Two Seas Capital LP

Registered adviser

CIK

1823138

Location

RYE, NY

Portfolio Value

Mid $8,680,074,265

Diversification

Moderately concentrated

Filing Date

Global Rank

#885 / 8,826 ▼ 278 · as of Jun 2026

Top Industry

Biotechnology 29.6%

Period ended 36 days ago

Filed Oct 6, 2026 · 30d

20 quarters · since Dec 2021

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 310191

Roster of Nov 1, 2026

Regulatory AUM

$2,821,372,428

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

12 funds · Hedge funds

Focus by fund count, roster of Nov 1, 2026

$4,735,871,332 gross assets

LEI

549300IG1R1JWZAD4654

Private funds on Schedule D 7.B.(1)

As filed Mar 28, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$1,097,233,574 gross assets in 10 funds Hedge funds $1,097,233,574 (10)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$2,821,372,428	Pooled investment vehicles (100%)
Dec 2025 to Mar 2026	$1,466,152,130	Pooled investment vehicles (100%)
Apr 2025 to Sep 2025	$1,466,152,130	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$762,392,176	Pooled investment vehicles (100%)
May 2023 to Mar 2024	$605,689,792	Pooled investment vehicles (100%)
Apr 2023	$605,689,792	Pooled investment vehicles (100%)

4 earlier changes not shown.

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

Company	Schedule	Event date	Filed	Shares	% of class	Change	Status
NKTR Nektar Therapeutics	13G/A	Sep 25, 2026	38d	3,345,978	9.8%	+253,744 since Jun 30, 2026	Current
CLMT Calumet, Inc.	13G/A	Jun 30, 2026	3mo	6,619,708	7.5%	-1,478,521 since Dec 31, 2025	Current
QMCO Quantum Corp	13G	Jun 30, 2026	3mo	2,488,535	6.3%	—	Current
SOC Sable Offshore Corp.	13G	Jun 30, 2026	3mo	8,377,636	5.4%	—	Current
OMEX Odyssey Marine Exploration Inc	13D Merger opposition or support	Apr 8, 2026	7mo	234,298	9.99%	+30,903 since Sep 30, 2025	Current
ABUS Arbutus Biopharma Corp	13G/A	Mar 31, 2026	6mo	18,557,543	9.4%	+5,968,385 since Dec 31, 2025	Current
PAVM PAVmed Inc.	13G	Mar 31, 2026	6mo	657,219	9.99%	—	Current
TDAY USA TODAY Co., Inc.	13G/A	Sep 30, 2025	12mo	14,180,621	9.6%	+2,950,000 since Jun 30, 2025	Current

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis. Show 5 exited, below-5% or retired stakes

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, the newest measured quarter, never from the firm's own description.

Style

Concentrated

The top 10 positions are 68.1% of the book (60%+)

Turnover

Medium turnover

48.8% over the last four quarters (30% to under 100%)

Horizon

Medium horizon

Value-weighted holding period 8.1 quarters (4 to under 12)

Closest benchmark: the Russell 2000 as of 2026-06-30, active share 98.3%; sector active share 48.6% against the combined 13F book's sector weights.

Over time 19 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

39 tracked positions · as of Sep 30, 2026 · Δ vs Jun 30, 2026

Top Position

46.0%

+7.5 pts

Top 5

74.2%

+12.0 pts

Top 10

85.0%

+8.5 pts

HHI

2,411

Moderately concentrated+704

Portfolio Trend

20 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	67.1%	$5,824,484,719	4
Healthcare	13.0%	$1,126,592,908	11
Technology	6.8%	$592,338,027	8
Basic Materials	3.2%	$280,378,420	2
Utilities	3.1%	$266,761,256	2
Energy	2.2%	$190,343,884	3
Financial Services	1.9%	$161,164,424	3
Communication Services	1.6%	$139,931,405	2
Industrials	1.1%	$96,594,478	3
Real Estate	0.0%	$1,484,744	1

