Aequim Alternative Investments LP

Background

Aequim Alternative Investments LP operates as a credit-oriented alternatives manager with a notable tilt toward technology-linked debt instruments. The firm is not a household name among retail investors, and its 13F disclosures have attracted limited mainstream coverage — which is part of what makes its filing trail worth examining. What the data does show is a one-year return of +37.2% against an S&P alpha of +19.5%, a performance gap that is difficult to dismiss as noise. With 72 holdings, Aequim runs a moderately concentrated book for a credit-focused vehicle, and its curator characterization — "credit-oriented alternatives with outsized tech exposure" — captures the essential tension that defines its current positioning.

Current Portfolio Signal

Aequim's top 15 holdings read less like a traditional bond portfolio and more like a selective tour through corporate debt issued by companies at inflection points. Western Digital (WDC) convertible notes sit at 7.7%, making them the single largest position. Alibaba (BABA) convertible debt accounts for 4.9%, EchoStar (SATS) 4.8%, and Hewlett Packard Enterprise (HPE) 4.4%. Seagate (STX) at 4.0% and Snowflake (SNOW) at 3.4% deepen the technology-adjacent concentration. What is striking relative to a cap-weighted index is the near-absence of plain equity exposure…