Ares Systematic Credit Ltd

LONDON, X0 · CIK 2135379 · 13F filing filed 2026-05-15

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

Assets managed$9.9bn
Staff62 · 16 in investment roles
Main clients (by assets)Private funds 50%, Mutual funds and ETFs 2%
Private funds1 (1 hedge) · $4.8bn gross assets
Websitebluecove.com
Form ADV · 2026-08-26SEC adviser record

Legal entityARES SYSTEMATIC CREDIT LIMITED (GB)

$126.6m reported value +2.9% vs Q4 2025

150positions

27.4%in top 10

56 new 27 added 30 reduced 51 sold out vs Q4 2025

Holdings, Q1 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	ALARM COM HLDGS INC NOTE 2.250% 6/0 · principal ALRM 2.25 06.01.29 · principal	ALRM 2.25 06.01.29	4,600,000	$4.2m3.35%	3.35%	Added +300.0k	+300,000 7.0%
2	WEC ENERGY GROUP INC NOTE 4.375% 6/0 · principal WEC 4.375 06.01.27 · principal	WEC 4.375 06.01.27	3,500,000	$4.2m3.32%	3.32%	Added +1.5m	+1,500,000 75.0%
3	GLOBAL PMTS INC NOTE 1.500% 3/0 · principal GPN 1.5 03.01.31 · principal	GPN 1.5 03.01.31	4,700,000	$4.1m3.25%	3.25%	New
4	PEABODY ENGR CORP NOTE 3.250% 3/0 · principal BTU 3.25 03.01.28 · principal	BTU 3.25 03.01.28	3,800,000	$3.8m3.04%	3.04%	New
5	ENVISTA HOLDINGS CORPORATION NOTE 1.750% 8/1 · principal NVST 1.75 08.15.28 · principal	NVST 1.75 08.15.28	3,700,000	$3.7m2.89%	2.89%	Added +1.3m	+1,300,000 54.2%
6	JETBLUE AIRWAYS CORP NOTE 2.500% 9/0 · principal JBLU 2.5 09.01.29 · principal	JBLU 2.5 09.01.29	3,700,000	$3.4m2.69%	2.69%	Added +3.6m	+3,600,000 3600.0%
7	AKAMAI TECHNOLOGIES INC NOTE 1.125% 2/1 · principal AKAM 1.125 02.15.29 · principal	AKAM 1.125 02.15.29	3,000,000	$3.4m2.65%	2.65%	Added +400.0k	+400,000 15.4%
8	MACOM TECH SOLUTIONS HLDGS I NOTE 12/1 · principal MTSI 0 12.15.29 · principal	MTSI 0 12.15.29	2,000,000	$2.8m2.21%	2.21%	New
9	SUPER MICRO COMPUTER INC NOTE 2.250% 7/1 · principal SMCI 2.25 07.15.28 · principal	SMCI 2.25 07.15.28	3,200,000	$2.7m2.17%	2.17%	New
10	WORKIVA INC NOTE 1.250% 8/1 · principal WK 1.25 08.15.28 · principal	WK 1.25 08.15.28	2,500,000	$2.3m1.84%	1.84%	Reduced -1.7m	-1,700,000 -40.5%
11	ETSY INC NOTE 0.125%10/0 · principal ETSY 0.125 10.01.26 · principal	ETSY 0.125 10.01.26	2,300,000	$2.2m1.78%	1.78%	Added +200.0k	+200,000 9.5%
12	RIVIAN AUTOMOTIVE INC NOTE 4.625% 3/1 · principal RIVN 4.625 03.15.29 · principal	RIVN 4.625 03.15.29	2,100,000	$2.2m1.74%	1.74%	New
13	RIVIAN AUTOMOTIVE INC NOTE 3.625%10/1 · principal RIVN 3.625 10.15.30 · principal	RIVN 3.625 10.15.30	2,300,000	$2.2m1.70%	1.70%	Added +600.0k	+600,000 35.3%
14	EVERGY INC NOTE 4.500%12/1 · principal EVRG 4.5 12.15.27 · principal	EVRG 4.5 12.15.27	1,600,000	$2.2m1.70%	1.70%	Reduced -900.0k	-900,000 -36.0%
15	SOUTHERN CO NOTE 4.500% 6/1 · principal SO 4.5 06.15.27 · principal	SO 4.5 06.15.27	1,900,000	$2.1m1.67%	1.67%	Reduced -100.0k	-100,000 -5.0%
16	COGENT BIOSCIENCES INC NOTE 1.625%11/1 · principal COGT 1.625 11.15.31 · principal	COGT 1.625 11.15.31	1,800,000	$2.1m1.66%	1.66%	Added +100.0k	+100,000 5.9%
17	DIGITALOCEAN HLDGS INC NOTE 12/0 · principal DOCN 0 12.01.26 · principal	DOCN 0 12.01.26	2,100,000	$2.1m1.62%	1.62%	Added +700.0k	+700,000 50.0%
