Ares Systematic Credit Ltd

LONDON, X0 · CIK 2135379 · 13F filing filed 2026-08-14

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)

$164.7m reported value +30.1% vs Q1 2026

242positions

23.9%in top 10

142 new 28 added 38 reduced 50 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	FIRSTENERGY CORP NOTE 3.875% 1/1 · principal FE 3.875 01.15.31 · principal	FE 3.875 01.15.31	4,800,000	$5.3m3.24%	3.24%	New
2	Cracker Barrel Old Country Store Inc CONVERTIBLE BOND · principal CONVERTIBLE BOND · principal		4,400,000	$4.5m2.74%	2.74%	New
3	JETBLUE AIRWAYS CORP NOTE 2.500% 9/0 · principal JBLU 2.5 09.01.29 · principal	JBLU 2.5 09.01.29	4,000,000	$4.5m2.70%	2.70%	Added +300.0k	+300,000 8.1%
4	FIVE9 INC NOTE 1.000% 3/1 · principal FIVN 1 03.15.29 · principal	FIVN 1 03.15.29	5,000,000	$4.4m2.70%	2.70%	Added +2.7m	+2,700,000 117.4%
5	RUBRIK INC. NOTE 6/1 · principal RBRK 0 06.15.30 · principal	RBRK 0 06.15.30	4,300,000	$4.4m2.67%	2.67%	New
6	PROGRESS SOFTWARE CORP NOTE 3.500% 3/0 · principal PRGS 3.5 03.01.30 · principal	PRGS 3.5 03.01.30	4,100,000	$3.9m2.40%	2.40%	Added +3.6m	+3,600,000 720.0%
7	AKAMAI TECHNOLOGIES INC NOTE 1.125% 2/1 · principal AKAM 1.125 02.15.29 · principal	AKAM 1.125 02.15.29	2,800,000	$3.3m2.03%	2.03%	Reduced -200.0k	-200,000 -6.7%
8	AKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 · principal AKAM 0.375 09.01.27 · principal	AKAM 0.375 09.01.27	2,700,000	$3.2m1.97%	1.97%	Added +1.1m	+1,100,000 68.8%
9	T1 ENERGY INC NOTE 5.250%12/0 · principal TE 5.25 12.01.30 · principal	TE 5.25 12.01.30	1,700,000	$2.9m1.79%	1.79%	Added +700.0k	+700,000 70.0%
10	GUARDANT HEALTH INC NOTE 11/1 · principal GH 0 11.15.27 · principal	GH 0 11.15.27	2,200,000	$2.7m1.66%	1.66%	Added +1.8m	+1,800,000 450.0%
11	GREEN PLAINS INC NOTE 5.250%11/0 · principal GPRE 5.25 11.01.30 UNRS · principal	GPRE 5.25 11.01.30 UNRS	2,000,000	$2.7m1.66%	1.66%	Added +1.5m	+1,500,000 300.0%
12	SNOWFLAKE INC NOTE 10/0 · principal SNOW 0 10.01.29 · principal	SNOW 0 10.01.29	1,500,000	$2.7m1.61%	1.61%	Added +100.0k	+100,000 7.1%
13	SOUTHERN CO NOTE 3.250% 6/1 · principal SO 3.25 06.15.28 · principal	SO 3.25 06.15.28	2,600,000	$2.6m1.60%	1.60%	New
14	PINNACLE WEST CAP CORP NOTE 4.750% 6/1 · principal PNW 4.75 06.15.27 · principal	PNW 4.75 06.15.27	2,100,000	$2.5m1.52%	1.52%	Added +400.0k	+400,000 23.5%
15	Envista Holdings Corp NOTE 1.750% 8/1 · principal NOTE 1.750% 8/1 · principal		2,400,000	$2.4m1.46%	1.46%	New
16	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	$2.4m1.44%	1.44%	Reduced -2.1m	-2,100,000 -45.6%
17	GUIDEWIRE SOFTWARE INC NOTE 1.250%11/0 · principal GWRE 1.25 11.01.29 · principal	GWRE 1.25 11.01.29	2,400,000	$2.3m1.40%	1.40%	New
