Two Seas Capital LP

Concentrated strategyMomentum followerSector-focused

Total reported value

$7.2B

Reporting period: 2026-03-31 · Number of holdings: 50

Two Seas Capital LP disclosed 50 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $7.2B and a quarterly turnover rate of 61.9%.

Personality snowflake

Concentration: 100
Portfolio Stability: 61.93
Momentum/Contrarian: 100
Sector conviction: 83.66
Diversification: 80
Sizing Uniformity: 63.18

Recent moves

Add SPY
+74.5%　$1.7B
Trim CORZ
-19.6%　-$65.2M
Trim HUT
-88.9%　-$91.4M
Trim ROIV
-17.7%　$13.3M
Add NKTR
+162.9%　$109.5M
Trim IBIT
-58.9%　-$41.3M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 40 holdings (of 50 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	58.80%	+6.72%	+74.50%
2	CORZ	Core Scientific INC	Stock-Tech	4.33%	-3.39%	-19.60%
3	ROIV	Roivant Sciences Ltd.	Stock-Healthcare	3.90%	-1.57%	-17.72%
4	XBI	Ss Spdr S&p Biotech ETF	ETF-Tech	3.44%	+3.44%	NEW
5	AAPL	Apple INC	Stock-Tech	3.02%	+3.02%	NEW
6	CLMT	Calumet INC	Stock-Other	2.99%	-0.33%	-26.40%
7	TLN	Talen Energy CORP	Stock-Utilities	2.58%	-0.45%	+47.75%
8	FSLR	First Solar INC	Stock-Tech	2.10%	+0.57%	+167.95%
9	INDV	Indivior Pharmaceuticals INC	Stock-Other	2.02%	+2.02%	NEW
10	NKTR	Nektar Therapeutics	Stock-Other	1.97%	+1.32%	+162.91%
11	TDAY	USA Today Co INC	Stock-Other	1.38%	-0.16%	-3.49%
12	SOC	Sable Offshore CORP	Stock-Other	1.27%	+0.95%	+217.14%
13	ECHO	Echostar Corp-a	Stock-Comm Services	1.24%	+0.34%	+88.28%
14	SHC	Sotera Health Co	Stock-Other	1.21%	-0.39%	+36.52%
15	ABUS	Arbutus Biopharma CORP	Stock-Other	1.17%	-0.08%	+47.41%
16	GLNG	Golar LNG Limited	Stock-Energy	1.15%	+0.25%	+30.21%
17	IMVT	Immunovant INC	Stock-Other	1.11%	-0.39%	+11.68%
18	FTAI	FTAI Aviation Ltd.	Stock-Industrials	0.87%	+0.12%	+37.22%
19	WULF	Terawulf INC	Stock-Financials	0.81%	-0.26%	-10.63%
20	MRNA	Moderna INC	Stock-Healthcare	0.78%	+0.78%	NEW
21	ESPR	Esperion Therapeutics INC	Stock-Other	0.44%	-0.47%	-4.27%
22	VST	Vistra CORP	Stock-Utilities	0.39%	-0.44%	-25.67%
23	CIFR	Cipher Digital INC	Stock-Tech	0.37%	+0.28%	+570.47%
24	QURE	uniQure N.V.	Stock-Other	0.30%	+0.30%	NEW
25	TAC	Transalta CORP	Stock-Other	0.29%	+0.29%	NEW
26	NBIS	Nebius Group NV	Stock-Other	0.28%	-0.31%	-42.97%
27	MSOS	Advisorshares Pure US Cann	ETF-Other	0.27%	-0.39%	-19.04%
28	STAA	Staar Surgical Co	Stock-Other	0.27%	+0.27%	NEW
29	✓	Bitdeer Technologies Group	Stock-Other	0.27%	+0.27%	NEW
30	IBIT	Ishares Bitcoin Trust ETF	ETF-Crypto	0.27%	-0.98%	-58.95%
31	SONO	Sonos INC	Stock-Other	0.17%	+0.05%	+185.10%
32	HUT	Hut 8 CORP	Stock-Financials	0.16%	-1.96%	-88.86%
33	SHAZ	Sharonai Holdings INC	Stock-Other	0.13%	+0.13%	NEW
34	PAVM	Pavmed INC	Stock-Other	0.07%	+0.07%	NEW
35	OMEX	Odyssey Marine Exploration	Stock-Other	0.07%	-0.14%	+7.87%
36	LUCD	Lucid Diagnostics INC	Stock-Other	0.05%	-0.02%	—
37	CORZW	Core Scientific INC - 27	Stock-Other	0.04%	-0.01%	—
38	DAR	Darling Ingredients INC	Stock-Consumer Staples	0.01%	+0.01%	NEW
39	CORZZ	Core Scientific INC - 29	Stock-Other	0.01%	—	—
40	FRMI	Fermi INC	Stock-Other	—	—	NEW

