Two Seas Capital LP
RYE, NY
$2.6bn in 37 US stocks at the end of 30 June 2026. The top 10 are 67.8% of the money. It changed about 17.0% of the portfolio this quarter.
Value
$2.6bn
Stocks
37
Top 10 share
67.8%
Turnover
17.0%
What changed this quarter
New
Bought for the first time this quarter.
- Space Exploration TechnologiesSPCX1.4% of the fund
- Abivax SAABVX1.2% of the fund
- QuantumQMCO1.0% of the fund
- X-EnergyXE0.7% of the fund
- CoreWeaveCRWV0.6% of the fund
- IrenIREN0.2% of the fund
Added
Bought more of a stock they already held.
- CalumetCLMT9.1% of the fund+11%
- Nektar TherapeuticsNKTR8.2% of the fund+58%
- SharonAI HoldingsSHAZ4.2% of the fund+211%
- Arbutus BiopharmaABUS3.5% of the fund+3%
- VistraVST2.6% of the fund+132%
- uniQureQURE2.5% of the fund+11%
- EchoStarECHO1.9% of the fund+32%
- Staar SurgicalSTAA1.2% of the fund+3%
- Darling IngredientsDAR1.1% of the fund+3025%
- Sable OffshoreSOC1.0% of the fund+52%
- Lucid DiagnosticsLUCD0.2% of the fund+100%
- FermiFRMI0.1% of the fund+1299%
Cut
Sold some of their stake.
- Roivant SciencesROIV11.4% of the fund-9%
- Core ScientificCORZ8.8% of the fund-44%
- Talen EnergyTLN7.4% of the fund-12%
- Indivior PharmaceuticalsINDV5.4% of the fund-27%
- Sotera HealthSHC4.0% of the fund-3%
- FTAI AviationFTAI2.6% of the fund-3%
- TerawulfWULF2.4% of the fund-38%
- Golar LNGGLNG2.3% of the fund-4%
- First SolarFSLR1.2% of the fund-58%
- Bitdeer Technologies GroupBTDR0.9% of the fund-33%
- Hut 8HUT0.7% of the fund-37%
- SonosSONO0.4% of the fund-23%
Sold out
Sold their entire stake.
- Esperion Therapeutics INC NE-100%
- TransaltaTAC-100%
- Nebius GroupNBIS-100%
- Advisorshares TRMSOS-100%
Holdings
- Space Exploration TechnologiesSPCX
- Share
- 1.4%
- Value
- $36m
- Shares
- 208,890
New
- Abivax SAABVX
- Share
- 1.2%
- Value
- $33m
- Shares
- 244,590
New
- X-EnergyXE
- Share
- 0.7%
- Value
- $18m
- Shares
- 1,000,000
New
- Core Scientific INC NewCORZW
- Share
- 0.2%
- Value
- $5m
- Shares
- 289,539
Held
- Core Scientific INC NewCORZZ
- Share
- <0.1%
- Value
- $600,505
- Shares
- 24,107
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Roivant SciencesROIV | 11.4% | $300m | 8,475,356 | -9% |
| CalumetCLMT | 9.1% | $238m | 6,619,708 | +11% |
| Core ScientificCORZ | 8.8% | $231m | 9,028,509 | -44% |
| Nektar TherapeuticsNKTR | 8.2% | $216m | 3,092,234 | +58% |
| Talen EnergyTLN | 7.4% | $195m | 507,208 | -12% |
| Indivior PharmaceuticalsINDV | 5.4% | $143m | 3,479,493 | -27% |
| ImmunovantIMVT | 4.6% | $121m | 3,148,505 | Held |
| USA TodayTDAY | 4.6% | $120m | 14,070,311 | Held |
| SharonAI HoldingsSHAZ | 4.2% | $110m | 1,293,753 | +211% |
| Sotera HealthSHC | 4.0% | $104m | 5,836,053 | -3% |
| Arbutus BiopharmaABUS | 3.5% | $92m | 19,095,583 | +3% |
| VistraVST | 2.6% | $68m | 430,621 | +132% |
| FTAI AviationFTAI | 2.6% | $67m | 248,962 | -3% |
| uniQureQURE | 2.5% | $66m | 1,441,410 | +11% |
