Two Seas Capital LP

Two Seas Capital's Q1 2026 13F is the largest AUM filing in this batch at $7.15B with 50 positions, and the quarter is dominated by two structural moves: a $1.68B increase in SPY (State Street S&P 500 ETF, $4.21B, 58.8% of AUM — up from 52.1%) that makes the fund one of the most ETF-concentrated mega-funds in the dataset, and a simultaneous aggressive entry into small-cap biotech (Nektar Therapeutics +$109.5M, +162.9% shares; Immunovant +$66.6M, +23.1%; Arbutus Biopharma +$23.0M, +47.4%; Esperion +$12.8M, -4.3%) and crypto-mining infrastructure (Cipher Digital +$21.9M, +570.5%; Bitdeer +$19.2M new; Hut 8 trimmed $91.4M but retained $11.7M). The fund also made its largest-ever Apple opening ($215.7M, 3.0%) and added First Solar (+$75.9M, +167.9% shares), Echostar (+$44.9M, +88.3% shares), Sable Offshore (+$75.2M, +217.1% shares), and Golar LNG (+$38.9M, +30.2%). On the sell side, the fund liquidated a $258.5M IWM (iShares Russell 2000) position entirely, sold Indivior PLC ($183.3M), trimmed Meta from a $9.4M CoreWeave-driven entry to zero, and reduced Hut 8 from $103.1M to $11.7M. The Read is a $7.15B mega-fund that has decided its core equity exposure is best delivered via SPY and is using the freed active-management budget to build high-conviction sleeves in small-cap biotech (binary-catalyst names), crypto-mining infrastructure (post-halving capex cycle), and renewable-energy infrastructure (First Solar, Talen, Calumet). The 44 total changes (12 new, 4 sold, 14 increased, 11 decreased, 3 unchanged) is extraordinarily high churn for a $7B fund and signals a desk that is in active portfolio-construction mode rather than a passive indexer.