Portfolio Performance

Performance for Q3 2026

+6.5%

Performance Last 4 Quarters

+37.7%

Stdev: +26.5%
Beta: +1.21
Alpha: -13.4%
Max Drawdown: -32.6%
Annualized Perf: +5.7%
Batting Avg vs S&P: +50%
Sortino: +0.52
Stutzer: +0.1
Treynor: +0.07
Sterling: +0.21
Calmar: +0.17
Information Ratio: -0.44
Tracking Error: +21.4%
Stdev Down: +17.2%
Winning Months %: +58.3%
Losing Months %: +41.7%
Best 12 Months: +55.4%
Worst 12 Months: -27.8%
Efficiency Ratio: +0.09
Sharpe: +0.34
Stdev Sectors: +13.9%
Skewness: -0.12
Kurtosis: +1.09
Upside Potential: +2.2

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	50	$7.2B	62	1SPY 2CORZ 3ROIV Top holdings2026-03-31 1.SPY 2.CORZ 3.ROIV 4.XBI 5.AAPL 6.CLMT 7.TLN 8.FSLR 9.INDV 10.NKTR
2025-12-31	42	$4.9B	43	1SPY 2CORZ 3ROIV Top holdings2025-12-31 1.SPY 2.CORZ 3.ROIV 4.IWM 5.INDV 6.CLMT 7.TLN 8.HUT 9.SHC 10.TDAY
2025-09-30	49	$6.2B	95	1SPY 2IWM 3CORZ Top holdings2025-09-30 1.SPY 2.IWM 3.CORZ 4.INDV 5.ROIV 6.CRWV 7.CLMT 8.TLN 9.G29687 10.FSLR
2025-06-30	45	$6.0B	0	1SPY 2HYG 3FSLR Top holdings2025-06-30 1.SPY 2.HYG 3.FSLR 4.CORZ 5.INDV 6.ROIV 7.HUM 8.TLN 9.CLMT 10.G29687
2025-03-31	31	$3.2B	0	1SPY 2QQQ 3HYG Top holdings2025-03-31 1.SPY 2.QQQ 3.HYG 4.TLN 5.INDV 6.ROIV 7.CORZ 8.VST 9.G29687 10.SHC
2024-12-31	34	$1.2B	0	1TLN 2INDV 3ROIV Top holdings2024-12-31 1.TLN 2.INDV 3.ROIV 4.SPY 5.QQQ 6.CORZ 7.VST 8.CLMT 9.G29687 10.SHC
2024-09-30	27	$617.3M	0	1INDV 2ROIV 3TLN Top holdings2024-09-30 1.INDV 2.ROIV 3.TLN 4.CORZ 5.EXEL 6.ABUS 7.VST 8.G29687 9.META 10.IMVT
2024-06-30	21	$615.3M	0	1INDV 2ROIV 3CORZ Top holdings2024-06-30 1.INDV 2.ROIV 3.CORZ 4.TLN 5.G29687 6.VST 7.ABUS 8.ESPR 4 11-15-25 9.IMVT 10.META
