Two Seas Capital LP

CIK

1823138

Location

RYE, NY

Portfolio Value

Mid $5,515,456,472

Diversification

Highly concentrated

Filing Date

Global Rank

#636 / 7,976 ▼ 9

Top Industry

Software - Infrastructure 32.5%

3Y Alpha vs SPY

+29.0%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

16 quarters · since Dec 2021

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+236.1%

SPY

+76.3%

Annualised alpha

+29.0%

Max drawdown

−38.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

29 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

70.1%

−2.1 pts

Top 5

85.9%

−3.2 pts

Top 10

92.3%

−2.5 pts

HHI

4,996

Highly concentrated−337

Portfolio Trend

16 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Unclassified	70.1%	$3,865,376,214	1
Technology	11.5%	$633,327,243	6
Healthcare	7.1%	$393,397,711	7
Utilities	3.2%	$175,650,081	3
Basic Materials	2.4%	$132,145,339	2
Communication Services	2.3%	$125,049,138	4
Energy	1.5%	$81,200,487	2
Financial Services	1.2%	$64,324,637	3
Industrials	0.8%	$44,985,622	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

15 positions

Ticker	Company	Δ Shares	Shares	Value
CORZ	Core Scientific, Inc./tx	+8,593,951	18,763,978	$336,625,765
ROIV	Roivant Sciences Ltd.	+3,591,624	14,189,664	$214,689,616
OMEX	Odyssey Marine Exploration Inc	+3,139,242	4,570,011	$8,911,521
TDAY	USA TODAY Co., Inc.	+2,950,000	14,180,621	$58,565,964
CLMT	Calumet, Inc. /DE	+2,254,929	6,752,538	$123,233,818
SOC	Sable Offshore Corp.	+1,672,367	2,114,044	$36,911,208
WULF	Terawulf Inc.	+1,564,088	3,851,188	$43,980,566
ABUS	Arbutus Biopharma Corp	+547,944	10,991,261	$49,900,324
IMVT	Immunovant, Inc.	+509,268	2,762,040	$44,524,084
SONO	Sonos Inc	+250,000	531,042	$8,390,463
CIFR	Cipher Digital Inc.	+212,000	462,000	$5,816,580
GLNG	Golar Lng Ltd	+186,643	1,095,998	$44,289,279
FTAI	FTAI Aviation Ltd.	+90,757	269,601	$44,985,622
BUR	Burford Capital Ltd	+24,397	1,602,067	$19,160,721
META	Meta Platforms, Inc.	+9,207	24,272	$17,824,871
No positions match the current search.

Trimmed

Positions the filer reduced

7 positions

Ticker	Company	Δ Shares	Shares	Value
FSLR	First Solar, Inc.	−2,513,308	340,692	$75,132,806
SHC	Sotera Health Co	−647,639	3,373,228	$53,060,876
ESPR	Esperion Therapeutics, Inc.	−205,251	9,749,724	$25,836,768
SPY	Spdr S&P 500 ETF Trust	−185,200	5,802,300	$3,865,376,214
VST	Vistra Corp.	−61,257	170,000	$33,306,400
TLN	Talen Energy Corp	−33,810	266,888	$113,528,817
NBIS	Nebius Group N.V.	−15,518	234,482	$26,325,294
No positions match the current search.

New Positions

Positions the filer opened this quarter

7 positions

Ticker	Company	Shares	Value
CRWV	CoreWeave, Inc.	1,459,051	$199,671,129
PCG	PG&E Corp	1,910,800	$28,814,864
SATS	EchoStar CORP	292,470	$22,333,009
BTDR	Bitdeer Technologies Group	450,000	$7,690,500
LUCD	Lucid Diagnostics Inc.	3,000,000	$3,030,000
ANIP	Ani Pharmaceuticals Inc	25,721	$2,356,043
GLXY	Galaxy Digital Inc.	35,000	$1,183,350
No positions match the current search.

