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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
+18.89%
1 Year Est. Return
+164.99%
3 Year Est. Return
+386.97%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$7.15B
AUM Growth
+$2.3B
Cap. Flow
+$276M
Cap. Flow %
3.86%
Top 10 Hldgs %
83.2%
Holding
52
New
14
Increased
15
Reduced
15
Closed
5

Top Buys

Rank Stock Value
1
NKTR icon
Nektar Therapeutics
NKTR
+$69.1M
2
TLN
Talen Energy Corp
TLN
+$66M
3
SOC icon
Sable Offshore Corp
SOC
+$44M
4
CIFR icon
Cipher Digital
CIFR
+$27.6M
5
SHC icon
Sotera Health
SHC
+$26.7M

Top Sells

Rank Stock Value
1
CLMT icon
Calumet Specialty Products
CLMT
+$26.3M
2
NBIS
Nebius Group N.V.
NBIS
+$14.8M
3
CORZ icon
Core Scientific
CORZ
+$14.7M
4
HUT
Hut 8
HUT
+$13.1M
5
INDV icon
Indivior Pharmaceuticals
INDV
+$12M

Sector Composition

Rank Sector Weight
1 Miscellaneous 69.92%
2 Healthcare 12.21%
3 Technology 5.15%
4 Utilities 3.27%
5 Materials 3.06%
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
$827B
$4.21B 58.8%
6,468,600
+2,761,600
+74% +$1.88B
ROIV icon
2
Roivant Sciences
ROIV
$27.1B
$258M 3.61%
9,328,291
-463,600
-5% -$11.9M
XBI icon
3
PUT
State Street SPDR S&P Biotech ETF
XBI
$11.7B
$246M 3.44%
+1,928,000
New +$241M
CORZ icon
4
Core Scientific
CORZ
$5.66B
$242M 3.38%
16,151,833
-859,388
-5% -$14.7M
AAPL icon
5
PUT
Apple
AAPL
$4.59T
$216M 3.02%
+850,000
New +$221M
CLMT icon
6
Calumet Specialty Products
CLMT
$4.02B
$214M 2.99%
5,960,292
-1,015,937
-15% -$26.3M
TLN
7
Talen Energy Corp
TLN
$14.6B
$185M 2.58%
579,129
+187,155
+48% +$66M
INDV icon
8
Indivior Pharmaceuticals
INDV
$4.17B
$145M 2.02%
4,746,510
-362,688
-7% -$12M
NKTR icon
9
Nektar Therapeutics
NKTR
$2.55B
$141M 1.97%
1,959,178
+1,213,993
+163% +$69.1M
TDAY
10
USA Today Co
TDAY
$940M
$99M 1.38%
14,045,443
-507,178
-3% -$3.11M
SOC icon
11
Sable Offshore Corp
SOC
$894M
$90.8M 1.27%
5,496,711
+3,763,472
+217% +$44M
FSLR icon
12
CALL
First Solar
FSLR
$22.6B
$90.5M 1.26%
+458,700
New +$101M
SHC icon
13
Sotera Health
SHC
$5.56B
$86.4M 1.21%
6,023,371
+1,611,265
+37% +$26.7M
ABUS icon
14
Arbutus Biopharma
ABUS
$1.02B
$83.5M 1.17%
18,557,543
+5,968,385
+47% +$26.1M
IMVT icon
15
Immunovant
IMVT
$9.05B
$79.5M 1.11%
3,201,962
+335,000
+12% +$8.67M
GLNG icon
16
Golar LNG
GLNG
$5.26B
$69M 0.96%
1,274,710
+103,712
+9% +$4.58M
FTAI icon
17
FTAI Aviation
FTAI
$20.5B
$62.6M 0.88%
255,507
+69,298
+37% +$18.4M
FSLR icon
18
First Solar
FSLR
$22.6B
$59.8M 0.84%
302,984
+18,725
+7% +$4.14M
WULF icon
19
TeraWulf
WULF
$8.23B
$58.1M 0.81%
4,024,005
-478,789
-11% -$7.1M
MRNA icon
20
PUT
Moderna
MRNA
$57B
$55.9M 0.78%
+1,100,000
New +$51.3M
ECHO
21
EchoStar
ECHO
$25.1B
$44.7M 0.63%
382,135
-20,000
-5% -$2.3M
ECHO
22
CALL
EchoStar
ECHO
$25.1B
$43.9M 0.61%
+375,000
New +$43M
CORZ icon
23
CALL
Core Scientific
CORZ
$5.66B
$37.9M 0.53%
2,534,000
-5,943,600
-70% -$101M
ESPR
24
DELISTED
Esperion Therapeutics
ESPR
$31.2M 0.44%
11,394,833
-507,688
-4% -$1.61M
CORZ icon
25
PUT
Core Scientific
CORZ
$5.66B
$29.9M 0.42%
2,000,000
+1,760,000
+733% +$30M
1
2 3

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Two Seas Capital's Q1 2026 Portfolio in Review

As of Q1 2026, Two Seas Capital held 52 positions worth $7.15B, up 47% from $4.85B the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Two Seas Capital deployed $276M of net new capital in Q1 2026, opening 14 new positions and adding to 15 existing holdings. Its largest new stake was uniQure: 1,300,000 shares worth $21.3M.

By sector, the portfolio is most concentrated in Miscellaneous at 70% of assets, up from 65% a quarter earlier, followed by Healthcare and Technology.

On the sell side, the largest reduction was Calumet Specialty Products, an estimated $26.3M trimmed.

  • Two Seas Capital's largest Q1 2026 buy was uniQure: 1,300,000 shares worth $21.3M.
  • Two Seas Capital added most to Nektar Therapeutics in Q1 2026, an estimated $69.1M increase.
  • Two Seas Capital's biggest Q1 2026 reduction was Calumet Specialty Products, cutting an estimated $26.3M.
  • Two Seas Capital fully exited Meta Platforms (Facebook) in Q1 2026, selling an estimated $9.42M.
  • Two Seas Capital's ten largest holdings make up 83% of its $7.15B portfolio in Q1 2026.
  • Two Seas Capital opened 14 new positions and closed 5 in Q1 2026.
  • Two Seas Capital's portfolio value rose 47% quarter-over-quarter to $7.15B.

Based on Two Seas Capital's 13F filing for Q1 2026, filed 15 May 2026.