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MI

MMCAP International Portfolio holdings

AUM $1.18B
1-Year Est. Return 50.44%
This Fund
S&P 500
This Quarter Est. Return
+14.34%
1 Year Est. Return
+50.44%
3 Year Est. Return
+184.48%
5 Year Est. Return
+225.16%
10 Year Est. Return
–
AUM
$546M
AUM Growth
+$198M
Cap. Flow
+$152M
Cap. Flow %
27.86%
Top 10 Hldgs %
82.17%
Holding
220
New
23
Increased
4
Reduced
6
Closed
26

Top Buys

Rank Stock Value
1
CVE icon
Cenovus Energy
CVE
+$59.5M
2
ASTL icon
Algoma Steel
ASTL
+$23.9M
3
UEC icon
Uranium Energy
UEC
+$23.1M
4
DNN icon
Denison Mines
DNN
+$14.4M
5
UUUU icon
Energy Fuels
UUUU
+$9.61M

Top Sells

Rank Stock Value
1
CCVI
Churchill Capital Corp VI
CCVI
+$7.11M
2
NXE icon
NexGen Energy
NXE
+$6.91M
3
RENE
Cartesian Growth Corp II
RENE
+$6.52M
4
ACB
Aurora Cannabis
ACB
+$4.66M
5
URG
Ur-Energy
URG
+$3.88M

Sector Composition

Rank Sector Weight
1 Energy 50.89%
2 Materials 29.92%
3 Financials 8.27%
4 Consumer Discretionary 3.27%
5 Miscellaneous 2.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DSKE
26
DELISTED
Daseke, Inc. Common Stock
DSKE
$2.03M 0.37%
+251,155
New +$1.22M
MARX
27
DELISTED
Mars Acquisition Corp. Ordinary Shares
MARX
$1.86M 0.34%
175,000
– –
KVAC
28
DELISTED
Keen Vision Acquisition Corp
KVAC
$1.55M 0.28%
150,000
– –
AN icon
29
AutoNation
AN
$6.62B
$1.51M 0.28%
+10,000
New +$1.38M
PET
30
DELISTED
Wag!
PET
$1.49M 0.27%
853,343
-91,197
-10% -$161K
TMTC
31
DELISTED
TMT Acquisition Corp Ordinary Shares
TMTC
$1.48M 0.27%
140,000
– –
NXE icon
32
NexGen Energy
NXE
$6.97B
$1.41M 0.26%
206,387
-1,109,621
-84% -$6.91M
THRX
33
DELISTED
Theseus Pharmaceuticals, Inc. Common Stock
THRX
$1.12M 0.21%
+277,303
New +$846K
RS icon
34
Reliance Steel & Aluminium
RS
$19.8B
$845K 0.15%
+3,000
New +$797K
AFRIW icon
35
Forafric Global PLC Warrants
AFRIW
$11.6M
$815K 0.15%
518,900
– –
AITRU
36
DELISTED
AI Transportation Acquisition Corp Unit
AITRU
$769K 0.14%
+75,000
New +$764K
IROHU
37
DELISTED
Iron Horse Acquisitions Corp Unit
IROHU
$753K 0.14%
+75,000
New +$752K
NNAGU
38
DELISTED
99 Acquisition Group Inc Unit
NNAGU
$670K 0.12%
65,000
– –
QETAU icon
39
Quetta Acquisition Corp Unit
QETAU
$511K 0.09%
+50,000
New +$507K
UROY
40
Uranium Royalty Corp
UROY
$1.62B
$329K 0.06%
124,600
+103,926
+503% +$291K
POET icon
41
POET Technologies
POET
$1.3B
$278K 0.05%
286,842
-22,800
-7% -$39.9K
RYZ
42
Ryerson Holding Corp
RYZ
$1.31B
$278K 0.05%
+8,000
New +$238K
ALTI icon
43
AlTi Global
ALTI
$461M
$252K 0.05%
25,000
– –
MBTCR
44
DELISTED
Nocturne Acquisition Corporation Right
MBTCR
$175K 0.03%
900,000
– –
CLOER
45
DELISTED
Clover Leaf Capital Corp. Rights
CLOER
$170K 0.03%
1,000,000
– –
OABIW icon
46
OmniAb Inc Warrant
OABIW
$30.5M
$163K 0.03%
158,333
– –
SOC.WS
47
DELISTED
Sable Offshore Corp. Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50
SOC.WS
$145K 0.03%
75,000
– –
PETWW
48
DELISTED
Wag! Group Co Warrant
PETWW
$141K 0.03%
975,750
– –
ELBM
49
Electra Battery Materials
ELBM
$64.8M
$122K 0.02%
72,750
– –
YOTAR
50
DELISTED
Yotta Acquisition Corporation Right
YOTAR
$115K 0.02%
925,000
– –
1
2
3 4 5

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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 Q4 2023 Portfolio in Review

As of Q4 2023, MMCAP International held 220 positions worth $546M, up 57% from $348M the previous quarter. Its ten largest holdings account for 82% of the portfolio.

MMCAP International deployed $152M of net new capital in Q4 2023, opening 23 new positions and adding to 4 existing holdings. Its largest new stake was Cenovus Energy: 3,247,408 shares worth $54.3M.

By sector, the portfolio is most concentrated in Energy at 51% of assets, up from 45% a quarter earlier, followed by Materials and Financials.

On the sell side, the largest reduction was NexGen Energy, an estimated $6.91M trimmed.

  • MMCAP International's largest Q4 2023 buy was Cenovus Energy: 3,247,408 shares worth $54.3M.
  • MMCAP International added most to Uranium Energy in Q4 2023, an estimated $23.1M increase.
  • MMCAP International's biggest Q4 2023 reduction was NexGen Energy, cutting an estimated $6.91M.
  • MMCAP International fully exited Churchill Capital Corp VI in Q4 2023, selling an estimated $7.11M.
  • MMCAP International's ten largest holdings make up 82% of its $546M portfolio in Q4 2023.
  • MMCAP International opened 23 new positions and closed 26 in Q4 2023.
  • MMCAP International's portfolio value rose 57% quarter-over-quarter to $546M.

Based on MMCAP International's 13F filing for Q4 2023, filed 12 Feb 2024.