18	LCI INDS NOTE 3.000% 3/0 · principal LCII 3 03.01.30 · principal	LCII 3 03.01.30	1,700,000	$2.0m1.59%	1.59%	New
19	FIVE9 INC NOTE 1.000% 3/1 · principal FIVN 1 03.15.29 · principal	FIVN 1 03.15.29	2,300,000	$2.0m1.58%	1.58%	Added +2.2m	+2,200,000 2200.0%
20	WINNEBAGO INDS INC NOTE 3.250% 1/1 · principal WGO 3.25 01.15.30 · principal	WGO 3.25 01.15.30	2,200,000	$2.0m1.58%	1.58%	Added +2.1m	+2,100,000 2100.0%
21	ALPHATEC HLDGS INC NOTE 0.750% 3/1 · principal ATEC 0.75 03.15.30 · principal	ATEC 0.75 03.15.30	1,900,000	$2.0m1.55%	1.55%	New
22	IMMUNOCORE HLDGS PLC NOTE 2.500% 2/0 · principal IMCR 2.5 02.01.30 · principal	IMCR 2.5 02.01.30	2,200,000	$2.0m1.54%	1.54%	Reduced -2.3m	-2,300,000 -51.1%
23	PINNACLE WEST CAP CORP NOTE 4.750% 6/1 · principal PNW 4.75 06.15.27 · principal	PNW 4.75 06.15.27	1,700,000	$1.9m1.54%	1.54%	New
24	NEXTERA ENERGY CAP HLDGS INC NOTE 3.000% 3/0 · principal NEE 3 03.01.27 · principal	NEE 3 03.01.27	1,400,000	$1.9m1.53%	1.53%	Reduced -200.0k	-200,000 -12.5%
25	HERBALIFE LTD NOTE 4.250% 6/1 · principal HLF 4.25 06.15.28 · principal	HLF 4.25 06.15.28	1,600,000	$1.9m1.50%	1.50%	Reduced -500.0k	-500,000 -23.8%
26	SNAP INC NOTE 0.500% 5/0 · principal SNAP 0.5 05.01.30 · principal	SNAP 0.5 05.01.30	2,400,000	$1.9m1.49%	1.49%	New
27	SPECTRUM BRANDS INC NOTE 3.375% 6/0 · principal SPB 3.375 06.01.29 · principal	SPB 3.375 06.01.29	1,900,000	$1.9m1.48%	1.48%	New
28	AKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 · principal AKAM 0.375 09.01.27 · principal	AKAM 0.375 09.01.27	1,600,000	$1.8m1.43%	1.43%	Reduced -700.0k	-700,000 -30.4%
29	SNOWFLAKE INC NOTE 10/0 · principal SNOW 0 10.01.29 · principal	SNOW 0 10.01.29	1,400,000	$1.7m1.36%	1.36%	Added +1.2m	+1,200,000 600.0%
30	WESTERN DIGITAL CORP NOTE 3.000%11/1 · principal WDC 3 11.15.28 · principal	WDC 3 11.15.28	200,000	$1.3m1.05%	1.05%	Unchanged
31	MARRIOTT VACATIONS WORLDWIDE NOTE 3.250%12/1 · principal VAC 3.25 12.15.27 · principal	VAC 3.25 12.15.27	1,300,000	$1.3m0.99%	0.99%	New
32	T1 ENERGY INC NOTE 5.250%12/0 · principal TE 5.25 12.01.30 · principal	TE 5.25 12.01.30	1,000,000	$1.2m0.96%	0.96%	New
33	CERENCE INC NOTE 1.500% 7/0 · principal CRNC 1.5 07.01.28 · principal	CRNC 1.5 07.01.28	1,200,000	$1.1m0.85%	0.85%	Unchanged
34	ARROWHEAD PHARMACEUTICALS IN NOTE 1/1 · principal ARWR 0 01.15.32 · principal	ARWR 0 01.15.32	1,000,000	$990.9k0.78%	0.78%	New
35	BENTLEY SYS INC NOTE 0.375% 7/0 · principal BSY 0.375 07.01.27 · principal	BSY 0.375 07.01.27	1,000,000	$950.7k0.75%	0.75%	Added +900.0k	+900,000 900.0%
36	LUMENTUM HLDGS INC NOTE 1.500%12/1 · principal LITE 1.5 12.15.29 · principal	LITE 1.5 12.15.29	100,000	$943.6k0.75%	0.75%	Unchanged
37	BOX INC NOTE 1.500% 9/1 · principal BOX 1.5 09.15.29 · principal	BOX 1.5 09.15.29	1,000,000	$917.4k0.72%	0.72%	New
38	UNITY SOFTWARE INC COM U	U	42,291	$868.7k0.69%	0.69%	Added +25.7k	+25,707 155.0%
39	XOMETRY INC NOTE 1.000% 2/0 · principal XMTR 1 02.01.27 · principal	XMTR 1 02.01.27	800,000	$836.0k0.66%	0.66%	Unchanged
