TS
Two Seas Capital LP — 13F Filing & Top Stock Positions (Q2 2026)
Two Seas Capital LPCIK: 0001823138
Momentum followerHigh-turnover traderSector-focused
Total reported value
$5.0B
Reporting period: 2026-06-30 · Number of holdings: 52
Two Seas Capital LP disclosed 52 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $5.0B and a quarterly turnover rate of 64.1%.
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Personality snowflake
- Concentration
- 68.22
- Portfolio Stability
- 64.07
- Momentum
- 100
- Sector conviction
- 73.45
- Diversification
- 78
- Sizing Uniformity
- 75.92
Two Seas Capital LP's disclosed holdings carry a Herfindahl concentration index of 0.171 — mathematically equivalent to about 6 equally-sized positions, well below its 52 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 2.41), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 31% 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.govTrim SPY
-59.8% -$2.3B
Sold out XBI
Add CORZ
-27.3% $75.1M
Add ROIV
-1.0% $73.7M
Sold out AAPL
Add NKTR
+57.8% $74.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 39 holdings (of 52 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 38.51% | -20.29% | -59.75% | |
| 2 | CORZ | Core Scientific Inc | Stock-Tech | 7.62% | +3.29% | -27.35% | |
| 3 | ROIV | Roivant Sciences Ltd. | Stock-Healthcare | 6.98% | +3.08% | -1.02% | |
| 4 | CLMT | Calumet Inc | Stock-Other | 4.72% | +1.73% | +11.06% | |
| 5 | NKTR | Nektar Therapeutics | Stock-Other | 4.28% | +2.31% | +57.83% | |
| 6 | TLN | Talen Energy CORP | Stock-Utilities | 3.86% | +1.28% | -12.42% | |
| 7 | INDV | Indivior Pharmaceuticals Inc | Stock-Other | 2.83% | +0.81% | -26.69% | |
| 8 | FSLR | First Solar Inc | Stock-Tech | 2.80% | +0.70% | -21.29% | |
| 9 | IMVT | Immunovant Inc | Stock-Other | 2.40% | +1.29% | -1.67% | |
| 10 | TDAY | USA Today Co Inc | Stock-Other | 2.38% | +1.00% | +0.18% | |
| 11 | SHAZ | Sharonai Holdings Inc | Stock-Other | 2.17% | +2.04% | +210.50% | |
| 12 | SHC | Sotera Health Co | Stock-Other | 2.05% | +0.84% | -3.11% | |
| 13 | WULF | Terawulf Inc | Stock-Financials | 2.05% | +1.24% | +4.20% | |
| 14 | ABUS | Arbutus Biopharma CORP | Stock-Other | 1.82% | +0.65% | +2.90% | |
| 15 | CIFR | Cipher Digital Inc | Stock-Tech | 1.69% | +1.32% | +70.08% | |
| 16 | GLNG | Golar LNG Limited | Stock-Energy | 1.45% | +0.30% | -3.47% | |
| 17 | VST | Vistra CORP | Stock-Utilities | 1.35% | +0.96% | +132.02% | |
| 18 | ABVX | Abivax Sa-adr | Stock-Other | 1.35% | +1.35% | NEW | |
| 19 | FTAI | FTAI Aviation Ltd. | Stock-Industrials | 1.33% | +0.45% | -2.56% | |
| 20 | QURE | uniQure N.V. | Stock-Other | 1.31% | +1.02% | +10.88% | |
| 21 | ✓ | Bitdeer Technologies Group | Stock-Other | 1.07% | +0.80% | +53.66% | |
| 22 | ECHO | Echostar Corp-a | Stock-Comm Services | 1.01% | -0.23% | -33.57% | |
| 23 | ✓ | Stock-Other | 0.71% | +0.71% | NEW | ||
| 24 | STAA | Staar Surgical Co | Stock-Other | 0.60% | +0.33% | +2.64% | |
| 25 | DAR | Darling Ingredients Inc | Stock-Consumer Staples | 0.56% | +0.55% | +3025.35% | |
| 26 | QMCO | Quantum CORP | Stock-Other | 0.54% | +0.54% | NEW | |
