m	+11,500,000 9.3%
11	RIVIAN AUTOMOTIVE INC NOTE 3.625%10/1 · principal RIVN 3.625 10.15.30 · principal	RIVN 3.625 10.15.30	155,000,000	$165.5m2.57%	2.57%	Unchanged
12	TXNM ENERGY INC NOTE 5.750% 6/0 · principal TXNM 5.75 06.01.54 · principal	TXNM 5.75 06.01.54	122,500,000	$160.1m2.49%	2.49%	Added +12.5m	+12,500,000 11.4%
13	MICROCHIP TECHNOLOGY INC. DEP SHS REPSTG MCHP 7.5 03.15.28	MCHP 7.5 03.15.28	1,700,000	$130.4m2.03%	2.03%	Added +650.0k	+650,000 61.9%
14	LIVE NATION ENTERTAINMENT IN NOTE 3.125% 1/1 · principal LYV 3.125 01.15.29 · principal	LYV 3.125 01.15.29	72,500,000	$129.3m2.01%	2.01%	Added +27.5m	+27,500,000 61.1%
15	CENTERPOINT ENERGY INC NOTE 4.250% 8/1 · principal CNP 4.25 08.15.26 · principal	CNP 4.25 08.15.26	107,250,000	$129.2m2.01%	2.01%	Unchanged
16	ALBEMARLE CORP 7.25% DEP SHS A ALB 7.25 03.01.27	ALB 7.25 03.01.27	2,225,000	$123.2m1.91%	1.91%	Added +925.0k	+925,000 71.2%
17	ETSY INC NOTE 0.125%10/0 · principal ETSY 0.125 10.01.26 · principal	ETSY 0.125 10.01.26	97,500,000	$99.5m1.55%	1.55%	Added +17.5m	+17,500,000 21.9%
18	FIRSTENERGY CORP NOTE 3.625% 1/1 · principal FE 3.625 01.15.29 · principal	FE 3.625 01.15.29	87,500,000	$95.6m1.49%	1.49%	New
19	NOVANTA INC UNIT 11/01/2028 NOVT 6.5 11.01.28	NOVT 6.5 11.01.28	1,400,000	$95.6m1.49%	1.49%	Added +400.0k	+400,000 40.0%
20	GUARDANT HEALTH INC DEBT 1.250% 2/1 · principal GH 1.25 02.15.31 · principal	GH 1.25 02.15.31	37,500,000	$94.4m1.47%	1.47%	Reduced -5.0m	-5,000,000 -11.8%
21	PG&E CORP PFD CONV SER A PCG 6 12.01.27 A	PCG 6 12.01.27 A	2,200,000	$91.0m1.41%	1.41%	Unchanged
22	WEC ENERGY GROUP INC NOTE 4.375% 6/0 · principal WEC 4.375 06.01.27 · principal	WEC 4.375 06.01.27	67,500,000	$81.7m1.27%	1.27%	Unchanged
23	INTERDIGITAL INC NOTE 3.500% 6/0 · principal IDCC 3.5 06.01.27 · principal	IDCC 3.5 06.01.27	22,300,000	$81.6m1.27%	1.27%	Unchanged
24	CMS ENERGY CORP NOTE 3.375% 5/0 · principal CMS 3.375 05.01.28 · principal	CMS 3.375 05.01.28	70,000,000	$78.2m1.21%	1.21%	Unchanged
25	REPLIGEN CORP NOTE 1.000%12/1 · principal RGEN 1 12.15.28 · principal	RGEN 1 12.15.28	75,000,000	$77.1m1.20%	1.20%	Reduced -6.3m	-6,350,000 -7.8%
26	GRANITE CONSTR INC NOTE 3.250% 6/1 · principal GVA 3.25 06.15.30 · principal	GVA 3.25 06.15.30	36,000,000	$75.4m1.17%	1.17%	Reduced -14.0m	-14,000,000 -28.0%
