Vault-13

Ares Systematic Credit Ltd

LONDON, X0 · CIK 2135379 · 13F filing filed 2026-05-19

SEC-registered investment adviser since 2021 · other (specify)

$123.0m reported value
145positions
27.8%in top 10
—no comparable previous quarter

Holdings, Q4 2025

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

#SecurityTickerShares Value% of portfolioChangeShares change
1 WORKIVA INC NOTE 1.250% 8/1 · principal WK 1.25 08.15.28 · principal WK 1.25 08.15.28 4,200,000 $4.2m3.39% 3.39% First filing
2 IMMUNOCORE HLDGS PLC NOTE 2.500% 2/0 · principal IMCR 2.5 02.01.30 · principal IMCR 2.5 02.01.30 4,500,000 $4.1m3.36% 3.36% First filing
3 SOLARIS ENERGY INFRAS INC NOTE 0.250%10/0 · principal SEI 0.25 10.01.31 · principal SEI 0.25 10.01.31 3,800,000 $4.1m3.35% 3.35% First filing
4 ALARM COM HLDGS INC NOTE 2.250% 6/0 · principal ALRM 2.25 06.01.29 · principal ALRM 2.25 06.01.29 4,300,000 $4.1m3.34% 3.34% First filing
5 SNOWFLAKE INC NOTE 10/0 · principal SNOW 0 10.01.27 · principal SNOW 0 10.01.27 2,300,000 $3.4m2.78% 2.78% First filing
6 BIOMARIN PHARMACEUTICAL INC NOTE 1.250% 5/1 · principal BMRN 1.25 05.15.27 · principal BMRN 1.25 05.15.27 3,400,000 $3.3m2.66% 2.66% First filing
7 EVERGY INC NOTE 4.500%12/1 · principal EVRG 4.5 12.15.27 · principal EVRG 4.5 12.15.27 2,500,000 $3.1m2.48% 2.48% First filing
8 HAEMONETICS CORP MASS NOTE 2.500% 6/0 · principal HAE 2.5 06.01.29 · principal HAE 2.5 06.01.29 2,700,000 $2.8m2.29% 2.29% First filing
9 AKAMAI TECHNOLOGIES INC NOTE 1.125% 2/1 · principal AKAM 1.125 02.15.29 · principal AKAM 1.125 02.15.29 2,600,000 $2.6m2.10% 2.10% First filing
10 GUARDANT HEALTH INC NOTE 11/1 · principal GH 0 11.15.27 · principal GH 0 11.15.27 2,300,000 $2.5m2.02% 2.02% First filing
11 ETSY INC NOTE 0.125% 9/0 · principal ETSY 0.125 09.01.27 · principal ETSY 0.125 09.01.27 2,600,000 $2.4m1.96% 1.96% First filing
12 BRIDGEBIO PHARMA INC NOTE 2.250% 2/0 · principal BBIO 2.25 02.01.29 · principal BBIO 2.25 02.01.29 2,100,000 $2.4m1.94% 1.94% First filing
13 ENVISTA HOLDINGS CORPORATION NOTE 1.750% 8/1 · principal NVST 1.75 08.15.28 · principal NVST 1.75 08.15.28 2,400,000 $2.3m1.89% 1.89% First filing
14 AKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 · principal AKAM 0.375 09.01.27 · principal AKAM 0.375 09.01.27 2,300,000 $2.3m1.88% 1.88% First filing
15 HERBALIFE LTD NOTE 4.250% 6/1 · principal HLF 4.25 06.15.28 · principal HLF 4.25 06.15.28 2,100,000 $2.3m1.85% 1.85% First filing
16 WEC ENERGY GROUP INC NOTE 4.375% 6/0 · principal WEC 4.375 06.01.27 · principal WEC 4.375 06.01.27 2,000,000 $2.3m1.84% 1.84% First filing
17 DROPBOX INC NOTE 3/0 · principal DBX 0 03.01.28 · principal DBX 0 03.01.28 2,200,000 $2.2m1.81% 1.81% First filing
18 GUARDANT HEALTH INC DEBT 1.250% 2/1 · principal GH 1.25 02.15.31 · principal GH 1.25 02.15.31 1,200,000 $2.2m1.79% 1.79% First filing
