SEC 13F Intelligence

Managers / Q3 2023 · view latest →

Two Seas Capital LP

CIK 0001823138 · 32 ELM PLACE, 3RD FLOOR, RYE, NY, 10580 · 917.536.6028

Reported Value
$497M
Q3 2023
Positions
14
Filings on Record
19
2019–present window
Filed
Nov 14, 2023
original filing

Summary

Two Seas Capital LP reported $497M in U.S.-listed holdings across 14 positions for Q3 2023.

The portfolio is heavily concentrated: Indivior alone accounts for 63.4% of reported value.

Compared with Q2 2023, the fund opened 3 new positions and exited 3.

Portfolio Metrics

Turnover
+4.7%
vs prior filed quarter
Top-10 Concentration
+98.8%
share of reported value
Largest Position
+63.4%
Indivior
New / Exited
3 / 3
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’21: $130MQ4 ’21Q1 ’22: $119MQ2 ’22: $77MQ3 ’22: $110MQ3 ’22Q4 ’22: $105MQ1 ’23: $109MQ2 ’23: $457MQ2 ’23Q3 ’23: $497MQ4 ’23: $410MQ1 ’24: $511MQ1 ’24Q2 ’24: $615MQ3 ’24: $617MQ4 ’24: $1.2BQ4 ’24Q1 ’25: $3.2BQ2 ’25: $6.0BQ3 ’25: $6.2BQ3 ’25Q4 ’25: $4.9BQ1 ’26: $7.2Bfilingsflow.com

Portfolio Composition

By security type
Other: 82.0%Common Stock: 16.0%US DOMESTIC: 1.9%Equity WRT: 0.2%
  • Other · 82.0% · $408M
  • Common Stock · 16.0% · $79M
  • US DOMESTIC · 1.9% · $9M
  • Equity WRT · 0.2% · $755,783

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
IMVTIMMUNOVANT INCNEW+513.9K513.9K+$20M$20M
MMM3M CONEW+130.0K130.0K+$12M$12M
ESPERION THERAPEUTICS INC NENEW+17.27M17.27M+$9M$9M
ESPRESPERION THERAPEUTICS INC NEADDED+4.73M7.67M+$3M$8M
SONOSONOS INCADDED+235.0K406.2K+$2M$5M
ROIVANT SCIENCES LTDSOLD OUT−1.10M0−$3M$0
OSGAMBAC FINL GROUP INCSOLD OUT−187.6K0−$3M$0
MALLINCKRODT PLCSOLD OUT−585.6K0−$691,010$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2023

11 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1INDIVIOR PLCORD63.41%$315M13.67M
2ROIVANT SCIENCES LTDSHS18.59%$92M7.92M
3ESPRESPERION THERAPEUTICS INC NEhistory →NOTE 4.000%11/1 · COM3.39%$17M24.95M
4I9DNARBUTUS BIOPHARMA CORPhistory →COM3.38%$17M8.28M
5IMVTIMMUNOVANT INChistory →COM3.30%$16M427.3K
6MMM3M COhistory →COM2.45%$12M130.0K
7METAMETA PLATFORMS INChistory →CL A2.18%$11M36.2K
8SONOSONOS INChistory →COM1.05%$5M406.2K
9OMEXODYSSEY MARINE EXPL INChistory →COM NEW1.03%$5M1.37M
10HTZHERTZ GLOBAL HLDGS INCCOM NEW · *W EXP 06/30/2050.37%$2M210.7K
11ARQTARCUTIS BIOTHERAPEUTICS INCCOM0.18%$875,125164.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$7.2B50May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$4.9B42Feb 11, 202613F-HRchanges · EDGAR ↗
Q3 2025$6.2B49Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$6.0B45Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$3.2B31May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.2B34Feb 18, 2025RESTATEMENTchanges · EDGAR ↗
Q3 2024$617M27Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$615M21Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$511M18May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$410M13Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$497M14Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$457M13Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$109M11May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$105M10Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$110M12Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$77M8Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$119M12May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$130M13Feb 14, 202213F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.