Two Seas Capital LP
Portfolio value QoQ: -29.4% 13F does not disclose cash
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 11.11% Est. buys $678,022,095 · sells $3,902,118,482
Median holding: 2.0 quarters Tracked Q1 2025–Q2 2026 · 56.6% still held
Put-notional exposure: 38.5% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
Performance vs S&P 500
Annualized: +140.0% · S&P 500: +28.7%
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.
Sector breakdown
Full portfolio 47 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| SPY | $1,944,215,695 | 38.51% | 2,603,500 | Put option | $-2,262,573,629 | Down ×1 | |
| ROIV | $299,942,849 | 5.94% | 8,475,356 | $41,549,188 | Down ×3 | ||
| CLMT | $238,441,882 | 4.72% | 6,619,708 | $24,467,399 | Up ×1 | ||
| CORZ | $231,039,545 | 4.58% | 9,028,509 | $-10,591,877 | Down ×2 | ||
| NKTR | $215,868,856 | 4.28% | 3,092,234 | $74,905,999 | Up ×2 | ||
| TLN | $194,899,746 | 3.86% | 507,208 | $10,024,395 | Down ×1 | ||
| CORZ | $153,540,000 | 3.04% | 6,000,000 | Call option | $115,631,360 | Up ×1 | |
| INDV | $142,763,598 | 2.83% | 3,479,493 | $-1,910,027 | Down ×1 | ||
| IMVT | $121,311,898 | 2.40% | 3,148,505 | $41,775,162 | Down ×1 | ||
| TDAY | $120,301,159 | 2.38% | 14,070,311 | $21,280,786 | Up ×1 | ||
| FSLR | $111,255,140 | 2.20% | 471,500 | Call option | $20,771,978 | Up ×1 | |
| SHAZ | $109,529,129 | 2.17% | 1,293,753 | $100,058,311 | Up ×1 | ||
| SHC | $103,589,941 | 2.05% | 5,836,053 | $17,214,801 | Down ×1 | ||
| ABUS | $91,658,798 | 1.82% | 19,095,583 | $8,149,854 | Up ×6 | ||
| VST | $68,309,409 | 1.35% | 430,621 | $40,408,612 | Up ×1 | ||
| FTAI | $67,351,690 | 1.33% | 248,962 | $4,752,475 | Down ×1 | ||
| QURE | $66,391,345 | 1.31% | 1,441,410 | $45,136,345 | Up ×1 | ||
| WULF | $61,580,533 | 1.22% | 2,493,139 | $3,514,141 | Down ×2 | ||
| GLNG | $60,893,465 | 1.21% | 1,221,779 | $-8,081,093 | Down ×1 | ||
| ROIV | $52,469,214 | 1.04% | 1,482,600 | Call option | $32,184,504 | Up ×1 | |
| SATS | $51,051,963 | 1.01% | 502,975 | $6,315,419 | Up ×1 | ||
| CIFR | $49,980,000 | 0.99% | 2,040,000 | $23,596,500 | Down ×1 | ||
| WULF | $41,990,000 | 0.83% | 1,700,000 | Call option | Up ×1 | ||
| Unknown issuer (CUSIP: 84615Q103) | $35,690,945 | 0.71% | 208,890 | Up ×1 | |||
| ABVX | $35,500,464 | 0.70% | 266,400 | Call option | Up ×1 | ||
| CIFR | $35,441,700 | 0.70% | 1,446,600 | Call option | Up ×1 | ||
| ABVX | $32,594,063 | 0.65% | 244,590 | Up ×1 | |||
| STAA | $30,537,320 | 0.60% | 1,064,389 | $11,145,925 | Up ×1 | ||
| BTDR | $30,430,725 | 0.60% | 1,917,500 | Call option | Up ×1 | ||
| FSLR | $30,199,105 | 0.60% | 127,984 | $-29,567,519 | Down ×1 | ||
| DAR | $28,212,705 | 0.56% | 516,527 | $27,190,510 | Up ×1 | ||
| QMCO | $27,373,885 | 0.54% | 2,488,535 | Up ×1 | |||
| SOC | $25,803,119 | 0.51% | 8,377,636 | $-65,002,547 | Up ×4 | ||
| BTDR | $23,805,000 | 0.47% | 1,500,000 | $4,567,409 | Down ×1 | ||
| Unknown issuer (CUSIP: 98386P102) | $18,360,000 | 0.36% | 1,000,000 | Up ×1 | |||
| HUT | $18,249,777 | 0.36% | 158,082 | $6,522,277 | Down ×2 | ||