18	EVERGY INC NOTE 4.500%12/1 · principal EVRG 4.5 12.15.27 · principal	EVRG 4.5 12.15.27	1,600,000	$2.3m1.38%	1.38%	Unchanged
19	RIVIAN AUTOMOTIVE INC NOTE 3.625%10/1 · principal RIVN 3.625 10.15.30 · principal	RIVN 3.625 10.15.30	2,100,000	$2.2m1.36%	1.36%	Reduced -200.0k	-200,000 -8.7%
20	WEC ENERGY GROUP INC NOTE 4.375% 6/0 · principal WEC 4.375 06.01.27 · principal	WEC 4.375 06.01.27	1,800,000	$2.2m1.32%	1.32%	Reduced -1.7m	-1,700,000 -48.6%
21	BRIDGEBIO PHARMA INC NOTE 2.500% 3/1 · principal BBIO 2.5 03.15.27 · principal	BBIO 2.5 03.15.27	1,200,000	$2.1m1.30%	1.30%	New
22	CAPITAL SOUTHWEST CORP NOTE 5.125%11/1 · principal CSWC 5.125 11.15.29 · principal	CSWC 5.125 11.15.29	2,000,000	$2.1m1.27%	1.27%	Added +1.2m	+1,200,000 150.0%
23	SPECTRUM BRANDS INC NOTE 3.375% 6/0 · principal SPB 3.375 06.01.29 · principal	SPB 3.375 06.01.29	2,000,000	$2.1m1.26%	1.26%	Added +100.0k	+100,000 5.3%
24	SUPER MICRO COMPUTER INC NOTE 2.250% 7/1 · principal SMCI 2.25 07.15.28 · principal	SMCI 2.25 07.15.28	2,100,000	$2.1m1.25%	1.25%	Reduced -1.1m	-1,100,000 -34.4%
25	SUPER MICRO COMPUTER INC NOTE 3.500% 3/0 · principal SMCI 3.5 03.01.29 · principal	SMCI 3.5 03.01.29	2,200,000	$2.0m1.24%	1.24%	Added +1.7m	+1,700,000 340.0%
26	NEXTERA ENERGY CAP HLDGS INC NOTE 3.000% 3/0 · principal NEE 3 03.01.27 · principal	NEE 3 03.01.27	1,500,000	$2.0m1.20%	1.20%	Added +100.0k	+100,000 7.1%
27	SNAP INC NOTE 0.500% 5/0 · principal SNAP 0.5 05.01.30 · principal	SNAP 0.5 05.01.30	2,400,000	$2.0m1.19%	1.19%	Unchanged
28	MICROCHIP TECHNOLOGY INC. NOTE 0.750% 6/0 · principal MCHP 0.75 06.01.30 · principal	MCHP 0.75 06.01.30	1,600,000	$1.8m1.07%	1.07%	Added +1.5m	+1,500,000 1500.0%
29	WESTERN DIGITAL CORP NOTE 3.000%11/1 · principal WDC 3 11.15.28 · principal	WDC 3 11.15.28	100,000	$1.7m1.02%	1.02%	Reduced -100.0k	-100,000 -50.0%
30	MARRIOTT VACATIONS WORLDWIDE NOTE 3.250%12/1 · principal VAC 3.25 12.15.27 · principal	VAC 3.25 12.15.27	1,700,000	$1.7m1.01%	1.01%	Added +400.0k	+400,000 30.8%
31	ETSY INC NOTE 0.125% 9/0 · principal ETSY 0.125 09.01.27 · principal	ETSY 0.125 09.01.27	1,700,000	$1.6m0.98%	0.98%	Added +1.3m	+1,300,000 325.0%
32	HALOZYME THERAPEUTICS INC NOTE 0.250% 3/0 · principal HALO 0.25 03.01.27 · principal	HALO 0.25 03.01.27	1,400,000	$1.6m0.95%	0.95%	New
33	VARONIS SYS INC NOTE 1.000% 9/1 · principal VRNS 1 09.15.29 · principal	VRNS 1 09.15.29	1,500,000	$1.5m0.88%	0.88%	New
34	XOMETRY INC NOTE 1.000% 2/0 · principal XMTR 1 02.01.27 · principal	XMTR 1 02.01.27	800,000	$1.4m0.84%	0.84%	Unchanged
35	SITIME CORP NOTE 6/1 · principal SITM 0 06.15.31 · principal	SITM 0 06.15.31	1,200,000	$1.3m0.81%	0.81%	New
36	CIENA CORP COM NEW CIEN	CIEN	2,567	$1.3m0.76%	0.76%	New
