Filed: 8/13/2025ACC: 0001315863-25-000601
📋 What this filing means
TWO SEAS CAPITAL LP filed this quarterly 13F‑HR report disclosing 37 equity positions with a total reported market value of $5.96B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
37
Positions
$5.96B
Total AUM (reported)
136.33M
Total Shares
Allocation by class
TR UNIT$3.70B62.1%
COM$1.17B19.6%
IBOXX HI YD ETF$590.80M9.9%
SHS$177.47M3.0%
ORD$168.15M2.8%
COM SHS$64.18M1.1%
ORD SHS$22.50M0.4%
Portfolio Concentration
Top 3$4.76B80.0%
4–10$774.56M13.0%
11–25$368.79M6.2%
Rest$49.33M0.8%
Top 3 weight
80.0%
Top 10 weight
93.0%
Voting Authority Distribution
Total shares with voting rights: 136.33M
Sole
Full voting authority
136.33M
shares
% of voting shares100.0%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole37
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings37
Rows:
SPDR S&P 500 ETF TR
SOLEShares5.99M
TypeSH
Market value$3.70B
62.12%
Sole
5.99M
Shared
0.00
None
0.00
ISHARES TR
SOLEShares7.33M
TypeSH
Market value$590.80M
9.92%
Sole
7.33M
Shared
0.00
None
0.00
FIRST SOLAR INC
SOLEShares2.85M
TypeSH
Market value$472.45M
7.93%
Sole
2.85M
Shared
0.00
None
0.00
CORE SCIENTIFIC INC NEW
SOLEShares10.17M
TypeSH
Market value$173.60M
2.92%
Sole
10.17M
Shared
0.00
None
0.00
INDIVIOR PLC
SOLEShares11.41M
TypeSH
Market value$168.15M
2.82%
Sole
11.41M
Shared
0.00
None
0.00
ROIVANT SCIENCES LTD
SOLEShares10.60M
TypeSH
Market value$119.44M
2.01%
Sole
10.60M
Shared
0.00
None
0.00
HUMANA INC
SOLEShares411.50K
TypeSH
Market value$100.60M
1.69%
Sole
411.50K
Shared
0.00
None
0.00
TALEN ENERGY CORP
SOLEShares300.70K
TypeSH
Market value$87.43M
1.47%
Sole
300.70K
Shared
0.00
None
0.00
CALUMET INC
SOLEShares4.50M
TypeSH
Market value$70.86M
1.19%
Sole
4.50M
Shared
0.00
None
0.00
AVADEL PHARMACEUTICALS PLC
SOLEShares6.16M
TypeSH
Market value$54.47M
0.91%
Sole
6.16M
Shared
0.00
None
0.00
VISTRA CORP
SOLEShares231.26K
TypeSH
Market value$44.82M
0.75%
Sole
231.26K
Shared
0.00
None
0.00
SOTERA HEALTH CO
SOLEShares4.02M
TypeSH
Market value$44.71M
0.75%
Sole
4.02M
Shared
0.00
None
0.00
GANNETT CO INC
SOLEShares11.23M
TypeSH
Market value$40.21M
0.68%
Sole
11.23M
Shared
0.00
None
0.00
GOLAR LNG LTD
SOLEShares909.36K
TypeSH
Market value$37.46M
0.63%
Sole
909.36K
Shared
0.00
None
0.00
IMMUNOVANT INC
SOLEShares2.25M
TypeSH
Market value$36.04M
0.61%
Sole
2.25M
Shared
0.00
None
0.00
ARBUTUS BIOPHARMA CORP
SOLEShares10.44M
TypeSH
Market value$32.27M
0.54%
Sole
10.44M
Shared
0.00
None
0.00
BURFORD CAP LTD
SOLEShares1.58M
TypeSH
Market value$22.50M
0.38%
Sole
1.58M
Shared
0.00
None
0.00
FTAI AVIATION LTD
SOLEShares178.84K
TypeSH
Market value$20.57M
0.35%
Sole
178.84K
Shared
0.00
None
0.00
SUNRUN INC
SOLEShares1.94M
TypeSH
Market value$15.89M
0.27%
Sole
1.94M
Shared
0.00
None
0.00
CONSTELLATION ENERGY CORP
SOLEShares47.69K
TypeSH
Market value$15.39M
0.26%
Sole
47.69K
Shared
0.00
None
0.00
IREN LIMITED
SOLEShares971.89K
TypeSH
Market value$14.16M
0.24%
Sole
971.89K
Shared
0.00
None
0.00
NEBIUS GROUP N.V.
