Two Seas Capital LP

Name: Two Seas Capital LP 13F holdings, Q2 2024
Creator: Two Seas Capital LP
Published: 2024-08-14

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q1 2024

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Two Seas Capital LP reported 16 stock positions worth $590.7 million. Its top holding was Indivior (INDV) at 34.5% of the portfolio, followed by Roivant Sciences (ROIV, 18.5%) and Core Scientific (CORZ, 9.8%). Compared with Q1 2024, it opened 2 new positions, sold out of 1, added to 10 and reduced 4. The biggest buy was a new position in Talen Energy (TLN) and the biggest sale Indivior (INDV, shares −5%).

Most Recent 13F: Q2 2026
Location: RYE, NY
CIK: 0001823138
Portfolio Value: $590.7M (Q2 2024)
SEC Filing: 0001315863-24-000612 ↗ filed Aug 14, 2024

Holdings Value

Holdings 16 stocks · $590.7M


INDV Indivior Ltd.	34.47%	12,630,026	$203.6M	Reduce -4.7%
ROIV Roivant Sciences Ltd.	18.46%	10,318,764	$109.1M	Add +30.1%
CORZ Core Scientific Inc.	9.82%	6,239,591	$58.0M	Add +62.9%
TLN Talen Energy Corp.	8.75%	465,683	$51.7M	New
AVDL Avadel Pharmaceuticals Ltd.	5.03%	2,115,279	$29.7M	Add +564.7%
VST Vistra Corp.	4.57%	314,082	$27.0M	Add +59.1%
ABUS Arbutus Biopharma Corp.	4.48%	8,571,751	$26.5M	Add +9.3%
IMVT Immunovant Inc.	3.09%	692,406	$18.3M	Add +27.9%
META Meta Platforms Inc. Class A	2.64%	30,958	$15.6M	Reduce -3.1%
ESPR Esperion Therapeutics Inc.	2.16%	5,735,660	$12.7M	Add +37.7%
SONO Sonos Inc.	1.76%	703,928	$10.4M	Add +74.4%
GOOGL Alphabet Inc. Class A	1.52%	49,371	$9.0M	Add +102.6%
ARQT Arcutis Biotherapeutics Inc.	1.20%	762,190	$7.1M	Reduce -5.8%
OMEX Odyssey Marine Exploration	0.95%	1,150,666	$5.6M	Reduce -7.0%
SHC Sotera Health Co.	0.70%	350,000	$4.2M	Add +16.7%
WULF Terawulf Inc.	0.38%	500,000	$2.2M	New

Options reported separately and not counted above: EXEL calls ($2.5M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $22.1M (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	$18.8M	No change
CORZZ Core Scientific Inc. - 29	*W EXP 01/23/202	233,540	$2.0M	No change
CORZW Core Scientific Inc. - 27	*W EXP 01/23/202	280,248	$1.3M	No change

Total filed on the 13F, all lines: $612.8M.

Portfolio Sells Q1 2024 → Q2 2024


INDV Indivior Ltd.	Reduce -4.7%	34.47%	−23.14
META Meta Platforms Inc. Class A	Reduce -3.1%	2.64%	−0.51
ARQT Arcutis Biotherapeutics Inc.	Reduce -5.8%	1.20%	−0.43
TRML Tourmaline Bio Inc.	Sold out	0.00%	−0.10
OMEX Odyssey Marine Exploration	Reduce -7.0%	0.95%	−0.01

Portfolio Buys Q1 2024 → Q2 2024


TLN Talen Energy Corp.	New	8.75%	+8.75
CORZ Core Scientific Inc.	Add +62.9%	9.82%	+7.07
AVDL Avadel Pharmaceuticals Ltd.	Add +564.7%	5.03%	+3.94
VST Vistra Corp.	Add +59.1%	4.57%	+1.78
ROIV Roivant Sciences Ltd.	Add +30.1%	18.46%	+1.50
GOOGL Alphabet Inc. Class A	Add +102.6%	1.52%	+0.78
ABUS Arbutus Biopharma Corp.	Add +9.3%	4.48%	+0.38
WULF Terawulf Inc.	New	0.38%	+0.38
SONO Sonos Inc.	Add +74.4%	1.76%	+0.20
SHC Sotera Health Co.	Add +16.7%	0.70%	−0.03
ESPR Esperion Therapeutics Inc.	Add +37.7%	2.16%	−0.11
IMVT Immunovant Inc.	Add +27.9%	3.09%	−0.46

Options Activity Q1 2024 → Q2 2024


EXEL Exelixis Inc.	call	New	111,300	$2.5M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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 2024Amended	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