37	CELCUITY INC NOTE 0.250% 8/0 · principal CELC 0.25 08.01.32 · principal	CELC 0.25 08.01.32	1,000,000	$1.1m0.69%	0.69%	New
38	CERENCE INC NOTE 1.500% 7/0 · principal CRNC 1.5 07.01.28 · principal	CRNC 1.5 07.01.28	1,200,000	$1.1m0.67%	0.67%	Unchanged
39	GRANITE CONSTR INC NOTE 3.250% 6/1 · principal GVA 3.25 06.15.30 · principal	GVA 3.25 06.15.30	500,000	$1.0m0.64%	0.64%	Added +100.0k	+100,000 25.0%
40	NUVATION BIO INC NOTE 0.750% 7/0 · principal NUVB 0.75 07.01.32 · principal	NUVB 0.75 07.01.32	1,000,000	$1.0m0.63%	0.63%	New
41	BLOOM ENERGY CORP COM CL A BE	BE	3,430	$1.0m0.63%	0.63%	Reduced -2.6k	-2,632 -43.4%
42	ON SEMICONDUCTOR CORP COM ON	ON	10,628	$1.0m0.61%	0.61%	New
43	SITIME CORP COM SITM	SITM	1,326	$988.6k0.60%	0.60%	New
44	DIGITALOCEAN HLDGS INC COM DOCN	DOCN	6,293	$988.2k0.60%	0.60%	Reduced -1.9k	-1,897 -23.2%
45	DATADOG INC CL A COM DDOG	DDOG	3,791	$987.0k0.60%	0.60%	Reduced -179	-179 -4.5%
46	PORCH GROUP INC COM PRCH	PRCH	65,389	$983.5k0.60%	0.60%	Reduced -12.8k	-12,838 -16.4%
47	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	10,578	$964.7k0.59%	0.59%	New
48	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	7,790	$958.6k0.58%	0.58%	Added +2.8k	+2,785 55.6%
49	AVNET INC COM AVT	AVT	10,751	$954.9k0.58%	0.58%	Added +6.2k	+6,202 136.3%
50	DAVE INC CLASS A COM NEW DAVE	DAVE	2,558	$953.1k0.58%	0.58%	Reduced -1.4k	-1,444 -36.1%
51	SNOWFLAKE INC CL A SNOW	SNOW	3,743	$952.6k0.58%	0.58%	Reduced -880	-880 -19.0%
52	UNITY SOFTWARE INC COM U	U	33,270	$950.9k0.58%	0.58%	Reduced -9.0k	-9,021 -21.3%
53	BILL HOLDINGS INC COM BILL	BILL	26,216	$948.0k0.58%	0.58%	Added +7.4k	+7,398 39.3%
54	DROPBOX INC CL A DBX	DBX	34,393	$944.8k0.57%	0.57%	Added +4.7k	+4,749 16.0%
55	PAGERDUTY INC NOTE 1.500%10/1 · principal PD 1.5 10.15.28 * · principal	PD 1.5 10.15.28 *	1,000,000	$936.4k0.57%	0.57%	New
56	WORKIVA INC COM CL A WK	WK	19,062	$924.7k0.56%	0.56%	Added +7.5k	+7,480 64.6%
57	BANDWIDTH INC COM CL A BAND	BAND	14,303	$905.4k0.55%	0.55%	New
58	BOEING CO DEP CONV PFD A BA 6 10.15.27	BA 6 10.15.27	13,142	$884.5k0.54%	0.54%	Unchanged
59	EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal DEBT 4.500% 8/1 · principal		1,100,000	$876.6k0.53%	0.53%	New
60	XOMETRY INC CLASS A COM XMTR	XMTR	8,778	$847.3k0.51%	0.51%	Reduced -7.4k	-7,351 -45.6%
61	ADVANCED ENERGY INDS COM AEIS	AEIS	2,263	$843.8k0.51%	0.51%	New
62	BLOCK INC CL A XYZ	XYZ	11,075	$841.7k0.51%	0.51%	Reduced -443	-443 -3.9%
63	SEMTECH CORP COM SMTC	SMTC	5,168	$836.4k0.51%	0.51%	Reduced -4.0k	-4,004 -43.6%
64	HERBALIFE LTD COM SHS HLF	HLF	62,768	$825.4k0.50%	0.50%	Added +17.8k	+17,847 39.7%
65	TRAVERE THERAPEUTICS INC NOTE 0.500% 5/1 · principal TVTX 0.5 05.15.32 · principal	TVTX 0.5 05.15.32	700,000	$823.4k0.50%	0.50%	New
