Two Seas Capital LP

CIK

1823138

Location

RYE, NY

Portfolio Value

Small $218,639,031

Diversification

Highly concentrated

Filing Date

Global Rank

#531 / 8,586 ▲ 234

Top Industry

Biotechnology 24.8%

3Y Alpha vs SPY

+27.3%

Period ended 3 months ago

Filed May 15, 2026 · 32d

18 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

+228.7%

SPY

+78.1%

Annualised alpha

+27.5%

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

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

Top Position

61.1%

+3.3 pts

Top 5

75.9%

−3.5 pts

Top 10

86.3%

−2.3 pts

HHI

3,824

Highly concentrated+324

Portfolio Trend

18 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Unclassified	61.4%	$4,225,999,324	2
Healthcare	13.8%	$949,618,527	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
SATS	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	$31,221,842
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

2 positions · $218,639,031 total · Basic Materials only · 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	History
CLMT	Calumet, Inc. /DE Basic Materials	Reduced	5,960,292	-2,137,937	$213,974,482	+33.0%	97.87%
OMEX	Odyssey Marine Exploration Inc Basic Materials	Added	5,592,985	+407,956	$4,664,549	−54.1%	2.13%