40	PATRICK INDS INC NOTE 1.750%12/0 · principal PATK 1.75 12.01.28 · principal	PATK 1.75 12.01.28	500,000	$829.7k0.66%	0.66%	New
41	BOEING CO DEP CONV PFD A BA 6 10.15.27	BA 6 10.15.27	13,142	$813.9k0.64%	0.64%	New
42	CAPITAL SOUTHWEST CORP NOTE 5.125%11/1 · principal CSWC 5.125 11.15.29 · principal	CSWC 5.125 11.15.29	800,000	$802.4k0.63%	0.63%	New
43	ARROWHEAD PHARMACEUTICALS IN COM ARWR	ARWR	13,169	$759.2k0.60%	0.60%	New
44	IONIS PHARMACEUTICALS INC NOTE 1.750% 6/1 · principal IONS 1.75 06.15.28 · principal	IONS 1.75 06.15.28	500,000	$735.7k0.58%	0.58%	Reduced -800.0k	-800,000 -61.5%
45	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	5,005	$725.2k0.57%	0.57%	New
46	BLOOM ENERGY CORP COM CL A BE	BE	6,062	$724.5k0.57%	0.57%	Reduced -3.5k	-3,531 -36.8%
47	FASTLY INC CL A FSLY	FSLY	28,388	$724.5k0.57%	0.57%	Reduced -5.5k	-5,523 -16.3%
48	COINBASE GLOBAL INC COM CL A COIN	COIN	4,505	$724.4k0.57%	0.57%	Added +3.4k	+3,351 290.4%
49	NOVAVAX INC COM NEW NVAX	NVAX	89,537	$724.4k0.57%	0.57%	Reduced -22.9k	-22,850 -20.3%
50	SOLARIS ENERGY INFRAS INC NOTE 0.250%10/0 · principal SEI 0.25 10.01.31 · principal	SEI 0.25 10.01.31	600,000	$716.3k0.57%	0.57%	Reduced -3.2m	-3,200,000 -84.2%
51	Q2 HLDGS INC COM QTWO	QTWO	15,296	$712.5k0.56%	0.56%	Added +4.1k	+4,087 36.5%
52	SNOWFLAKE INC CL A SNOW	SNOW	4,623	$710.4k0.56%	0.56%	Added +1.2k	+1,194 34.8%
53	GREEN PLAINS INC NOTE 5.250%11/0 · principal GPRE 5.25 11.01.30 UNRS · principal	GPRE 5.25 11.01.30 UNRS	500,000	$707.8k0.56%	0.56%	Reduced -100.0k	-100,000 -16.7%
54	UGI CORP NEW NOTE 5.000% 6/0 · principal UGI 5 06.01.28 · principal	UGI 5 06.01.28	500,000	$707.2k0.56%	0.56%	Unchanged
55	UPWORK INC COM UPWK	UPWK	66,651	$704.5k0.56%	0.56%	Added +29.2k	+29,223 78.1%
56	BILL HOLDINGS INC COM BILL	BILL	18,818	$700.8k0.55%	0.55%	New
57	GROUPON INC NOTE 6.250% 3/1 · principal GRPN 6.25 03.15.27 * · principal	GRPN 6.25 03.15.27 *	700,000	$696.8k0.55%	0.55%	Unchanged
58	WORKIVA INC COM CL A WK	WK	11,582	$679.9k0.54%	0.54%	New
59	DAVE INC CLASS A COM NEW DAVE	DAVE	4,002	$678.2k0.54%	0.54%	New
60	DROPBOX INC CL A DBX	DBX	29,644	$668.8k0.53%	0.53%	Added +4.0k	+3,986 15.5%
61	BLOCK INC CL A XYZ	XYZ	11,518	$656.9k0.52%	0.52%	Added +5.8k	+5,792 101.2%
62	MKS INC. COM MKSI	MKSI	3,115	$655.6k0.52%	0.52%	New
63	SEMTECH CORP COM SMTC	SMTC	9,172	$647.6k0.51%	0.51%	Reduced -1.7k	-1,669 -15.4%
64	HERBALIFE LTD COM SHS HLF	HLF	44,921	$647.3k0.51%	0.51%	New
65	DIGITALOCEAN HLDGS INC COM DOCN	DOCN	8,190	$641.4k0.51%	0.51%	Reduced -8.6k	-8,552 -51.1%
66	GUARDANT HEALTH INC DEBT 1.250% 2/1 · principal GH 1.25 02.15.31 · principal	GH 1.25 02.15.31	400,000	$640.2k0.51%	0.51%	Reduced -800.0k	-800,000 -66.7%
67	GRANITE CONSTR INC NOTE 3.250% 6/1 · principal GVA 3.25 06.15.30 · principal	GVA 3.25 06.15.30	400,000	$639.7k0.51%	0.51%	Unchanged
68	WELLS FARGO CO NEW PERP PFD CNV A WFC 7.5 PERP L	WFC 7.5 PERP L	550	$628.6k0.50%	0.50%	New
69	NEXTERA ENERGY INC UNIT 06/01/2027 NEE 7.299 06.01.27	NEE 7.299 06.01.27	11,035	$618.0k0.49%	0.49%	New
70	XOMETRY INC CLASS A COM XMTR	XMTR	16,129	$603.4k0.48%	0.48%	New
