Two Seas Capital LP
CIK 1823138 · View on SEC EDGAR ↗
- Portfolio value
- $3.5B
- Positions
- 47
- As of
- June 30, 2026
#1,034 of 9,443 by 13F value · top 10.9%
Portfolio value QoQ: -29.3% 13F does not disclose cash
- Top 10 holdings weight
- 64.08%
- Top 25 holdings weight
- 90.35%
- Positions above 1%
- 25
- Effective number of positions
- 16.2
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 13.43% Est. buys $574,766,430 · sells $2,824,951,370
Median holding: 2.0 quarters Tracked Q4 2024–Q2 2026 · 54.7% still held
- New positions
- 10
- Increased
- 15
- Decreased
- 16
- Closed
- 7
Put-notional exposure: 16.8% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
- Related The person behind this filer, where we can match one.
Performance vs S&P 500
Annualized: +77.2% · S&P 500: +18.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 99.1% · Options excluded: 50.4%
Sector breakdown
Healthcare
33.9%
Technology
19.2%
Energy
9.5%
Utilities
7.4%
Communication Services
4.8%
Industrials
2.0%
Consumer Staples
0.8%
Consumer products
0.3%
Real Estate
0.1%
Other/Unmapped
21.9%
Full portfolio 47 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| SPY SPY | $595,922,460 | 16.81% | 798,000 | Put option | $-1,497,847,170 | Down ×1 | |
| ROIV Roivant Sciences Ltd. - Common Shares | $299,942,849 | 8.46% | 8,475,356 | $41,549,188 | Down ×3 | ||
| CLMT Calumet, Inc - Common Stock | $238,441,882 | 6.73% | 6,619,708 | $24,467,399 | Up ×1 | ||
| CORZ Core Scientific, Inc. - Common Stock | $231,039,545 | 6.52% | 9,028,509 | $-10,591,877 | Down ×2 | ||
| NKTR Nektar Therapeutics - Common Stock | $215,868,856 | 6.09% | 3,092,234 | $74,905,999 | Up ×2 | ||
| TLN Talen Energy Corporation - Common Stock | $194,899,746 | 5.50% | 507,208 | $10,024,395 | Down ×1 | ||
| INDV Indivior Pharmaceuticals, Inc. - Common Stock | $142,763,598 | 4.03% | 3,479,493 | $-1,910,027 | Down ×1 | ||
| IMVT Immunovant, Inc. - Common Stock | $121,311,898 | 3.42% | 3,148,505 | $41,775,162 | Down ×1 | ||
| TDAY USA TODAY Co., Inc. Common Stock | $120,301,159 | 3.39% | 14,070,311 | $21,280,786 | Up ×1 | ||
| FSLR First Solar, Inc. - Common Stock | $111,255,140 | 3.14% | 471,500 | Call option | $20,771,978 | Up ×1 | |
| SHAZ SharonAI Holdings, Inc. - Class A Common Stock | $109,529,129 | 3.09% | 1,293,753 | $100,058,311 | Up ×1 | ||
| SHC Sotera Health Company - Common Stock | $103,589,941 | 2.92% | 5,836,053 | $17,214,801 | Down ×1 | ||
| ABUS Arbutus Biopharma Corporation - Common Stock | $91,658,798 | 2.59% | 19,095,583 | $8,149,854 | Up ×6 | ||
| VST Vistra Corp. Common Stock | $68,309,409 | 1.93% | 430,621 | $40,408,612 | Up ×1 | ||
| FTAI FTAI Aviation Ltd. - Common Stock | $67,351,690 | 1.90% | 248,962 | $4,752,475 | Down ×1 | ||
| QURE uniQure N.V. - Ordinary Shares | $66,391,345 | 1.87% | 1,441,410 | $45,136,345 | Up ×1 | ||
| WULF TeraWulf Inc. - Common Stock | $61,580,533 | 1.74% | 2,493,139 | $3,514,141 | Down ×2 | ||
| GLNG Golar LNG Limited - Common Shares | $60,893,465 | 1.72% | 1,221,779 | $-8,081,093 | Down ×1 | ||
