Filed: 11/14/2025ACC: 0001315863-25-000810
📋 What this filing means
TWO SEAS CAPITAL LP filed this quarterly 13F‑HR report disclosing 35 equity positions with a total reported market value of $6.23B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
35
Positions
$6.23B
Total AUM (reported)
131.98M
Total Shares
Allocation by class
TR UNIT$3.87B62.0%
COM$1.01B16.2%
RUSSELL 2000 ETF$350.84M5.6%
SHS$303.96M4.9%
ORD$253.26M4.1%
COM CL A$199.67M3.2%
COM SHS$118.90M1.9%
Portfolio Concentration
Top 3$4.55B73.1%
4–10$1.06B17.0%
11–25$556.31M8.9%
Rest$59.00M0.9%
Top 3 weight
73.1%
Top 10 weight
90.1%
Voting Authority Distribution
Total shares with voting rights: 131.98M
Sole
Full voting authority
131.98M
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)
Sole35
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings35
Rows:
SPDR S&P 500 ETF TR
SOLEShares5.80M
TypeSH
Market value$3.87B
62.05%
Sole
5.80M
Shared
0.00
None
0.00
ISHARES TR
SOLEShares1.45M
TypeSH
Market value$350.84M
5.63%
Sole
1.45M
Shared
0.00
None
0.00
CORE SCIENTIFIC INC NEW
SOLEShares18.76M
TypeSH
Market value$336.63M
5.40%
Sole
18.76M
Shared
0.00
None
0.00
INDIVIOR PLC
SOLEShares10.50M
TypeSH
Market value$253.26M
4.07%
Sole
10.50M
Shared
0.00
None
0.00
ROIVANT SCIENCES LTD
SOLEShares14.19M
TypeSH
Market value$214.69M
3.45%
Sole
14.19M
Shared
0.00
None
0.00
COREWEAVE INC
SOLEShares1.46M
TypeSH
Market value$199.67M
3.21%
Sole
1.46M
Shared
0.00
None
0.00
CALUMET INC
SOLEShares6.75M
TypeSH
Market value$123.23M
1.98%
Sole
6.75M
Shared
0.00
None
0.00
TALEN ENERGY CORP
SOLEShares266.89K
TypeSH
Market value$113.53M
1.82%
Sole
266.89K
Shared
0.00
None
0.00
AVADEL PHARMACEUTICALS PLC
SOLEShares5.37M
TypeSH
Market value$81.99M
1.32%
Sole
5.37M
Shared
0.00
None
0.00
FIRST SOLAR INC
SOLEShares340.69K
TypeSH
Market value$75.13M
1.21%
Sole
340.69K
Shared
0.00
None
0.00
GANNETT CO INC
SOLEShares14.18M
TypeSH
Market value$58.57M
0.94%
Sole
14.18M
Shared
0.00
None
0.00
SOTERA HEALTH CO
SOLEShares3.37M
TypeSH
Market value$53.06M
0.85%
Sole
3.37M
Shared
0.00
None
0.00
ARBUTUS BIOPHARMA CORP
SOLEShares10.99M
TypeSH
Market value$49.90M
0.80%
Sole
10.99M
Shared
0.00
None
0.00
FTAI AVIATION LTD
SOLEShares269.60K
TypeSH
Market value$44.99M
0.72%
Sole
269.60K
Shared
0.00
None
0.00
IMMUNOVANT INC
SOLEShares2.76M
TypeSH
Market value$44.52M
0.71%
Sole
2.76M
Shared
0.00
None
0.00
GOLAR LNG LTD
SOLEShares1.10M
TypeSH
Market value$44.29M
0.71%
Sole
1.10M
Shared
0.00
None
0.00
TERAWULF INC
SOLEShares3.85M
TypeSH
Market value$43.98M
0.71%
Sole
3.85M
Shared
0.00
None
0.00
SABLE OFFSHORE CORP
SOLEShares2.11M
TypeSH
Market value$36.91M
0.59%
Sole
2.11M
Shared
0.00
None
0.00
VISTRA CORP
SOLEShares170K
TypeSH
Market value$33.31M
0.53%
Sole
170K
Shared
0.00
None
0.00
PG&E CORP
SOLEShares1.91M
TypeSH
Market value$28.81M
0.46%
Sole
1.91M
Shared
0.00
None
0.00
NEBIUS GROUP N.V.
