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MMCAP International Portfolio holdings

AUM $1.18B
1-Year Est. Return 50.44%
This Fund
S&P 500
This Quarter Est. Return
+1.6%
1 Year Est. Return
+50.44%
3 Year Est. Return
+184.48%
5 Year Est. Return
+225.16%
10 Year Est. Return
–
AUM
$1.16B
AUM Growth
+$158M
Cap. Flow
+$134M
Cap. Flow %
11.55%
Top 10 Hldgs %
35.34%
Holding
264
New
56
Increased
12
Reduced
14
Closed
19

Top Buys

Rank Stock Value
1
XNDU
Xanadu Quantum Technologies Class B
XNDU
+$61.9M
2
DMII
Drugs Made In America Acquisition II Corp
DMII
+$26.9M
3
MZYX.U
MOZAYYX Acquisition Corp Units
MZYX.U
+$17.4M
4
IACOU
Idea Acquisition Corp Units
IACOU
+$17.3M
5
CRDL
Cardiol Therapeutics
CRDL
+$15.5M

Top Sells

Rank Stock Value
1
ARIS
Aris Mining
ARIS
+$113M
2
DMIIU
Drugs Made In America Acquisition II Corp Unit
DMIIU
+$27M
3
UEC icon
Uranium Energy
UEC
+$18.8M
4
DNN icon
Denison Mines
DNN
+$16.4M
5
CCIX
Churchill Capital Corp IX
CCIX
+$13.3M

Sector Composition

Rank Sector Weight
1 Financials 35.94%
2 Miscellaneous 24.67%
3 Materials 19.71%
4 Technology 6.25%
5 Energy 4.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CYCUW
226
Cycurion Inc Warrant
CYCUW
$322K
$10.4K ﹤0.01%
500,000
– –
USAR
227
USA Rare Earth Inc
USAR
$4.4B
$10.4K ﹤0.01%
+687
New +$13.3K
LATAW
228
Galata Acquisition Corp II Warrant
LATAW
$1.32M
$10K ﹤0.01%
33,333
– –
ZEOWW
229
Zeo Energy Corp Warrants
ZEOWW
$85.3K
$8.04K ﹤0.01%
195,575
– –
MSAIW icon
230
MultiSensor AI Holdings Warrant
MSAIW
$6.85K ﹤0.01%
175,250
– –
HUBCW icon
231
Hub Cyber Security Warrant 2/27/28
HUBCW
$159K
$6.29K ﹤0.01%
898,991
– –
CDTTW
232
CDT Equity Inc Warrant
CDTTW
$1.5M
$5.81K ﹤0.01%
700,000
– –
VLN.WS
233
DELISTED
Valens Semiconductor Ltd Warrants
VLN.WS
$5.57K ﹤0.01%
214,067
– –
SMXWW
234
SMX (Security Matters) Public Ltd Warrant
SMXWW
$774K
$5.55K ﹤0.01%
125,000
– –
NIVFW
235
NewGenIvf Group Warrants
NIVFW
$5.25K ﹤0.01%
375,000
– –
PARAW
236
Banzai International Warrant
PARAW
$95.5K
$4.62K ﹤0.01%
352,409
– –
KVACW
237
DELISTED
Keen Vision Acquisition Corp Warrant
KVACW
$4.5K ﹤0.01%
150,000
– –
LIMNW
238
Liminatus Pharma Warrants
LIMNW
$336K
$4.47K ﹤0.01%
111,745
– –
APLMW icon
239
Apollomics Inc Warrant
APLMW
$1.25M
$3.8K ﹤0.01%
250,000
– –
KIDZW
240
KIDZ AI Inc Warrants
KIDZW
$148K
$3.09K ﹤0.01%
187,500
– –
GIBOW
241
GIBO Holdings Warrants
GIBOW
$2.81K ﹤0.01%
125,000
– –
DAICW
242
CID HoldCo Inc Warrants
DAICW
$219K
$2.65K ﹤0.01%
100,000
– –
BGLWW
243
Blue Gold Ltd Warrant
BGLWW
$311K
$2.5K ﹤0.01%
12,500
– –
BNCWW
244
CEA Industries Inc Warrant
BNCWW
$239 ﹤0.01%
+742,575
New +$34.7K
OIOWW
245
OIO Group Warrants
OIOWW
$1.21M
– –
-154,750
Closed -$15.5K
HYAC.WS
246
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
– –
-450,000
Closed -$698K
JTAI icon
247
Jet.AI
JTAI
$2.15M
– –
-7
Closed -$787
STLD icon
248
CALL
Steel Dynamics
STLD
$33.6B
– –
-10,711
Closed -$1.81M
THS
249
DELISTED
Treehouse Foods
THS
– –
-93,700
Closed -$2.21M
URG
250
Ur-Energy
URG
$561M
– –
-515,776
Closed -$717K
7 8 9
10
11

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FSWA
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CA
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KBFS
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TPI
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TFA
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KCM
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CF
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MMCAP International's Q1 2026 Portfolio in Review

As of Q1 2026, MMCAP International held 264 positions worth $1.16B, up 16% from $1B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

MMCAP International deployed $134M of net new capital in Q1 2026, opening 56 new positions and adding to 12 existing holdings. Its largest new stake was Xanadu Quantum Technologies Class B: 6,875,000 shares worth $48.1M.

By sector, the portfolio is most concentrated in Financials at 36% of assets, down from 38% a quarter earlier, followed by Miscellaneous and Materials.

On the sell side, the largest reduction was Aris Mining, an estimated $113M trimmed.

  • MMCAP International's largest Q1 2026 buy was Xanadu Quantum Technologies Class B: 6,875,000 shares worth $48.1M.
  • MMCAP International added most to Cardiol Therapeutics in Q1 2026, an estimated $15.5M increase.
  • MMCAP International's biggest Q1 2026 reduction was Aris Mining, cutting an estimated $113M.
  • MMCAP International fully exited Drugs Made In America Acquisition II Corp Unit in Q1 2026, selling an estimated $27M.
  • MMCAP International's ten largest holdings make up 35% of its $1.16B portfolio in Q1 2026.
  • MMCAP International opened 56 new positions and closed 19 in Q1 2026.
  • MMCAP International's portfolio value rose 16% quarter-over-quarter to $1.16B.

Based on MMCAP International's 13F filing for Q1 2026, filed 15 May 2026.