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Livermore
Livermore
ZHEN

Two Seas Capital LP

SEC CIK
0001823138
Latest filing
Aug 12, 2026

The latest 13F from Two Seas Capital LP covers Q2 2026 (filed Aug 12, 2026): 37 long positions worth $2.62B. The top 10 holdings make up 67.8% of the portfolio, and the largest is Roivant Sciences Ltd. (ROIV) at 11.4%. Livermore has 20 filings on Form 13F from this institution, going back to Q4 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
6
Est. +$135.7M
Added
13
Est. +$280.7M
Reduced
14
Est. −$406.2M
Sold out
4
Est. −$84.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. ROIVRoivant Sciences Ltd.
    11.4%$299.9MHistory
  2. CLMTCalumet, Inc.
    9.1%$238.4MHistory
  3. CORZCore Scientific, Inc.
    8.8%$231.0MHistory
  4. NKTRNektar Therapeutics
    8.2%$215.9MHistory
  5. TLNTalen Energy Corp
    7.4%$194.9MHistory

Share of portfolio

Top 5 holdings and the other 32 positions, by share of portfolio value

  1. ROIV11.4%
  2. CLMT9.1%
  3. CORZ8.8%
  4. NKTR8.2%
  5. TLN7.4%
  6. Other 32 positions55.0%

Biggest buys

New and added positions, by estimated amount bought

  1. NKTRNektar Therapeutics
    +$79.1MAddedHistory
  2. SHAZSharonAI Holdings Inc.
    +$74.3MAddedHistory
  3. VSTVistra Corp.
    +$38.9MAddedHistory
  4. SPCXSpace Exploration Technologies Corp
    +$35.7MNewHistory
  5. ABVXAbivax S.A.
    +$32.6MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. SHAZSharonAI Holdings Inc.
    +3.74 pp0.4% → 4.2%History
  2. NKTRNektar Therapeutics
    +1.73 pp6.5% → 8.2%History
  3. QUREuniQure N.V.
    +1.55 pp1.0% → 2.5%History
  4. SPCXSpace Exploration Technologies Corp
    +1.36 pp0.0% → 1.4%History
  5. VSTVistra Corp.
    +1.32 pp1.3% → 2.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. CORZCore Scientific, Inc.
    −$182.3MReducedHistory
  2. INDVIndivior Pharmaceuticals, Inc.
    −$52.0MReducedHistory
  3. FSLRFirst Solar, Inc.
    −$41.3MReducedHistory
  4. WULFTerawulf Inc.
    −$37.8MReducedHistory
  5. ESPREsperion Therapeutics, Inc.
    −$31.2MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. CORZCore Scientific, Inc.
    −2.33 pp11.2% → 8.8%History
  2. FSLRFirst Solar, Inc.
    −1.61 pp2.8% → 1.2%History
  3. ESPREsperion Therapeutics, Inc.
    −1.44 pp1.4% → 0.0%History
  4. INDVIndivior Pharmaceuticals, Inc.
    −1.23 pp6.7% → 5.4%History
  5. TLNTalen Energy Corp
    −1.09 pp8.5% → 7.4%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.62B
+$453.5M (+20.9%) vs. prior quarter
Positions
37
+2 vs. prior quarter
Top 10 concentration
67.8%
Top 10 as share of value
Turnover
17.4%
Q2 2026, one quarter
Average holding period
8.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.62B (Q2 2026)

Q4 2021: $130.3MQ1 2022: $119.4MQ2 2022: $76.8MQ3 2022: $87.1MQ4 2022: $105.3MQ1 2023: $109.0MQ2 2023: $457.5MQ3 2023: $494.0MQ4 2023: $405.9MQ1 2024: $510.5MQ2 2024: $612.8MQ3 2024: $591.3MQ4 2024: $846.3MQ1 2025: $643.3MQ2 2025: $1.02BQ3 2025: $1.66BQ4 2025: $1.71BQ1 2026: $2.17BQ2 2026: $2.62B
Q4 2021Q2 2026
13F filings of Two Seas Capital LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 202637$2.62BROIVCLMTCORZvs. Q1 2026SEC
Q1 2026May 15, 202635$2.17BROIVCORZCLMTvs. Q4 2025SEC
Q4 2025Feb 11, 202629$1.71BCORZROIVINDVvs. Q3 2025SEC
Q3 2025Nov 14, 202532$1.66BCORZINDVROIVvs. Q2 2025SEC
Q2 2025Aug 13, 202533$1.02BINDVROIVCORZvs. Q1 2025SEC
Q1 2025May 15, 202523$643.3MINDVROIVTLNvs. Q4 2024SEC
Q4 2024Feb 18, 2025Amended27$846.3MINDVROIVTLNvs. Q3 2024SEC
Q3 2024Nov 14, 202424$591.3MINDVROIVTLNvs. Q2 2024SEC
Q2 2024Aug 14, 202419$612.8MINDVROIVCORZvs. Q1 2024SEC
Q1 2024May 15, 202418$510.5MINDVROIVABUSvs. Q4 2023SEC
Q4 2023Feb 14, 202412$405.9MINDVROIVESPRvs. Q3 2023SEC
Q3 2023Nov 14, 202313$494.0MINDVROIVABUSvs. Q2 2023SEC
Q2 2023Aug 14, 202313$457.5MINDVROIVABUSvs. Q1 2023SEC
Q1 2023May 15, 202311$109.0MROIVABUSHTZvs. Q4 2022SEC
Q4 2022Feb 14, 202310$105.3MROIVABUSHTZvs. Q3 2022SEC
Q3 2022Nov 14, 202210$87.1MHTZROIVMTBLYvs. Q2 2022SEC
Q2 2022Aug 12, 20228$76.8MHTZROIVMTBLYvs. Q1 2022SEC
Q1 2022May 13, 202212$119.4MHTZMTBLYABUSvs. Q4 2021SEC
Q4 2021Feb 14, 202213$130.3MHTZOMEXSONO–SEC

13D and 13G filings

Companies where Two Seas Capital LP reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

10 companies, largest stake first.