| TerawulfWULF | 2.4% | $62m | 2,493,139 | -38% |
| Golar LNGGLNG | 2.3% | $61m | 1,221,779 | -4% |
| EchoStarECHO | 1.9% | $51m | 502,975 | +32% |
| Cipher DigitalCIFR | 1.9% | $50m | 2,040,000 | Held |
| Space Exploration TechnologiesSPCX | 1.4% | $36m | 208,890 | New |
| Abivax SAABVX | 1.2% | $33m | 244,590 | New |
| Staar SurgicalSTAA | 1.2% | $31m | 1,064,389 | +3% |
| First SolarFSLR | 1.2% | $30m | 127,984 | -58% |
| Darling IngredientsDAR | 1.1% | $28m | 516,527 | +3025% |
| QuantumQMCO | 1.0% | $27m | 2,488,535 | New |
| Sable OffshoreSOC | 1.0% | $26m | 8,377,636 | +52% |
| Bitdeer Technologies GroupBTDR | 0.9% | $24m | 1,500,000 | -33% |
| X-EnergyXE | 0.7% | $18m | 1,000,000 | New |
| Hut 8HUT | 0.7% | $18m | 158,082 | -37% |
| CoreWeaveCRWV | 0.6% | $15m | 153,139 | New |
| SonosSONO | 0.4% | $10m | 710,612 | -23% |
| Lucid DiagnosticsLUCD | 0.2% | $6m | 6,000,000 | +100% |
| IrenIREN | 0.2% | $6m | 140,000 | New |
| Core Scientific INC NewCORZW | 0.2% | $5m | 289,539 | Held |
| Odyssey Marine ExplorationOMEX | 0.2% | $5m | 5,592,985 | Held |
| FermiFRMI | 0.1% | $3m | 352,671 | +1299% |
| PAVmedPAVM | 0.1% | $3m | 461,539 | Held |
| Core Scientific INC NewCORZZ | <0.1% | $600,505 | 24,107 | Held |
Options (10)
- State STR Spdr S&P 500 ETF TSPY
- Type
- Put
- Value
- $1.9bn
- Contracts
- 2,603,500
- Core ScientificCORZ
- Type
- Call
- Value
- $154m
- Contracts
- 6,000,000
- First SolarFSLR
- Type
- Call
- Value
- $111m
- Contracts
- 471,500
- Roivant SciencesROIV
- Type
- Call
- Value
- $52m
- Contracts
- 1,482,600
- TerawulfWULF
- Type
- Call
- Value
- $42m
- Contracts
- 1,700,000
- Abivax SAABVX
- Type
- Call
- Value
- $36m
- Contracts
- 266,400
- Cipher DigitalCIFR
- Type
- Call
- Value
- $35m
- Contracts
- 1,446,600
- Bitdeer Technologies GroupBTDR
- Type
- Call
- Value
- $30m
- Contracts
- 1,917,500
- Golar LNGGLNG
- Type
- Call
- Value
- $12m
- Contracts
- 250,000
- Advisorshares TRMSOS
- Type
- Call
- Value
- $11m
- Contracts
- 2,225,300
| Company | Type | Value | Contracts |
|---|---|---|---|
| State STR Spdr S&P 500 ETF TSPY | Put | $1.9bn | 2,603,500 |
| Core ScientificCORZ | Call | $154m | 6,000,000 |
| First SolarFSLR | Call | $111m | 471,500 |
| Roivant SciencesROIV | Call | $52m | 1,482,600 |
| TerawulfWULF | Call | $42m | 1,700,000 |
| Abivax SAABVX | Call | $36m | 266,400 |
| Cipher DigitalCIFR | Call | $35m | 1,446,600 |
| Bitdeer Technologies GroupBTDR | Call | $30m | 1,917,500 |
| Golar LNGGLNG | Call | $12m | 250,000 |
| Advisorshares TRMSOS | Call | $11m | 2,225,300 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 156.9% since 30 June 2025.
Where the money is
Health care41.3%
Financial services14.9%
Technology11.3%
Energy10.1%
Utilities10.0%
Media & telecom6.5%
Industrials3.2%
Everyday goods1.1%
Real estate0.1%
Other1.5%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.