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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
+13.46%
1 Year Est. Return
+164.99%
3 Year Est. Return
+386.97%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$4.85B
AUM Growth
-$1.38B
Cap. Flow
-$109M
Cap. Flow %
-2.24%
Top 10 Hldgs %
82.36%
Holding
46
New
5
Increased
18
Reduced
10
Closed
8

Top Buys

Rank Stock Value
1
TLN
Talen Energy Corp
TLN
+$48.6M
2
NKTR icon
Nektar Therapeutics
NKTR
+$41.7M
3
CORZ icon
Core Scientific
CORZ
+$28.7M
4
CLMT icon
Calumet Specialty Products
CLMT
+$23.5M
5
HUT
Hut 8
HUT
+$21.7M

Top Sells

Rank Stock Value
1
INDV icon
Indivior Pharmaceuticals
INDV
+$165M
2
AVDL
Avadel Pharmaceuticals
AVDL
+$82M
3
ROIV icon
Roivant Sciences
ROIV
+$38.7M
4
BUR icon
Burford Capital
BUR
+$19.2M
5
CRWV
CoreWeave
CRWV
+$17.1M

Sector Composition

Rank Sector Weight
1 Miscellaneous 65.2%
2 Healthcare 14.13%
3 Technology 7.01%
4 Utilities 3.86%
5 Communication Services 3.23%
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
$825B
$2.53B 52.08%
3,707,000
-2,095,300
-36% -$1.42B
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$80.8B
$258M 5.33%
1,050,000
-400,000
-28% -$98.3M
CORZ icon
3
Core Scientific
CORZ
$5.31B
$248M 5.1%
17,011,221
+1,647,243
+11% +$28.7M
ROIV icon
4
Roivant Sciences
ROIV
$25.1B
$212M 4.38%
9,791,891
-1,962,273
-17% -$38.7M
INDV icon
5
Indivior Pharmaceuticals
INDV
$4.12B
$183M 3.78%
5,109,198
-5,394,954
-51% -$165M
TLN
6
Talen Energy Corp
TLN
$14.2B
$147M 3.03%
391,974
+125,086
+47% +$48.6M
CLMT icon
7
Calumet Specialty Products
CLMT
$4.2B
$139M 2.86%
6,976,229
+1,223,691
+21% +$23.5M
CORZ icon
8
CALL
Core Scientific
CORZ
$5.31B
$123M 2.54%
8,477,600
+5,077,600
+149% +$88.5M
HUT
9
CALL
Hut 8
HUT
$9.79B
$80.5M 1.66%
+1,752,500
New +$77.3M
SHC icon
10
Sotera Health
SHC
$5.5B
$77.8M 1.6%
4,412,106
+1,038,878
+31% +$17.2M
TDAY
11
USA Today Co
TDAY
$931M
$74.9M 1.54%
14,552,621
+372,000
+3% +$1.75M
FSLR icon
12
First Solar
FSLR
$22B
$74.3M 1.53%
284,259
-56,433
-17% -$14.2M
IMVT icon
13
Immunovant
IMVT
$8.51B
$72.9M 1.5%
2,866,962
+104,922
+4% +$2.34M
ABUS icon
14
Arbutus Biopharma
ABUS
$1B
$60.6M 1.25%
12,589,158
+1,597,897
+15% +$7.19M
IBIT icon
15
PUT
iShares Bitcoin Trust
IBIT
$58.6B
$60.5M 1.25%
+1,218,000
New +$69.2M
ROIV icon
16
CALL
Roivant Sciences
ROIV
$25.1B
$52.9M 1.09%
2,435,500
– –
WULF icon
17
TeraWulf
WULF
$7.66B
$51.7M 1.07%
4,502,794
+651,606
+17% +$8.73M
ESPR
18
DELISTED
Esperion Therapeutics
ESPR
$44M 0.91%
11,902,521
+2,152,797
+22% +$6.96M
ECHO
19
EchoStar
ECHO
$25.2B
$43.7M 0.9%
402,135
+109,665
+37% +$8.93M
GLNG icon
20
Golar LNG
GLNG
$5.13B
$43.6M 0.9%
1,170,998
+75,000
+7% +$2.87M
VST icon
21
Vistra
VST
$46B
$40.3M 0.83%
249,707
+79,707
+47% +$14.5M
FTAI icon
22
FTAI Aviation
FTAI
$20B
$36.7M 0.76%
186,209
-83,392
-31% -$14.2M
NKTR icon
23
Nektar Therapeutics
NKTR
$2.48B
$31.5M 0.65%
+745,185
New +$41.7M
NBIS
24
Nebius Group N.V.
NBIS
$56.9B
$28.8M 0.59%
344,482
+110,000
+47% +$11.4M
HUT
25
Hut 8
HUT
$9.79B
$22.6M 0.47%
+491,500
New +$21.7M
1
2

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Two Seas Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Two Seas Capital held 46 positions worth $4.85B, down 22% from $6.23B the previous quarter. Its ten largest holdings account for 82% of the portfolio.

Two Seas Capital's Q4 2025 filing shows 5 new, 18 increased, 10 reduced and 8 closed positions. Its largest new stake was Nektar Therapeutics: 745,185 shares worth $31.5M. The largest sale was Indivior Pharmaceuticals, an estimated $165M.

By sector, the portfolio is most concentrated in Miscellaneous at 65% of assets, down from 73% a quarter earlier, followed by Healthcare and Technology.

  • Two Seas Capital's largest Q4 2025 buy was Nektar Therapeutics: 745,185 shares worth $31.5M.
  • Two Seas Capital added most to Talen Energy Corp in Q4 2025, an estimated $48.6M increase.
  • Two Seas Capital's biggest Q4 2025 reduction was Indivior Pharmaceuticals, cutting an estimated $165M.
  • Two Seas Capital fully exited Avadel Pharmaceuticals in Q4 2025, selling an estimated $82M.
  • Two Seas Capital's ten largest holdings make up 82% of its $4.85B portfolio in Q4 2025.
  • Two Seas Capital opened 5 new positions and closed 8 in Q4 2025.
  • Two Seas Capital's portfolio value fell 22% quarter-over-quarter to $4.85B.

Based on Two Seas Capital's 13F filing for Q4 2025, filed 11 Feb 2026.