Two Seas Capital LP — 13F Holdings & Portfolio
CIK 1823138 · latest 13F-HR filed 2026-05-15
Two Seas Capital LP manages $7.15B in 13F-reported U.S. long-equity assets across 50 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are SPY (29.27%), SPY (19.85%), SPY (9.69%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 9 new positions, exited 3, added to 15, and trimmed 7.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$7.15B
Long-equity book
50
Distinct positions
2026-03-31
Filed 2026-05-15
+9 / −3 / ↑15 / ↓7
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- NEKTAR THERAPEUTICS$109.5M +347.4%
- CALUMET INC$75.4M +54.4%
- SABLE OFFSHORE CORP$75.2M +480.8%
- ROIVANT SCIENCES LTD$45.9M +21.6%
- TALEN ENERGY CORP$37.9M +25.8%
Top Trims
- FIRST SOLAR INC-$14.5M -19.5%
- ESPERION THERAPEUTICS INC NE-$12.8M -29.1%
- VISTRA CORP-$12.4M -30.7%
- HUT 8 CORP-$10.9M -48.1%
- NEBIUS GROUP N.V.-$8.4M -29.3%
New Positions
- INDIVIOR PHARMACEUTICALS INC$144.7M
- UNIQURE NV$21.3M
- TRANSALTA CORP$20.9M
- STAAR SURGICAL CO$19.4M
- BITDEER TECHNOLOGIES GROUP$19.2M
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | STATE STR SPDR S&P 500 ETF T Put | SPY | 78462F103 | $2.09B | 29.27% | 3,219,500 | SH |
| 2 | STATE STR SPDR S&P 500 ETF T Put | SPY | 78462F103 | $1.42B | 19.85% | 2,183,600 | SH |
| 3 | STATE STR SPDR S&P 500 ETF T Put | SPY | 78462F103 | $692.9M | 9.69% | 1,065,500 | SH |
| 4 | ROIVANT SCIENCES LTD | ROIV | G76279101 | $258.4M | 3.61% | 9,328,291 | SH |
| 5 | SPDR SERIES TRUST Put | XBI | 78464A870 | $246.3M | 3.44% | 1,928,000 | SH |
| 6 | CORE SCIENTIFIC INC NEW | CORZ | 21874A106 | $241.6M | 3.38% | 16,151,833 | SH |
| 7 | APPLE INC Put | AAPL | 037833100 | $215.7M | 3.02% | 850,000 | SH |
| 8 | CALUMET INC | CLMT | 131428104 | $214.0M | 2.99% | 5,960,292 | SH |
| 9 | TALEN ENERGY CORP | TLN | 87422Q109 | $184.9M | 2.58% | 579,129 | SH |
| 10 | INDIVIOR PHARMACEUTICALS INC | INDV | 45579U109 | $144.7M | 2.02% | 4,746,510 | SH |
| 11 | NEKTAR THERAPEUTICS | NKTR | 640268306 | $141.0M | 1.97% | 1,959,178 | SH |
| 12 | USA TODAY CO INC | TDAY | 36472T109 | $99.0M | 1.38% | 14,045,443 | SH |
| 13 | SABLE OFFSHORE CORP | SOC | 78574H104 | $90.8M | 1.27% | 5,496,711 | SH |
| 14 | FIRST SOLAR INC Call | FSLR | 336433107 | $90.5M | 1.26% | 458,700 | SH |
| 15 | SOTERA HEALTH CO | SHC | 83601L102 | $86.4M | 1.21% | 6,023,371 | SH |
| 16 | ARBUTUS BIOPHARMA CORP | ABUS | 03879J100 | $83.5M | 1.17% | 18,557,543 | SH |
| 17 | IMMUNOVANT INC | IMVT | 45258J102 | $79.5M | 1.11% | 3,201,962 | SH |
| 18 | GOLAR LNG LTD | GLNG | G9456A100 | $69.0M | 0.96% | 1,274,710 | SH |
| 19 | FTAI AVIATION LTD | FTAI | G3730V105 | $62.6M | 0.87% | 255,507 | SH |