27	TRIP COM GROUP LTD NOTE 0.750% 6/1 · principal TCOM 0.75 06.15.29 · principal	TCOM 0.75 06.15.29	75,000,000	$74.0m1.15%	1.15%	Reduced -15.0m	-15,000,000 -16.7%
28	INTEGER HLDGS CORP DBCV 1.875% 3/1 · principal ITGR 1.875 03.15.30 · principal	ITGR 1.875 03.15.30	70,000,000	$68.0m1.06%	1.06%	Added +2.0m	+2,000,000 2.9%
29	NEXTERA ENERGY INC UNIT 02/15/2029 NEE 7.375 02.15.29	NEE 7.375 02.15.29	1,400,000	$67.1m1.04%	1.04%	Added +290.0k	+290,000 26.1%
30	PG&E CORP NOTE 4.250%12/0 · principal PCG 4.25 12.01.27 · principal	PCG 4.25 12.01.27	61,250,000	$62.7m0.97%	0.97%	Unchanged
31	GUIDEWIRE SOFTWARE INC NOTE 1.250%11/0 · principal GWRE 1.25 11.01.29 · principal	GWRE 1.25 11.01.29	65,000,000	$62.6m0.97%	0.97%	Added +10.0m	+10,000,000 18.2%
32	UNITY SOFTWARE INC NOTE 3/1 · principal U 0 03.15.30 · principal	U 0 03.15.30	55,000,000	$62.3m0.97%	0.97%	Reduced -5.0m	-5,000,000 -8.3%
33	WHIRLPOOL CORP 8.5 DEP SR A CNV WHR 8.5 02.15.29 A	WHR 8.5 02.15.29 A	1,750,000	$61.5m0.96%	0.96%	Added +1.1m	+1,150,000 191.7%
34	ITRON INC NOTE 1.375% 7/1 · principal ITRI 1.375 07.15.30 · principal	ITRI 1.375 07.15.30	60,000,000	$59.9m0.93%	0.93%	Added +10.0m	+10,000,000 20.0%
35	NEXTERA ENERGY INC UNIT 06/01/2027 NEE 7.299 06.01.27	NEE 7.299 06.01.27	1,090,000	$57.9m0.90%	0.90%	Added +365.0k	+365,000 50.3%
36	UGI CORP NEW NOTE 5.000% 6/0 · principal UGI 5 06.01.28 · principal	UGI 5 06.01.28	40,000,000	$53.6m0.83%	0.83%	Reduced -25.0m	-25,000,000 -38.5%
37	SUPER MICRO COMPUTER INC NOTE 6/1 · principal SMCI 0 06.15.30 · principal	SMCI 0 06.15.30	60,000,000	$53.3m0.83%	0.83%	New
38	CLOUDFLARE INC NOTE 6/1 · principal NET 0 06.15.30 · principal	NET 0 06.15.30	39,500,000	$50.0m0.78%	0.78%	New
39	COREWEAVE INC COM CL A CRWV	CRWV	459,158	$45.7m0.71%	0.71%	Added +250.5k	+250,500 120.0%
40	BENTLEY SYS INC NOTE 0.375% 7/0 · principal BSY 0.375 07.01.27 · principal	BSY 0.375 07.01.27	44,500,000	$42.8m0.66%	0.66%	Added +2.0m	+2,000,000 4.7%
41	JAZZ INVESTMENTS I LTD NOTE 3.125% 9/1 · principal JAZZ 3.125 09.15.30 · principal	JAZZ 3.125 09.15.30	25,000,000	$42.6m0.66%	0.66%	Reduced -10.0m	-10,000,000 -28.6%
42	MKS INC. COM MKSI	MKSI	90,719	$40.4m0.63%	0.63%	Added +6.5k	+6,451 7.7%
43	FIRSTENERGY CORP NOTE 3.875% 1/1 · principal FE 3.875 01.15.31 · principal	FE 3.875 01.15.31	31,250,000	$34.7m0.54%	0.54%	New
