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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
+10.76%
1 Year Est. Return
+78.08%
3 Year Est. Return
+344.2%
5 Year Est. Return
+575.95%
10 Year Est. Return
–
AUM
$1.16B
AUM Growth
+$540M
Cap. Flow
+$200M
Cap. Flow %
17.28%
Top 10 Hldgs %
78.09%
Holding
37
New
11
Increased
14
Reduced
4
Closed
5
Avg Time Held Equity + Options
3.1 quarters
Top 10 Avg Time Held Equity + Options
2.7 quarters
Top 20 Avg Time Held Equity + Options
3.3 quarters
Avg Time Held Equity only
3.7 quarters
Top 10 Avg Time Held Equity only
4.4 quarters
Top 20 Avg Time Held Equity only
4 quarters

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 icon
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 Miscellaneous 27.52%
3 Utilities 16.32%
4 Technology 9.5%
5 Materials 3.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
INDV icon
1
Indivior Pharmaceuticals
INDV
$4.21B
$155M 13.38%
12,457,514
-572,513
-4% -$5.89M
2023 Q2
6 quarters
ROIV icon
2
Roivant Sciences
ROIV
$24.9B
$120M 10.39%
10,167,807
+442,914
+5% +$5.24M
2021 Q4
12 quarters
SPY icon
3
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$822B
$117M 10.13%
+200,000
New +$118M
2024 Q4
0 quarters
TLN icon
4
Talen Energy Corp
TLN
$17.8B
$115M 9.9%
568,475
+119,360
+27% +$23.3M
2024 Q3
1 quarter
QQQ icon
5
PUT
Invesco QQQ Trust
QQQ
$497B
$102M 8.79%
+199,000
New +$101M
2024 Q4
0 quarters
CORZ icon
6
Core Scientific
CORZ
$4.68B
$87.6M 7.57%
6,232,888
+527,097
+9% +$7.79M
2024 Q1
3 quarters
TLN icon
7
CALL
Talen Energy Corp
TLN
$17.8B
$70.5M 6.09%
+350,000
New +$68.3M
2024 Q4
0 quarters
VST icon
8
Vistra
VST
$53.2B
$52.3M 4.52%
379,085
+126,419
+50% +$17.6M
2024 Q1
3 quarters
AVDL
9
DELISTED
Avadel Pharmaceuticals
AVDL
$45.2M 3.9%
4,296,449
+2,042,669
+91% +$24.8M
2024 Q1
3 quarters
SHC icon
10
Sotera Health
SHC
$5.16B
$39.6M 3.42%
2,896,136
+2,496,136
+624% +$36.2M
2024 Q1
3 quarters
CLMT icon
11
Calumet Specialty Products
CLMT
$5.11B
$39.3M 3.39%
1,783,334
+1,473,327
+475% +$31M
2024 Q3
1 quarter
IMVT icon
12
Immunovant
IMVT
$6B
$37.4M 3.24%
1,511,614
+835,000
+123% +$23.7M
2023 Q3
5 quarters
ABUS icon
13
Arbutus Biopharma
ABUS
$806M
$28.6M 2.47%
8,740,956
+353,568
+4% +$1.3M
2021 Q4
12 quarters
CEG icon
14
Constellation Energy
CEG
$103B
$22M 1.9%
98,463
+73,463
+294% +$18.3M
2024 Q3
1 quarter
ESPR icon
15
DELISTED
Esperion Therapeutics
ESPR
$13.7M 1.18%
6,230,871
-353,407
-5% -$824K
2023 Q2
6 quarters
TDAY icon
16
CALL
USA Today Co
TDAY
$1B
$12.8M 1.1%
+2,520,800
New +$13.4M
2024 Q4
0 quarters
META icon
17
Meta Platforms (Facebook)
META
$1.94T
$10.8M 0.94%
18,516
-17,442
-49% -$10.2M
2022 Q4
8 quarters
HUT icon
18
Hut 8
HUT
$9.98B
$9.77M 0.84%
476,808
+271,892
+133% +$5.55M
2024 Q3
1 quarter
ARDX icon
19
Ardelyx
ARDX
$816M
$9.41M 0.81%
+1,855,337
New +$10.3M
2024 Q4
0 quarters
BTDR icon
20
Bitdeer Technologies
BTDR
$2.45B
$9.38M 0.81%
+433,028
New +$5.51M
2024 Q4
0 quarters
CLMT icon
21
CALL
Calumet Specialty Products
CLMT
$5.11B
$8.81M 0.76%
+400,000
New +$8.41M
2024 Q4
0 quarters
IREN icon
22
Iris Energy
IREN
$13B
$8.45M 0.73%
860,000
+585,000
+213% +$6.24M
2024 Q3
1 quarter
ADAP
23
DELISTED
Adaptimmune Therapeutics
ADAP
$7.99M 0.69%
+14,835,146
New +$10.8M
2024 Q4
0 quarters
SONO icon
24
Sonos
SONO
$2.06B
$7.96M 0.69%
528,928
– –
2022 Q3
9 quarters
APLD icon
25
Applied Digital
APLD
$6.52B
$5.06M 0.44%
+662,587
New +$5.51M
2024 Q4
0 quarters
1
2

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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 $200M 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 Miscellaneous and Utilities.

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.