TWLVU · Twelve Seas Investment Co III · Holdings
Substantial doubt about the company's ability to continue as a going concern.
“In connection with our assessment of going concern considerations in accordance with FASB ASC Topic 205-40, "Presentation of Financial Statements — Going Concern," we have since reevaluated our liquidity and financial condition, and determined that we still lack the liquidity to sustain operations for a reasonable period of time, which is considered to be one year from the date of the issuance of the financial statements. These conditions raise substantial doubt about our ability to continue as a going concern. Management plans to address this uncertainty with the Business Combination and with additional financing. There is no assurance that additional financing or our plans to complete the Business Combination will be successful. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.”View the 10-Q filed Aug 17, 2026
Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.
Institutional Ownership Trend
Holder Concentration
Across 9 13F filers · Δ vs Mar 31, 2026Who Holds TWLVU
Last 3 quarters through Jun 30, 2026Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.
Jun 30, 2026: 9 filers, like-for-like change -52.8%; actively managed books -52.8%.
| Holder type | Share | Filers | Change |
|---|---|---|---|
| Registered adviser | 25.1% | 2 | -52.7% |
| Exempt adviser | 32.2% | 1 | 0.0% |
| Adviser | 10.7% | 1 | 0.0% |
| Bank | 7.2% | 2 | -66.5% |
| Benefit plan | 21.5% | 1 | 0.0% |
| Non-US | 0.0% | 0 | -100.0% |
| Insurer | 0.0% | 0 | — |
| Unknown | 3.2% | 2 | -79.2% |
| Style | Share | Filers | Change |
|---|---|---|---|
| Systematic-like | 17.9% | 1 | -37.5% |
| Concentrated | 1.4% | 1 | -93.1% |
| Diversified active | 80.6% | 7 | -50.3% |
| Turnover | Share | Filers | Change |
|---|---|---|---|
| Low turnover | 7.2% | 1 | -68.0% |
| Medium turnover | 21.5% | 2 | -75.0% |
| High turnover | 59.1% | 4 | -25.0% |
| Unknown | 12.2% | 2 | -50.3% |
| Holding horizon | Share | Filers | Change |
|---|---|---|---|
| Short horizon | 12.2% | 2 | -74.5% |
| Medium horizon | 39.4% | 2 | +22.2% |
| Long horizon | 46.6% | 4 | -64.1% |
| Unknown | 1.8% | 1 | +3.0% |
| 13F book size | Share | Filers | Change |
|---|---|---|---|
| Under $1B | 10.7% | 1 | -60.1% |
| $1B to $10B | 7.2% | 1 | -12.0% |
| $10B to $100B | 57.0% | 4 | -55.0% |
| $100B or more | 25.1% | 3 | -49.9% |
| Client base | Share | Filers | Change |
|---|---|---|---|
| Individuals and high net worth | 0.0% | 0 | -100.0% |
| Pooled investment vehicles | 25.1% | 2 | -30.0% |
| Other investment advisers | 0.0% | 0 | -100.0% |
| Registered funds and BDCs | 0.0% | 0 | — |
| Unknown | 74.9% | 7 | -52.8% |
| Private funds | Share | Filers | Change |
|---|---|---|---|
| Hedge funds | 25.1% | 2 | -30.0% |
| Private equity funds | 0.0% | 0 | -100.0% |
| Private funds, type not stated | 32.2% | 1 | 0.0% |
| No private funds | 0.0% | 0 | — |
| Unknown | 42.7% | 6 | -66.3% |
| Location | Share | Filers | Change |
|---|---|---|---|
| United States | 46.2% | 6 | -54.1% |
| Outside the US | 53.8% | 3 | -51.6% |
How the mix is measured
Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.
Conviction and Crowding
9 13F filers, quarter ended Jun 30, 2026Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.
Managers in the top fifth by current three-year FundScore alpha were net buyers of $0 (0 buying, 0 selling).
Shared Holders
Companies TWLVU's active holders also own, quarter ended Jun 30, 2026| # | Company | Shared holders |
|---|---|---|
| 1 | GIW GigCapital8 Corp. | 10 |
| 2 | CAQ Cambridge Acquisition Corp. | 8 |
| 3 | XFLH XFLH Capital Corp | 7 |
| 4 | MEVO M Evo Global Acquisition Corp II | 9 |
| 5 | KCHV Kochav Defense Acquisition Corp. | 9 |
| 6 | HCAC Hall Chadwick Acquisition Corp | 8 |
| 7 | TVAI Thayer Ventures Acquisition Corp II | 8 |
| 8 | ITHA ITHAX Acquisition Corp III | 8 |
| 9 | MUZE Muzero Acquisition Corp | 7 |
| 10 | ALOV Aldabra 4 Liquidity Opportunity Vehicle, Inc. | 8 |
Shareholder Targets
13F filers that own its peers but not TWLVU, quarter ended Jun 30, 2026Found through its holder-overlap peers: GIW, CAQ, XFLH, MEVO, KCHV, HCAC, TVAI, ITHA, MUZE, ALOV, QUMS, XCBE, COPL, SDHI, IRAB, ARCI, KRAQ, LTGR, ARCL, LAFA. 66 filers in all.
