TS
Two Seas Capital LP — 13F Filing & Top Stock Positions (Q3 2026)
Two Seas Capital LPCIK: 0001823138
High-turnover traderContrarianConcentrated strategy
Total reported value
$8.7B
Reporting period: 2026-09-30 · Number of holdings: 47
Two Seas Capital LP disclosed 47 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $8.7B and a quarterly turnover rate of 92.4%.
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Personality snowflake
- Concentration
- 96.44
- Portfolio Stability
- 92.4
- Momentum
- 0
- Sector conviction
- 61.69
- Diversification
- 78
- Sizing Uniformity
- 70.63
Two Seas Capital LP's disclosed holdings carry a Herfindahl concentration index of 0.241 — mathematically equivalent to about 4 equally-sized positions, well below its 47 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.94), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 11.8 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Sector classification currently covers about 16% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy QQQ
Trim SPY
-42.8% -$807.9M
New buy IWM
Trim CORZ
-5.7% -$158.0M
Trim ROIV
-3.9% -$2.4M
Trim FSLR
-36.9% -$75.2M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 39 holdings (of 47 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 45.96% | +45.96% | NEW | |
| 2 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 13.09% | -25.42% | -42.77% | |
| 3 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 7.93% | +7.93% | NEW | |
| 4 | ROIV | Roivant Sciences Ltd. | Stock-Healthcare | 4.03% | -2.95% | -3.90% | |
| 5 | CLMT | Calumet Inc | Stock-Other | 3.19% | -1.53% | -20.23% | |
| 6 | CORZ | Core Scientific Inc | Stock-Tech | 2.61% | -5.01% | -5.67% | |
| 7 | TLN | Talen Energy CORP | Stock-Utilities | 2.47% | -1.39% | +35.15% | |
| 8 | NKTR | Nektar Therapeutics | Stock-Other | 2.33% | -1.95% | +8.21% | |
| 9 | IMVT | Immunovant Inc | Stock-Other | 1.80% | -0.60% | +46.50% | |
| 10 | SHAZ | Sharonai Holdings Inc | Stock-Other | 1.60% | -0.57% | +96.19% | |
| 11 | INDV | Indivior Pharmaceuticals Inc | Stock-Other | 1.52% | -1.31% | +5.51% | |
| 12 | WULF | Terawulf Inc | Stock-Financials | 1.48% | -0.57% | +106.52% | |
| 13 | SHC | Sotera Health Co | Stock-Other | 1.30% | -0.75% | +4.71% | |
| 14 | CIFR | Cipher Digital Inc | Stock-Tech | 1.26% | -0.43% | +98.32% | |
| 15 | TDAY | USA Today Co Inc | Stock-Other | 1.05% | -1.33% | +3.09% | |
| 16 | GLNG | Golar LNG Limited | Stock-Energy | 0.79% | -0.66% | -1.43% | |
| 17 | ABVX | Abivax Sa-adr | Stock-Other | 0.77% | -0.58% | +32.41% | |
| 18 | FSLR | First Solar Inc | Stock-Tech | 0.76% | -2.04% | -36.95% | |
| 19 | SOC | Sable Offshore CORP | Stock-Other | 0.75% | +0.24% | +125.62% | |
| 20 | SEI | Solaris Energy Infrastructur | Stock-Energy | 0.65% | +0.65% | NEW | |
| 21 | VST | Vistra CORP | Stock-Utilities | 0.60% | -0.75% | -12.02% | |
| 22 | ECHO | Echostar Corp-a | Stock-Comm Services | 0.56% | -0.45% | +8.28% | |
| 23 | QMCO | Quantum CORP | Stock-Other | 0.54% | — | -40.09% | |
| 24 | FTAI | FTAI Aviation Ltd. | Stock-Industrials | 0.52% | -0.81% | +8.96% | |
| 25 | ABUS | Arbutus Biopharma CORP | Stock-Other | 0.45% | -1.37% | -57.35% | |
| 26 | QURE | uniQure N.V. | Stock-Other | 0.37% | -0.95% | -8.14% | |
| 27 | ✓ | Stock-Other | 0.36% | -0.35% | — | ||
| 28 | HUT | Hut 8 CORP | Stock-Financials | 0.35% | -0.01% | +120.10% | |
| 29 | STAA | Staar Surgical Co | Stock-Other | 0.34% | -0.26% | +22.60% | |