| 20 | FIRST SOLAR INC | FSLR | 336433107 | $59.8M | 0.84% | 302,984 | SH |
| 21 | TERAWULF INC | WULF | 88080T104 | $58.1M | 0.81% | 4,024,005 | SH |
| 22 | MODERNA INC Put | MRNA | 60770K107 | $55.9M | 0.78% | 1,100,000 | SH |
| 23 | ECHOSTAR CORP | SATS | 278768106 | $44.7M | 0.63% | 382,135 | SH |
| 24 | ECHOSTAR CORP Call | SATS | 278768106 | $43.9M | 0.61% | 375,000 | SH |
| 25 | ESPERION THERAPEUTICS INC NE | ESPR | 29664W105 | $31.2M | 0.44% | 11,394,833 | SH |
| 26 | CORE SCIENTIFIC INC NEW Call | CORZ | 21874A106 | $29.9M | 0.42% | 2,000,000 | SH |
| 27 | CORE SCIENTIFIC INC NEW Put | CORZ | 21874A106 | $29.9M | 0.42% | 2,000,000 | SH |
| 28 | VISTRA CORP | VST | 92840M102 | $27.9M | 0.39% | 185,597 | SH |
| 29 | CIPHER DIGITAL INC | CIFR | 17253J106 | $26.4M | 0.37% | 2,050,000 | SH |
| 30 | UNIQURE NV | QURE | N90064101 | $21.3M | 0.30% | 1,300,000 | SH |
| 31 | TRANSALTA CORP | TAC | 89346D107 | $20.9M | 0.29% | 1,597,900 | SH |
| 32 | NEBIUS GROUP N.V. | NBIS | N97284108 | $20.4M | 0.28% | 196,475 | SH |
| 33 | ROIVANT SCIENCES LTD Call | ROIV | G76279101 | $20.3M | 0.28% | 732,300 | SH |
| 34 | STAAR SURGICAL CO | STAA | 852312305 | $19.4M | 0.27% | 1,036,973 | SH |
| 35 | BITDEER TECHNOLOGIES GROUP | BTDR | G11448100 | $19.2M | 0.27% | 2,223,999 | SH |
| 36 | ISHARES BITCOIN TRUST ETF Put | IBIT | 46438F101 | $19.2M | 0.27% | 500,000 | SH |
| 37 | GOLAR LNG LTD Call | GLNG | G9456A100 | $13.5M | 0.19% | 250,000 | SH |
| 38 | SONOS INC | SONO | 83570H108 | $12.3M | 0.17% | 919,327 | SH |
| 39 | HUT 8 CORP | HUT | 44812J104 | $11.7M | 0.16% | 250,000 | SH |
| 40 | ADVISORSHARES TR | MSOS | 00768Y453 | $11.7M | 0.16% | 3,302,409 | SH |
| 41 | SHARONAI HOLDINGS INC | SHAZ | 778920306 | $9.5M | 0.13% | 416,666 | SH |
| 42 | CORE SCIENTIFIC INC NEW Call | CORZ | 21874A106 | $8.0M | 0.11% | 534,000 | SH |
| 43 | ADVISORSHARES TR Call | MSOS | 00768Y453 | $7.9M | 0.11% | 2,225,300 | SH |
| 44 | PAVMED INC | PAVM | 70387R502 | $4.7M | 0.07% | 461,539 | SH |
| 45 | ODYSSEY MARINE EXPL INC | OMEX | 676118201 | $4.7M | 0.07% | 5,592,985 | SH |
| 46 | LUCID DIAGNOSTICS INC | LUCD | 54948X109 | $3.5M | 0.05% | 3,000,000 | SH |
| 47 | CORE SCIENTIFIC INC NEW | CORZW | 21874A114 | $2.5M | 0.04% | 289,539 | SH |
| 48 | DARLING INGREDIENTS INC | DAR | 237266101 | $1.0M | 0.01% | 16,527 | SH |
| 49 | CORE SCIENTIFIC INC NEW | CORZZ | 21874A130 | $361.6K | 0.01% | 24,107 | SH |
| 50 | FERMI INC | FRMI | 314911108 | $147.2K | 0.00% | 25,211 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-15 | $7.15B | 50 | 0001315863-26-000426 |
| 2025-12-31 | 2026-02-11 | $4.85B | 42 | 0001315863-26-000142 |
| 2025-09-30 | 2025-11-14 | $6.23B | 49 | 0001315863-25-000810 |