| # | Filer | In peers | Largest peers |
|---|---|---|---|
| 1 | D. E. Shaw & Co., Inc. Unknown, Systematic-like | $88,625,058 16 held | XCBE, TVAI, GIW |
| 2 | Westchester Capital Management, LLC Registered adviser, Diversified active | $77,067,587 15 held | KCHV, GIW, SDHI |
| 3 | METEORA CAPITAL, LLC Adviser, Diversified active | $73,223,307 12 held | KRAQ, XCBE, HCAC |
| 4 | HGC Investment Management Inc. Non-US, Diversified active | $63,848,747 12 held | ALOV, SDHI, KRAQ |
| 5 | MIZUHO SECURITIES USA LLC Unknown, Diversified active | $53,353,966 13 held | COPL, KCHV, GIW |
| 6 | First Trust Capital Management L.P. Registered adviser, Diversified active | $44,489,568 10 held | SDHI, MEVO, HCAC |
| 7 | Governors Lane LP Registered adviser, Diversified active | $36,857,966 5 held | ARCI, KRAQ, MEVO |
| 8 | MANGROVE PARTNERS IM, LLC Registered adviser, Diversified active | $21,696,750 5 held | ARCL, COPL, TVAI |
| 9 | Calamos Advisors LLC Registered adviser, Diversified active | $21,383,104 8 held | SDHI, ARCL, KRAQ |
| 10 | Kryger Capital LLC Registered adviser, Concentrated | $21,041,359 4 held | ALOV, CAQ, MUZE |
Quarterly Activity
New and Sold Out count only filers that reported a 13F for both quarters: a first-time filer's book is not a buy, and a fund that has not filed, or withheld its positions under confidential treatment, has not sold.
Top Buyers
vs Mar 31, 2026| Institution | Added | Now Holds | Open |
|---|---|---|---|
| Large HRT FINANCIAL LP | +729 | 25,040 |
Top Sellers
vs Mar 31, 2026| Institution | Sold | Now Holds | Open |
|---|---|---|---|
| Mega JPMORGAN CHASE & CO | −198,799 | 100,000 | |
| Large Clear Street Group Inc. | −172,444 | 20,144 | |
| Mega MILLENNIUM MANAGEMENT LLC | −150,000 | 250,000 |
Top New Positions
vs Mar 31, 2026| Institution | Acquired | Value (USD) | Open |
|---|---|---|---|
| Large Centiva Capital, LP | 100,000 | $1,025,000 |
Top Sold-Out Positions
vs Mar 31, 2026| Institution | Previously Held | Last Value (USD) | Open |
|---|---|---|---|
| Large HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | 800,000 | $8,024,000 | |
| Small Wealthspring Capital LLC | 225,690 | $2,259,157 | |
| Mid Cable Car Capital, LP | 100,000 | $1,010,000 | |
| Mid Evercore Wealth Management, LLC | 13,610 | $136,236 |
| Holder | Value (USD) | % of 13F | Shares | Type | Filed | Open |
|---|---|---|---|---|---|---|
| Large LMR Partners LLP Exempt adviser TWLVU | $4,612,500 | 32.25% | 450,000 | Shares | 2026-08-14 | |
| Large OMERS ADMINISTRATION Corp Benefit plan TWLVU | $3,075,000 | 21.50% | 300,000 | Shares | 2026-08-13 | |
| Mega MILLENNIUM MANAGEMENT LLC Registered adviser TWLVU | $2,562,500 | 17.92% | 250,000 | Shares | 2026-08-14 | |
| Small Lineage Point Capital LP Adviser TWLVU | $1,537,500 | 10.75% | 150,000 | Shares | 2026-08-14 | |
| Large Centiva Capital, LP Registered adviser TWLVU | $1,025,000 | 7.17% | 100,000 | Shares | 2026-08-13 | |
| Mega JPMORGAN CHASE & CO Bank TWLVU | $1,025,000 | 7.17% | 100,000 | Shares | 2026-08-12 | |
| Large HRT FINANCIAL LP TWLVU | $256,660 | 1.79% | 25,040 | Shares | 2026-08-14 | |
| Large Clear Street Group Inc. TWLVU | $206,476 | 1.44% | 20,144 | Shares | 2026-08-12 | |
| Mega UBS Group AG Bank TWLVU | $2,050 | 0.01% | 200 | Shares | 2026-08-13 |