| ROIV Roivant Sciences Ltd. - Common Shares | $52,469,214 | 1.48% | 1,482,600 | Call option | $32,184,504 | Up ×1 | |
| SATS EchoStar Corporation - Common stock | $51,051,963 | 1.44% | 502,975 | $6,315,419 | Up ×1 | ||
| CIFR Cipher Mining Inc. - Common Stock | $49,980,000 | 1.41% | 2,040,000 | $23,596,500 | Down ×1 | ||
| WULF TeraWulf Inc. - Common Stock | $41,990,000 | 1.18% | 1,700,000 | Call option | Up ×1 | ||
| Unknown issuer (CUSIP: 84615Q103) | $35,690,945 | 1.01% | 208,890 | Up ×1 | |||
| ABVX Abivax SA - American Depositary Shares | $35,500,464 | 1.00% | 266,400 | Call option | Up ×1 | ||
| CIFR Cipher Mining Inc. - Common Stock | $35,441,700 | 1.00% | 1,446,600 | Call option | Up ×1 | ||
| ABVX Abivax SA - American Depositary Shares | $32,594,063 | 0.92% | 244,590 | Up ×1 | |||
| STAA STAAR Surgical Company - Common Stock | $30,537,320 | 0.86% | 1,064,389 | $11,145,925 | Up ×1 | ||
| FSLR First Solar, Inc. - Common Stock | $30,199,105 | 0.85% | 127,984 | $-29,567,519 | Down ×1 | ||
| DAR Darling Ingredients Inc. Common Stock | $28,212,705 | 0.80% | 516,527 | $27,190,510 | Up ×1 | ||
| QMCO Quantum Corporation - Common Stock | $27,373,885 | 0.77% | 2,488,535 | Up ×1 | |||
| SOC Sable Offshore Corp. Common Stock | $25,803,119 | 0.73% | 8,377,636 | $-65,002,547 | Up ×4 | ||
| BTDR Bitdeer Technologies Group - Ordinary Shares | $23,805,000 | 0.67% | 1,500,000 | $4,567,409 | Down ×1 | ||
| Unknown issuer (CUSIP: 98386P102) | $18,360,000 | 0.52% | 1,000,000 | Up ×1 | |||
| HUT Hut 8 Corp. - Common Stock | $18,249,777 | 0.51% | 158,082 | $6,522,277 | Down ×2 | ||
| BTDR Bitdeer Technologies Group - Ordinary Shares | $15,870,000 | 0.45% | 1,000,000 | Call option | Up ×1 | ||
| CRWV CoreWeave, Inc. - Class A Common Stock | $15,243,456 | 0.43% | 153,139 | ||||
| CORZ Core Scientific, Inc. - Common Stock | $12,795,000 | 0.36% | 500,000 | Call option | $4,806,360 | Down ×2 | |
| GLNG Golar LNG Limited - Common Shares | $12,460,000 | 0.35% | 250,000 | Call option | $-1,067,500 | ||
| MSOS | $11,304,524 | 0.32% | 2,225,300 | Call option | $3,404,709 | ||
| SONO Sonos, Inc. - Common Stock | $9,614,580 | 0.27% | 710,612 | $-2,704,402 | Down ×1 | ||
| LUCD Lucid Diagnostics Inc. - Common Stock | $6,420,000 | 0.18% | 6,000,000 | $2,970,000 | Up ×1 | ||
| IREN IREN Limited - Ordinary Shares | $6,402,200 | 0.18% | 140,000 | ||||
| CORZW Core Scientific, Inc. - Tranche 1 Warrants | $5,443,333 | 0.15% | 289,539 | $2,912,762 | |||
| OMEX Odyssey Marine Exploration, Inc. - Common Stock | $4,756,274 | 0.13% | 5,592,985 | $91,725 | |||
| FRMI Fermi Inc. - Common Stock | $3,230,466 | 0.09% | 352,671 | $3,083,234 | Up ×1 | ||
| PAVM PAVmed Inc. - Common Stock | $2,741,542 | 0.08% | 461,539 | $-1,943,079 | |||
| CORZZ Core Scientific, Inc. - Tranche 2 Warrants | $600,505 | 0.02% | 24,107 | $238,900 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| WULF | $41,990,000 | 1,700,000 | 1.18% |
| Unknown issuer (CUSIP: 84615Q103) | $35,690,945 | 208,890 | 1.01% |
