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Funds (13F)

Two Seas Capital LP

Backtest from 18 Feb 2022 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+33.2%
S&P 500 +14.1%
Last 12 months
+6.2%
S&P 500 +12.1%
Sharpe ratio
0.89
S&P 500 0.63
Biggest drop
−34.3%
S&P 500 −20.5%
$10.0k$20.0k$40.0k 20222023202420252026 $38.6k$18.6k
Two Seas Capital LPS&P 500 $10,000 in Two Seas Capital LP from 18 Feb 2022 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Two Seas Capital LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Two Seas Capital LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+33.2%+14.1%
Total return+286%+86%
Last 12 months+6.2%+12.1%
Last 3 months−16.7%—
Last month−9.4%—
This year so far+12.2%—
Volatility a year34.0%16.2%
Sharpe ratio0.890.63
Biggest drop−34.3%−20.5%
Beta to the S&P 5001.121.00
Alpha a year (t-statistic)+18.7% (1.41)—
Share of weeks up58%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
ROIV11.5%——
CLMT9.1%——
CORZ8.8%——
NKTR8.3%——
TLN7.5%——
INDV5.5%——
IMVT4.6%——
TDAY4.6%——
SHAZ4.2%——
SHC4.0%——
ABUS3.5%——
VST2.6%——
FTAI2.6%——
QURE2.5%——
WULF2.4%——
GLNG2.3%——
ECHO1.9%——
CIFR1.9%——
SPCX1.4%——
ABVX1.3%——
STAA1.2%——
FSLR1.2%——
DAR1.1%——
QMCO1.1%——
SOC1.0%——
BTDR0.9%——
XE0.7%——
HUT0.7%——
CRWV0.6%——
SONO0.4%——
LUCD0.3%——
IREN0.2%——
OMEX0.2%——
FRMI0.1%——
PAVM0.1%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest18 Feb 2022 to 2 Nov 2026+33.2%+14.1%0.890.63−34.3%1.12+18.7% (1.41)
Last three years3 Nov 2023 to 2 Nov 2026+45.1%+21.8%1.251.16−34.3%1.29+16.3% (1.17)
Last year7 Nov 2025 to 2 Nov 2026+9.8%+14.2%0.340.84−22.7%0.95−0.7% (−0.03)
DateCompanyAction
14 Aug 2026XEBought
14 Aug 2026SPCXBought
14 Aug 2026QMCOBought
14 Aug 2026IRENBought
14 Aug 2026CRWVBought
14 Aug 2026ABVXBought
22 May 2026TACBought
22 May 2026STAABought
22 May 2026SHAZBought
22 May 2026QUREBought
22 May 2026PAVMBought
22 May 2026INDVBought
22 May 2026FRMIBought
22 May 2026DARBought
22 May 2026BTDRBought
13 Feb 2026NKTRBought
13 Feb 2026HUTBought
21 Nov 2025LUCDBought
21 Nov 2025GLXYBought
21 Nov 2025ECHOBought
21 Nov 2025CRWVBought
21 Nov 2025BTDRBought
21 Nov 2025ANIPBought
15 Aug 2025SOCBought
15 Aug 2025NRGBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026TACSold
14 Aug 2026NBISSold
22 May 2026METASold
22 May 2026CRWVSold
13 Feb 2026GLXYSold
13 Feb 2026BURSold
13 Feb 2026BTDRSold
13 Feb 2026ANIPSold
21 Nov 2025NRGSold
21 Nov 2025IRENSold
21 Nov 2025CEGSold
21 Nov 2025ARDXSold
21 Nov 2025APLDSold
15 Aug 2025HUTSold
16 May 2025SOCSold
16 May 2025METASold
16 May 2025GOOGLSold
16 May 2025CEGSold
16 May 2025BTDRSold
16 May 2025BTBTSold
16 May 2025APLDSold
21 Feb 2025WULFSold
21 Feb 2025EXELSold
21 Feb 2025ARQTSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest