# Two Seas Capital LP

> Institutional holdings reported to the SEC as of Q3 2026 on Form 13F. CIK 1823138. Source: https://holderbook.com/funds/1823138-two-seas-capital-lp/

- Reported value: $8.7B
- Positions: 39
- Weight of the ten largest: 85.0%
- Filed: 2026-10-06

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $4.0B | 0 | 46.0% | 1 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.1B | 0 | 13.1% | 8 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $688.5M | 0 | 7.9% | 1 |
| ROIVANT SCIENCES LTD | [ROIV](https://holderbook.com/stocks/ROIV/) | $350.0M | 7,325,356 | 4.0% | 20 |
| CALUMET INC | [CLMT](https://holderbook.com/stocks/CLMT/) | $276.6M | 5,280,659 | 3.2% | 9 |
| CORE SCIENTIFIC INC NEW | [CORZ](https://holderbook.com/stocks/CORZ/) | $226.5M | 11,425,928 | 2.6% | 11 |
| TALEN ENERGY CORP | [TLN](https://holderbook.com/stocks/TLN/) | $214.3M | 535,493 | 2.5% | 10 |
| NEKTAR THERAPEUTICS | [NKTR](https://holderbook.com/stocks/NKTR/) | $202.6M | 3,345,978 | 2.3% | 4 |
| IMMUNOVANT INC | [IMVT](https://holderbook.com/stocks/IMVT/) | $155.8M | 4,612,692 | 1.8% | 13 |
| SHARONAI HOLDINGS INC | [SHAZ](https://holderbook.com/stocks/SHAZ/) | $138.6M | 1,945,876 | 1.6% | 3 |
| INDIVIOR PHARMACEUTICALS INC | [INDV](https://holderbook.com/stocks/INDV/) | $131.6M | 3,671,072 | 1.5% | 3 |
| TERAWULF INC | [WULF](https://holderbook.com/stocks/WULF/) | $128.2M | 3,384,531 | 1.5% | 7 |
| SOTERA HEALTH CO | [SHC](https://holderbook.com/stocks/SHC/) | $113.0M | 6,111,053 | 1.3% | 11 |
| CIPHER DIGITAL INC | [CIFR](https://holderbook.com/stocks/CIFR/) | $109.4M | 4,354,745 | 1.3% | 6 |
| USA TODAY CO INC | [TDAY](https://holderbook.com/stocks/TDAY/) | $91.2M | 14,504,707 | 1.1% | 8 |
| GOLAR LNG LTD | [GLNG](https://holderbook.com/stocks/GLNG/) | $68.9M | 1,200,679 | 0.8% | 7 |
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $67.0M | 676,589 | 0.8% | 2 |
| FIRST SOLAR INC | [FSLR](https://holderbook.com/stocks/FSLR/) | $66.2M | 377,984 | 0.8% | 6 |
| SABLE OFFSHORE CORP | [SOC](https://holderbook.com/stocks/SOC/) | $65.4M | 17,101,876 | 0.8% | 6 |
| SOLARIS ENERGY INFRAS INC | [SEI](https://holderbook.com/stocks/SEI/) | $56.0M | 786,838 | 0.6% | 1 |
| VISTRA CORP | [VST](https://holderbook.com/stocks/VST/) | $52.4M | 378,854 | 0.6% | 11 |
| ECHOSTAR CORP | [ECHO](https://holderbook.com/stocks/ECHO/) | $48.7M | 544,646 | 0.6% | 5 |
| QUANTUM CORP | [QMCO](https://holderbook.com/stocks/QMCO/) | $47.3M | 1,490,992 | 0.5% | 2 |
| FTAI AVIATION LTD | [FTAI](https://holderbook.com/stocks/FTAI/) | $45.3M | 271,260 | 0.5% | 7 |
| ARBUTUS BIOPHARMA CORP | [ABUS](https://holderbook.com/stocks/ABUS/) | $38.9M | 8,143,994 | 0.4% | 20 |
| UNIQURE NV | [QURE](https://holderbook.com/stocks/QURE/) | $32.0M | 1,324,022 | 0.4% | 3 |
| SPACE EXPLORATION TECHN CORP | [SPCX](https://holderbook.com/stocks/SPCX/) | $31.5M | 208,890 | 0.4% | 2 |
| HUT 8 CORP | [HUT](https://holderbook.com/stocks/HUT/) | $30.0M | 347,942 | 0.3% | 4 |
| STAAR SURGICAL CO | [STAA](https://holderbook.com/stocks/STAA/) | $29.5M | 1,304,957 | 0.3% | 3 |
| X-ENERGY INC | [XE](https://holderbook.com/stocks/XE/) | $19.8M | 1,394,413 | 0.2% | 2 |
| ADVISORSHARES TR | [MSOS](https://holderbook.com/stocks/MSOS/) | $10.1M | 0 | 0.1% | 5 |
| LUCID DIAGNOSTICS INC | [LUCD](https://holderbook.com/stocks/LUCD/) | $4.5M | 6,000,000 | 0.1% | 5 |
| ODYSSEY MARINE EXPL INC | [OMEX](https://holderbook.com/stocks/OMEX/) | $3.8M | 5,592,985 | 0.0% | 20 |
| IREN LIMITED | [IREN](https://holderbook.com/stocks/IREN/) | $3.0M | 0 | 0.0% | 2 |
| CORE SCIENTIFIC INC NEW | [CORZW](https://holderbook.com/stocks/CORZW/) | $2.7M | 289,539 | 0.0% | 11 |
| PAVMED INC | [PAVM](https://holderbook.com/stocks/PAVM/) | $1.7M | 461,539 | 0.0% | 3 |
| FERMI INC | [FRMI](https://holderbook.com/stocks/FRMI/) | $1.5M | 352,671 | 0.0% | 3 |
| APPLIED DIGITAL CORP | [APLD](https://holderbook.com/stocks/APLD/) | $1.2M | 50,000 | 0.0% | 1 |
| CORE SCIENTIFIC INC NEW | [CORZZ](https://holderbook.com/stocks/CORZZ/) | $389.1K | 24,107 | 0.0% | 6 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +26.4% | +14.8% | +11.6% | 90% |
| Q1 2026 | +13.6% | -4.6% | +18.2% | 76% |
| Q4 2025 | +13.3% | +2.4% | +11.0% | 84% |
| Q3 2025 | +41.0% | +7.8% | +33.2% | 66% |
| Q2 2025 | +35.9% | +10.5% | +25.5% | 87% |
| Q1 2025 | -21.7% | -4.6% | -17.1% | 90% |
| Q4 2024 | +11.2% | +2.1% | +9.0% | 95% |
| Q3 2024 | -2.1% | +5.4% | -7.5% | 97% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2026 | $8.7B | 39 |
| Q2 2026 | $5.0B | 39 |
| Q1 2026 | $7.2B | 40 |
| Q4 2025 | $4.9B | 32 |
| Q3 2025 | $6.2B | 35 |
| Q2 2025 | $6.0B | 37 |
| Q1 2025 | $3.2B | 26 |
| Q4 2024 | $1.2B | 29 |
| Q3 2024 | $617.3M | 25 |
| Q2 2024 | $615.3M | 20 |
| Q1 2024 | $510.5M | 18 |
| Q4 2023 | $409.5M | 12 |