66	GROUPON INC NOTE 6.250% 3/1 · principal GRPN 6.25 03.15.27 * · principal	GRPN 6.25 03.15.27 *	700,000	$791.7k0.48%	0.48%	Unchanged
67	FASTLY INC CL A FSLY	FSLY	41,774	$767.0k0.47%	0.47%	Added +13.4k	+13,386 47.1%
68	ENCORE CAP GROUP INC NOTE 4.000% 3/1 · principal ECPG 4 03.15.29 · principal	ECPG 4 03.15.29	500,000	$765.9k0.46%	0.46%	New
69	NOVAVAX INC COM NEW NVAX	NVAX	80,155	$755.1k0.46%	0.46%	Reduced -9.4k	-9,382 -10.5%
70	CERENCE INC COM CRNC	CRNC	61,428	$695.4k0.42%	0.42%	Reduced -16.2k	-16,238 -20.9%
71	FIVE9 INC COM FIVN	FIVN	32,101	$684.4k0.42%	0.42%	Added +839	+839 2.7%
72	SOLARIS ENERGY INFRAS INC NOTE 0.250%10/0 · principal SEI 0.25 10.01.31 · principal	SEI 0.25 10.01.31	400,000	$651.0k0.40%	0.40%	Reduced -200.0k	-200,000 -33.3%
73	WELLS FARGO CO NEW PERP PFD CNV A WFC 7.5 PERP L	WFC 7.5 PERP L	550	$636.4k0.39%	0.39%	Unchanged
74	CLOUDFLARE INC 06/15/30 CVT · principal 06/15/30 CVT · principal		500,000	$633.5k0.38%	0.38%	New
75	MKS INC. NOTE 1.250% 6/0 · principal MKSI 1.25 06.01.30 · principal	MKSI 1.25 06.01.30	200,000	$589.5k0.36%	0.36%	Unchanged
76	NEXTERA ENERGY INC UNIT 06/01/2027 NEE 7.299 06.01.27	NEE 7.299 06.01.27	11,035	$586.4k0.36%	0.36%	Unchanged
77	UPWORK INC COM UPWK	UPWK	66,651	$557.2k0.34%	0.34%	Unchanged
78	UGI CORP NEW NOTE 5.000% 6/0 · principal UGI 5 06.01.28 · principal	UGI 5 06.01.28	400,000	$539.3k0.33%	0.33%	Reduced -100.0k	-100,000 -20.0%
79	UBER TECHNOLOGIES INC COM UBER	UBER	7,159	$516.6k0.31%	0.31%	New
80	PEBBLEBROOK HOTEL TR COM PEB	PEB	26,607	$516.4k0.31%	0.31%	New
81	BANK AMERICA CORP 7.25%CNV PFD L BAC 7.25 PERP L	BAC 7.25 PERP L	408	$511.8k0.31%	0.31%	Unchanged
82	BRIDGEBIO PHARMA INC NOTE 1.750% 3/0 · principal BBIO 1.75 03.01.31 · principal	BBIO 1.75 03.01.31	300,000	$505.1k0.31%	0.31%	Unchanged
83	SPHERE ENTERTAINMENT CO NOTE 3.500%12/0 · principal SPHR 3.5 12.01.28 · principal	SPHR 3.5 12.01.28	100,000	$490.3k0.30%	0.30%	Unchanged
84	PAGERDUTY INC COM PD	PD	50,028	$482.8k0.29%	0.29%	Added +1.6k	+1,574 3.2%
85	OUTFRONT MEDIA INC COM NEW OUT	OUT	14,457	$473.6k0.29%	0.29%	New
86	WISDOMTREE INC COM WT	WT	27,517	$466.1k0.28%	0.28%	New
87	HEWLETT PACKARD ENTERPRISE C 7.625 MAND CONV HPE 7.625 09.01.27	HPE 7.625 09.01.27	4,022	$465.2k0.28%	0.28%	Unchanged
88	XENIA HOTELS & RESORTS INC COM XHR	XHR	21,767	$443.2k0.27%	0.27%	New
89	ETSY INC COM ETSY	ETSY	5,697	$429.2k0.26%	0.26%	Reduced -3.9k	-3,865 -40.4%
90	VICTORIAS SECRET AND CO COMMON STOCK VSXY	VSXY	5,049	$421.5k0.26%	0.26%	New
91	VIAVI SOLUTIONS INC COM VIAV	VIAV	8,811	$420.7k0.26%	0.26%	New
92	ADAPTIVE BIOTECHNOLOGIES COR COM ADPT	ADPT	19,359	$415.3k0.25%	0.25%	New
