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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
+42.62%
1 Year Est. Return
+164.99%
3 Year Est. Return
+386.97%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$5.96B
AUM Growth
+$2.78B
Cap. Flow
+$147M
Cap. Flow %
2.48%
Top 10 Hldgs %
92.04%
Holding
44
New
14
Increased
19
Reduced
5
Closed
5

Top Buys

Rank Stock Value
1
TDAY
USA Today Co
TDAY
+$26.1M
2
CLMT icon
Calumet Specialty Products
CLMT
+$20.7M
3
BUR icon
Burford Capital
BUR
+$20.6M
4
GLNG icon
Golar LNG
GLNG
+$15.5M
5
SQQQ icon
ProShares UltraPro Short QQQ
SQQQ
+$14.3M

Top Sells

Rank Stock Value
1
TLN
Talen Energy Corp
TLN
+$40.7M
2
CORZ icon
Core Scientific
CORZ
+$12.3M
3
ARDX icon
Ardelyx
ARDX
+$2.4M
4
HUT
Hut 8
HUT
+$1.53M
5
SONO icon
Sonos
SONO
+$1.46M

Sector Composition

Rank Sector Weight
1 Miscellaneous 83.11%
2 Healthcare 8%
3 Utilities 2.52%
4 Technology 2.14%
5 Materials 1.22%
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
$795B
$3.7B 62.12%
5,987,500
+3,952,500
+194% +$2.26B
HYG icon
2
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.1B
$591M 9.92%
7,325,500
– –
FSLR icon
3
CALL
First Solar
FSLR
$20.5B
$471M 7.91%
+2,844,000
New +$420M
INDV icon
4
Indivior Pharmaceuticals
INDV
$4.05B
$168M 2.82%
11,407,795
+41,018
+0.4% +$478K
ROIV icon
5
Roivant Sciences
ROIV
$28.6B
$119M 2.01%
10,598,040
+461,733
+5% +$5M
CORZ icon
6
Core Scientific
CORZ
$5.42B
$116M 1.94%
6,770,027
-1,225,547
-15% -$12.3M
HUM icon
7
CALL
Humana
HUM
$46.2B
$101M 1.69%
+411,500
New +$103M
TLN
8
Talen Energy Corp
TLN
$13.8B
$87.4M 1.47%
300,698
-171,577
-36% -$40.7M
CLMT icon
9
Calumet Specialty Products
CLMT
$5.1B
$70.9M 1.19%
4,497,609
+1,631,098
+57% +$20.7M
CORZ icon
10
CALL
Core Scientific
CORZ
$5.42B
$58M 0.97%
3,400,000
+2,563,500
+306% +$25.7M
AVDL
11
DELISTED
Avadel Pharmaceuticals
AVDL
$54.5M 0.91%
6,155,074
+1,208,625
+24% +$10.6M
VST icon
12
Vistra
VST
$47.1B
$44.8M 0.75%
231,257
+19,822
+9% +$2.93M
SHC icon
13
Sotera Health
SHC
$5.52B
$44.7M 0.75%
4,020,867
+699,731
+21% +$8.19M
TDAY
14
USA Today Co
TDAY
$951M
$40.2M 0.68%
11,230,621
+7,793,415
+227% +$26.1M
GLNG icon
15
Golar LNG
GLNG
$5.14B
$37.5M 0.63%
909,355
+393,406
+76% +$15.5M
IMVT icon
16
Immunovant
IMVT
$7.51B
$36M 0.61%
2,252,772
+610,000
+37% +$9.22M
ABUS icon
17
Arbutus Biopharma
ABUS
$1B
$32.3M 0.54%
10,443,317
+977,361
+10% +$3.25M
BUR icon
18
Burford Capital
BUR
$850M
$22.5M 0.38%
+1,577,670
New +$20.6M
FTAI icon
19
FTAI Aviation
FTAI
$19.5B
$20.6M 0.35%
178,844
+63,181
+55% +$7.07M
RUN icon
20
PUT
Sunrun
RUN
$1.99B
$15.9M 0.27%
+1,942,700
New +$15.3M
CEG icon
21
Constellation Energy
CEG
$92B
$15.4M 0.26%
+47,688
New +$12.6M
IREN icon
22
Iris Energy
IREN
$16.8B
$14.2M 0.24%
971,891
+306,891
+46% +$2.49M
NBIS
23
Nebius Group N.V.
NBIS
$56.9B
$13.8M 0.23%
250,000
+100,000
+67% +$3.44M
META icon
24
Meta Platforms (Facebook)
META
$1.72T
$11.1M 0.19%
+15,065
New +$9.31M
WULF icon
25
TeraWulf
WULF
$7.68B
$10M 0.17%
2,287,100
+2,072,729
+967% +$7.08M
1
2

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BGDI
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WAM
WT Asset Management Hong Kong $5.05B AUM 589.49% 1-Year Est. Return
MS
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GIBU
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ONB
Old National Bancorp Evansville, Indiana $5.02B AUM 25.65% 1-Year Est. Return
VDI
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SFM
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Two Seas Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Two Seas Capital held 44 positions worth $5.96B, up 88% from $3.17B the previous quarter. Its ten largest holdings account for 92% of the portfolio.

Two Seas Capital's Q2 2025 filing shows 14 new, 19 increased, 5 reduced and 5 closed positions. Its largest new stake was Burford Capital: 1,577,670 shares worth $22.5M. The largest sale was Talen Energy Corp, an estimated $40.7M.

By sector, the portfolio is most concentrated in Miscellaneous at 83% of assets, up from 80% a quarter earlier, followed by Healthcare and Utilities.

  • Two Seas Capital's largest Q2 2025 buy was Burford Capital: 1,577,670 shares worth $22.5M.
  • Two Seas Capital added most to USA Today Co in Q2 2025, an estimated $26.1M increase.
  • Two Seas Capital's biggest Q2 2025 reduction was Talen Energy Corp, cutting an estimated $40.7M.
  • Two Seas Capital fully exited Hut 8 in Q2 2025, selling an estimated $1.53M.
  • Two Seas Capital's ten largest holdings make up 92% of its $5.96B portfolio in Q2 2025.
  • Two Seas Capital opened 14 new positions and closed 5 in Q2 2025.
  • Two Seas Capital's portfolio value rose 88% quarter-over-quarter to $5.96B.

Based on Two Seas Capital's 13F filing for Q2 2025, filed 13 Aug 2025.