19 DYNAVAX TECHNOLOGIES CORP DEBT 2.000% 3/1 · principal DEBT 2.000% 3/1 · principal 2,100,000 $2.2m1.79% 1.79% First filing
20 OMNICELL COM NOTE 1.000%12/0 · principal OMCL 1 12.01.29 · principal OMCL 1 12.01.29 2,000,000 $2.2m1.76% 1.76% First filing
21 SOUTHERN CO NOTE 4.500% 6/1 · principal SO 4.5 06.15.27 · principal SO 4.5 06.15.27 2,000,000 $2.1m1.74% 1.74% First filing
22 ETSY INC NOTE 0.125%10/0 · principal ETSY 0.125 10.01.26 · principal ETSY 0.125 10.01.26 2,100,000 $2.1m1.73% 1.73% First filing
23 IONIS PHARMACEUTICALS INC NOTE 1.750% 6/1 · principal IONS 1.75 06.15.28 · principal IONS 1.75 06.15.28 1,300,000 $2.1m1.68% 1.68% First filing
24 NEXTERA ENERGY CAP HLDGS INC NOTE 3.000% 3/0 · principal NEE 3 03.01.27 · principal NEE 3 03.01.27 1,600,000 $2.0m1.63% 1.63% First filing
25 COGENT BIOSCIENCES INC NOTE 1.625%11/1 · principal COGT 1.625 11.15.31 · principal COGT 1.625 11.15.31 1,700,000 $2.0m1.63% 1.63% First filing
26 ARRAY TECHNOLOGIES INC NOTE 1.000%12/0 · principal ARRY 1 12.01.28 · principal ARRY 1 12.01.28 2,200,000 $2.0m1.63% 1.63% First filing
27 IRHYTHM TECHNOLOGIES INC NOTE 1.500% 9/0 · principal IRTC 1.5 09.01.29 · principal IRTC 1.5 09.01.29 1,400,000 $2.0m1.60% 1.60% First filing
28 RIVIAN AUTOMOTIVE INC NOTE 3.625%10/1 · principal RIVN 3.625 10.15.30 · principal RIVN 3.625 10.15.30 1,700,000 $1.9m1.56% 1.56% First filing
29 UNITY SOFTWARE INC NOTE 11/1 · principal U 0 11.15.26 · principal U 0 11.15.26 1,900,000 $1.8m1.50% 1.50% First filing
30 ADVANCED ENERGY INDS NOTE 2.500% 9/1 · principal AEIS 2.5 09.15.28 · principal AEIS 2.5 09.15.28 1,000,000 $1.6m1.34% 1.34% First filing
31 DIGITALOCEAN HLDGS INC NOTE 12/0 · principal DOCN 0 12.01.26 · principal DOCN 0 12.01.26 1,400,000 $1.4m1.10% 1.10% First filing
32 CERENCE INC NOTE 1.500% 7/0 · principal CRNC 1.5 07.01.28 · principal CRNC 1.5 07.01.28 1,200,000 $1.1m0.88% 0.88% First filing
33 XOMETRY INC NOTE 1.000% 2/0 · principal XMTR 1 02.01.27 · principal XMTR 1 02.01.27 800,000 $1.0m0.82% 0.82% First filing
34 BRIDGEBIO PHARMA INC NOTE 2.500% 3/1 · principal BBIO 2.5 03.15.27 · principal BBIO 2.5 03.15.27 500,000 $947.9k0.77% 0.77% First filing
35 WESTERN DIGITAL CORP NOTE 3.000%11/1 · principal WDC 3 11.15.28 · principal WDC 3 11.15.28 200,000 $918.0k0.75% 0.75% First filing
36 BOEING CO COM BA BA 13,142 $913.7k0.74% 0.74% First filing
37 PAGERDUTY INC NOTE 1.500%10/1 · principal PD 1.5 10.15.28 * · principal PD 1.5 10.15.28 * 900,000 $862.8k0.70% 0.70% First filing
38 BLOOM ENERGY CORP COM CL A BE BE 9,593 $833.5k0.68% 0.68% First filing
39 IMPINJ INC COM PI PI 4,747 $826.0k0.67% 0.67% First filing
40 EXPEDIA GROUP INC COM NEW EXPE EXPE 2,858 $809.7k0.66% 0.66% First filing
41 Q2 HLDGS INC COM QTWO QTWO 11,209 $808.8k0.66% 0.66% First filing
42 DIGITALOCEAN HLDGS INC COM DOCN DOCN 16,742 $805.6k0.65% 0.65% First filing