71	SYNAPTICS INC COM SYNA	SYNA	8,433	$548.8k0.43%	0.43%	Added +3.9k	+3,892 85.7%
72	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	2,589	$542.4k0.43%	0.43%	New
73	PORCH GROUP INC COM PRCH	PRCH	78,227	$539.8k0.43%	0.43%	Unchanged
74	STRATEGY INC NOTE 12/0 · principal MSTR 0 12.01.29 · principal	MSTR 0 12.01.29	600,000	$498.9k0.39%	0.39%	Added +300.0k	+300,000 100.0%
75	ZIFF DAVIS INC DEBT 3.625% 3/0 · principal ZD 3.625 03.01.28 · principal	ZD 3.625 03.01.28	500,000	$490.1k0.39%	0.39%	New
76	BRIDGEBIO PHARMA INC NOTE 1.750% 3/0 · principal BBIO 1.75 03.01.31 · principal	BBIO 1.75 03.01.31	300,000	$485.8k0.38%	0.38%	New
77	BANK AMERICA CORP 7.25%CNV PFD L BAC 7.25 PERP L	BAC 7.25 PERP L	408	$485.6k0.38%	0.38%	New
78	ALBEMARLE CORP 7.25% DEP SHS A ALB 7.25 03.01.27	ALB 7.25 03.01.27	6,813	$480.5k0.38%	0.38%	New
79	ASTRONICS CORP COM ATRO	ATRO	7,433	$463.2k0.37%	0.37%	New
80	CERENCE INC COM CRNC	CRNC	77,666	$462.9k0.37%	0.37%	Added +14.7k	+14,667 23.3%
81	FIVE9 INC COM FIVN	FIVN	31,262	$461.7k0.36%	0.36%	Unchanged
82	DATADOG INC CL A COM DDOG	DDOG	3,970	$459.8k0.36%	0.36%	Reduced -1.1k	-1,064 -21.1%
83	ORACLE CORP 6.5 DEP CUM SR D ORCL 6.5 01.15.29 D	ORCL 6.5 01.15.29 D	10,483	$458.0k0.36%	0.36%	New
84	ETSY INC COM ETSY	ETSY	9,562	$454.2k0.36%	0.36%	Reduced -4.8k	-4,756 -33.2%
85	PROGRESS SOFTWARE CORP NOTE 3.500% 3/0 · principal PRGS 3.5 03.01.30 · principal	PRGS 3.5 03.01.30	500,000	$451.0k0.36%	0.36%	New
86	SEAGATE HDD CAYMAN NOTE 3.500% 6/0 · principal STX 3.5 06.01.28 · principal	STX 3.5 06.01.28	100,000	$439.6k0.35%	0.35%	Unchanged
87	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	$413.9k0.33%	0.33%	Unchanged
88	PTC THERAPEUTICS INC COM PTCT	PTCT	6,196	$406.7k0.32%	0.32%	Reduced -3.3k	-3,316 -34.9%
89	GUARDANT HEALTH INC NOTE 11/1 · principal GH 0 11.15.27 · principal	GH 0 11.15.27	400,000	$405.3k0.32%	0.32%	Reduced -1.9m	-1,900,000 -82.6%
90	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	$394.3k0.31%	0.31%	Unchanged
91	RAMACO RES INC NOTE 11/0 · principal METC 0 11.01.31 · principal	METC 0 11.01.31	500,000	$385.5k0.30%	0.30%	New
92	TERAWULF INC COM WULF	WULF	28,082	$384.7k0.30%	0.30%	New
93	INTERDIGITAL INC NOTE 3.500% 6/0 · principal IDCC 3.5 06.01.27 · principal	IDCC 3.5 06.01.27	100,000	$381.0k0.30%	0.30%	Unchanged
94	ETSY INC NOTE 0.125% 9/0 · principal ETSY 0.125 09.01.27 · principal	ETSY 0.125 09.01.27	400,000	$372.8k0.29%	0.29%	Reduced -2.2m	-2,200,000 -84.6%
95	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	$365.3k0.29%	0.29%	Unchanged
96	COINBASE GLOBAL INC NOTE 0.250% 4/0 · principal COIN 0.25 04.01.30 · principal	COIN 0.25 04.01.30	400,000	$362.8k0.29%	0.29%	Added +100.0k	+100,000 33.3%
97	DRAFTKINGS INC NEW NOTE 3/1 · principal DKNG 0 03.15.28 · principal	DKNG 0 03.15.28	400,000	$360.8k0.29%	0.29%	Unchanged
98	WINNEBAGO INDS INC COM WGO	WGO	10,562	$333.2k0.26%	0.26%	New
99	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	10,158	$325.0k0.26%	0.26%	Unchanged
100	TRANSOCEAN LTD REGISTERED SHS RIG	RIG	48,771	$324.3k0.26%	0.26%	New