93	GRAHAM HLDGS CO COM CL B GHC	GHC	362	$413.2k0.25%	0.25%	New
94	WOLVERINE WORLD WIDE INC COM WWW	WWW	24,772	$409.5k0.25%	0.25%	New
95	HAEMONETICS CORP MASS NOTE 2.500% 6/0 · principal HAE 2.5 06.01.29 · principal	HAE 2.5 06.01.29	400,000	$406.3k0.25%	0.25%	New
96	ORACLE CORP 6.5 DEP CUM SR D ORCL 6.5 01.15.29 D	ORCL 6.5 01.15.29 D	9,031	$405.9k0.25%	0.25%	Reduced -1.5k	-1,452 -13.8%
97	MARRIOTT VACATIONS WORLDWIDE COM VAC	VAC	3,952	$402.6k0.24%	0.24%	New
98	APPLIED DIGITAL CORP NOTE 2.750% 6/0 · principal APLD 2.75 06.01.30 · principal	APLD 2.75 06.01.30	100,000	$399.1k0.24%	0.24%	Unchanged
99	COINBASE GLOBAL INC COM CL A COIN	COIN	2,725	$398.4k0.24%	0.24%	Reduced -1.8k	-1,780 -39.5%
100	CLOUDFLARE INC CL A COM NET	NET	1,623	$398.1k0.24%	0.24%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
PEABODY ENGR CORP BTU 3.25 03.01.28	BTU 3.25 03.01.28	3,800,000	$3.8m3.8m shares
ENVISTA HOLDINGS CORPORATION NVST 1.75 08.15.28	NVST 1.75 08.15.28	3,700,000	$3.7m3.7m shares
ETSY INC ETSY 0.125 10.01.26	ETSY 0.125 10.01.26	2,300,000	$2.2m2.3m shares
RIVIAN AUTOMOTIVE INC RIVN 4.625 03.15.29	RIVN 4.625 03.15.29	2,100,000	$2.2m2.1m shares
SOUTHERN CO SO 4.5 06.15.27	SO 4.5 06.15.27	1,900,000	$2.1m1.9m shares
COGENT BIOSCIENCES INC COGT 1.625 11.15.31	COGT 1.625 11.15.31	1,800,000	$2.1m1.8m shares
DIGITALOCEAN HLDGS INC DOCN 0 12.01.26	DOCN 0 12.01.26	2,100,000	$2.1m2.1m shares
LCI INDS LCII 3 03.01.30	LCII 3 03.01.30	1,700,000	$2.0m1.7m shares
WINNEBAGO INDS INC WGO 3.25 01.15.30	WGO 3.25 01.15.30	2,200,000	$2.0m2.2m shares
ALPHATEC HLDGS INC ATEC 0.75 03.15.30	ATEC 0.75 03.15.30	1,900,000	$2.0m1.9m shares
IMMUNOCORE HLDGS PLC IMCR 2.5 02.01.30	IMCR 2.5 02.01.30	2,200,000	$2.0m2.2m shares
HERBALIFE LTD HLF 4.25 06.15.28	HLF 4.25 06.15.28	1,600,000	$1.9m1.6m shares
LUMENTUM HLDGS INC LITE 1.5 12.15.29	LITE 1.5 12.15.29	100,000	$943.6k100.0k shares
BOX INC BOX 1.5 09.15.29	BOX 1.5 09.15.29	1,000,000	$917.4k1.0m shares
PATRICK INDS INC PATK 1.75 12.01.28	PATK 1.75 12.01.28	500,000	$829.7k500.0k shares
ARROWHEAD PHARMACEUTICALS IN ARWR	ARWR	13,169	$759.2k13.2k shares
Q2 HLDGS INC QTWO	QTWO	15,296	$712.5k15.3k shares
MKS INC. MKSI	MKSI	3,115	$655.6k3.1k shares
MACOM TECH SOLUTIONS HLDGS I MTSI	MTSI	2,589	$542.4k2.6k shares
STRATEGY INC MSTR 0 12.01.29	MSTR 0 12.01.29	600,000	$498.9k600.0k shares
ZIFF DAVIS INC ZD 3.625 03.01.28	ZD 3.625 03.01.28	500,000	$490.1k500.0k shares
SEAGATE HDD CAYMAN STX 3.5 06.01.28	STX 3.5 06.01.28	100,000	$439.6k100.0k shares
LIBERTY MEDIA CORP DEL SIRI 3.75 03.15.28	SIRI 3.75 03.15.28	400,000	$413.9k400.0k shares
PTC THERAPEUTICS INC PTCT	PTCT	6,196	$406.7k6.2k shares
RAMACO RES INC METC 0 11.01.31	METC 0 11.01.31	500,000	$385.5k500.0k shares