Two Seas Capital LP holds a focused book of 35 reported positions worth $2.2B as of Q1 2026 (disclosed May 15, 2026, a ~45-day 13F lag). This quarter Sharonai Holdings Inc first appears in 13F filings, a listing rather than a purchase; they opened Indivior Pharmaceuticals Inc and trimmed Roivant Sciences Ltd. Their largest long position is Roivant Sciences Ltd at 12% of the reported non-option book. They also disclosed $4.8B in put options (a bearish bet) and $214.0M in call options (bullish), shown separately below and excluded from the non-option book. Cloning the disclosed picks since 2022 would be +127% (+19.5%/yr). That is a simulation of the disclosed long book, not audited returns.
Two Seas Capital LP is a market maker: this book is hedging inventory, not directional conviction.
The reported book (valued from quarter-end) returned +154.8%, a 28.0-point gap that is the cost of the ~45-day 13F disclosure lag a real follower can't avoid.
Growth of $10,000 cloning Two Seas Capital LP's disclosed long 13F book, rebalanced on each filing date (so it reflects each quarter's actual reporting lag, ~45 days for the latest filing, with no look-ahead), total-return basis (dividends reinvested), derived from end-of-day prices. “Their reported book” values the same picks from quarter-end, before they were public. S&P 500 is SPY total return over the same window. Excludes shorts, cash, options and non-13F holdings. Not investment advice.
Top-heavy: focused book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
99% mapped to company sectors
+3 sectors below the cut, 1% together
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices (an exit at the prior quarter-end), no cost basis
Other tracked managers holding the same core names as Two Seas Capital LP
| Manager / fund | Shared names | Their $ in those |
|---|---|---|
| Beartown Capital Management, LLC | 9 / 35 | $115.4M |
| Alta Fundamental Advisers LLC | 3 / 35 | $122.5M |
| Engle Capital Management, L.P. | 4 / 35 | $121.4M |
| Rubric Capital Management LP | 8 / 35 | $3.5B |
| Northern Right Capital Management, L.P. | 6 / 35 | $106.7M |
| Cruiser Capital Advisors, LLC | 3 / 35 | $45.8M |
| FourWorld Capital Management LLC | 3 / 35 | $30.4M |
| Marble Bar Asset Management LLP | 3 / 35 | $39.8M |
Ranked by the share of each fund's own book sitting in the names it shares with Two Seas Capital LP: only funds sharing at least a tenth of the book qualify. Index giants, bank custody books and market makers are excluded. They hold everything, so their overlap says nothing.
Bars show each position's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Roivant Sciences Ltd SHS | $258.4M | 9.33M | 11.9% | ▼−4.7% Reduced · −464K sh | |
| 2 | Core Scientific Inc New COM | $241.6M | 16.15M | 11.2% | ▼−5.0% Reduced · −859K sh | |
| 3 | Calumet Inc COM | $214.0M | 5.96M | 9.9% | ▼−15% Reduced · −1.0M sh | |
| 4 | Talen Energy Corp COM | $184.9M | 579.1K | 8.5% | ▲+48% Added · +187K sh | |
