Two Seas Capital portfolio
Investment firmPortfolio as of Sep 30, 2026 (Q3 2026) · filed with the SEC on Oct 6, 2026 · data updated on Nov 5, 2026 · Q3 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Two Seas Capital reported a $2.5 bn portfolio of 32 companies (34 positions, counting each share class separately) to the SEC as of the end of Q3 2026. Its largest positions are CLMT, ROIV, NKTR. During the quarter it opened Solaris Energy Infrastructure and exited Darling Ingredients.
Sections with a free account
What changed this quarter
32 positions with a change (2 new, 18 added to, 7 trimmed, 5 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Calumet−20%fewer sharesReduced9.1% → 11.0%
- Solaris Energy Infrastructure+2.1 ppof portfolioNew— → 2.2%
- Arbutus Biopharma−57%fewer sharesReduced3.5% → 1.6%
- Immunovant+47%more sharesIncreased4.6% → 6.2%
- First Solar+195%more sharesIncreased1.2% → 2.6%
- Abivax+177%more sharesIncreased1.2% → 2.7%
- Roivant Sciences−14%fewer sharesReduced11.4% → 10.7%
- Core Scientific+27%more sharesIncreased8.8% → 7.3%
- Cipher Digital+113%more sharesIncreased1.9% → 2.7%
- SharonAI Holdings+50%more sharesIncreased4.2% → 4.2%
- Sable Offshore+104%more sharesIncreased1.0% → 2.4%
- Darling Ingredients−1.1 ppof portfolioSold out1.1% → —
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- CalumetCLMT11.0%
- Roivant SciencesROIV10.7%
- Nektar TherapeuticsNKTR8.1%
- Core ScientificCORZ · CORZW · CORZZ7.4%
- Talen EnergyTLN6.7%
- ImmunovantIMVT6.2%
- Indivior PharmaceuticalsINDV5.2%
- Sotera HealthSHC4.5%
- SharonAI HoldingsSHAZ4.2%
- USA TodayTDAY3.6%
- Cipher DigitalCIFR2.7%
- AbivaxABVX2.7%
- First SolarFSLR2.6%
- Sable OffshoreSOC2.4%
- Golar LNGGLNG2.3%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Health Care 42%
- ● Information Technology 22%
- ● Energy 18%
- ● Utilities 9%
- ● Communication Services 6%
- ● Industrials 4%
How its portfolio changed (8 quarters)
Q3 2026: 34
Q3 2026: 68%
Q3 2026: 13.5%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
13F filings with amendments or confidential positions
- 13F Q4 2024 ↗filed Feb 14, 2025Amendment of Feb 18, 2025 (replaces the original) ↗
Declared options (13)
Besides stocks, Two Seas Capital declared 3 puts (they gain if the stock falls) and 10 calls (they gain if it rises) with a notional of $6.2 bn. The 13F reports the value of the underlying shares, not the premium paid, so these figures look large and are not added to the portfolio. Nor does it say whether the option is bought or written, or its strike or expiry: it may be a hedge.
- PUTInvesco QQQ Trust Series 1 ETFQQQnew this quarter$4.0 bn
- PUTState Str Spdr S&P 500 ETF TSPY$1.1 bn
- PUTiShares Russell 2000 ETFIWMnew this quarter$689M
- CALLRoivant SciencesROIV$82.1M
- CALLTerawulfWULF$78.1M
- CALLTalen EnergyTLNnew this quarter$46.9M
- CALLCore ScientificCORZ$43.9M
- CALLCipher DigitalCIFR$40.5M
- CALLSharonAI HoldingsSHAZnew this quarter$32.3M
- CALLGolar LNGGLNG$11.9M
- CALLAdvisorshares Pure US Cann ETFMSOS$10.1M
- CALLSable OffshoreSOCnew this quarter$6.2M
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Mar 31, 2026 (high confidence).
The data, as reported: TWO SEAS CAPITAL LP (CRD 310191): 7.B private funds: 9 hedge, 3 pe (gross assets $4.7 bn); 5.D assets by client type: pooled vehicles 100% (of $2.8 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
Not counted as a concentrated manager: more than 20% is options. Its portfolio is shown all the same, but it is left out of manager counts, the consensus and the ranking. How this is decided
Similar managers by type and size
Same type of filer and a 13F portfolio value between a third and three times this one. It is not a comparison of what they hold.
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