2024-03-31	18	$510.5M	0	1INDV 2ROIV 3ABUS Top holdings2024-03-31 1.INDV 2.ROIV 3.ABUS 4.IMVT 5.ESPR 4 11-15-25 6.META 7.VST 8.CORZ 9.ESPR 10.ARQT
2023-12-31	13	$409.5M	0	1INDV 2ROIV 3ESPR Top holdings2023-12-31 1.INDV 2.ROIV 3.ESPR 4.ABUS 5.MMM 6.IMVT 7.ESPR 4 11-15-25 8.META 9.OMEX 10.SONO
2023-09-30	14	$497.3M	0	1INDV 2ROIV 3IMVT Top holdings2023-09-30 1.INDV 2.ROIV 3.IMVT 4.ABUS 5.MMM 6.META 7.ESPR 4 11-15-25 8.ESPR 9.SONO 10.OMEX
2023-06-30	13	$457.5M	0	1INDV 2ROIV 3ABUS Top holdings2023-06-30 1.INDV 2.ROIV 3.ABUS 4.META 5.OMEX 6.ESPR 7.HTZ 8.SONO 9.ROIV 10.OSG
2023-03-31	11	$109.0M	0	1ROIV 2ABUS 3HTZ Top holdings2023-03-31 1.ROIV 2.ABUS 3.HTZ 4.SONO 5.OMEX 6.BUR 7.OSG 8.META 9.ROIV 10.HTZWW
2022-12-31	10	$105.3M	0	1ROIV 2ABUS 3HTZ Top holdings2022-12-31 1.ROIV 2.ABUS 3.HTZ 4.META 5.OMEX 6.OSG 7.SONO 8.ROIV 9.HTZWW 10.G5890A
2022-09-30	12	$109.5M	0	1HTZ 2ROIV 3MTBLY Top holdings2022-09-30 1.HTZ 2.ROIV 3.MTBLY 4.SPY 5.ABUS 6.TWTRUSD 7.EFA 8.OMEX 9.OSG 10.SONO
2022-06-30	8	$76.8M	0	1HTZ 2ROIV 3MTBLY Top holdings2022-06-30 1.HTZ 2.ROIV 3.MTBLY 4.ABUS 5.OMEX 6.OSG 7.HTZWW 8.ROIV
2022-03-31	12	$119.4M	0	1HTZ 2MTBLY 3ABUS Top holdings2022-03-31 1.HTZ 2.MTBLY 3.ABUS 4.OMEX 5.ROIV 6.JOBSUSD 7.OSG 8.SONO 9.HTZWW 10.42806J
2021-12-31	13	$130.3M	0	1HTZ 2OMEX 3SONO Top holdings2021-12-31 1.HTZ 2.OMEX 3.SONO 4.ABUS 5.ROIV 6.OSG 7.MTBLY 8.EGRX 9.JOBSUSD 10.G30401

Holding changes this quarter

Two Seas Capital LP's most significant position changes for 2026-03-31: Sold out: Ishares Russell 2000 ETF (IWM); New buy: Ss Spdr S&p Biotech ETF (XBI); New buy: Apple INC (AAPL); Sold out: Indivior Pharmaceuticals, Inc. (INDV); New buy: Indivior Pharmaceuticals INC (INDV).