SOLEShares250K
TypeSH
Market value$13.83M
0.23%
Sole
250K
Shared
0.00
None
0.00
META PLATFORMS INC
SOLEShares15.06K
TypeSH
Market value$11.12M
0.19%
Sole
15.06K
Shared
0.00
None
0.00
TERAWULF INC
SOLEShares2.29M
TypeSH
Market value$10.02M
0.17%
Sole
2.29M
Shared
0.00
None
0.00
ESPERION THERAPEUTICS INC NE
SOLEShares9.95M
TypeSH
Market value$9.80M
0.16%
Sole
9.95M
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
SPDR S&P 500 ETF TRSOLE | TR UNIT | 5.99M | SH | $3.70B 62.12% | 5.99M | 0.00 | 0.00 |
ISHARES TRSOLE | IBOXX HI YD ETF | 7.33M | SH | $590.80M 9.92% | 7.33M | 0.00 | 0.00 |
FIRST SOLAR INCSOLE | COM | 2.85M | SH | $472.45M 7.93% | 2.85M | 0.00 | 0.00 |
CORE SCIENTIFIC INC NEWSOLE | COM | 10.17M | SH | $173.60M 2.92% | 10.17M | 0.00 | 0.00 |
INDIVIOR PLCSOLE | ORD | 11.41M | SH | $168.15M 2.82% | 11.41M | 0.00 | 0.00 |
ROIVANT SCIENCES LTDSOLE | SHS | 10.60M | SH | $119.44M 2.01% | 10.60M | 0.00 | 0.00 |
HUMANA INCSOLE | COM | 411.50K | SH | $100.60M 1.69% | 411.50K | 0.00 | 0.00 |
TALEN ENERGY CORPSOLE | COM | 300.70K | SH | $87.43M 1.47% | 300.70K | 0.00 | 0.00 |
CALUMET INCSOLE | COM | 4.50M | SH | $70.86M 1.19% | 4.50M | 0.00 | 0.00 |
AVADEL PHARMACEUTICALS PLCSOLE | COM SHS | 6.16M | SH | $54.47M 0.91% | 6.16M | 0.00 | 0.00 |
VISTRA CORPSOLE | COM | 231.26K | SH | $44.82M 0.75% | 231.26K | 0.00 | 0.00 |
SOTERA HEALTH COSOLE | COM | 4.02M | SH | $44.71M 0.75% | 4.02M | 0.00 | 0.00 |
GANNETT CO INCSOLE | COM | 11.23M | SH | $40.21M 0.68% | 11.23M | 0.00 | 0.00 |
GOLAR LNG LTDSOLE | SHS | 909.36K | SH | $37.46M 0.63% | 909.36K | 0.00 | 0.00 |
IMMUNOVANT INCSOLE | COM | 2.25M | SH | $36.04M 0.61% | 2.25M | 0.00 | 0.00 |
ARBUTUS BIOPHARMA CORPSOLE | COM | 10.44M | SH | $32.27M 0.54% | 10.44M | 0.00 | 0.00 |
BURFORD CAP LTDSOLE | ORD SHS | 1.58M | SH | $22.50M 0.38% | 1.58M | 0.00 | 0.00 |
FTAI AVIATION LTDSOLE | SHS | 178.84K | SH | $20.57M 0.35% | 178.84K | 0.00 | 0.00 |
SUNRUN INCSOLE | COM | 1.94M | SH | $15.89M 0.27% | 1.94M | 0.00 | 0.00 |
CONSTELLATION ENERGY CORPSOLE | COM | 47.69K | SH | $15.39M 0.26% | 47.69K | 0.00 | 0.00 |
IREN LIMITEDSOLE | ORDINARY SHARES | 971.89K | SH | $14.16M 0.24% | 971.89K | 0.00 | 0.00 |
NEBIUS GROUP N.V.SOLE | SHS CLASS A | 250K | SH | $13.83M 0.23% | 250K | 0.00 | 0.00 |
META PLATFORMS INCSOLE | CL A | 15.06K | SH | $11.12M 0.19% | 15.06K | 0.00 | 0.00 |
TERAWULF INCSOLE | COM | 2.29M | SH | $10.02M 0.17% | 2.29M | 0.00 | 0.00 |
ESPERION THERAPEUTICS INC NESOLE | COM | 9.95M | SH | $9.80M 0.16% | 9.95M | 0.00 | 0.00 |
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