44	PPL CORP UNIT 02/15/2029 PPL 7 02.15.29	PPL 7 02.15.29	650,000	$31.9m0.50%	0.50%	Added +250.0k	+250,000 62.5%
45	SOUTHERN CO NOTE 3.250% 6/1 · principal SO 3.25 06.15.28 · principal	SO 3.25 06.15.28	30,000,000	$30.3m0.47%	0.47%	New
46	VARONIS SYS INC NOTE 1.000% 9/1 · principal VRNS 1 09.15.29 · principal	VRNS 1 09.15.29	27,500,000	$26.7m0.42%	0.42%	Unchanged
47	ALIGNMENT HEALTHCARE INC NOTE 4.250%11/1 · principal ALHC 4.25 11.15.29 · principal	ALHC 4.25 11.15.29	15,000,000	$25.6m0.40%	0.40%	Unchanged
48	PALO ALTO NETWORKS INC COM PANW	PANW	73,343	$25.0m0.39%	0.39%	Added +2.6k	+2,600 3.7%
49	PPL CAP FDG INC NOTE 2.875% 3/1 · principal PPL 2.875 03.15.28 · principal	PPL 2.875 03.15.28	21,500,000	$24.4m0.38%	0.38%	Unchanged
50	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	915,700	$24.4m0.38%	0.38%	Added +475.7k	+475,700 108.1%
51	ELECTRONIC ARTS INC COM EA	EA	99,417	$20.4m0.32%	0.32%	Unchanged
52	IREN LIMITED NOTE 3.250% 6/1 · principal IREN 3.25 06.15.30 · principal	IREN 3.25 06.15.30	6,713,000	$19.6m0.31%	0.31%	Unchanged
53	CHEESECAKE FACTORY INC COM CAKE	CAKE	243,875	$19.4m0.30%	0.30%	Unchanged
54	FLUOR CORP NEW COM FLR	FLR	352,672	$18.5m0.29%	0.29%	Unchanged
55	UNITY SOFTWARE INC NOTE 11/1 · principal U 0 11.15.26 · principal	U 0 11.15.26	18,674,000	$18.4m0.29%	0.29%	Unchanged
56	NUTANIX INC CL A NTNX	NTNX	319,826	$16.3m0.25%	0.25%	Unchanged
57	SOUTHERN CO COM SO	SO	170,082	$16.3m0.25%	0.25%	Added +74.7k	+74,700 78.3%
58	ISHARES BITCOIN TRUST ETF SHS BEN INT IBIT	IBIT	455,000	$15.1m0.24%	0.24%	Added +130.0k	+130,000 40.0%
59	COINBASE GLOBAL INC COM CL A COIN	COIN	99,811	$14.6m0.23%	0.23%	Unchanged
60	CORE SCIENTIFIC INC NEW *W EXP 01/23/202 CORZW	CORZW	736,969	$13.9m0.22%	0.22%	Unchanged
61	ADVANCED ENERGY INDS NOTE 2.500% 9/1 · principal AEIS 2.5 09.15.28 · principal	AEIS 2.5 09.15.28	5,000,000	$13.7m0.21%	0.21%	Unchanged
62	BILL HOLDINGS INC NOTE 4/0 · principal BILL 0 04.01.30 · principal	BILL 0 04.01.30	15,000,000	$13.0m0.20%	0.20%	New
63	RUBRIK INC. NOTE 6/1 · principal RBRK 0 06.15.30 · principal	RBRK 0 06.15.30	12,500,000	$12.8m0.20%	0.20%	New
64	FOX CORP CL B COM FOX	FOX	258,453	$12.1m0.19%	0.19%	Unchanged
65	VSE CORP UNIT 02/01/2029 VSEC 5.75 02.01.29	VSEC 5.75 02.01.29	200,000	$11.5m0.18%	0.18%	Unchanged
66	ETSY INC NOTE 0.250% 6/1 · principal ETSY 0.25 06.15.28 · principal	ETSY 0.25 06.15.28	12,500,000	$11.4m0.18%	0.18%	Unchanged
