Two Seas Capital LP

CIK

1823138

Location

RYE, NY

Portfolio Value

Mid $6,854,500,582

Diversification

Highly concentrated

Filing Date

Global Rank

#500 / 8,636 ▲ 207 · as of Mar 2026

Top Industry

Biotechnology 25.1%

3Y Alpha vs SPY

+22.1%

Period ended 4 months ago

Filed May 15, 2026 · 3mo

18 quarters · since Dec 2021

Clone Performance

Aug 2023–Aug 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Not a measure of this manager's performance. Most of Two Seas Capital LP's reported book is option positions, which a stock-only clone cannot replicate. The figures below are the return of the 68% that is ordinary stock — as little as 15% in one quarter — so a manager whose options thesis lost money can still show a large gain here.

Cloned portfolio

+195.1%

SPY

+78.8%

Annualised alpha

+22.1%

Max drawdown

−37.0%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 68% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

36 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

61.4%

+3.0 pts

Top 5

76.2%

−4.0 pts

Top 10

86.7%

−2.8 pts

HHI

3,858

Highly concentrated+289

Portfolio Trend

18 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Unclassified	61.7%	$4,225,999,324	2
Healthcare	13.4%	$918,396,685	12
Technology	10.8%	$742,842,236	7
Utilities	3.4%	$233,708,637	3
Basic Materials	3.2%	$218,639,031	2
Communication Services	3.0%	$208,044,413	3
Energy	2.5%	$173,307,723	2
Financial Services	1.0%	$69,793,892	2
Industrials	0.9%	$62,599,215	1
Consumer Defensive	0.0%	$1,022,194	1
Real Estate	0.0%	$147,232	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

14 positions

Ticker	Company	Δ Shares	Shares	Value
ABUS	Arbutus Biopharma Corp	+5,968,385	18,557,543	$83,508,943
SOC	Sable Offshore Corp.	+3,763,472	5,496,711	$90,805,665
SPY	Spdr S&P 500 ETF Trust	+2,761,600	6,468,600	$4,206,789,324
CIFR	Cipher Digital Inc.	+1,744,244	2,050,000	$26,383,500
SHC	Sotera Health Co	+1,611,265	6,023,371	$86,375,140
NKTR	Nektar Therapeutics	+1,213,993	1,959,178	$140,962,857
SONO	Sonos Inc	+596,865	919,327	$12,318,981
FSLR	First Solar, Inc.	+477,425	761,684	$150,249,785
OMEX	Odyssey Marine Exploration Inc	+407,956	5,592,985	$4,664,549
ECHO	EchoStar CORP	+355,000	757,135	$88,637,794
GLNG	Golar Lng Ltd	+353,712	1,524,710	$82,502,058
IMVT	Immunovant, Inc.	+335,000	3,201,962	$79,536,736
TLN	Talen Energy Corp	+187,155	579,129	$184,875,350
FTAI	FTAI Aviation Ltd.	+69,298	255,507	$62,599,215
No positions match the current search.

Trimmed

Positions the filer reduced

10 positions

Ticker	Company	Δ Shares	Shares	Value
CORZ	Core Scientific, Inc./tx	−5,042,988	20,685,833	$309,460,061
ROIV	Roivant Sciences Ltd.	−2,166,800	10,060,591	$278,678,370
CLMT	Calumet, Inc. /DE	−2,137,937	5,960,292	$213,974,482
HUT	Hut 8 Corp.	−1,994,000	250,000	$11,727,500
IBIT	iShares Bitcoin Trust ETF	−718,000	500,000	$19,210,000
ESPR	Esperion Therapeutics, Inc.	−507,688	11,394,833	$0
TDAY	USA TODAY Co., Inc.	−507,178	14,045,443	$99,020,373
WULF	Terawulf Inc.	−478,789	4,024,005	$58,066,392
NBIS	Nebius Group N.V.	−148,007	196,475	$20,386,246
VST	Vistra Corp.	−64,110	185,597	$27,900,797
No positions match the current search.

New Positions

Positions the filer opened this quarter

11 positions

Ticker	Company	Shares	Value
AAPL	Apple Inc.	850,000	$215,721,500
INDV	Indivior Pharmaceuticals, Inc.	4,746,510	$144,673,624
MRNA	Moderna, Inc.	1,100,000	$55,880,000
QURE	uniQure N.V.	1,300,000	$21,255,000
TAC	Transalta Corp	1,597,900	$20,932,490
STAA	Staar Surgical Co	1,036,973	$19,391,395
BTDR	Bitdeer Technologies Group	2,223,999	$19,237,591
SHAZ	SharonAI Holdings Inc.	416,666	$9,470,818
PAVM	PAVmed Inc.	461,539	$4,684,620
DAR	Darling Ingredients Inc.	16,527	$1,022,194
FRMI	Fermi Inc.	25,211	$147,232
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
META	Meta Platforms, Inc.	14,272	$9,420,804
CRWV	CoreWeave, Inc.	110,000	$7,877,100
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

