In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Two Seas Capital LP reported 15 stock positions worth $492.7 million . Its top holding was Indivior (INDV) at 57.6% of the portfolio, followed by Roivant Sciences (ROIV, 17.0% ) and Arbutus Biopharma (ABUS, 4.1% ). Compared with Q4 2023, it opened 7 new positions, sold out of 2, added to 3 and reduced 5. The biggest buy was a new position in Vistra (VST) and the biggest sale Roivant Sciences (ROIV, shares −7% ).
Location RYE, NY
CIK 0001823138
Portfolio Value $492.7M (Q1 2024) Holdings 15 stocks · $492.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 INDV Indivior Ltd. 13,251,002 $283.8M Reduce -4.0% ROIV Roivant Sciences Ltd. 7,930,349 $83.6M Reduce -6.8% ABUS Arbutus Biopharma Corp. 7,841,927 $20.2M Reduce -13.3% IMVT Immunovant Inc. 541,295 $17.5M Add +172.3% META Meta Platforms Inc. Class A 31,958 $15.5M Add +22.1% VST Vistra Corp. 197,353 $13.7M New CORZ Core Scientific Inc. 3,830,967 $13.6M New ESPR Esperion Therapeutics Inc. 4,165,657 $11.2M Reduce -45.8% ARQT Arcutis Biotherapeutics Inc. 809,332 $8.0M New SONO Sonos Inc. 403,653 $7.7M Add +124.6% AVDL Avadel Pharmaceuticals plc 318,240 $5.4M New OMEX Odyssey Marine Exploration 1,237,615 $4.7M Reduce -9.8% GOOGL Alphabet Inc. Class A 24,371 $3.7M New SHC Sotera Health Co. 300,000 $3.6M New TRML Tourmaline Bio Inc. 21,891 $501K New
Other holdings (3): bonds, preferreds, convertibles and warrants · $17.8M (not counted above) Security Class Shares / Principal Value Change ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal 20,315,000 $16.9M Add +17.6% CORZZ Core Scientific Inc. - 29 *W EXP 01/23/202 233,540 $563K New CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 280,248 $373K New
Total filed on the 13F, all lines: $510.5M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ ROIV Roivant Sciences Ltd. Reduce -6.8% 16.96% −7.18 MMM 3M Co. Sold out 0.00% −4.00 ESPR Esperion Therapeutics Inc. Reduce -45.8% 2.27% −3.54 ABUS Arbutus Biopharma Corp. Reduce -13.3% 4.11% −1.61 OMEX Odyssey Marine Exploration Reduce -9.8% 0.96% −0.65 HTZ Hertz Global Hldgs Inc. Sold out 0.00% −0.20 INDV Indivior Ltd. Reduce -4.0% 57.61% +4.32
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ VST Vistra Corp. New 2.79% +2.79 CORZ Core Scientific Inc. New 2.75% +2.75 ARQT Arcutis Biotherapeutics Inc. New 1.63% +1.63 IMVT Immunovant Inc. Add +172.3% 3.55% +1.43 AVDL Avadel Pharmaceuticals plc New 1.09% +1.09 META Meta Platforms Inc. Class A Add +22.1% 3.15% +0.81 SONO Sonos Inc. Add +124.6% 1.56% +0.78 GOOGL Alphabet Inc. Class A New 0.75% +0.75 SHC Sotera Health Co. New 0.73% +0.73 TRML Tourmaline Bio Inc. New 0.10% +0.10
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ IMVT Immunovant Inc. call Sold out 86,600 $3.6Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal Add +17.6% 20,315,000 $16.9M CORZZ Core Scientific Inc. - 29 *W EXP 01/23/202 New 233,540 $563K CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 New 280,248 $373K HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 Sold out 16,841 $92Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 35 $2.6B ROIV, CLMT, CORZ, NKTR, TLN Q1 2026 33 $2.2B ROIV, CORZ, CLMT, TLN, INDV Q4 2025 27 $1.7B CORZ, ROIV, INDV, TLN, CLMT Q3 2025 30 $1.7B CORZ, INDV, ROIV, TLN, CLMT Q2 2025 31 $1.0B INDV, ROIV, CORZ, TLN, CLMT Q1 2025 22 $642.5M INDV, ROIV, TLN, CORZ, AVDL Q4 2024 Amended 25 $838.8M INDV, ROIV, TLN, CORZ, VST Q3 2024 22 $584.4M INDV, ROIV, TLN, CORZ, ABUS Q2 2024 16 $590.7M INDV, ROIV, CORZ, TLN, AVDL Q1 2024 15 $492.7M INDV, ROIV, ABUS, IMVT, META