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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
-20.38%
1 Year Est. Return
+169.27%
3 Year Est. Return
+279.82%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$3.17B
AUM Growth
+$2.02B
Cap. Flow
+$2.34B
Cap. Flow %
73.87%
Top 10 Hldgs %
91.99%
Holding
38
New
7
Increased
13
Reduced
8
Closed
8

Top Buys

Rank Stock Value
1
GLNG icon
Golar LNG
GLNG
+$20.2M
2
CORZ icon
Core Scientific
CORZ
+$20.1M
3
CLMT icon
Calumet Specialty Products
CLMT
+$17M
4
FTAI icon
FTAI Aviation
FTAI
+$13.7M
5
TDAY
USA Today Co
TDAY
+$12.3M

Top Sells

Rank Stock Value
1
VST icon
Vistra
VST
+$25M
2
CEG icon
Constellation Energy
CEG
+$22M
3
TLN
Talen Energy Corp
TLN
+$20.9M
4
INDV icon
Indivior Pharmaceuticals
INDV
+$11.5M
5
META icon
Meta Platforms (Facebook)
META
+$10.8M

Sector Composition

Rank Sector Weight
1 Healthcare 11.71%
2 Utilities 3.75%
3 Technology 1.97%
4 Materials 1.18%
5 Energy 0.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$819B
$1.14B 35.86%
2,035,000
+1,835,000
+918% +$1.08B
QQQ icon
2
PUT
Invesco QQQ Trust
QQQ
$480B
$715M 22.53%
1,525,000
+1,326,000
+666% +$674M
HYG icon
3
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
$578M 18.21%
+7,325,500
New +$581M
INDV icon
4
Indivior Pharmaceuticals
INDV
$4.58B
$107M 3.36%
11,366,777
-1,090,737
-9% -$11.5M
ROIV icon
5
Roivant Sciences
ROIV
$25B
$102M 3.22%
10,136,307
-31,500
-0.3% -$341K
TLN
6
Talen Energy Corp
TLN
$15.8B
$94.3M 2.97%
472,275
-96,200
-17% -$20.9M
CORZ icon
7
Core Scientific
CORZ
$7B
$57.9M 1.82%
7,995,574
+1,762,686
+28% +$20.1M
TLN
8
CALL
Talen Energy Corp
TLN
$15.8B
$49.9M 1.57%
250,000
-100,000
-29% -$21.7M
AVDL
9
DELISTED
Avadel Pharmaceuticals
AVDL
$38.7M 1.22%
4,946,449
+650,000
+15% +$5.44M
SHC icon
10
Sotera Health
SHC
$5.13B
$38.7M 1.22%
3,321,136
+425,000
+15% +$5.47M
CLMT icon
11
Calumet Specialty Products
CLMT
$3.51B
$36.3M 1.15%
2,866,511
+1,083,177
+61% +$17M
VST icon
12
CALL
Vistra
VST
$47.4B
$35.2M 1.11%
+300,000
New +$44.8M
ABUS icon
13
Arbutus Biopharma
ABUS
$913M
$33M 1.04%
9,465,956
+725,000
+8% +$2.42M
IMVT icon
14
Immunovant
IMVT
$8.06B
$28.1M 0.88%
1,642,772
+131,158
+9% +$2.74M
VST icon
15
Vistra
VST
$47.4B
$24.8M 0.78%
211,435
-167,650
-44% -$25M
GLNG icon
16
Golar LNG
GLNG
$5.11B
$19.6M 0.62%
+515,949
New +$20.2M
FTAI icon
17
FTAI Aviation
FTAI
$23B
$12.8M 0.4%
+115,663
New +$13.7M
ARDX icon
18
Ardelyx
ARDX
$1.21B
$10.4M 0.33%
2,120,337
+265,000
+14% +$1.42M
ESPR
19
DELISTED
Esperion Therapeutics
ESPR
$9.98M 0.31%
6,930,871
+700,000
+11% +$1.29M
TDAY
20
USA Today Co
TDAY
$1.27B
$9.93M 0.31%
3,437,206
+2,937,206
+587% +$12.3M
TDAY
21
CALL
USA Today Co
TDAY
$1.27B
$8.14M 0.26%
2,814,900
+294,100
+12% +$1.23M
CORZ icon
22
CALL
Core Scientific
CORZ
$7B
$6.06M 0.19%
+836,500
New +$9.52M
SONO icon
23
Sonos
SONO
$1.88B
$4.6M 0.14%
431,042
-97,886
-19% -$1.29M
IREN icon
24
Iris Energy
IREN
$13.9B
$4.05M 0.13%
665,000
-195,000
-23% -$1.9M
ADAP
25
DELISTED
Adaptimmune Therapeutics
ADAP
$4.04M 0.13%
20,529,685
+5,694,539
+38% +$2.95M
1
2

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Two Seas Capital's Q1 2025 Portfolio in Review

As of Q1 2025, Two Seas Capital held 38 positions worth $3.17B, up 174% from $1.16B the previous quarter. Its ten largest holdings account for 92% of the portfolio.

Two Seas Capital deployed $2.34B of net new capital in Q1 2025, opening 7 new positions and adding to 13 existing holdings. Its largest new stake was Golar LNG: 515,949 shares worth $19.6M.

By sector, the portfolio is most concentrated in Healthcare at 12% of assets, down from 39% a quarter earlier, followed by Utilities and Technology.

On the sell side, the largest reduction was Vistra, an estimated $25M trimmed.

  • Two Seas Capital's largest Q1 2025 buy was Golar LNG: 515,949 shares worth $19.6M.
  • Two Seas Capital added most to Core Scientific in Q1 2025, an estimated $20.1M increase.
  • Two Seas Capital's biggest Q1 2025 reduction was Vistra, cutting an estimated $25M.
  • Two Seas Capital fully exited Constellation Energy in Q1 2025, selling an estimated $22M.
  • Two Seas Capital's ten largest holdings make up 92% of its $3.17B portfolio in Q1 2025.
  • Two Seas Capital opened 7 new positions and closed 8 in Q1 2025.
  • Two Seas Capital's portfolio value rose 174% quarter-over-quarter to $3.17B.

Based on Two Seas Capital's 13F filing for Q1 2025, filed 15 May 2025.