Two Seas Capital LP
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 12 quarters, returned +22.0% per quarter — versus +3.5% per quarter from simply owning every 13F stock. It beat that baseline in only 66.7% of quarters (excess t = 1.88, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 35 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| ROIV | $258M | | TRIM |
| CORZ | $242M | | TRIM |
| CLMT | $214M | | TRIM |
| TLN | $185M | | ADD |
| INDV | $145M | | NEW |
| NKTR | $141M | | ADD |
| TDAY | $99M | | TRIM |
| SOC | $91M | | ADD |
| SHC | $86M | | ADD |
| ABUS | $84M | | ADD |
| IMVT | $80M | | ADD |
| GLNG | $69M | | ADD |
| FTAI | $63M | | ADD |
| FSLR | $60M | | ADD |
| WULF | $58M | | TRIM |
| ECHO | $45M | | TRIM |
| ESPR | $31M | | TRIM |
| VST | $28M | | TRIM |
| CIFR | $26M | | ADD |
| QURE | $21M | | NEW |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.