Two Seas Capital LP

Q4 2025 13F-HR Holdings

Location
Rye, NY
Holdings as of
12/31/2025
Date filed
2/11/2026
Form type
13F-HR
Num holdings
38
Total value ($000)
$4,853,386
Net value change ($000)
-1,376,264 (-22.1%)
New positions
2
Sold out positions
5
Turnover %
9.8%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
ROIV 34,643 19.5%
CLMT 33,634 32.0%
TLN 33,399 29.4%
NKTR 31,506 NEW
IMVT 28,354 63.7%
SHC 24,769 46.7%
HUT 22,580 NEW
SATS 21,379 95.7%
ESPR 18,202 70.4%
TDAY 16,380 28.0%
Top Reduces (Value $000, Stocks/ETFs)
AVDL -81,986 -100.0%
INDV -69,937 -27.6%
CRWV -30,311 -79.4%
CORZ -27,947 -10.1%
BUR -19,161 -100.0%
META -8,404 -47.1%
FTAI -8,331 -18.5%
BTDR -7,691 -100.0%
SONO -2,728 -32.5%
ANIP -2,356 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 3,146,276 (64.8% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type