| 30 | ✓ | Stock-Other | 0.23% | -0.13% | +39.44% | ||
| 31 | MSOS | Advisorshares Pure US Cann | ETF-Other | 0.12% | -0.10% | — | |
| 32 | LUCD | Lucid Diagnostics Inc | Stock-Other | 0.05% | -0.08% | — | |
| 33 | OMEX | Odyssey Marine Exploration | Stock-Other | 0.04% | -0.05% | — | |
| 34 | IREN | IREN Limited | Stock-Other | 0.04% | -0.09% | -46.79% | |
| 35 | CORZW | Core Scientific Inc - 27 | Stock-Other | 0.03% | -0.08% | — | |
| 36 | PAVM | Pavmed Inc | Stock-Other | 0.02% | -0.03% | — | |
| 37 | FRMI | Fermi Inc | Stock-Other | 0.02% | -0.04% | — | |
| 38 | APLD | Applied Digital CORP | Stock-Tech | 0.01% | +0.01% | NEW | |
| 39 | CORZZ | Core Scientific Inc - 29 | Stock-Other | — | -0.01% | — |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Portfolio Performance
Performance for Q4 2026
+0.8%
Performance Last 4 Quarters
+21.9%
- Stdev
- +23.2%
- Beta
- +1.26
- Alpha
- -8.6%
- Max Drawdown
- -25.7%
- Annualized Perf
- +19.3%
- Batting Avg vs S&P
- +50%
- Sortino
- +1.75
- Stutzer
- +0.26
- Treynor
- +0.16
- Sterling
- +0.77
- Calmar
- +0.75
- Information Ratio
- -0.15
- Tracking Error
- +17.7%
- Stdev Down
- +11.6%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +63.2%
- Worst 12 Months
- -24%
- Efficiency Ratio
- +0.39
- Sharpe
- +0.88
- Stdev Sectors
- +9.5%
- Skewness
- +0.52
- Kurtosis
- +0.3
- Upside Potential
- +3.46
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 47 | $8.7B | 92 | ||
| 2026 Q2 | 52 | $5.0B | 64 | ||
| 2026 Q1 | 50 | $7.2B | 62 | ||
| 2025 Q4 | 42 | $4.9B | 43 | ||
| 2025 Q3 | 49 | $6.2B | 95 | ||
| 2025 Q2 | 45 | $6.0B | 0 | ||
| 2025 Q1 | 31 | $3.2B | 0 | ||
| 2024 Q4 | 34 | $1.2B | 0 | ||
| 2024 Q3 | 27 | $617.3M | 0 | ||
| 2024 Q2 | 21 | $615.3M | 0 | ||
| 2024 Q1 | 18 | $510.5M | 0 | ||
| 2023 Q4 | 13 | $409.5M | 0 | ||
| 2023 Q3 | 14 | $497.3M | 0 | ||
| 2023 Q2 | 13 | $457.5M | 0 | ||
| 2023 Q1 | 11 | $109.0M | 0 | ||
| 2022 Q4 | 10 | $105.3M | 0 | ||
| 2022 Q3 | 12 | $109.5M | 0 | ||
| 2022 Q2 | 8 | $76.8M | 0 | ||
| 2022 Q1 | 12 | $119.4M | 0 | ||
| 2021 Q4 | 13 | $130.3M | 0 |
Holding changes this quarter
Two Seas Capital LP's most significant position changes for 2026-09-30: New buy: Invesco Qqq Trust Series 1 (QQQ); New buy: Ishares Russell 2000 ETF (IWM); New buy: Solaris Energy Infrastructur (SEI); Sold out: Bitdeer Technologies Group; Sold out: Darling Ingredients Inc (DAR).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | QQQ | Invesco Qqq Trust Series 1 | +46% | NEW | New buy |
| 2 | IWM | Ishares Russell 2000 ETF | +7.9% | NEW | New buy |
| 3 | SEI | Solaris Energy Infrastructur | +0.7% | NEW | New buy |
| 4 | SOC | Sable Offshore CORP | +0.2% | +125.62% | Add |
| 5 | APLD | Applied Digital CORP | 0% | NEW | New buy |
| 6 | QMCO | Quantum CORP | — | -40.09% | Trim |
| 7 | HUT | Hut 8 CORP | 0% | +120.10% | Add |
| 8 | CORZZ | Core Scientific Inc - 29 | 0% | — | Unchanged |
| 9 | PAVM | Pavmed Inc | 0% | — | Unchanged |
| 10 | FRMI | Fermi Inc | 0% | — | Unchanged |
| 11 | OMEX | Odyssey Marine Exploration | -0.1% | — | Unchanged |
| 12 | CORZW | Core Scientific Inc - 27 | -0.1% | — | Unchanged |
| 13 | LUCD | Lucid Diagnostics Inc | -0.1% | — | Unchanged |
| 14 | IREN | IREN Limited | -0.1% | -46.79% | Trim |
| 15 | MSOS | Advisorshares Pure US Cann | -0.1% | — | Unchanged |
| 16 | ✓ | -0.1% | +39.44% | Add | |
| 17 | SONO | Sonos Inc | -0.2% | EXIT | Sold out |
| 18 | STAA | Staar Surgical Co | -0.3% | +22.60% | Add |