| 5 | Indivior Pharmaceuticals Inc COM | $144.7M | 4.75M | 6.7% | ▲New New position | |
| 6 | Nektar Therapeutics COM NEW | $141.0M | 1.96M | 6.5% | ▲+163% Added · +1.2M sh | |
| 7 | USA Today Co Inc COM | $99.0M | 14.05M | 4.6% | ▼−3.5% Reduced · −507K sh | |
| 8 | Sable Offshore Corp COM SHS | $90.8M | 5.50M | 4.2% | ▲+217% Added · +3.8M sh | |
| 9 | Sotera Health Co COM | $86.4M | 6.02M | 4.0% | ▲+37% Added · +1.6M sh | |
| 10 | Arbutus Biopharma Corp COM | $83.5M | 18.56M | 3.9% | ▲+47% Added · +6.0M sh | |
| 11 | Immunovant Inc COM | $79.5M | 3.20M | 3.7% | ▲+12% Added · +335K sh | |
| 12 | Golar LNG Ltd SHS | $69.0M | 1.27M | 3.2% | ▲+8.8% Added · +104K sh | |
| 13 | Ftai Aviation Ltd SHS | $62.6M | 255.5K | 2.9% | ▲+37% Added · +69K sh | |
| 14 | First Solar Inc COM | $59.8M | 303.0K | 2.8% | ▲+6.6% Added · +19K sh | |
| 15 | Terawulf Inc COM | $58.1M | 4.02M | 2.7% | ▼−11% Reduced · −479K sh | |
| 16 | Echostar Corp CL A | $44.7M | 382.1K | 2.1% | ▼−5.0% Reduced · −20K sh | |
| 17 | Esperion Therapeutics Inc Ne COM | $31.2M | 11.39M | 1.4% | ▼−4.3% Reduced · −508K sh | |
| 18 | Vistra Corp COM | $27.9M | 185.6K | 1.3% | ▼−26% Reduced · −64K sh | |
| 19 | Cipher Digital Inc COM | $26.4M | 2.05M | 1.2% | ▲+570% Added · +1.7M sh | |
| 20 | Uniqure NV SHS | $21.3M | 1.30M | 1.0% | ▲New New position | |
| 21 | Transalta Corp COM | $20.9M | 1.60M | 1.0% | ▲New New position | |
| 22 | Nebius Group N.V. SHS CLASS A | $20.4M | 196.5K | 0.9% | ▼−43% Reduced · −148K sh | |
| 23 | Staar Surgical Co COM PAR $0.01 | $19.4M | 1.04M | 0.9% | ▲New New position | |
| 24 | Bitdeer Technologies Group CL A ORD SHS | $19.2M | 2.22M | 0.9% | ▲New New position | |
| 25 | Sonos Inc COM | $12.3M | 919.3K | 0.6% | ▲+185% Added · +597K sh | |
| 26 | Hut 8 Corp COM | $11.7M | 250.0K | 0.5% | ▼−49% Reduced · −242K sh | |
| 27 | Advisorshares TR PURE US CANNABIS | $11.7M | 3.30M | 0.5% | ▲+1.5% Added · +50K sh | |
| 28 | Sharonai Holdings Inc COM CL A | $9.5M | 416.7K | 0.4% | →Listed Newly reportable | |
| 29 | Pavmed Inc COM | $4.7M | 461.5K | 0.2% | ▲New New position | |
| 30 | Odyssey Marine Expl Inc COM NEW | $4.7M | 5.59M | 0.2% | ▲+7.9% Added · +408K sh | |
| 31 | Lucid Diagnostics Inc COM | $3.5M | 3.00M | 0.2% | —Held | |
| 32 | Core Scientific Inc New *W EXP 01/23/202 | $2.5M | 289.5K | 0.1% | —Held | |
| 33 | Darling Ingredients Inc COM | $1.0M | 16.5K | <0.1% | ▲New New position | |
| 34 | Core Scientific Inc New *W EXP 01/23/202 | $362K | 24.1K | <0.1% | —Held | |
| 35 | Fermi Inc COM | $147K | 25.2K | <0.1% | ▲New New position |
This market maker page is the Follow view. The Build view lets your agent pull holdings, quarter changes, overlap, and source filings through API or MCP.
curl -H "Authorization: Bearer YOUR_API_KEY" \ "https://arkolith.com/api/v1/funds/1823138/holdings"
Use Arkolith to show Two Seas Capital LP's latest holdings, largest changes, and filing provenance.
