SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Two Seas Capital LP

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

Reported Value
$6.0B
Q2 2025
Positions
45
Filings on Record
19
2019–present window
Filed
Aug 13, 2025
original filing

Summary

Two Seas Capital LP reported $6.0B in U.S.-listed holdings across 45 positions for Q2 2025.

Its largest position, Indivior, represents 2.8% of the portfolio.

Compared with Q1 2025, the fund opened 13 new positions and exited 2.

Portfolio Metrics

Turnover
+17.4%
vs prior filed quarter
Top-10 Concentration
+13.1%
share of reported value
Largest Position
+2.8%
Indivior
New / Exited
13 / 2
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
ETP: 72.0%Common Stock: 20.1%Other: 7.7%ADR: 0.1%Equity WRT: 0.1%
  • ETP · 72.0% · $4.3B
  • Common Stock · 20.1% · $1.2B
  • Other · 7.7% · $460M
  • ADR · 0.1% · $5M
  • Equity WRT · 0.1% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FSLRFIRST SOLAR INCNEW+2.85M2.85M+$472M$472M
HUMHUMANA INCNEW+411.5K411.5K+$101M$101M
BURFORD CAP LTDNEW+1.58M1.58M+$22M$22M
RUNSUNRUN INCNEW+1.94M1.94M+$16M$16M
CEGCONSTELLATION ENERGY CORPNEW+47.7K47.7K+$15M$15M
METAMETA PLATFORMS INCNEW+15.1K15.1K+$11M$11M
PROSHARES TRNEW+500.0K500.0K+$10M$10M
SOCSABLE OFFSHORE CORPNEW+441.7K441.7K+$10M$10M

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

Holdings — Q2 2025

31 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1INDIVIOR PLCORD2.82%$168M11.41M
2CORZCORE SCIENTIFIC INC NEWCOM · *W EXP 01/23/2022.01%$120M7.13M
3ROIVANT SCIENCES LTDSHS2.01%$119M10.60M
4TLNTALEN ENERGY CORPhistory →COM1.47%$87M300.7K
5CLMTCALUMET INChistory →COM1.19%$71M4.50M
6AVADEL PHARMACEUTICALS PLCCOM SHS0.91%$54M6.16M
7VSTVISTRA CORPhistory →COM0.75%$45M231.3K
8SHCSOTERA HEALTH COhistory →COM0.75%$45M4.02M
9TDAYGANNETT CO INChistory →COM0.68%$40M11.23M
10GOLAR LNG LTDSHS0.63%$37M909.4K
11IMVTIMMUNOVANT INChistory →COM0.61%$36M2.25M
12I9DNARBUTUS BIOPHARMA CORPhistory →COM0.54%$32M10.44M
13BURFORD CAP LTDORD SHS0.38%$22M1.58M
14FTAI AVIATION LTDSHS0.35%$21M178.8K
15CEGCONSTELLATION ENERGY CORPhistory →COM0.26%$15M47.7K
16IREN LIMITEDORDINARY SHARES0.24%$14M971.9K
17NEBIUS GROUP N.V.SHS CLASS A0.23%$14M250.0K
18METAMETA PLATFORMS INChistory →CL A0.19%$11M15.1K
19WULFTERAWULF INChistory →COM0.17%$10M2.29M
20ESPRESPERION THERAPEUTICS INC NECOM0.16%$10M9.95M
21PROSHARES TRULTRAPRO SHT QQQ0.16%$10M500.0K
22SOCSABLE OFFSHORE CORPCOM SHS0.16%$10M441.7K
23ARDXARDELYX INCCOM0.10%$6M1.54M
24ADAPYADAPTIMMUNE THERAPEUTICS PLCSPONDS ADS0.09%$5M22.58M
25APLDAPPLIED DIGITAL CORPCOM NEW0.08%$5M500.0K
26SONOSONOS INCCOM0.05%$3M281.0K
27NRANRG ENERGY INCCOM NEW0.04%$2M15.0K
28OMEXODYSSEY MARINE EXPL INCCOM NEW0.03%$2M1.43M
29FSLRFIRST SOLAR INCCOM0.03%$2M10.0K
30CIFRCIPHER MINING INCCOM0.02%$1M250.0K
31WOLF*WOLFSPEED INCCOM0.02%$961,9502.41M

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 ↗.