| 19 | CRWV | Coreweave Inc-cl A | -0.3% | EXIT | Sold out |
| 20 | ✓ | -0.4% | — | Unchanged | |
| 21 | CIFR | Cipher Digital Inc | -0.4% | +98.32% | Add |
| 22 | ECHO | Echostar Corp-a | -0.5% | +8.28% | Add |
| 23 | DAR | Darling Ingredients Inc | -0.6% | EXIT | Sold out |
| 24 | SHAZ | Sharonai Holdings Inc | -0.6% | +96.19% | Add |
| 25 | WULF | Terawulf Inc | -0.6% | +106.52% | Add |
| 26 | ABVX | Abivax Sa-adr | -0.6% | +32.41% | Add |
| 27 | IMVT | Immunovant Inc | -0.6% | +46.50% | Add |
| 28 | GLNG | Golar LNG Limited | -0.7% | -1.43% | Trim |
| 29 | VST | Vistra CORP | -0.8% | -12.02% | Trim |
| 30 | SHC | Sotera Health Co | -0.8% | +4.71% | Add |
| 31 | FTAI | FTAI Aviation Ltd. | -0.8% | +8.96% | Add |
| 32 | QURE | uniQure N.V. | -1% | -8.14% | Trim |
| 33 | ✓ | Bitdeer Technologies Group | -1.1% | EXIT | Sold out |
| 34 | INDV | Indivior Pharmaceuticals Inc | -1.3% | +5.51% | Add |
| 35 | TDAY | USA Today Co Inc | -1.3% | +3.09% | Add |
| 36 | ABUS | Arbutus Biopharma CORP | -1.4% | -57.35% | Trim |
| 37 | TLN | Talen Energy CORP | -1.4% | +35.15% | Add |
| 38 | CLMT | Calumet Inc | -1.5% | -20.23% | Trim |
| 39 | NKTR | Nektar Therapeutics | -2% | +8.21% | Add |
| 40 | FSLR | First Solar Inc | -2% | -36.95% | Trim |
| 41 | ROIV | Roivant Sciences Ltd. | -3% | -3.90% | Trim |
| 42 | CORZ | Core Scientific Inc | -5% | -5.67% | Trim |
| 43 | SPY | Ss Spdr S&p 500 ETF Trust-us | -25.4% | -42.77% | Trim |
Filing History
FAQ
What is Two Seas Capital LP and what type of investor is it?
Two Seas Capital LP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $8.7B, spread across 47 disclosed positions.
What are Two Seas Capital LP's largest equity positions?
Based on the latest 13F filing, Two Seas Capital LP's top holdings by market value are:
1. Invesco Qqq Trust Series 1 (QQQ) — $4.0B (46.0%)
2. Ss Spdr S&p 500 ETF Trust-us (SPY) — $1.1B (13.1%)
3. Ishares Russell 2000 ETF (IWM) — $688.5M (7.9%)
4. Roivant Sciences Ltd. (ROIV) — $350.0M (4.0%)
5. Calumet Inc (CLMT) — $276.6M (3.2%)
What changes did Two Seas Capital LP make in its most recent portfolio filing?
In the latest reported quarter, Two Seas Capital LP made 35 notable position adjustments: 4 new positions were initiated, 16 existing holdings were added to, 11 positions were partially reduced, and 4 were completely exited. The largest of these moves: New buy: Invesco Qqq Trust Series 1 (QQQ); New buy: Ishares Russell 2000 ETF (IWM); New buy: Solaris Energy Infrastructur (SEI); Sold out: Bitdeer Technologies Group; Sold out: Darling Ingredients Inc (DAR)
What sectors does Two Seas Capital LP focus on?
Two Seas Capital LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 28.9%
• Health Care: 25.1%
• Utilities: 19.1%
• Financials: 11.3%
• Energy: 8.9%
• Communication Services: 3.5%
Investment Profile
Two Seas Capital LP returned an annualized 19.3% over the trailing 36 months — underperforming the S&P 500 by 8.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.26 (more volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is concentrated and fast-trading.
It has added to its SHAZ position over the past two quarters (+$129.1M, now $138.6M), while trimming SPY over the same stretch (-$3.1B, still holding $1.1B).
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Developer Access
Access Two Seas Capital LP's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/two-seas-capital-lpCLI
npx alphasmo institutions get two-seas-capital-lp