Last Quarter's Activity

Export CSV

Sep 30, 2026 vs Jun 30, 2026

Added To

Positions the filer increased

18 positions

Ticker	Company	Δ Shares	Shares	Value
SOC	Sable Offshore Corp.	+8,724,240	17,101,876	$59,172,490
CORZ	Core Scientific, Inc.	+2,397,419	11,425,928	$182,586,329
CIFR	Cipher Digital Inc.	+2,314,745	4,354,745	$68,913,839
IMVT	Immunovant, Inc.	+1,464,187	4,612,692	$155,816,735
WULF	Terawulf Inc.	+891,392	3,384,531	$50,091,058
SHAZ	SharonAI Holdings Inc.	+652,123	1,945,876	$106,244,829
TDAY	USA TODAY Co., Inc.	+434,396	14,504,707	$91,234,607
ABVX	Abivax S.A.	+431,999	676,589	$66,995,842
XE	X-Energy, Inc.	+394,413	1,394,413	$19,772,776
SHC	Sotera Health Co	+275,000	6,111,053	$112,993,369
NKTR	Nektar Therapeutics	+253,744	3,345,978	$202,582,238
FSLR	First Solar, Inc.	+250,000	377,984	$66,207,677
STAA	Staar Surgical Co	+240,568	1,304,957	$29,505,077
SUPN	Supernus, Inc.	+191,579	3,671,072	$131,607,931
HUT	Hut 8 Corp.	+189,860	347,942	$29,957,806
ECHO	EchoStar CORP	+41,671	544,646	$48,696,798
TLN	Talen Energy Corp	+28,285	535,493	$167,443,306
FTAI	FTAI Aviation Ltd.	+22,298	271,260	$45,308,557
No positions match the current search.

Trimmed

Positions the filer reduced

7 positions

Ticker	Company	Δ Shares	Shares	Value
ABUS	Arbutus Biopharma Corp	−10,951,589	8,143,994	$38,928,291
CLMT	Calumet, Inc.	−1,339,049	5,280,659	$276,600,918
ROIV	Roivant Sciences Ltd.	−1,150,000	7,325,356	$267,888,268
QMCO	Quantum Corp	−997,543	1,490,992	$47,294,266
QURE	uniQure N.V.	−117,388	1,324,022	$31,988,371
VST	Vistra Corp.	−51,767	378,854	$52,414,450
GLNG	Golar Lng Ltd	−21,100	1,200,679	$57,056,266
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
SEI	Solaris Energy Infrastructure, Inc.	786,838	$56,007,128
APLD	Applied Digital Corp.	50,000	$1,218,500
No positions match the current search.

Sold Out

Positions the filer fully exited

5 positions

Ticker	Company	Shares	Value
DAR	Darling Ingredients Inc.	516,527	$28,212,704
BTDR	Bitdeer Technologies Group	1,500,000	$23,805,000
CRWV	CoreWeave, Inc.	153,139	$15,243,456
SONO	Sonos Inc	710,612	$9,614,580
IREN	IREN Ltd	140,000	$6,402,200
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

39 tracked positions · $8,680,074,265 total · filing declares 47 positions · $8,680,074,283 · as of Sep 30, 2026