SOLEShares234.48K
TypeSH
Market value$26.33M
0.42%
Sole
234.48K
Shared
0.00
None
0.00
ESPERION THERAPEUTICS INC NE
SOLEShares9.75M
TypeSH
Market value$25.84M
0.41%
Sole
9.75M
Shared
0.00
None
0.00
ADVISORSHARES TR
SOLEShares5.08M
TypeSH
Market value$24.31M
0.39%
Sole
5.08M
Shared
0.00
None
0.00
ECHOSTAR CORP
SOLEShares292.47K
TypeSH
Market value$22.33M
0.36%
Sole
292.47K
Shared
0.00
None
0.00
BURFORD CAP LTD
SOLEShares1.60M
TypeSH
Market value$19.16M
0.31%
Sole
1.60M
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
SPDR S&P 500 ETF TRSOLE | TR UNIT | 5.80M | SH | $3.87B 62.05% | 5.80M | 0.00 | 0.00 |
ISHARES TRSOLE | RUSSELL 2000 ETF | 1.45M | SH | $350.84M 5.63% | 1.45M | 0.00 | 0.00 |
CORE SCIENTIFIC INC NEWSOLE | COM | 18.76M | SH | $336.63M 5.40% | 18.76M | 0.00 | 0.00 |
INDIVIOR PLCSOLE | ORD | 10.50M | SH | $253.26M 4.07% | 10.50M | 0.00 | 0.00 |
ROIVANT SCIENCES LTDSOLE | SHS | 14.19M | SH | $214.69M 3.45% | 14.19M | 0.00 | 0.00 |
COREWEAVE INCSOLE | COM CL A | 1.46M | SH | $199.67M 3.21% | 1.46M | 0.00 | 0.00 |
CALUMET INCSOLE | COM | 6.75M | SH | $123.23M 1.98% | 6.75M | 0.00 | 0.00 |
TALEN ENERGY CORPSOLE | COM | 266.89K | SH | $113.53M 1.82% | 266.89K | 0.00 | 0.00 |
AVADEL PHARMACEUTICALS PLCSOLE | COM SHS | 5.37M | SH | $81.99M 1.32% | 5.37M | 0.00 | 0.00 |
FIRST SOLAR INCSOLE | COM | 340.69K | SH | $75.13M 1.21% | 340.69K | 0.00 | 0.00 |
GANNETT CO INCSOLE | COM | 14.18M | SH | $58.57M 0.94% | 14.18M | 0.00 | 0.00 |
SOTERA HEALTH COSOLE | COM | 3.37M | SH | $53.06M 0.85% | 3.37M | 0.00 | 0.00 |
ARBUTUS BIOPHARMA CORPSOLE | COM | 10.99M | SH | $49.90M 0.80% | 10.99M | 0.00 | 0.00 |
FTAI AVIATION LTDSOLE | SHS | 269.60K | SH | $44.99M 0.72% | 269.60K | 0.00 | 0.00 |
IMMUNOVANT INCSOLE | COM | 2.76M | SH | $44.52M 0.71% | 2.76M | 0.00 | 0.00 |
GOLAR LNG LTDSOLE | SHS | 1.10M | SH | $44.29M 0.71% | 1.10M | 0.00 | 0.00 |
TERAWULF INCSOLE | COM | 3.85M | SH | $43.98M 0.71% | 3.85M | 0.00 | 0.00 |
SABLE OFFSHORE CORPSOLE | COM SHS | 2.11M | SH | $36.91M 0.59% | 2.11M | 0.00 | 0.00 |
VISTRA CORPSOLE | COM | 170K | SH | $33.31M 0.53% | 170K | 0.00 | 0.00 |
PG&E CORPSOLE | COM | 1.91M | SH | $28.81M 0.46% | 1.91M | 0.00 | 0.00 |
NEBIUS GROUP N.V.SOLE | SHS CLASS A | 234.48K | SH | $26.33M 0.42% | 234.48K | 0.00 | 0.00 |
ESPERION THERAPEUTICS INC NESOLE | COM | 9.75M | SH | $25.84M 0.41% | 9.75M | 0.00 | 0.00 |
ADVISORSHARES TRSOLE | PURE US CANNABIS | 5.08M | SH | $24.31M 0.39% | 5.08M | 0.00 | 0.00 |
ECHOSTAR CORPSOLE | CL A | 292.47K | SH | $22.33M 0.36% | 292.47K | 0.00 | 0.00 |
BURFORD CAP LTDSOLE | ORD SHS | 1.60M | SH | $19.16M 0.31% | 1.60M | 0.00 | 0.00 |
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