43 SEMTECH CORP COM SMTC SMTC 10,841 $798.9k0.65% 0.65% First filing
44 ETSY INC COM ETSY ETSY 14,318 $793.8k0.65% 0.65% First filing
45 IONIS PHARMACEUTICALS INC COM IONS IONS 9,916 $784.5k0.64% 0.64% First filing
46 WAYFAIR INC CL A W W 7,756 $778.8k0.63% 0.63% First filing
47 RINGCENTRAL INC CL A RNG RNG 26,650 $769.7k0.63% 0.63% First filing
48 NOVAVAX INC COM NEW NVAX NVAX 112,387 $755.2k0.61% 0.61% First filing
49 SNOWFLAKE INC CL A SNOW SNOW 3,429 $752.2k0.61% 0.61% First filing
50 VIAVI SOLUTIONS INC COM VIAV VIAV 41,923 $747.1k0.61% 0.61% First filing
51 UPWORK INC COM UPWK UPWK 37,428 $741.8k0.60% 0.60% First filing
52 GROUPON INC NOTE 6.250% 3/1 · principal GRPN 6.25 03.15.27 * · principal GRPN 6.25 03.15.27 * 700,000 $740.9k0.60% 0.60% First filing
53 UNITY SOFTWARE INC COM U U 16,584 $732.5k0.60% 0.60% First filing
54 PTC THERAPEUTICS INC COM PTCT PTCT 9,512 $722.5k0.59% 0.59% First filing
55 PORCH GROUP INC COM PRCH PRCH 78,227 $714.2k0.58% 0.58% First filing
56 DROPBOX INC CL A DBX DBX 25,658 $713.3k0.58% 0.58% First filing
57 UGI CORP NEW NOTE 5.000% 6/0 · principal UGI 5 06.01.28 · principal UGI 5 06.01.28 500,000 $711.8k0.58% 0.58% First filing
58 DATADOG INC CL A COM DDOG DDOG 5,034 $684.6k0.56% 0.56% First filing
59 RIOT PLATFORMS INC NOTE 0.750% 1/1 · principal RIOT 0.75 01.15.30 · principal RIOT 0.75 01.15.30 600,000 $682.3k0.55% 0.55% First filing
60 CERENCE INC COM CRNC CRNC 62,999 $673.5k0.55% 0.55% First filing
61 WELLS FARGO CO NEW COM WFC WFC 550 $669.4k0.54% 0.54% First filing
62 GRANITE CONSTR INC NOTE 3.250% 6/1 · principal GVA 3.25 06.15.30 · principal GVA 3.25 06.15.30 400,000 $640.6k0.52% 0.52% First filing
63 GREEN PLAINS INC NOTE 5.250%11/0 · principal GPRE 5.25 11.01.30 UNRS · principal GPRE 5.25 11.01.30 UNRS 600,000 $637.3k0.52% 0.52% First filing
64 PAGERDUTY INC COM PD PD 48,454 $635.2k0.52% 0.52% First filing
65 FIVE9 INC COM FIVN FIVN 31,262 $626.8k0.51% 0.51% First filing
66 INNOVIVA INC COM INVA INVA 31,252 $624.7k0.51% 0.51% First filing
67 NEXTERA ENERGY INC COM NEE NEE 11,809 $607.7k0.49% 0.49% First filing
68 AFFIRM HLDGS INC NOTE 11/1 · principal AFRM 0 11.15.26 · principal AFRM 0 11.15.26 600,000 $579.0k0.47% 0.47% First filing
69 LUMENTUM HLDGS INC NOTE 1.500%12/1 · principal LITE 1.5 12.15.29 · principal LITE 1.5 12.15.29 100,000 $531.5k0.43% 0.43% First filing
70 BANK AMERICA CORP COM BAC BAC 408 $510.9k0.42% 0.42% First filing
71 SOFI TECHNOLOGIES INC COM SOFI SOFI 18,684 $489.1k0.40% 0.40% First filing
72 COLLEGIUM PHARMACEUTICAL INC COM COLL COLL 10,158 $470.3k0.38% 0.38% First filing
73 SUPER MICRO COMPUTER INC NOTE 3.500% 3/0 · principal SMCI 3.5 03.01.29 · principal SMCI 3.5 03.01.29 500,000 $452.1k0.37% 0.37% First filing
74 INTERDIGITAL INC NOTE 3.500% 6/0 · principal IDCC 3.5 06.01.27 · principal IDCC 3.5 06.01.27 100,000 $412.6k0.34% 0.34% First filing
