Q3 2026 13F · SEC CIK 1823138

Two Seas Capital LP

Hedge fundFiled 2026-10-06 for Q3 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $2.5B
Reported positions: 34
Holdings vs S&P 500, 3 yrs: —
Assets under management: $2.8B

Two Seas Capital LP is a hedge fund that reported 34 positions worth $2.5B in its Q3 2026 13F, filed 2026-10-06. Its largest holdings were Calumet Inc (CLMT, 11.0%), Roivant Sciences Ltd (ROIV, 10.7%), Nektar Therapeutics (NKTR, 8.1%).

Two Seas Capital LP holdings all 34 positions.

Weights are shares of the filer's total reported 13F value, compared with Q2 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Two Seas Capital LP 13F holdings
Stock	% of 13F value	Q2 2026	Shares	Share change	Reported value
CLMTCalumet Inc	11.0%	9.1%	5,280,659	-20.2%	$276.6M
ROIVRoivant Sciences Ltd	10.7%	11.4%	7,325,356	-13.6%	$267.9M
NKTRNektar Therapeutics	8.1%	8.2%	3,345,978	+8.2%	$202.6M
CORZCore Scientific Inc New	7.3%	8.8%	11,425,928	+26.6%	$182.6M
TLNTalen Energy Corp	6.7%	7.4%	535,493	+5.6%	$167.4M
IMVTImmunovant Inc	6.2%	4.6%	4,612,692	+46.5%	$155.8M
INDVIndivior Pharmaceuticals Inc	5.2%	5.4%	3,671,072	+5.5%	$131.6M
SHCSotera Health Co	4.5%	4.0%	6,111,053	+4.7%	$113.0M
SHAZSharonai Holdings Inc	4.2%	4.2%	1,945,876	+50.4%	$106.2M
TDAYUSA Today Co Inc	3.6%	4.6%	14,504,707	+3.1%	$91.2M
CIFRCipher Digital Inc	2.7%	1.9%	4,354,745	+113.5%	$68.9M
ABVXAbivax SA	2.7%	1.2%	676,589	+176.6%	$67.0M
FSLRFirst Solar Inc	2.6%	1.2%	377,984	+195.3%	$66.2M
SOCSable Offshore Corp	2.4%	1.0%	17,101,876	+104.1%	$59.2M
GLNGGolar Lng Ltd Shs	2.3%	2.3%	1,200,679	-1.7%	$57.1M
SOISolaris Energy Infrastructure Inc	2.2%	New	786,838	—	$56.0M
VSTVistra Corp	2.1%	2.6%	378,854	-12.0%	$52.4M
WULFTerawulf Inc	2.0%	2.4%	3,384,531	+35.8%	$50.1M
ECHOEchoStar Corp	1.9%	1.9%	544,646	+8.3%	$48.7M
QMCOQuantum Corp	1.9%	1.0%	1,490,992	-40.1%	$47.3M
FTAIFtai Aviation Ltd	1.8%	2.6%	271,260	+9.0%	$45.3M
ABUSArbutus Biopharma Corp	1.6%	3.5%	8,143,994	-57.4%	$38.9M
QUREUniqure NV	1.3%	2.5%	1,324,022	-8.1%	$32.0M
SPCXSpace Exploration Techn Corp	1.3%	1.4%	208,890	+0.0%	$31.5M
HUTHut 8 Corp	1.2%	0.7%	347,942	+120.1%	$30.0M
STAAStaar Surgical Co	1.2%	1.2%	1,304,957	+22.6%	$29.5M
XEX-Energy Inc	0.8%	0.7%	1,394,413	+39.4%	$19.8M
LUCDLucid Diagnostics Inc	0.2%	0.2%	6,000,000	+0.0%	$4.5M
676118201Odyssey Marine Expl Inc	0.1%	0.2%	5,592,985	+0.0%	$3.8M
CORZWCore Scientific Inc New	0.1%	0.2%	289,539	+0.0%	$2.7M
PAVMPavmed Inc	0.1%	0.1%	461,539	+0.0%	$1.7M
FRMIFermi Inc	0.1%	0.1%	352,671	+0.0%	$1.5M
APLDApplied Digital Corp	0.0%	New	50,000	—	$1.2M
CORZZCore Scientific Inc New	0.0%	0.0%	24,107	+0.0%	$389K

What Two Seas Capital LP bought and sold in Q3 2026, against Q2 2026.

Sold out

Share counts compared with the Q2 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +85.2% /yr; S&P 500 +20.1%
3 years: —
5 years: —

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q3 2026	$2.5B	34
Q2 2026	$2.6B	37
Q1 2026	$2.2B	35
Q4 2025	$1.7B	29
Q3 2025	$1.7B	32
Q2 2025	$1.0B	33
Q1 2025	$643.3M	23
Q4 2024	$841.1M	26
Q3 2024	$586.3M	23
Q2 2024	$594.0M	18
Q1 2024	$493.7M	17
Q4 2023	$395.8M	11

Questions about Two Seas Capital LP's portfolio

What stocks does Two Seas Capital LP own?

Two Seas Capital LP's latest 13F, for Q3 2026 and filed Oct 6, 2026, lists 34 positions worth $2.5B. The largest are Calumet Inc (CLMT) at 11.0%, Roivant Sciences Ltd (ROIV) at 10.7%, Nektar Therapeutics (NKTR) at 8.1%, Core Scientific Inc New (CORZ) at 7.3% and Talen Energy Corp (TLN) at 6.7%.

What did Two Seas Capital LP buy last quarter?

In Q3 2026, Two Seas Capital LP added a new position in Solaris Energy Infrastructure Inc (SOI), a new position in Applied Digital Corp (APLD), First Solar Inc (FSLR) (+195.3% shares), Abivax SA (ABVX) (+176.6% shares) and Hut 8 Corp (HUT) (+120.1% shares), compared with its Q2 2026 filing.

What did Two Seas Capital LP sell last quarter?

In Q3 2026, Two Seas Capital LP sold all of Darling Ingredients Inc (DAR), sold all of Bitdeer Technologies Group (BTDR), sold all of Coreweave Inc (CRWV), sold all of Sonos Inc (SONO), sold all of Iren Limited (IREN), Arbutus Biopharma Corp (ABUS) (-57.4% shares), Quantum Corp (QMCO) (-40.1% shares) and Calumet Inc (CLMT) (-20.2% shares), compared with its Q2 2026 filing.

When is Two Seas Capital LP's next 13F filing due?

13F filings are due 45 days after each quarter ends. Two Seas Capital LP's filing for the quarter ending Dec 31, 2026 is due by Feb 14, 2027; this page updates the day after it is published.

How much money does Two Seas Capital LP manage?

Two Seas Capital LP reported $2.8B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $2.5B.