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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
+42.62%
1 Year Est. Return
+169.27%
3 Year Est. Return
+279.82%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$5.96B
AUM Growth
+$2.78B
Cap. Flow
+$2.16B
Cap. Flow %
36.3%
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 Healthcare 8%
2 Utilities 2.52%
3 Technology 2.14%
4 Materials 1.22%
5 Communication Services 1.09%
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
$778B
$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
$16.3B
$591M 9.92%
7,325,500
– –
FSLR icon
3
CALL
First Solar
FSLR
$21.8B
$471M 7.91%
+2,844,000
New +$420M
INDV icon
4
Indivior Pharmaceuticals
INDV
$4.79B
$168M 2.82%
11,407,795
+41,018
+0.4% +$478K
ROIV icon
5
Roivant Sciences
ROIV
$25.2B
$119M 2.01%
10,598,040
+461,733
+5% +$5M
CORZ icon
6
Core Scientific
CORZ
$7.23B
$116M 1.94%
6,770,027
-1,225,547
-15% -$12.3M
HUM icon
7
CALL
Humana
HUM
$46.7B
$101M 1.69%
+411,500
New +$103M
TLN
8
Talen Energy Corp
TLN
$17.2B
$87.4M 1.47%
300,698
-171,577
-36% -$40.7M
CLMT icon
9
Calumet Specialty Products
CLMT
$3.63B
$70.9M 1.19%
4,497,609
+1,631,098
+57% +$20.7M
CORZ icon
10
CALL
Core Scientific
CORZ
$7.23B
$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
$55.1B
$44.8M 0.75%
231,257
+19,822
+9% +$2.93M
SHC icon
13
Sotera Health
SHC
$4.95B
$44.7M 0.75%
4,020,867
+699,731
+21% +$8.19M
TDAY
14
USA Today Co
TDAY
$1.23B
$40.2M 0.68%
11,230,621
+7,793,415
+227% +$26.1M
GLNG icon
15
Golar LNG
GLNG
$4.95B
$37.5M 0.63%
909,355
+393,406
+76% +$15.5M
IMVT icon
16
Immunovant
IMVT
$8.09B
$36M 0.61%
2,252,772
+610,000
+37% +$9.22M
ABUS icon
17
Arbutus Biopharma
ABUS
$865M
$32.3M 0.54%
10,443,317
+977,361
+10% +$3.25M
BUR icon
18
Burford Capital
BUR
$907M
$22.5M 0.38%
+1,577,670
New +$20.6M
FTAI icon
19
FTAI Aviation
FTAI
$22.2B
$20.6M 0.35%
178,844
+63,181
+55% +$7.07M
RUN icon
20
PUT
Sunrun
RUN
$2.37B
$15.9M 0.27%
+1,942,700
New +$15.3M
CEG icon
21
Constellation Energy
CEG
$98B
$15.4M 0.26%
+47,688
New +$12.6M
IREN icon
22
Iris Energy
IREN
$13.2B
$14.2M 0.24%
971,891
+306,891
+46% +$2.49M
NBIS
23
Nebius Group N.V.
NBIS
$47.7B
$13.8M 0.23%
250,000
+100,000
+67% +$3.44M
META icon
24
Meta Platforms (Facebook)
META
$1.51T
$11.1M 0.19%
+15,065
New +$9.31M
WULF icon
25
TeraWulf
WULF
$9.15B
$10M 0.17%
2,287,100
+2,072,729
+967% +$7.08M
1
2

Similar funds

UB
UMB Bank Kansas City, Missouri $7.16B AUM 20.88% 1-Year Est. Return
FPA
First Pacific Advisors El Segundo, California $7.14B AUM 21.51% 1-Year Est. Return
FPP
Findlay Park Partners London, United Kingdom $7.17B AUM 17.27% 1-Year Est. Return
SC
Saturna Capital Bellingham, Washington $7.13B AUM 35.47% 1-Year Est. Return
CFG
Citizens Financial Group Providence, Rhode Island $7.19B AUM 23.93% 1-Year Est. Return
DS
DRW Securities Chicago, Illinois $7.21B AUM 20.54% 1-Year Est. Return
MNA
Manning & Napier Advisors Fairport, New York $7.09B AUM 17.35% 1-Year Est. Return
NAMA
Nikko Asset Management Americas New York $7.07B AUM 50.91% 1-Year Est. Return

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 deployed $2.16B of net new capital in Q2 2025, opening 14 new positions and adding to 19 existing holdings. Its largest new stake was Burford Capital: 1,577,670 shares worth $22.5M.

By sector, the portfolio is most concentrated in Healthcare at 8% of assets, down from 12% a quarter earlier, followed by Utilities and Technology.

On the sell side, the largest reduction was Talen Energy Corp, an estimated $40.7M trimmed.

  • 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.