| ABVX | $35,500,464 | 266,400 | 1.00% |
| CIFR | $35,441,700 | 1,446,600 | 1.00% |
| ABVX | $32,594,063 | 244,590 | 0.92% |
| QMCO | $27,373,885 | 2,488,535 | 0.77% |
| Unknown issuer (CUSIP: 98386P102) | $18,360,000 | 1,000,000 | 0.52% |
| BTDR | $15,870,000 | 1,000,000 | 0.45% |
| CRWV | $15,243,456 | 153,139 | 0.43% |
| IREN | $6,402,200 | 140,000 | 0.18% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| SPY | Trimmed | -2.4M | -$1.5B |
| NKTR | Bought more | +1.1M | +$74.9M |
| SOC | Bought more | +2.9M | -$65.0M |
| QURE | Bought more | +141K | +$45.1M |
| IMVT | Trimmed | -53K | +$41.8M |
| ROIV | Trimmed | -853K | +$41.5M |
| VST | Bought more | +245K | +$40.4M |
| ROIV | Bought more | +750K | +$32.2M |
| FSLR | Trimmed | -175K | -$29.6M |
| CLMT | Bought more | +659K | +$24.5M |
2 positions hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| QQQ | June 30, 2025 | 1,525,000 | $715,103,000 | |
| HYG | Sept. 30, 2025 | 7,325,500 | $590,801,575 | No longer tracked |
| IWM | March 31, 2026 | 1,050,000 | $258,468,000 | No longer tracked |
| XBI | June 30, 2026 | 1,928,000 | $246,263,440 | No longer tracked |
| AAPL | June 30, 2026 | 850,000 | $215,721,500 | 9.8% |
| HUM | Sept. 30, 2025 | 411,500 | $100,603,520 | 47.1% |
| AVDL | Dec. 31, 2025 | 5,369,082 | $81,985,882 | No longer tracked |
| MRNA | June 30, 2026 | 1,100,000 | $55,880,000 | 104.5% |
| ESPR | June 30, 2026 | 11,394,833 | $31,221,842 | No longer tracked |
| PCG | Dec. 31, 2025 | 1,910,800 | $28,814,864 | 12.8% |
| CEG | March 31, 2025 | 98,463 | $22,027,158 | 36.5% |
| TAC | June 30, 2026 | 1,597,900 | $20,932,490 | -7.7% |
| NBIS | June 30, 2026 | 196,475 | $20,386,246 | -21.8% |
| IBIT | June 30, 2026 | 500,000 | $19,210,000 | |
| BUR | Dec. 31, 2025 | 1,602,067 | $19,160,721 | -51.6% |
| RUN | Sept. 30, 2025 | 1,942,700 | $15,891,286 | -44.5% |
| CEG | Sept. 30, 2025 | 47,688 | $15,391,779 | -16.3% |
| IREN | Sept. 30, 2025 | 971,891 | $14,160,452 | -9.9% |
| META | March 31, 2025 | 18,516 | $10,841,303 | -5.1% |
| SQQQ | Sept. 30, 2025 | 500,000 | $9,785,000 | |
| META | March 31, 2026 | 14,272 | $9,420,804 | -4.4% |
| BTDR | March 31, 2025 | 433,028 | $9,383,717 | 24.5% |
| CRWV | March 31, 2026 | 110,000 | $7,877,100 | 18.5% |
| BTDR | Dec. 31, 2025 | 450,000 | $7,690,500 | -2.0% |
| ARDX | Sept. 30, 2025 | 1,539,416 | $6,034,511 | -27.0% |
| ADAPY | Sept. 30, 2025 | 22,580,701 | $5,412,594 | No longer tracked |
| APLD | March 31, 2025 | 662,587 | $5,062,165 | 411.4% |
| APLD | Sept. 30, 2025 | 500,000 | $5,035,000 | 25.3% |
| GOOGL | March 31, 2025 | 25,000 | $4,732,500 | 121.8% |
| SOC | March 31, 2025 | 158,518 | $3,630,062 | -80.1% |
| NRG | Sept. 30, 2025 | 15,000 | $2,408,700 | -26.0% |
| ANIP | Dec. 31, 2025 | 25,721 | $2,356,044 | -1.2% |
| BTBT | March 31, 2025 | 662,414 | $1,940,873 | -25.5% |
| HUT | June 30, 2025 | 131,808 | $1,531,609 | 349.9% |
| GLXY | Dec. 31, 2025 | 35,000 | $1,183,350 | 2.7% |
| WOLF | Sept. 30, 2025 | 2,412,111 | $961,950 | -9.0% |