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Two Seas Capital Portfolio holdings

AUM $8.68B
1-Year Est. Return 78.08%
This Fund
S&P 500
This Quarter Est. Return
+18.89%
1 Year Est. Return
+78.08%
3 Year Est. Return
+344.2%
5 Year Est. Return
+575.95%
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
Avg Time Held Equity + Options
4.2 quarters
Top 10 Avg Time Held Equity + Options
5 quarters
Top 20 Avg Time Held Equity + Options
5 quarters
Avg Time Held Equity only
5.2 quarters
Top 10 Avg Time Held Equity only
5.7 quarters
Top 20 Avg Time Held Equity only
6.2 quarters

Top Buys

Rank Stock Value
1
NKTR icon
Nektar Therapeutics
NKTR
+$69.1M
2
TLN icon
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 icon
Nebius Group N.V.
NBIS
+$14.8M
3
CORZ icon
Core Scientific
CORZ
+$14.7M
4
HUT icon
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 Held Since
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$821B
$4.21B 58.8%
6,468,600
+2,761,600
+74% +$1.88B
2024 Q4
5 quarters
ROIV icon
2
Roivant Sciences
ROIV
$25B
$258M 3.61%
9,328,291
-463,600
-5% -$11.9M
2021 Q4
17 quarters
XBI icon
3
PUT
State Street SPDR S&P Biotech ETF
XBI
$9.87B
$246M 3.44%
+1,928,000
New +$241M
2026 Q1
0 quarters
CORZ icon
4
Core Scientific
CORZ
$4.83B
$242M 3.38%
16,151,833
-859,388
-5% -$14.7M
2024 Q1
8 quarters
AAPL icon
5
PUT
Apple
AAPL
$5.05T
$216M 3.02%
+850,000
New +$221M
2026 Q1
0 quarters
CLMT icon
6
Calumet Specialty Products
CLMT
$5.07B
$214M 2.99%
5,960,292
-1,015,937
-15% -$26.3M
2024 Q3
6 quarters
TLN icon
7
Talen Energy Corp
TLN
$17.9B
$185M 2.58%
579,129
+187,155
+48% +$66M
2024 Q3
6 quarters
INDV icon
8
Indivior Pharmaceuticals
INDV
$4.26B
$145M 2.02%
4,746,510
-362,688
-7% -$12M
2023 Q2
11 quarters
NKTR icon
9
Nektar Therapeutics
NKTR
$1.33B
$141M 1.97%
1,959,178
+1,213,993
+163% +$69.1M
2025 Q4
1 quarter
TDAY icon
10
USA Today Co
TDAY
$994M
$99M 1.38%
14,045,443
-507,178
-3% -$3.11M
2024 Q4
5 quarters
SOC icon
11
Sable Offshore Corp
SOC
$714M
$90.8M 1.27%
5,496,711
+3,763,472
+217% +$44M
2025 Q2
3 quarters
FSLR icon
12
CALL
First Solar
FSLR
$19.8B
$90.5M 1.26%
+458,700
New +$101M
2026 Q1
0 quarters
SHC icon
13
Sotera Health
SHC
$5.15B
$86.4M 1.21%
6,023,371
+1,611,265
+37% +$26.7M
2024 Q1
8 quarters
ABUS icon
14
Arbutus Biopharma
ABUS
$808M
$83.5M 1.17%
18,557,543
+5,968,385
+47% +$26.1M
2021 Q4
17 quarters
IMVT icon
15
Immunovant
IMVT
$6.02B
$79.5M 1.11%
3,201,962
+335,000
+12% +$8.67M
2023 Q3
10 quarters
GLNG icon
16
Golar LNG
GLNG
$4.9B
$69M 0.96%
1,274,710
+103,712
+9% +$4.58M
2025 Q1
4 quarters
FTAI icon
17
FTAI Aviation
FTAI
$17B
$62.6M 0.88%
255,507
+69,298
+37% +$18.4M
2025 Q1
4 quarters
FSLR icon
18
First Solar
FSLR
$19.8B
$59.8M 0.84%
302,984
+18,725
+7% +$4.14M
2025 Q2
3 quarters
WULF icon
19
TeraWulf
WULF
$6.44B
$58.1M 0.81%
4,024,005
-478,789
-11% -$7.1M
2025 Q1
4 quarters
MRNA icon
20
PUT
Moderna
MRNA
$85.2B
$55.9M 0.78%
+1,100,000
New +$51.3M
2026 Q1
0 quarters
ECHO icon
21
EchoStar
ECHO
$26.9B
$44.7M 0.63%
382,135
-20,000
-5% -$2.3M
2025 Q3
2 quarters
ECHO icon
22
CALL
EchoStar
ECHO
$26.9B
$43.9M 0.61%
+375,000
New +$43M
2026 Q1
0 quarters
CORZ icon
23
CALL
Core Scientific
CORZ
$4.83B
$37.9M 0.53%
2,534,000
-5,943,600
-70% -$101M
2025 Q1
4 quarters
ESPR icon
24
DELISTED
Esperion Therapeutics
ESPR
$31.2M 0.44%
11,394,833
-507,688
-4% -$1.61M
2023 Q2
11 quarters
CORZ icon
25
PUT
Core Scientific
CORZ
$4.83B
$29.9M 0.42%
2,000,000
+1,760,000
+733% +$30M
2025 Q4
1 quarter
1
2 3

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CB
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HKAM
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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.