75 LIBERTY MEDIA CORP DEL NOTE 3.750% 3/1 · principal SIRI 3.75 03.15.28 · principal SIRI 3.75 03.15.28 400,000 $407.0k0.33% 0.33% First filing
76 UBER TECHNOLOGIES INC NOTE 0.875%12/0 · principal UBER 0.875 12.01.28 2028 · principal UBER 0.875 12.01.28 2028 300,000 $390.1k0.32% 0.32% First filing
77 BLOCK INC CL A XYZ XYZ 5,726 $372.7k0.30% 0.30% First filing
78 PELOTON INTERACTIVE INC CL A COM PTON PTON 59,757 $368.1k0.30% 0.30% First filing
79 DRAFTKINGS INC NEW NOTE 3/1 · principal DKNG 0 03.15.28 · principal DKNG 0 03.15.28 400,000 $366.2k0.30% 0.30% First filing
80 EL PASO ENERGY CAP TR I PFD CV TR SEC 28 KMI 4.75 03.31.28 KMI 4.75 03.31.28 7,200 $355.2k0.29% 0.29% First filing
81 AFFIRM HLDGS INC COM CL A AFRM AFRM 4,752 $353.7k0.29% 0.29% First filing
82 FASTLY INC CL A FSLY FSLY 33,911 $345.2k0.28% 0.28% First filing
83 SEAGATE HDD CAYMAN NOTE 3.500% 6/0 · principal STX 3.5 06.01.28 · principal STX 3.5 06.01.28 100,000 $337.5k0.27% 0.27% First filing
84 SYNAPTICS INC COM SYNA SYNA 4,541 $336.1k0.27% 0.27% First filing
85 CENTERPOINT ENERGY INC NOTE 4.250% 8/1 · principal CNP 4.25 08.15.26 · principal CNP 4.25 08.15.26 300,000 $333.6k0.27% 0.27% First filing
86 SNOWFLAKE INC NOTE 10/0 · principal SNOW 0 10.01.29 · principal SNOW 0 10.01.29 200,000 $309.8k0.25% 0.25% First filing
87 COINBASE GLOBAL INC NOTE 0.250% 4/0 · principal COIN 0.25 04.01.30 · principal COIN 0.25 04.01.30 300,000 $308.2k0.25% 0.25% First filing
88 KKR & CO INC COM KKR KKR 5,861 $304.4k0.25% 0.25% First filing
89 LYFT INC CL A COM LYFT LYFT 14,649 $283.8k0.23% 0.23% First filing
90 BLOCK INC NOTE 0.250%11/0 · principal XYZ 0.25 11.01.27 · principal XYZ 0.25 11.01.27 300,000 $278.6k0.23% 0.23% First filing
91 APPLIED DIGITAL CORP NOTE 2.750% 6/0 · principal APLD 2.75 06.01.30 · principal APLD 2.75 06.01.30 100,000 $270.6k0.22% 0.22% First filing
92 HEWLETT PACKARD ENTERPRISE C COM HPE HPE 4,022 $266.3k0.22% 0.22% First filing
93 APOLLO GLOBAL MGMT INC COM APO APO 3,483 $262.9k0.21% 0.21% First filing
94 COINBASE GLOBAL INC COM CL A COIN COIN 1,154 $261.0k0.21% 0.21% First filing
95 MIRUM PHARMACEUTICALS INC NOTE 4.000% 5/0 · principal MIRM 4 05.01.29 · principal MIRM 4 05.01.29 100,000 $259.1k0.21% 0.21% First filing
96 ADVANCED ENERGY INDS COM AEIS AEIS 1,225 $256.5k0.21% 0.21% First filing
97 GRANITE CONSTR INC NOTE 3.750% 5/1 · principal GVA 3.75 05.15.28 · principal GVA 3.75 05.15.28 100,000 $254.7k0.21% 0.21% First filing
98 STRATEGY INC NOTE 12/0 · principal MSTR 0 12.01.29 · principal MSTR 0 12.01.29 300,000 $247.1k0.20% 0.20% First filing
99 GROUPON INC COM NEW GRPN GRPN 13,464 $237.1k0.19% 0.19% First filing
100 MARA HOLDINGS INC NOTE 3/0 · principal MARA 0 03.01.30 · principal MARA 0 03.01.30 300,000 $236.7k0.19% 0.19% First filing