67	GOLAR LNG LTD NOTE 2.750%12/1 · principal GLNG 2.75 12.15.30 · principal	GLNG 2.75 12.15.30	10,000,000	$11.4m0.18%	0.18%	New
68	EPR PPTYS PFD C CV 5.75% EPR 5.75 PERP C	EPR 5.75 PERP C	440,000	$11.3m0.18%	0.18%	Unchanged
69	REDWOOD TRUST INC NOTE 7.750% 6/1 · principal RWT 7.75 06.15.27 · principal	RWT 7.75 06.15.27	10,750,000	$10.9m0.17%	0.17%	Added +1.0m	+1,000,000 10.3%
70	WILLIS LEASE FIN CORP NOTE 2.500% 5/1 · principal WLFC 2.5 05.15.31 · principal	WLFC 2.5 05.15.31	10,000,000	$10.9m0.17%	0.17%	New
71	BOEING CO DEP CONV PFD A BA 6 10.15.27	BA 6 10.15.27	150,000	$10.1m0.16%	0.16%	New
72	RIOT PLATFORMS INC NOTE 0.750% 1/1 · principal RIOT 0.75 01.15.30 · principal	RIOT 0.75 01.15.30	5,000,000	$10.1m0.16%	0.16%	Reduced -2.5m	-2,500,000 -33.3%
73	DOORDASH INC NOTE 5/1 · principal DASH 0 05.15.30 · principal	DASH 0 05.15.30	10,000,000	$9.9m0.15%	0.15%	New
74	MIRUM PHARMACEUTICALS INC NOTE 4.000% 5/0 · principal MIRM 4 05.01.29 · principal	MIRM 4 05.01.29	2,656,000	$9.8m0.15%	0.15%	Reduced -9.3m	-9,344,000 -77.9%
75	JETBLUE AWYS CORP COM JBLU	JBLU	1,620,319	$9.3m0.14%	0.14%	New
76	TYLER TECHNOLOGIES INC COM TYL	TYL	31,500	$9.2m0.14%	0.14%	New
77	SYNAPTICS INC COM SYNA	SYNA	74,100	$9.2m0.14%	0.14%	New
78	NEWS CORP NEW CL A NWSA	NWSA	242,945	$6.0m0.09%	0.09%	Unchanged
79	ENPHASE ENERGY INC NOTE 3/0 · principal ENPH 0 03.01.28 · principal	ENPH 0 03.01.28	6,000,000	$5.6m0.09%	0.09%	Unchanged
80	BANK AMERICA CORP 7.25%CNV PFD L BAC 7.25 PERP L	BAC 7.25 PERP L	4,279	$5.4m0.08%	0.08%	Unchanged
81	SIRIUSXM HOLDINGS INC COMMON STOCK SIRI	SIRI	177,041	$5.2m0.08%	0.08%	Reduced -216.1k	-216,083 -55.0%
82	SHIFT4 PMTS INC 6 SER A CNV PREF FOUR 6 05.01.28	FOUR 6 05.01.28	70,000	$4.4m0.07%	0.07%	Unchanged
83	PARSONS CORP DEL COM PSN	PSN	77,434	$4.1m0.06%	0.06%	Unchanged
84	HAEMONETICS CORP MASS COM HAE	HAE	51,200	$3.8m0.06%	0.06%	Unchanged
85	KENVUE INC COM KVUE	KVUE	200,000	$3.8m0.06%	0.06%	Unchanged
86	NEWELL BRANDS INC COM NWL	NWL	540,000	$3.3m0.05%	0.05%	Unchanged
87	KKR & CO INC COM KKR	KKR	32,000	$2.9m0.05%	0.05%	New
88	REPAY HLDGS CORP COM CL A RPAY	RPAY	578,484	$2.4m0.04%	0.04%	Unchanged
89	ALARM COM HLDGS INC NOTE 2.250% 6/0 · principal ALRM 2.25 06.01.29 · principal	ALRM 2.25 06.01.29	2,500,000	$2.4m0.04%	0.04%	Unchanged