Sold Out

Positions the filer fully exited

7 positions

Ticker	Company	Shares	Value
HUM	Humana Inc	411,500	$100,603,520
RUN	Sunrun Inc.	1,942,700	$15,891,286
CEG	Constellation Energy Corp	47,688	$15,391,778
IREN	IREN Ltd	971,891	$14,160,451
ARDX	Ardelyx, Inc.	1,539,416	$6,034,510
APLD	Applied Digital Corp.	500,000	$5,035,000
NRG	Nrg Energy, Inc.	15,000	$2,408,700
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

29 positions · $5,515,456,472 total · as of Sep 30, 2025

All sectors Basic Materials Communication Services Energy Financial Services Healthcare Industrials Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SPY	Spdr S&P 500 ETF Trust	Reduced	5,802,300	-185,200	$3,865,376,214	+4.5%	70.08%
CORZ	Core Scientific, Inc./tx Technology	Added	18,763,978	+8,593,951	$336,625,765	+93.9%	6.10%
ROIV	Roivant Sciences Ltd. Healthcare	Added	14,189,664	+3,591,624	$214,689,616	+79.7%	3.89%
CRWV	CoreWeave, Inc. Technology	NEW	1,459,051	NEW	$199,671,129	NEW	3.62%
CLMT	Calumet, Inc. /DE Basic Materials	Reduced	6,752,538	-2,242,680	$123,233,818	−13.1%	2.23%
TLN	Talen Energy Corp Utilities	Reduced	266,888	-33,810	$113,528,817	+29.8%	2.06%
FSLR	First Solar, Inc. Technology	Reduced	340,692	-2,513,308	$75,132,806	−84.1%	1.36%
TDAY	USA TODAY Co., Inc. Communication Services	Reduced	14,180,621	-8,280,621	$58,565,964	−27.2%	1.06%
SHC	Sotera Health Co Healthcare	Reduced	3,373,228	-647,639	$53,060,876	+18.7%	0.96%
ABUS	Arbutus Biopharma Corp Healthcare	Reduced	10,991,261	-9,895,373	$49,900,324	−22.7%	0.90%
FTAI	FTAI Aviation Ltd. Industrials	Added	269,601	+90,757	$44,985,622	+118.7%	0.82%
IMVT	Immunovant, Inc. Healthcare	Added	2,762,040	+509,268	$44,524,084	+23.5%	0.81%
GLNG	Golar Lng Ltd Energy	Added	1,095,998	+186,643	$44,289,279	+18.2%	0.80%
WULF	Terawulf Inc. Financial Services	Added	3,851,188	+1,564,088	$43,980,566	+339.0%	0.80%
SOC	Sable Offshore Corp. Energy	Added	2,114,044	+1,672,367	$36,911,208	+280.2%	0.67%
VST	Vistra Corp. Utilities	Reduced	170,000	-61,257	$33,306,400	−25.7%	0.60%
PCG	PG&E Corp Utilities	NEW	1,910,800	NEW	$28,814,864	NEW	0.52%
NBIS	Nebius Group N.V. Communication Services	Reduced	234,482	-15,518	$26,325,294	+90.3%	0.48%
ESPR	Esperion Therapeutics, Inc. Healthcare	Reduced	9,749,724	-10,160,226	$25,836,768	+32.4%	0.47%
SATS	EchoStar CORP Communication Services	NEW	292,470	NEW	$22,333,009	NEW	0.40%
BUR	Burford Capital Ltd Financial Services	Added	1,602,067	+24,397	$19,160,721	−14.8%	0.35%
META	Meta Platforms, Inc. Communication Services	Added	24,272	+9,207	$17,824,871	+60.3%	0.32%
OMEX	Odyssey Marine Exploration Inc Basic Materials	Reduced	4,570,011	-15,566	$8,911,521	+64.7%	0.16%
SONO	Sonos Inc Technology	Added	531,042	+250,000	$8,390,463	+176.2%	0.15%
BTDR	Bitdeer Technologies Group Technology	NEW	450,000	NEW	$7,690,500	NEW	0.14%
CIFR	Cipher Digital Inc. Technology	Added	462,000	+212,000	$5,816,580	+386.7%	0.11%
LUCD	Lucid Diagnostics Inc. Healthcare	NEW	3,000,000	NEW	$3,030,000	NEW	0.05%
ANIP	Ani Pharmaceuticals Inc Healthcare	NEW	25,721	NEW	$2,356,043	NEW	0.04%
GLXY	Galaxy Digital Inc. Financial Services	NEW	35,000	NEW	$1,183,350	NEW	0.02%