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| PUT · bearish | SS SPDR S&P 500 ETF TRUST-USSPY | $4.2B | 6.5M |
| PUT · bearish | SS SPDR S&P BIOTECH ETFXBI | $246.3M | 1.9M |
| PUT · bearish | APPLE INCAAPL | $215.7M | 850K |
| CALL · bullish | FIRST SOLAR INCFSLR | $90.5M | 459K |
| PUT · bearish | MODERNA INCMRNA | $55.9M | 1.1M |
| CALL · bullish | ECHOSTAR CORP-ASATS | $43.9M | 375K |
| CALL · bullish | CORE SCIENTIFIC INCCORZ | $37.9M | 2.5M |
| PUT · bearish | CORE SCIENTIFIC INCCORZ | $29.9M | 2.0M |
| CALL · bullish | ROIVANT SCIENCES LTDROIV | $20.3M | 732K |
| PUT · bearish | ISHARES BITCOIN TRUST ETFIBIT | $19.2M | 500K |
| CALL · bullish | GOLAR LNG LTDGLNG | $13.5M | 250K |
| CALL · bullish | ADVISORSHARES PURE US CANNMSOS | $7.9M | 2.2M |
13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the non-option book, weighting, concentration and sector figures above.
As-of date vs the date the SEC received each filing
Reported 13F total per quarter, log scale (the range spans more than 20x). Raw filing totals can include option notional.
| Quarter | As of | Filed | Lag | Positions | Value | Form |
|---|---|---|---|---|---|---|
| Q1 2026 | Mar 31, 2026 | May 15, 2026 | 45d | 50 | $7.2B | 13F-HR |
| Q4 2025 | Dec 31, 2025 | Feb 11, 2026 | 42d | 42 | $4.9B | 13F-HR |
| Q3 2025 | Sep 30, 2025 | Nov 14, 2025 | 45d | 49 | $6.2B | 13F-HR |
| Q2 2025 | Jun 30, 2025 | Aug 13, 2025 | 44d | 45 | $6.0B | 13F-HR |
| Q1 2025 | Mar 31, 2025 | May 15, 2025 | 45d | 31 | $3.2B | 13F-HR |
| Q4 2024 | Dec 31, 2024 | Feb 18, 2025 | 49d | 34 | $1.2B | 13F-HR/A |
| Q3 2024 | Sep 30, 2024 | Nov 14, 2024 | 45d | 27 | $617.3M | 13F-HR |
| Q2 2024 | Jun 30, 2024 | Aug 14, 2024 | 45d | 21 | $615.3M | 13F-HR |
| Q1 2024 | Mar 31, 2024 | May 15, 2024 | 45d | 18 | $510.5M | 13F-HR |
| Q4 2023 | Dec 31, 2023 | Feb 14, 2024 | 45d | 13 | $409.5M | 13F-HR |
| Q3 2023 | Sep 30, 2023 | Nov 14, 2023 | 45d | 14 | $497.3M | 13F-HR |
| Q2 2023 | Jun 30, 2023 | Aug 14, 2023 | 45d | 13 | $457.5M | 13F-HR |
| Q1 2023 | Mar 31, 2023 | May 15, 2023 | 45d | 11 | $109.0M | 13F-HR |
| Q4 2022 | Dec 31, 2022 | Feb 14, 2023 | 45d | 10 | $105.3M | 13F-HR |
| Q3 2022 | Sep 30, 2022 | Nov 14, 2022 | 45d | 12 | $109.5M | 13F-HR |
| Q2 2022 | Jun 30, 2022 | Aug 12, 2022 | 43d | 8 | $76.8M | 13F-HR |
| Q1 2022 | Mar 31, 2022 | May 13, 2022 | 43d | 12 | $119.4M | 13F-HR |
| Q4 2021 | Dec 31, 2021 | Feb 14, 2022 | 45d | 13 | $130.3M | 13F-HR |
Holdings from SEC EDGAR 13F-HR filings, updated quarterly, filed up to 45 days after quarter-end. Public domain. Book totals and portfolio weights cover reported non-option positions, which can include notes and warrants. Disclosed put/call options are listed separately and excluded from those totals. The performance line is a simulation of the disclosed long book, not an audited return.