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
QQQ	Invesco Qqq Trust, Series 1 PUT	NEW	5,393,000	NEW	$3,989,579,610	NEW	45.96%
SPY	Spdr S&P 500 ETF Trust PUT	Reduced	1,490,000	-1,113,500	$1,136,318,700	−41.6%	13.09%
IWM	iShares Russell 2000 ETF PUT	NEW	2,477,700	NEW	$688,528,053	NEW	7.93%
ROIV	Roivant Sciences Ltd. CALL + SHARES Healthcare	Reduced	9,569,756	-388,200	$349,965,976	−0.7%	4.03%
CLMT	Calumet, Inc. Basic Materials	Reduced	5,280,659	-1,339,049	$276,600,918	+16.0%	3.19%
CORZ	Core Scientific, Inc. CALL + SHARES Technology	Reduced	14,175,928	-852,581	$226,531,329	−41.1%	2.61%
TLN	Talen Energy Corp CALL + SHARES Utilities	Added	685,493	+178,285	$214,346,806	+10.0%	2.47%
NKTR	Nektar Therapeutics Healthcare	Added	3,345,978	+253,744	$202,582,238	−6.2%	2.33%
IMVT	Immunovant, Inc. Healthcare	Added	4,612,692	+1,464,187	$155,816,735	+28.4%	1.80%
SHAZ	SharonAI Holdings Inc. CALL + SHARES Technology	Added	2,538,176	+1,244,423	$138,584,409	+26.5%	1.60%
SUPN	Supernus, Inc. Healthcare	Added	3,671,072	+191,579	$131,607,931	−7.8%	1.52%
WULF	Terawulf Inc. CALL + SHARES Financial Services	Added	8,659,531	+4,466,392	$128,161,058	+23.7%	1.48%
SHC	Sotera Health Co Healthcare	Added	6,111,053	+275,000	$112,993,369	+9.1%	1.30%
CIFR	Cipher Digital Inc. CALL + SHARES Technology	Added	6,914,745	+3,428,145	$109,425,839	+28.1%	1.26%
TDAY	USA TODAY Co., Inc. Communication Services	Added	14,504,707	+434,396	$91,234,607	−24.2%	1.05%
GLNG	Golar Lng Ltd CALL + SHARES Energy	Reduced	1,450,679	-21,100	$68,936,266	−6.0%	0.79%
ABVX	Abivax S.A. Healthcare	Added	676,589	+165,599	$66,995,842	−1.6%	0.77%
FSLR	First Solar, Inc. Technology	Reduced	377,984	-221,500	$66,207,677	−53.2%	0.76%
SOC	Sable Offshore Corp. CALL + SHARES Energy	Added	18,901,876	+10,524,240	$65,400,490	+153.5%	0.75%
SEI	Solaris Energy Infrastructure, Inc. Energy	NEW	786,838	NEW	$56,007,128	NEW	0.65%
VST	Vistra Corp. Utilities	Reduced	378,854	-51,767	$52,414,450	−23.3%	0.60%
ECHO	EchoStar CORP Communication Services	Added	544,646	+41,671	$48,696,798	−4.6%	0.56%
QMCO	Quantum Corp Technology	Reduced	1,490,992	-997,543	$47,294,266	+72.8%	0.54%
FTAI	FTAI Aviation Ltd. Industrials	Added	271,260	+22,298	$45,308,557	−32.7%	0.52%
ABUS	Arbutus Biopharma Corp Healthcare	Reduced	8,143,994	-10,951,589	$38,928,291	−57.5%	0.45%
QURE	uniQure N.V. Healthcare	Reduced	1,324,022	-117,388	$31,988,371	−51.8%	0.37%
SPCX	Space Exploration Technologies Corp Industrials	Held	208,890	0	$31,513,145	−11.7%	0.36%
HUT	Hut 8 Corp. Financial Services	Added	347,942	+189,860	$29,957,806	+64.2%	0.35%
STAA	Staar Surgical Co Healthcare	Added	1,304,957	+240,568	$29,505,077	−3.4%	0.34%
XE	X-Energy, Inc. Industrials	Added	1,394,413	+394,413	$19,772,776	+7.7%	0.23%
MSOS	AdvisorShares Pure US Cannabis ETF CALL	Held	2,225,300	0	$10,058,356	−11.0%	0.12%
LUCD	Lucid Diagnostics Inc. Healthcare	Held	6,000,000	0	$4,506,000	−29.8%	0.05%
OMEX	Odyssey Marine Exploration Inc Basic Materials	Held	5,592,985	0	$3,777,502	−20.5%	0.04%
IREN	IREN Ltd CALL Financial Services	Reduced	74,500	-65,500	$3,045,560	−52.4%	0.04%
CORZW	Core Scientific, Inc. Technology	Held	289,539	0	$2,686,921	−50.6%	0.03%
PAVM	PAVmed Inc. Healthcare	Held	461,539	0	$1,703,078	−37.9%	0.02%
FRMI	Fermi Inc. Real Estate	Held	352,671	0	$1,484,744	−54.0%	0.02%
APLD	Applied Digital Corp. Technology	NEW	50,000	NEW	$1,218,500	NEW	0.01%
CORZZ	Core Scientific, Inc. Technology	Held	24,107	0	$389,086	−35.2%	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.