| CRWV | $15,243,456 | 0.30% | 153,139 | ||||
| GLNG | $12,460,000 | 0.25% | 250,000 | Call option | $-1,067,500 | ||
| MSOS | $11,304,524 | 0.22% | 2,225,300 | Call option | $3,404,709 | ||
| SONO | $9,614,580 | 0.19% | 710,612 | $-2,704,402 | Down ×1 | ||
| LUCD | $6,420,000 | 0.13% | 6,000,000 | $2,970,000 | Up ×1 | ||
| IREN | $6,402,200 | 0.13% | 140,000 | ||||
| CORZW | $5,443,333 | 0.11% | 289,539 | $2,912,762 | |||
| OMEX | $4,756,274 | 0.09% | 5,592,985 | $91,725 | |||
| FRMI | $3,230,466 | 0.06% | 352,671 | $3,083,234 | Up ×1 | ||
| PAVM | $2,741,542 | 0.05% | 461,539 | $-1,943,079 | |||
| CORZZ | $600,505 | 0.01% | 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 | 0.83% |
| Unknown issuer (CUSIP: 84615Q103) | $35,690,945 | 208,890 | 0.71% |
| ABVX | $35,500,464 | 266,400 | 0.70% |
| CIFR | $35,441,700 | 1,446,600 | 0.70% |
| ABVX | $32,594,063 | 244,590 | 0.65% |
| BTDR | $30,430,725 | 1,917,500 | 0.60% |
| QMCO | $27,373,885 | 2,488,535 | 0.54% |
| Unknown issuer (CUSIP: 98386P102) | $18,360,000 | 1,000,000 | 0.36% |
| CRWV | $15,243,456 | 153,139 | 0.30% |
| IREN | $6,402,200 | 140,000 | 0.13% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| SPY | Trimmed | -3.9M | -$2.3B |
| CORZ | Bought more | +3.5M | +$115.6M |
| 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 |
1 position hidden — reported move looks larger than the position itself (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 | 35.0% |
| HYG | Sept. 30, 2025 | 7,325,500 | $590,801,575 | |
| IWM | March 31, 2026 | 1,050,000 | $258,468,000 | 14.3% |
| XBI | June 30, 2026 | 1,928,000 | $246,263,440 | -1.3% |
| AAPL | June 30, 2026 | 850,000 | $215,721,500 | 15.0% |
| HUM | Sept. 30, 2025 | 411,500 | $100,603,520 | 55.3% |
| AVDL | Dec. 31, 2025 | 5,369,082 | $81,985,882 | No longer tracked |
| MRNA | June 30, 2026 | 1,100,000 | $55,880,000 | 190.2% |
| ESPR | June 30, 2026 | 11,394,833 | $31,221,842 | No longer tracked |
| PCG | Dec. 31, 2025 | 1,910,800 | $28,814,864 | -23.1% |
| TAC | June 30, 2026 | 1,597,900 | $20,932,490 | -9.8% |
| NBIS | June 30, 2026 | 196,475 | $20,386,246 | -15.8% |
| IBIT | June 30, 2026 | 500,000 | $19,210,000 | |
| BUR | Dec. 31, 2025 | 1,602,067 | $19,160,721 | -60.2% |
| RUN | Sept. 30, 2025 | 1,942,700 | $15,891,286 | -56.0% |
| CEG | Sept. 30, 2025 | 47,688 | $15,391,779 | -18.7% |
| IREN | Sept. 30, 2025 | 971,891 | $14,160,452 | -13.7% |
| SQQQ | Sept. 30, 2025 | 500,000 | $9,785,000 | |
| META | March 31, 2026 | 14,272 | $9,420,804 | 29.7% |
| CRWV | March 31, 2026 | 110,000 | $7,877,100 | 12.8% |
| BTDR | Dec. 31, 2025 | 450,000 | $7,690,500 | -2.5% |
| ARDX | Sept. 30, 2025 | 1,539,416 | $6,034,511 | -38.5% |
| ADAPY | Sept. 30, 2025 | 22,580,701 | $5,412,594 | No longer tracked |
| APLD | Sept. 30, 2025 | 500,000 | $5,035,000 | 7.7% |
| NRG | Sept. 30, 2025 | 15,000 | $2,408,700 | -40.2% |
| ANIP | Dec. 31, 2025 | 25,721 | $2,356,044 | -8.1% |
| HUT | June 30, 2025 | 131,808 | $1,531,609 | 379.9% |
| GLXY | Dec. 31, 2025 | 35,000 | $1,183,350 | 1.3% |
| WOLF | Sept. 30, 2025 | 2,412,111 | $961,950 | 17.2% |