90	EPR PPTYS CONV PFD 9% SR E EPR 9 PERP E	EPR 9 PERP E	71,692	$2.3m0.04%	0.04%	Unchanged
91	HALOZYME THERAPEUTICS INC NOTE 0.250% 3/0 · principal HALO 0.25 03.01.27 · principal	HALO 0.25 03.01.27	2,000,000	$2.2m0.03%	0.03%	Unchanged
92	WORKIVA INC COM CL A WK	WK	44,815	$2.2m0.03%	0.03%	Unchanged
93	HERTZ CORP NOTE 8.000% 7/1 · principal HTZ 8 07.15.29 · principal	HTZ 8 07.15.29	4,000,000	$2.1m0.03%	0.03%	New
94	ODDITY TECH LTD SHS CL A ODD	ODD	127,452	$1.9m0.03%	0.03%	Unchanged
95	CLEVELAND-CLIFFS INC NEW COM CLF	CLF	200,000	$1.9m0.03%	0.03%	Unchanged
96	LCI INDS NOTE 3.000% 3/0 · principal LCII 3 03.01.30 · principal	LCII 3 03.01.30	1,200,000	$1.3m0.02%	0.02%	New
97	ADIENT PLC ORD SHS ADNT	ADNT	70,000	$1.3m0.02%	0.02%	Unchanged
98	BAXTER INTL INC COM BAX	BAX	60,000	$1.3m0.02%	0.02%	Unchanged
99	ONEMAIN HLDGS INC COM OMF	OMF	8,426	$513.7k0.01%	0.01%	Unchanged
100	LIVEPERSON INC COM LPSN	LPSN	121,218	$275.2k0.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SEAGATE HDD CAYMAN STX 3.5 06.01.28	STX 3.5 06.01.28	43,318,000	$205.8m43.3m shares
VENTAS RLTY LTD PARTNERSHIP VTR 3.75 06.01.26	VTR 3.75 06.01.26	109,195,000	$162.6m109.2m shares
DUKE ENERGY CORP NEW DUK 4.125 04.15.26	DUK 4.125 04.15.26	100,000,000	$110.3m100.0m shares
AKAMAI TECHNOLOGIES INC AKAM 1.125 02.15.29	AKAM 1.125 02.15.29	85,000,000	$97.3m85.0m shares
AMERICAN WTR CAP CORP AWK 3.625 06.15.26	AWK 3.625 06.15.26	83,190,000	$83.1m83.2m shares
PROGRESS SOFTWARE CORP PRGS 1 04.15.26	PRGS 1 04.15.26	30,000,000	$30.0m30.0m shares
SUPER MICRO COMPUTER INC SMCI 2.25 07.15.28	SMCI 2.25 07.15.28	30,000,000	$26.1m30.0m shares
FIRSTENERGY CORP FE 4 05.01.26	FE 4 05.01.26	12,500,000	$13.7m12.5m shares
UBER TECHNOLOGIES INC UBER 0.875 12.01.28 2028	UBER 0.875 12.01.28 2028	10,000,000	$12.0m10.0m shares
CLOUDFLARE INC NET 0 08.15.26	NET 0 08.15.26	7,850,000	$9.2m7.8m shares
SNOWFLAKE INC SNOW 0 10.01.29	SNOW 0 10.01.29	6,900,000	$8.5m6.9m shares
ETSY INC ETSY	ETSY	152,081	$7.6m152.1k shares
ORMAT TECHNOLOGIES INC ORA	ORA	52,900	$5.9m52.9k shares
SILICON LABORATORIES INC SLAB	SLAB	10,000	$2.1m10.0k shares
HOLOGIC INC HOLX	HOLX	26,667	$2.0m26.7k shares
CLEARWATER ANALYTICS HLDGS I		50,000	$1.2m50.0k shares
O-I GLASS INC OI	OI	20,000	$210.2k20.0k shares
AMERICAN AXLE & MFG HLDGS IN DCH	DCH	3,600	$21.3k3.6k shares