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
BIOMARIN PHARMACEUTICAL INC BMRN 1.25 05.15.27	BMRN 1.25 05.15.27	3,400,000	$3.3m3.4m shares
HAEMONETICS CORP MASS HAE 2.5 06.01.29	HAE 2.5 06.01.29	2,700,000	$2.8m2.7m shares
BRIDGEBIO PHARMA INC BBIO 2.25 02.01.29	BBIO 2.25 02.01.29	2,100,000	$2.4m2.1m shares
DROPBOX INC DBX 0 03.01.28	DBX 0 03.01.28	2,200,000	$2.2m2.2m shares
DYNAVAX TECHNOLOGIES CORP		2,100,000	$2.2m2.1m shares
ARRAY TECHNOLOGIES INC ARRY 1 12.01.28	ARRY 1 12.01.28	2,200,000	$2.0m2.2m shares
IRHYTHM TECHNOLOGIES INC IRTC 1.5 09.01.29	IRTC 1.5 09.01.29	1,400,000	$2.0m1.4m shares
BRIDGEBIO PHARMA INC BBIO 2.5 03.15.27	BBIO 2.5 03.15.27	500,000	$947.9k500.0k shares
BOEING CO BA	BA	13,142	$913.7k13.1k shares
PAGERDUTY INC PD 1.5 10.15.28 *	PD 1.5 10.15.28 *	900,000	$862.8k900.0k shares
IMPINJ INC PI	PI	4,747	$826.0k4.7k shares
EXPEDIA GROUP INC EXPE	EXPE	2,858	$809.7k2.9k shares
IONIS PHARMACEUTICALS INC IONS	IONS	9,916	$784.5k9.9k shares
RINGCENTRAL INC RNG	RNG	26,650	$769.7k26.6k shares
VIAVI SOLUTIONS INC VIAV	VIAV	41,923	$747.1k41.9k shares
RIOT PLATFORMS INC RIOT 0.75 01.15.30	RIOT 0.75 01.15.30	600,000	$682.3k600.0k shares
WELLS FARGO CO NEW WFC	WFC	550	$669.4k550 shares
INNOVIVA INC INVA	INVA	31,252	$624.7k31.3k shares
NEXTERA ENERGY INC NEE	NEE	11,809	$607.7k11.8k shares
AFFIRM HLDGS INC AFRM 0 11.15.26	AFRM 0 11.15.26	600,000	$579.0k600.0k shares
BANK AMERICA CORP BAC	BAC	408	$510.9k408 shares
UBER TECHNOLOGIES INC UBER 0.875 12.01.28 2028	UBER 0.875 12.01.28 2028	300,000	$390.1k300.0k shares
CENTERPOINT ENERGY INC CNP 4.25 08.15.26	CNP 4.25 08.15.26	300,000	$333.6k300.0k shares
KKR & CO INC KKR	KKR	5,861	$304.4k5.9k shares
LYFT INC LYFT	LYFT	14,649	$283.8k14.6k shares