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Two Seas Capital Portfolio holdings

AUM $8.68B
1-Year Est. Return 78.08%
This Fund
S&P 500
This Quarter Est. Return
-3.71%
1 Year Est. Return
+78.08%
3 Year Est. Return
+344.2%
5 Year Est. Return
+575.95%
10 Year Est. Return
–
AUM
$410M
AUM Growth
-$87.8M
Cap. Flow
-$14.4M
Cap. Flow %
-3.51%
Top 10 Hldgs %
99.03%
Holding
14
New
–
Increased
5
Reduced
5
Closed
1
Avg Time Held Equity + Options
4.4 quarters
Top 10 Avg Time Held Equity + Options
3.5 quarters
Top 20 Avg Time Held Equity + Options
4.4 quarters
Avg Time Held Equity only
4.7 quarters
Top 10 Avg Time Held Equity only
4 quarters
Top 20 Avg Time Held Equity only
4.7 quarters

Top Buys

Rank Stock Value
1
ROIV icon
Roivant Sciences
ROIV
+$5.78M
2
INDV icon
Indivior Pharmaceuticals
INDV
+$2.5M
3
ABUS icon
Arbutus Biopharma
ABUS
+$1.49M
4
MMM icon
3M
MMM
+$1.42M
5
ESPR icon
Esperion Therapeutics
ESPR
+$18.1K

Top Sells

Rank Stock Value
1
IMVT icon
Immunovant
IMVT
+$8.41M
2
META icon
Meta Platforms (Facebook)
META
+$3.26M
3
SONO icon
Sonos
SONO
+$3.05M
4
ARQT icon
Arcutis Biotherapeutics
ARQT
+$875K
5
HTZWW icon
Hertz Global Holdings Warrants
HTZWW
+$539K

Sector Composition

Rank Sector Weight
1 Healthcare 88%
2 Industrials 4.06%
3 Miscellaneous 3.37%
4 Communication Services 2.26%
5 Materials 1.56%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
INDV icon
1
Indivior Pharmaceuticals
INDV
$4.23B
$211M 51.5%
13,810,893
+140,581
+1% +$2.5M
2023 Q2
2 quarters
ROIV icon
2
Roivant Sciences
ROIV
$25.2B
$95.5M 23.33%
8,508,223
+592,991
+7% +$5.78M
2021 Q4
8 quarters
ESPR icon
3
DELISTED
Esperion Therapeutics
ESPR
$23M 5.61%
7,686,120
+13,950
+0.2% +$18.1K
2023 Q2
2 quarters
ABUS icon
4
Arbutus Biopharma
ABUS
$810M
$22.6M 5.52%
9,041,927
+761,109
+9% +$1.49M
2021 Q4
8 quarters
MMM icon
5
3M
MMM
$83B
$15.8M 3.86%
173,168
+17,688
+11% +$1.42M
2023 Q3
1 quarter
META icon
6
Meta Platforms (Facebook)
META
$1.89T
$9.26M 2.26%
26,175
-10,000
-28% -$3.26M
2022 Q4
4 quarters
IMVT icon
7
Immunovant
IMVT
$6.11B
$8.37M 2.04%
198,752
-228,504
-53% -$8.41M
2023 Q3
1 quarter
OMEX icon
8
Odyssey Marine Exploration
OMEX
$37.6M
$6.38M 1.56%
1,371,874
– –
2021 Q4
8 quarters
IMVT icon
9
CALL
Immunovant
IMVT
$6.11B
$3.65M 0.89%
86,600
– –
2023 Q3
1 quarter
SONO icon
10
Sonos
SONO
$2.07B
$3.08M 0.75%
179,732
-226,440
-56% -$3.05M
2022 Q3
5 quarters
HTZ icon
11
Hertz
HTZ
$649M
$802K 0.2%
77,188
-10,000
-11% -$96.6K
2021 Q4
8 quarters
HTZWW icon
12
Hertz Global Holdings Warrants
HTZWW
$74.7M
$92.3K 0.02%
16,841
-106,653
-86% -$539K
2021 Q4
8 quarters
ARQT icon
13
Arcutis Biotherapeutics
ARQT
$3.29B
– –
-164,807
Closed -$875K –

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Two Seas Capital's Q4 2023 Portfolio in Review

As of Q4 2023, Two Seas Capital held 14 positions worth $410M, down 18% from $497M the previous quarter. Its ten largest holdings account for 99% of the portfolio.

Two Seas Capital withdrew a net $14.4M in Q4 2023, closing 1 position and reducing 5 holdings. Its most notable exit was Arcutis Biotherapeutics, an estimated $875K position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 88% of assets, down from 90% a quarter earlier, followed by Industrials and Miscellaneous.

Against the trend, Two Seas Capital added an estimated $5.78M to Roivant Sciences.

  • Two Seas Capital added most to Roivant Sciences in Q4 2023, an estimated $5.78M increase.
  • Two Seas Capital's biggest Q4 2023 reduction was Immunovant, cutting an estimated $8.41M.
  • Two Seas Capital fully exited Arcutis Biotherapeutics in Q4 2023, selling an estimated $875K.
  • Two Seas Capital's ten largest holdings make up 99% of its $410M portfolio in Q4 2023.
  • Two Seas Capital opened 0 new positions and closed 1 in Q4 2023.
  • Two Seas Capital's portfolio value fell 18% quarter-over-quarter to $410M.

Based on Two Seas Capital's 13F filing for Q4 2023, filed 14 Feb 2024.