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Two Seas Capital Portfolio holdings

AUM $5.05B
1-Year Est. Return 164.99%
This Fund
S&P 500
This Quarter Est. Return
+42.62%
1 Year Est. Return
+164.99%
3 Year Est. Return
+386.97%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$5.96B
AUM Growth
+$2.78B
Cap. Flow
+$147M
Cap. Flow %
2.48%
Top 10 Hldgs %
92.04%
Holding
44
New
14
Increased
19
Reduced
5
Closed
5

Top Buys

Rank Stock Value
1
TDAY
USA Today Co
TDAY
+$26.1M
2
CLMT icon
Calumet Specialty Products
CLMT
+$20.7M
3
BUR icon
Burford Capital
BUR
+$20.6M
4
GLNG icon
Golar LNG
GLNG
+$15.5M
5
SQQQ icon
ProShares UltraPro Short QQQ
SQQQ
+$14.3M

Top Sells

Rank Stock Value
1
TLN
Talen Energy Corp
TLN
+$40.7M
2
CORZ icon
Core Scientific
CORZ
+$12.3M
3
ARDX icon
Ardelyx
ARDX
+$2.4M
4
HUT
Hut 8
HUT
+$1.53M
5
SONO icon
Sonos
SONO
+$1.46M

Sector Composition

Rank Sector Weight
1 Miscellaneous 83.11%
2 Healthcare 8%
3 Utilities 2.52%
4 Technology 2.14%
5 Materials 1.22%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ESPR
26
DELISTED
Esperion Therapeutics
ESPR
$9.8M 0.16%
9,954,975
+3,024,104
+44% +$3.03M
SQQQ icon
27
ProShares UltraPro Short QQQ
SQQQ
$2.14B
$9.79M 0.16%
+100,000
New +$14.3M
SOC icon
28
Sable Offshore Corp
SOC
$879M
$9.71M 0.16%
+441,677
New +$10.3M
ARDX icon
29
Ardelyx
ARDX
$875M
$6.03M 0.1%
1,539,416
-580,921
-27% -$2.4M
ADAP
30
DELISTED
Adaptimmune Therapeutics
ADAP
$5.41M 0.09%
22,580,701
+2,051,016
+10% +$547K
APLD icon
31
Applied Digital
APLD
$6.93B
$5.04M 0.08%
+500,000
New +$3.69M
CORZW icon
32
Core Scientific Inc Tranche 1 Warrants
CORZW
$1,000M
$3.65M 0.06%
336,378
+56,130
+20% +$279K
SONO icon
33
Sonos
SONO
$1.85B
$3.04M 0.05%
281,042
-150,000
-35% -$1.46M
NRG icon
34
NRG Energy
NRG
$22.6B
$2.41M 0.04%
+15,000
New +$1.98M
OMEX icon
35
Odyssey Marine Exploration
OMEX
$41.2M
$1.69M 0.03%
1,430,769
-1,118,280
-44% -$1.02M
FSLR icon
36
First Solar
FSLR
$20.5B
$1.66M 0.03%
+10,000
New +$1.48M
CIFR icon
37
Cipher Digital
CIFR
$6.94B
$1.2M 0.02%
+250,000
New +$809K
WOLF icon
38
Wolfspeed
WOLF
$1.25B
$962K 0.02%
+2,412,111
New +$5.5M
CORZZ icon
39
Core Scientific Inc Tranche 2 Warrants
CORZZ
$1.36B
$414K 0.01%
+24,107
New +$240K
TDAY
40
CALL
USA Today Co
TDAY
$951M
– –
-2,814,900
Closed -$8.14M
HUT
41
Hut 8
HUT
$11.1B
– –
-131,808
Closed -$1.53M
QQQ icon
42
PUT
Invesco QQQ Trust
QQQ
$474B
– –
-1,525,000
Closed -$715M
VST icon
43
CALL
Vistra
VST
$47.1B
– –
-300,000
Closed -$35.2M
TLN
44
CALL
Talen Energy Corp
TLN
$13.8B
– –
-250,000
Closed -$49.9M
1
2

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WAM
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Two Seas Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Two Seas Capital held 44 positions worth $5.96B, up 88% from $3.17B the previous quarter. Its ten largest holdings account for 92% of the portfolio.

Two Seas Capital's Q2 2025 filing shows 14 new, 19 increased, 5 reduced and 5 closed positions. Its largest new stake was Burford Capital: 1,577,670 shares worth $22.5M. The largest sale was Talen Energy Corp, an estimated $40.7M.

By sector, the portfolio is most concentrated in Miscellaneous at 83% of assets, up from 80% a quarter earlier, followed by Healthcare and Utilities.

  • Two Seas Capital's largest Q2 2025 buy was Burford Capital: 1,577,670 shares worth $22.5M.
  • Two Seas Capital added most to USA Today Co in Q2 2025, an estimated $26.1M increase.
  • Two Seas Capital's biggest Q2 2025 reduction was Talen Energy Corp, cutting an estimated $40.7M.
  • Two Seas Capital fully exited Hut 8 in Q2 2025, selling an estimated $1.53M.
  • Two Seas Capital's ten largest holdings make up 92% of its $5.96B portfolio in Q2 2025.
  • Two Seas Capital opened 14 new positions and closed 5 in Q2 2025.
  • Two Seas Capital's portfolio value rose 88% quarter-over-quarter to $5.96B.

Based on Two Seas Capital's 13F filing for Q2 2025, filed 13 Aug 2025.