Companies where Two Seas Capital LP owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
OMEXOdyssey Marine Exploration Inc13D9.99%5.86M shares0.00 ppfrom 9.99%Feb 10, 202110 filingsApr 13, 2026SEC
PAVMPAVmed Inc.13G9.99%657.2K sharesNewMay 15, 20261 filingMay 15, 2026SEC
NKTRNektar Therapeutics13G/A9.80%3.35M shares+0.70 ppfrom 9.10%Apr 17, 20263 filingsSep 28, 2026SEC
TDAYUSA TODAY Co., Inc.13G/A9.60%14.2M shares+1.90 ppfrom 7.70%Aug 13, 20252 filingsNov 14, 2025SEC
ABUSArbutus Biopharma Corp13G/A9.40%18.6M shares+2.90 ppfrom 6.50%Nov 21, 20236 filingsMay 15, 2026SEC
MDRXVeradigm Inc.13G/A8.20%8.94M shares+1.30 ppfrom 6.90%Nov 14, 20253 filingsMay 15, 2026SEC
CLMTCalumet, Inc.13G/A7.50%6.62M shares−1.80 ppfrom 9.30%Aug 13, 20254 filingsAug 14, 2026SEC
Core Scientific, Inc.Common Stock, par value $0.00001 per share13D6.30%19.1M sharesNewAug 8, 20251 filingAug 8, 2025SEC
QMCOQuantum Corp13G6.30%2.49M sharesNewAug 14, 20261 filingAug 14, 2026SEC
SOCSable Offshore Corp.13G5.40%8.38M sharesNewAug 14, 20261 filingAug 14, 2026SEC

Latest filings

70 filings on file made by Two Seas Capital LP or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Two Seas Capital LP
CompanyFiled (ET)FormStakeChangeEvent dateFiling
NKTRNektar TherapeuticsSep 28, 20267:51 AM ET13G/A9.80%3.35M shares+0.70 ppfrom 9.10%Sep 25, 2026SEC
SOCSable Offshore Corp.Aug 14, 20265:03 PM ET13G5.40%8.38M sharesNewJun 30, 2026SEC
CLMTCalumet, Inc.Aug 14, 20264:51 PM ET13G/A7.50%6.62M shares−1.80 ppfrom 9.30%Jun 30, 2026SEC
QMCOQuantum CorpAug 14, 20264:50 PM ET13G6.30%2.49M sharesNewJun 30, 2026SEC
NKTRNektar TherapeuticsAug 14, 20264:48 PM ET13G/A9.10%3.09M shares+2.30 ppfrom 6.80%Jun 30, 2026SEC
PAVMPAVmed Inc.May 15, 20265:48 PM ET13G9.99%657.2K sharesNewMar 31, 2026SEC
MDRXVeradigm Inc.May 15, 20265:30 PM ET13G/A8.20%8.94M shares+1.30 ppfrom 6.90%Mar 31, 2026SEC
ABUSArbutus Biopharma CorpMay 15, 20265:29 PM ET13G/A9.40%18.6M shares+2.90 ppfrom 6.50%Mar 31, 2026SEC
CORZCore Scientific, Inc.Apr 23, 20268:59 PM ET13D/A4.40%14.0M shares−1.30 ppfrom 5.70%Below 5%Apr 23, 2026SEC
NKTRNektar TherapeuticsApr 17, 20269:00 AM ET13G6.80%1.96M sharesNewMar 31, 2026SEC
CORZCore Scientific, Inc.Apr 16, 20268:35 PM ET13D/A5.70%17.9M shares+0.20 ppfrom 5.50%Apr 14, 2026SEC
OMEXOdyssey Marine Exploration IncApr 13, 20268:28 PM ET13D9.99%5.86M shares0.00 ppfrom 9.99%Apr 8, 2026SEC
CORZCore Scientific, Inc.Mar 20, 20268:39 PM ET13D/A5.50%17.5M shares−0.40 ppfrom 5.90%Mar 18, 2026SEC
CORZCore Scientific, Inc.Mar 4, 20269:05 PM ET13D/A5.90%18.7M shares−0.80 ppfrom 6.70%Mar 2, 2026SEC
CORZCore Scientific, Inc.Feb 19, 20269:17 PM ET13D/A6.70%20.7M shares−0.50 ppfrom 7.20%Feb 18, 2026SEC
AVDLAvadel Pharmaceuticals PLCFeb 17, 20264:23 PM ET13G/A0.00%0 shares−6.40 ppfrom 6.40%Below 5%Dec 31, 2025SEC
CLMTCalumet, Inc.Feb 17, 20264:23 PM ET13G/A9.30%8.10M shares+1.50 ppfrom 7.80%Dec 31, 2025SEC
MDRXVeradigm Inc.Feb 17, 20264:22 PM ET13G/A6.90%7.47M shares+1.60 ppfrom 5.30%Dec 31, 2025SEC
ABUSArbutus Biopharma CorpFeb 17, 20264:21 PM ET13G/A6.50%12.6M shares+1.10 ppfrom 5.40%Dec 31, 2025SEC
CORZCore Scientific, Inc.Jan 20, 20269:07 PM ET13D/A7.20%22.5M shares−0.90 ppfrom 8.10%Jan 15, 2026SEC