Position changes disclosed by Two Seas Capital LP for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	SPY	Ss Spdr S&p 500 ETF Trust-us	+6.7%	+74.50%	Add
2	NKTR	Nektar Therapeutics	+1.3%	+162.91%	Add
3	SOC	Sable Offshore CORP	+1%	+217.14%	Add
4	FSLR	First Solar INC	+0.6%	+167.95%	Add
5	ECHO	Echostar Corp-a	+0.3%	+88.28%	Add
6	CIFR	Cipher Digital INC	+0.3%	+570.47%	Add
7	GLNG	Golar LNG Limited	+0.3%	+30.21%	Add
8	FTAI	FTAI Aviation Ltd.	+0.1%	+37.22%	Add
9	SONO	Sonos INC	+0.1%	+185.10%	Add
10	CORZZ	Core Scientific INC - 29	—	—	Unchanged
11	CORZW	Core Scientific INC - 27	0%	—	Unchanged
12	LUCD	Lucid Diagnostics INC	0%	—	Unchanged
13	ABUS	Arbutus Biopharma CORP	-0.1%	+47.41%	Add
14	OMEX	Odyssey Marine Exploration	-0.1%	+7.87%	Add
15	TDAY	USA Today Co INC	-0.2%	-3.49%	Trim
16	WULF	Terawulf INC	-0.3%	-10.63%	Trim
17	NBIS	Nebius Group NV	-0.3%	-42.97%	Trim
18	CLMT	Calumet INC	-0.3%	-26.40%	Trim
19	MSOS	Advisorshares Pure US Cann	-0.4%	-19.04%	Trim
20	SHC	Sotera Health Co	-0.4%	+36.52%	Add
21	IMVT	Immunovant INC	-0.4%	+11.68%	Add
22	VST	Vistra CORP	-0.4%	-25.67%	Trim
23	TLN	Talen Energy CORP	-0.5%	+47.75%	Add
24	ESPR	Esperion Therapeutics INC	-0.5%	-4.27%	Trim
25	IBIT	Ishares Bitcoin Trust ETF	-1%	-58.95%	Trim
26	ROIV	Roivant Sciences Ltd.	-1.6%	-17.72%	Trim
27	HUT	Hut 8 CORP	-2%	-88.86%	Trim
28	CORZ	Core Scientific INC	-3.4%	-19.60%	Trim
29	IWM	Ishares Russell 2000 ETF	—	EXIT	Sold out
30	XBI	Ss Spdr S&p Biotech ETF	—	NEW	New buy
31	AAPL	Apple INC	—	NEW	New buy
32	INDV	Indivior Pharmaceuticals, Inc.	—	EXIT	Sold out
33	INDV	Indivior Pharmaceuticals INC	—	NEW	New buy
34	MRNA	Moderna INC	—	NEW	New buy
35	QURE	uniQure N.V.	—	NEW	New buy
36	TAC	Transalta CORP	—	NEW	New buy
37	STAA	Staar Surgical Co	—	NEW	New buy
38	✓	Bitdeer Technologies Group	—	NEW	New buy
39	SHAZ	Sharonai Holdings INC	—	NEW	New buy
40	META	Meta Platforms Inc-class A	—	EXIT	Sold out
41	CRWV	Coreweave Inc-cl A	—	EXIT	Sold out
42	PAVM	Pavmed INC	—	NEW	New buy
43	DAR	Darling Ingredients INC	—	NEW	New buy
44	FRMI	Fermi INC	—	NEW	New buy

FAQ

What is Two Seas Capital LP and what type of investor is it?

Two Seas Capital LP is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $7.2B, spread across 50 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) — $4.2B (58.8%) 2. Core Scientific INC (CORZ) — $309.5M (4.3%) 3. Roivant Sciences Ltd. (ROIV) — $278.7M (3.9%) 4. Ss Spdr S&p Biotech ETF (XBI) — $246.3M (3.4%) 5. Apple INC (AAPL) — $215.7M (3.0%)

What changes did Two Seas Capital LP make in its most recent portfolio filing?

In the latest reported quarter, Two Seas Capital LP made 41 notable position adjustments: 12 new positions were initiated, 14 existing holdings were added to, 11 positions were partially reduced, and 4 were completely exited. The largest of these moves: Sold out: Ishares Russell 2000 ETF (IWM); New buy: Ss Spdr S&p Biotech ETF (XBI); New buy: Apple INC (AAPL); Sold out: Indivior Pharmaceuticals, Inc. (INDV); New buy: Indivior Pharmaceuticals INC (INDV)

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: 45.2% • Health Care: 21.5% • Utilities: 13.7% • Communication Services: 5.7% • Energy: 5.3% • Financials: 4.5%