Two Seas Capital LP
Long book
$2.17B
Q1 2026
Positions
35
Top-10 weight
71%
concentration
Last quarter
+19.8%
SPY +14.8%
Turnover
32%
of book per quarter
Strategy in plain words
auto-generated from filingsTwo Seas Capital LP is a concentrated fundamental stock-picker, running a $2.17B US long book across 35 positions.
The portfolio is concentrated: the top 10 names carry 71% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ROIVANT SCIENCES LTD, CORE SCIENTIFIC INC, CALUMET INC, TALEN ENERGY CORP, INDIVIOR PHARMACEUTICALS INC.
Over the last 9 quarters its long book ran on average 6.1pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-9.3%
Q2 2024
-2.0%
Q3 2024
+12.8%
Q4 2024
-21.3%
Q1 2025
+37.1%
Q2 2025
+35.7%
Q3 2025
+12.0%
Q4 2025
+10.5%
Q1 2026
+19.8%
Sector allocation
Healthcare 41%
Financials 17%
Energy 14%
Utilities 11%
Other 5%
Technology 4%
Industrials 4%
Services media 3%
Long book by quarter
What does Two Seas own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ROIV ROIVANT SCIENCES LTD | Healthcare | 9.3M | $258.4M | 11.9% | -4.7% |
| CORZ CORE SCIENTIFIC INC | Financials | 16.2M | $241.6M | 11.2% | -5.1% |
| CLMT CALUMET INC | Energy | 6.0M | $214.0M | 9.9% | -14.6% |
| TLN TALEN ENERGY CORP | Utilities | 579.1K | $184.9M | 8.5% | +47.7% |
| INDV INDIVIOR PHARMACEUTICALS INC | Healthcare | 4.7M | $144.7M | 6.7% | New |
| NKTR NEKTAR THERAPEUTICS | Healthcare | 2.0M | $141.0M | 6.5% | +162.9% |
| TDAY USA TODAY CO INC | Other | 14.0M | $99.0M | 4.6% | -3.5% |
| SOC SABLE OFFSHORE CORP | Energy | 5.5M | $90.8M | 4.2% | +217.1% |
| SHC SOTERA HEALTH CO | Healthcare | 6.0M | $86.4M | 4.0% | +36.5% |
| ABUS ARBUTUS BIOPHARMA CORP | Healthcare | 18.6M | $83.5M | 3.9% | +47.4% |
| IMVT IMMUNOVANT INC | Healthcare | 3.2M | $79.5M | 3.7% | +11.7% |
| GLNG GOLAR LNG LTD | Industrials | 1.3M | $69.0M | 3.2% | +8.9% |
| FTAI FTAI AVIATION LTD | Services media | 255.5K | $62.6M | 2.9% | +37.2% |
| FSLR FIRST SOLAR INC | Technology | 303.0K | $59.8M | 2.8% | +6.6% |
| WULF TERAWULF INC | Financials | 4.0M | $58.1M | 2.7% | -10.6% |
| ECHO ECHOSTAR CORP-A | Communications | 382.1K | $44.7M | 2.1% | -5.0% |
| ESPR ESPERION THERAPEUTICS INC | Healthcare | 11.4M | $31.2M | 1.4% | -4.3% |
| VST VISTRA CORP | Utilities | 185.6K | $27.9M | 1.3% | -25.7% |
| CIFR CIPHER DIGITAL INC | Financials | 2.0M | $26.4M | 1.2% | +570.5% |
| QURE UNIQURE NV | Healthcare | 1.3M | $21.3M | 1.0% | New |
| TAC TRANSALTA CORP | Utilities | 1.6M | $20.9M | 1.0% | New |
| NBIS NEBIUS GROUP NV | Technology | 196.5K | $20.4M | 0.9% | -43.0% |
| STAA STAAR SURGICAL CO | Healthcare | 1.0M | $19.4M | 0.9% | New |
| BTDR BITDEER TECHNOLOGIES GROUP-A | Financials | 2.2M | $19.2M | 0.9% | New |
| SONO SONOS INC | Industrials | 919.3K | $12.3M | 0.6% | +185.1% |
| HUT HUT 8 CORP | Financials | 250.0K | $11.7M | 0.5% | -49.1% |
| SHAZ SHARONAI HOLDINGS INC | Technology | 416.7K | $9.5M | 0.4% | New |
| PAVM PAVMED INC | Healthcare | 461.5K | $4.7M | 0.2% | New |
| OMEX ODYSSEY MARINE EXPLORATION | Industrials | 5.6M | $4.7M | 0.2% | +7.9% |
| LUCD LUCID DIAGNOSTICS INC | Healthcare | 3.0M | $3.5M | 0.2% | Held |
| DAR DARLING INGREDIENTS INC | Consumer staples | 16.5K | $1.0M | 0.0% | New |
| FRMI FERMI INC | Real estate | 25.2K | $147K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 50 | $7.15B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 42 | $4.85B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 49 | $6.23B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 45 | $5.96B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 31 | $3.17B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR/ARESTATEMENT | Feb 18, 2025 | 34 | $1.16B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 34 | $1.16B | SEC ↗ | |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 27 | $617.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 21 | $615.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 18 | $510.5M | canonical | SEC ↗ |
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