| 27 | SOC | Sable Offshore CORP | Stock-Other | 0.51% | -0.76% | +52.41% | |
| 28 | ✓ | Stock-Other | 0.36% | +0.36% | NEW | ||
| 29 | HUT | Hut 8 CORP | Stock-Financials | 0.36% | +0.20% | -36.77% | |
| 30 | CRWV | Coreweave Inc-cl A | Stock-Tech | 0.30% | +0.30% | NEW | |
| 31 | MSOS | Advisorshares Pure US Cann | ETF-Other | 0.22% | -0.05% | -59.74% | |
| 32 | SONO | Sonos Inc | Stock-Other | 0.19% | +0.02% | -22.70% | |
| 33 | LUCD | Lucid Diagnostics Inc | Stock-Other | 0.13% | +0.08% | +100.00% | |
| 34 | IREN | IREN Limited | Stock-Other | 0.13% | +0.13% | NEW | |
| 35 | CORZW | Core Scientific Inc - 27 | Stock-Other | 0.11% | +0.07% | — | |
| 36 | OMEX | Odyssey Marine Exploration | Stock-Other | 0.09% | +0.02% | — | |
| 37 | FRMI | Fermi Inc | Stock-Other | 0.06% | +0.06% | +1298.88% | |
| 38 | PAVM | Pavmed Inc | Stock-Other | 0.05% | -0.02% | — | |
| 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 Q3 2026
-1.2%
Performance Last 4 Quarters
+38.3%
- Stdev
- +26.5%
- Beta
- +1.27
- Alpha
- -11%
- Max Drawdown
- -28.6%
- Annualized Perf
- +11.6%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +0.87
- Stutzer
- +0.16
- Treynor
- +0.11
- Sterling
- +0.45
- Calmar
- +0.41
- Information Ratio
- -0.26
- Tracking Error
- +21.1%
- Stdev Down
- +16.6%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +63.1%
- Worst 12 Months
- -24%
- Efficiency Ratio
- +0.2
- Sharpe
- +0.55
- Stdev Sectors
- +12.2%
- Skewness
- -0.18
- Kurtosis
- +1.01
- Upside Potential
- +2.44
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 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 2026-06-30: Sold out: Ss Spdr S&p Biotech ETF (XBI); Sold out: Apple Inc (AAPL); New buy: Abivax Sa-adr (ABVX); Sold out: Moderna Inc (MRNA); New buy: .
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CORZ | Core Scientific Inc | +3.3% | -27.35% | Trim |
| 2 | ROIV | Roivant Sciences Ltd. | +3.1% | -1.02% | Trim |
| 3 | NKTR | Nektar Therapeutics | +2.3% | +57.83% | Add |
| 4 | SHAZ | Sharonai Holdings Inc | +2% | +210.50% | Add |
| 5 | CLMT | Calumet Inc | +1.7% | +11.06% | Add |
| 6 | ABVX | Abivax Sa-adr | +1.4% | NEW | New buy |
| 7 | CIFR | Cipher Digital Inc | +1.3% | +70.08% | Add |
| 8 | IMVT | Immunovant Inc | +1.3% | -1.67% | Trim |
| 9 | TLN | Talen Energy CORP | +1.3% | -12.42% | Trim |
| 10 | WULF | Terawulf Inc | +1.2% | +4.20% | Add |
| 11 | QURE | uniQure N.V. | +1% | +10.88% | Add |
| 12 | TDAY | USA Today Co Inc | +1% | +0.18% | Add |
| 13 | VST | Vistra CORP | +1% | +132.02% | Add |
| 14 | SHC | Sotera Health Co | +0.8% | -3.11% | Trim |
| 15 | INDV | Indivior Pharmaceuticals Inc | +0.8% | -26.69% | Trim |
| 16 | ✓ | Bitdeer Technologies Group | +0.8% | +53.66% | Add |
| 17 | ✓ | +0.7% | NEW | New buy | |
| 18 | FSLR | First Solar Inc | +0.7% | -21.29% | Trim |
| 19 | ABUS | Arbutus Biopharma CORP | +0.7% | +2.90% | Add |
| 20 | DAR | Darling Ingredients Inc | +0.6% | +3025.35% | Add |
| 21 | QMCO | Quantum CORP | +0.5% | NEW | New buy |
| 22 | FTAI | FTAI Aviation Ltd. | +0.5% | -2.56% | Trim |
| 23 | ✓ | +0.4% | NEW | New buy | |
