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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
+13.46%
1 Year Est. Return
+164.99%
3 Year Est. Return
+386.97%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$4.85B
AUM Growth
-$1.38B
Cap. Flow
-$109M
Cap. Flow %
-2.24%
Top 10 Hldgs %
82.36%
Holding
46
New
5
Increased
18
Reduced
10
Closed
8

Top Buys

Rank Stock Value
1
TLN
Talen Energy Corp
TLN
+$48.6M
2
NKTR icon
Nektar Therapeutics
NKTR
+$41.7M
3
CORZ icon
Core Scientific
CORZ
+$28.7M
4
CLMT icon
Calumet Specialty Products
CLMT
+$23.5M
5
HUT
Hut 8
HUT
+$21.7M

Top Sells

Rank Stock Value
1
INDV icon
Indivior Pharmaceuticals
INDV
+$165M
2
AVDL
Avadel Pharmaceuticals
AVDL
+$82M
3
ROIV icon
Roivant Sciences
ROIV
+$38.7M
4
BUR icon
Burford Capital
BUR
+$19.2M
5
CRWV
CoreWeave
CRWV
+$17.1M

Sector Composition

Rank Sector Weight
1 Miscellaneous 65.2%
2 Healthcare 14.13%
3 Technology 7.01%
4 Utilities 3.86%
5 Communication Services 3.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CLMT icon
26
CALL
Calumet Specialty Products
CLMT
$4.2B
$22.3M 0.46%
1,122,000
+122,000
+12% +$2.35M
MSOS icon
27
CALL
AdvisorShares Pure US Cannabis ETF
MSOS
$1B
$16.9M 0.35%
3,575,300
– –
SOC icon
28
Sable Offshore Corp
SOC
$861M
$15.6M 0.32%
1,733,239
+1,119,195
+182% +$10.6M
MSOS icon
29
AdvisorShares Pure US Cannabis ETF
MSOS
$1B
$15.4M 0.32%
3,252,409
+1,752,409
+117% +$7.81M
OMEX icon
30
Odyssey Marine Exploration
OMEX
$48.4M
$10.2M 0.21%
5,185,029
+615,018
+13% +$1.42M
META icon
31
Meta Platforms (Facebook)
META
$1.47T
$9.42M 0.19%
14,272
-10,000
-41% -$6.68M
CRWV
32
CoreWeave
CRWV
$46.5B
$7.88M 0.16%
110,000
-169,051
-61% -$17.1M
SONO icon
33
Sonos
SONO
$1.81B
$5.66M 0.12%
322,462
-208,580
-39% -$3.64M
CIFR icon
34
Cipher Digital
CIFR
$6.3B
$4.51M 0.09%
305,756
-156,244
-34% -$2.76M
CORZ icon
35
PUT
Core Scientific
CORZ
$5.31B
$3.49M 0.07%
+240,000
New +$4.18M
LUCD icon
36
Lucid Diagnostics
LUCD
$189M
$3.27M 0.07%
3,000,000
– –
CORZW icon
37
Core Scientific Inc Tranche 1 Warrants
CORZW
$972M
$2.45M 0.05%
289,539
– –
CORZZ icon
38
Core Scientific Inc Tranche 2 Warrants
CORZZ
$1.35B
$351K 0.01%
24,107
– –
ANIP icon
39
ANI Pharmaceuticals
ANIP
$1.67B
– –
-25,721
Closed -$2.36M
AVDL
40
DELISTED
Avadel Pharmaceuticals
AVDL
– –
-5,369,082
Closed -$82M
BTDR icon
41
Bitdeer Technologies
BTDR
$2.8B
– –
-450,000
Closed -$7.69M
BUR icon
42
Burford Capital
BUR
$957M
– –
-1,602,067
Closed -$19.2M
PCG icon
43
CALL
PG&E
PCG
$36.6B
– –
-1,910,800
Closed -$28.8M
SOC icon
44
CALL
Sable Offshore Corp
SOC
$861M
– –
-1,500,000
Closed -$26.2M
CRWV
45
CALL
CoreWeave
CRWV
$46.5B
– –
-1,180,000
Closed -$161M
GLXY
46
Galaxy Digital Inc
GLXY
$4.51B
– –
-35,000
Closed -$1.18M
1
2

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WAM
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GIBU
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ONB
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VDI
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SFM
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Two Seas Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Two Seas Capital held 46 positions worth $4.85B, down 22% from $6.23B the previous quarter. Its ten largest holdings account for 82% of the portfolio.

Two Seas Capital's Q4 2025 filing shows 5 new, 18 increased, 10 reduced and 8 closed positions. Its largest new stake was Nektar Therapeutics: 745,185 shares worth $31.5M. The largest sale was Indivior Pharmaceuticals, an estimated $165M.

By sector, the portfolio is most concentrated in Miscellaneous at 65% of assets, down from 73% a quarter earlier, followed by Healthcare and Technology.

  • Two Seas Capital's largest Q4 2025 buy was Nektar Therapeutics: 745,185 shares worth $31.5M.
  • Two Seas Capital added most to Talen Energy Corp in Q4 2025, an estimated $48.6M increase.
  • Two Seas Capital's biggest Q4 2025 reduction was Indivior Pharmaceuticals, cutting an estimated $165M.
  • Two Seas Capital fully exited Avadel Pharmaceuticals in Q4 2025, selling an estimated $82M.
  • Two Seas Capital's ten largest holdings make up 82% of its $4.85B portfolio in Q4 2025.
  • Two Seas Capital opened 5 new positions and closed 8 in Q4 2025.
  • Two Seas Capital's portfolio value fell 22% quarter-over-quarter to $4.85B.

Based on Two Seas Capital's 13F filing for Q4 2025, filed 11 Feb 2026.