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Two Seas Capital Portfolio holdings

AUM $7.15B
1-Year Est. Return 169.27%
This Fund
S&P 500
This Quarter Est. Return
+10.76%
1 Year Est. Return
+169.27%
3 Year Est. Return
+279.82%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.16B
AUM Growth
+$540M
Cap. Flow
+$483M
Cap. Flow %
41.7%
Top 10 Hldgs %
78.09%
Holding
37
New
11
Increased
14
Reduced
4
Closed
5

Top Buys

Rank Stock Value
1
SHC icon
Sotera Health
SHC
+$36.2M
2
CLMT icon
Calumet Specialty Products
CLMT
+$31M
3
AVDL
Avadel Pharmaceuticals
AVDL
+$24.8M
4
IMVT icon
Immunovant
IMVT
+$23.7M
5
TLN
Talen Energy Corp
TLN
+$23.3M

Top Sells

Rank Stock Value
1
EXEL icon
Exelixis
EXEL
+$11.8M
2
META icon
Meta Platforms (Facebook)
META
+$10.2M
3
INDV icon
Indivior Pharmaceuticals
INDV
+$5.89M
4
ARQT icon
Arcutis Biotherapeutics
ARQT
+$2.9M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$2.62M

Sector Composition

Rank Sector Weight
1 Healthcare 39.49%
2 Utilities 16.32%
3 Technology 9.5%
4 Materials 3.55%
5 Financials 1.74%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INDV icon
1
Indivior Pharmaceuticals
INDV
$4.58B
$155M 13.38%
12,457,514
-572,513
-4% -$5.89M
ROIV icon
2
Roivant Sciences
ROIV
$25B
$120M 10.39%
10,167,807
+442,914
+5% +$5.24M
SPY icon
3
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$819B
$117M 10.13%
+200,000
New +$118M
TLN
4
Talen Energy Corp
TLN
$15.8B
$115M 9.9%
568,475
+119,360
+27% +$23.3M
QQQ icon
5
PUT
Invesco QQQ Trust
QQQ
$480B
$102M 8.79%
+199,000
New +$101M
CORZ icon
6
Core Scientific
CORZ
$7B
$87.6M 7.57%
6,232,888
+527,097
+9% +$7.79M
TLN
7
CALL
Talen Energy Corp
TLN
$15.8B
$70.5M 6.09%
+350,000
New +$68.3M
VST icon
8
Vistra
VST
$47.4B
$52.3M 4.52%
379,085
+126,419
+50% +$17.6M
AVDL
9
DELISTED
Avadel Pharmaceuticals
AVDL
$45.2M 3.9%
4,296,449
+2,042,669
+91% +$24.8M
SHC icon
10
Sotera Health
SHC
$5.13B
$39.6M 3.42%
2,896,136
+2,496,136
+624% +$36.2M
CLMT icon
11
Calumet Specialty Products
CLMT
$3.51B
$39.3M 3.39%
1,783,334
+1,473,327
+475% +$31M
IMVT icon
12
Immunovant
IMVT
$8.06B
$37.4M 3.24%
1,511,614
+835,000
+123% +$23.7M
ABUS icon
13
Arbutus Biopharma
ABUS
$913M
$28.6M 2.47%
8,740,956
+353,568
+4% +$1.3M
CEG icon
14
Constellation Energy
CEG
$94.7B
$22M 1.9%
98,463
+73,463
+294% +$18.3M
ESPR
15
DELISTED
Esperion Therapeutics
ESPR
$13.7M 1.18%
6,230,871
-353,407
-5% -$824K
TDAY
16
CALL
USA Today Co
TDAY
$1.27B
$12.8M 1.1%
+2,520,800
New +$13.4M
META icon
17
Meta Platforms (Facebook)
META
$1.5T
$10.8M 0.94%
18,516
-17,442
-49% -$10.2M
HUT
18
Hut 8
HUT
$10.4B
$9.77M 0.84%
476,808
+271,892
+133% +$5.55M
ARDX icon
19
Ardelyx
ARDX
$1.21B
$9.41M 0.81%
+1,855,337
New +$10.3M
BTDR icon
20
Bitdeer Technologies
BTDR
$2.69B
$9.38M 0.81%
+433,028
New +$5.51M
CLMT icon
21
CALL
Calumet Specialty Products
CLMT
$3.51B
$8.81M 0.76%
+400,000
New +$8.41M
IREN icon
22
Iris Energy
IREN
$13.9B
$8.45M 0.73%
860,000
+585,000
+213% +$6.24M
ADAP
23
DELISTED
Adaptimmune Therapeutics
ADAP
$7.99M 0.69%
+14,835,146
New +$10.8M
SONO icon
24
Sonos
SONO
$1.88B
$7.96M 0.69%
528,928
– –
APLD icon
25
Applied Digital
APLD
$8.6B
$5.06M 0.44%
+662,587
New +$5.51M
1
2

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FPA
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FPP
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SC
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CFG
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DS
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MNA
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NAMA
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Two Seas Capital's Q4 2024 Portfolio in Review

As of Q4 2024, Two Seas Capital held 37 positions worth $1.16B, up 87% from $617M the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Two Seas Capital deployed $483M of net new capital in Q4 2024, opening 11 new positions and adding to 14 existing holdings. Its largest new stake was Adaptimmune Therapeutics: 14,835,146 shares worth $7.99M.

By sector, the portfolio is most concentrated in Healthcare at 39% of assets, down from 57% a quarter earlier, followed by Utilities and Technology.

On the sell side, the largest reduction was Meta Platforms (Facebook), an estimated $10.2M trimmed.

  • Two Seas Capital's largest Q4 2024 buy was Adaptimmune Therapeutics: 14,835,146 shares worth $7.99M.
  • Two Seas Capital added most to Sotera Health in Q4 2024, an estimated $36.2M increase.
  • Two Seas Capital's biggest Q4 2024 reduction was Meta Platforms (Facebook), cutting an estimated $10.2M.
  • Two Seas Capital fully exited Exelixis in Q4 2024, selling an estimated $11.8M.
  • Two Seas Capital's ten largest holdings make up 78% of its $1.16B portfolio in Q4 2024.
  • Two Seas Capital opened 11 new positions and closed 5 in Q4 2024.
  • Two Seas Capital's portfolio value rose 87% quarter-over-quarter to $1.16B.

Based on Two Seas Capital's 13F filing for Q4 2024, filed 14 Feb 2025.