| 24 | STAA | Staar Surgical Co | +0.3% | +2.64% | Add |
| 25 | CRWV | Coreweave Inc-cl A | +0.3% | NEW | New buy |
| 26 | GLNG | Golar LNG Limited | +0.3% | -3.47% | Trim |
| 27 | HUT | Hut 8 CORP | +0.2% | -36.77% | Trim |
| 28 | IREN | IREN Limited | +0.1% | NEW | New buy |
| 29 | LUCD | Lucid Diagnostics Inc | +0.1% | +100.00% | Add |
| 30 | CORZW | Core Scientific Inc - 27 | +0.1% | — | Unchanged |
| 31 | FRMI | Fermi Inc | +0.1% | +1298.88% | Add |
| 32 | SONO | Sonos Inc | 0% | -22.70% | Trim |
| 33 | OMEX | Odyssey Marine Exploration | 0% | — | Unchanged |
| 34 | CORZZ | Core Scientific Inc - 29 | — | — | Unchanged |
| 35 | PAVM | Pavmed Inc | 0% | — | Unchanged |
| 36 | MSOS | Advisorshares Pure US Cann | -0.1% | -59.74% | Trim |
| 37 | ECHO | Echostar Corp-a | -0.2% | -33.57% | Trim |
| 38 | IBIT | Ishares Bitcoin Trust ETF | -0.3% | EXIT | Sold out |
| 39 | NBIS | Nebius Group N.V. | -0.3% | EXIT | Sold out |
| 40 | TAC | Transalta CORP | -0.3% | EXIT | Sold out |
| 41 | ESPR | Esperion Therapeutics Inc | -0.4% | EXIT | Sold out |
| 42 | SOC | Sable Offshore CORP | -0.8% | +52.41% | Add |
| 43 | MRNA | Moderna Inc | -0.8% | EXIT | Sold out |
| 44 | AAPL | Apple Inc | -3% | EXIT | Sold out |
| 45 | XBI | Ss Spdr S&p Biotech ETF | -3.4% | EXIT | Sold out |
| 46 | SPY | Ss Spdr S&p 500 ETF Trust-us | -20.3% | -59.75% | 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 (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $5.0B, spread across 52 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. Ss Spdr S&p 500 ETF Trust-us (SPY) — $1.9B (38.5%)
2. Core Scientific Inc (CORZ) — $384.6M (7.6%)
3. Roivant Sciences Ltd. (ROIV) — $352.4M (7.0%)
4. Calumet Inc (CLMT) — $238.4M (4.7%)
5. Nektar Therapeutics (NKTR) — $215.9M (4.3%)
What changes did Two Seas Capital LP make in its most recent portfolio filing?
In the latest reported quarter, Two Seas Capital LP made 42 notable position adjustments: 6 new positions were initiated, 15 existing holdings were added to, 14 positions were partially reduced, and 7 were completely exited. The largest of these moves: Sold out: Ss Spdr S&p Biotech ETF (XBI); Sold out: Apple Inc (AAPL); New buy: Abivax Sa-adr (ABVX); Sold out: Moderna Inc (MRNA); New buy:
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: 39.6%
• Health Care: 22.3%
• Utilities: 16.6%
• Financials: 7.7%
• Energy: 4.6%
• Industrials: 4.3%
Investment Profile
Two Seas Capital LP returned an annualized 11.6% over the trailing 36 months — underperforming the S&P 500 by 11.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.27 (more volatile than the market) and a 53% quarterly batting average against the index.
Its portfolio is concentrated and fast-trading, with 39.6% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 64 over the past 4 quarters — a shift toward more active trading.
It has added to its NKTR position over the past two quarters (+$184.4M, now $215.9M), while trimming MSOS over the same stretch (-$20.9M, still holding $11.3M).
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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