36 tracked positions · $6,854,500,582 total · filing declares 50 positions · $7,154,501,418 · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SPY	Spdr S&P 500 ETF Trust PUT	Added	6,468,600	+2,761,600	$4,206,789,324	+66.4%	61.37%
CORZ	Core Scientific, Inc./tx PUT CALL + SHARES Technology	Reduced	20,685,833	-5,042,988	$309,460,061	−17.4%	4.51%
ROIV	Roivant Sciences Ltd. CALL + SHARES Healthcare	Reduced	10,060,591	-2,166,800	$278,678,370	+5.0%	4.07%
AAPL	Apple Inc. PUT Technology	NEW	850,000	NEW	$215,721,500	NEW	3.15%
CLMT	Calumet, Inc. /DE Basic Materials	Reduced	5,960,292	-2,137,937	$213,974,482	+33.0%	3.12%
TLN	Talen Energy Corp Utilities	Added	579,129	+187,155	$184,875,350	+25.8%	2.70%
FSLR	First Solar, Inc. CALL + SHARES Technology	Added	761,684	+477,425	$150,249,785	+102.3%	2.19%
INDV	Indivior Pharmaceuticals, Inc. Healthcare	NEW	4,746,510	NEW	$144,673,624	NEW	2.11%
NKTR	Nektar Therapeutics Healthcare	Added	1,959,178	+1,213,993	$140,962,857	+347.4%	2.06%
TDAY	USA TODAY Co., Inc. Communication Services	Reduced	14,045,443	-507,178	$99,020,373	+32.1%	1.44%
SOC	Sable Offshore Corp. Energy	Added	5,496,711	+3,763,472	$90,805,665	+480.8%	1.32%
ECHO	EchoStar CORP CALL + SHARES Communication Services	Added	757,135	+355,000	$88,637,794	+102.8%	1.29%
SHC	Sotera Health Co Healthcare	Added	6,023,371	+1,611,265	$86,375,140	+11.0%	1.26%
ABUS	Arbutus Biopharma Corp Healthcare	Reduced	18,557,543	-6,620,773	$83,508,943	−31.0%	1.22%
GLNG	Golar Lng Ltd CALL + SHARES Energy	Added	1,524,710	+353,712	$82,502,058	+89.3%	1.20%
IMVT	Immunovant, Inc. Healthcare	Added	3,201,962	+335,000	$79,536,736	+9.1%	1.16%
FTAI	FTAI Aviation Ltd. Industrials	Added	255,507	+69,298	$62,599,215	+70.8%	0.91%
WULF	Terawulf Inc. Financial Services	Reduced	4,024,005	-478,789	$58,066,392	+12.2%	0.85%
MRNA	Moderna, Inc. PUT Healthcare	NEW	1,100,000	NEW	$55,880,000	NEW	0.82%
VST	Vistra Corp. Utilities	Reduced	185,597	-64,110	$27,900,797	−30.7%	0.41%
CIFR	Cipher Digital Inc. Technology	Added	2,050,000	+1,744,244	$26,383,500	+484.6%	0.38%
QURE	uniQure N.V. Healthcare	NEW	1,300,000	NEW	$21,255,000	NEW	0.31%
TAC	Transalta Corp Utilities	NEW	1,597,900	NEW	$20,932,490	NEW	0.31%
NBIS	Nebius Group N.V. Communication Services	Reduced	196,475	-148,007	$20,386,246	−29.3%	0.30%
STAA	Staar Surgical Co Healthcare	NEW	1,036,973	NEW	$19,391,395	NEW	0.28%
BTDR	Bitdeer Technologies Group Technology	NEW	2,223,999	NEW	$19,237,591	NEW	0.28%
IBIT	iShares Bitcoin Trust ETF PUT	Reduced	500,000	-718,000	$19,210,000	−68.2%	0.28%
SONO	Sonos Inc Technology	Added	919,327	+596,865	$12,318,981	+117.6%	0.18%
HUT	Hut 8 Corp. Financial Services	Reduced	250,000	-1,994,000	$11,727,500	−88.6%	0.17%
SHAZ	SharonAI Holdings Inc. Technology	NEW	416,666	NEW	$9,470,818	NEW	0.14%
PAVM	PAVmed Inc. Healthcare	NEW	461,539	NEW	$4,684,620	NEW	0.07%
OMEX	Odyssey Marine Exploration Inc Basic Materials	Added	5,592,985	+407,956	$4,664,549	−54.1%	0.07%
LUCD	Lucid Diagnostics Inc. Healthcare	Held	3,000,000	0	$3,450,000	+5.5%	0.05%
DAR	Darling Ingredients Inc. Consumer Defensive	NEW	16,527	NEW	$1,022,194	NEW	0.01%
FRMI	Fermi Inc. Real Estate	NEW	25,211	NEW	$147,232	NEW	0.00%
ESPR	Esperion Therapeutics, Inc. Healthcare	Reduced	11,394,833	-507,688	$0	—	0.00%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.