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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
+22.55%
1 Year Est. Return
+50.44%
3 Year Est. Return
+184.48%
5 Year Est. Return
+225.16%
10 Year Est. Return
–
AUM
$860M
AUM Growth
+$28.4M
Cap. Flow
+$43.4M
Cap. Flow %
5.05%
Top 10 Hldgs %
43.92%
Holding
208
New
64
Increased
8
Reduced
10
Closed
36

Top Buys

Rank Stock Value
1
ASST icon
Strive Inc
ASST
+$88M
2
ARIS
Aris Mining
ARIS
+$40.8M
3
DMIIU
Drugs Made In America Acquisition II Corp Unit
DMIIU
+$26.9M
4
NPAC
New Providence Acquisition Corp III
NPAC
+$22.3M
5
SUIG
Sui Group Holdings
SUIG
+$21.6M

Top Sells

Rank Stock Value
1
UEC icon
Uranium Energy
UEC
+$137M
2
NPACU
New Providence Acquisition Corp III Units
NPACU
+$23M
3
CCCXU
Churchill Capital Corp X Unit
CCCXU
+$20.6M
4
FERAU
Fifth Era Acquisition Corp I Units
FERAU
+$19.8M
5
RDAGU
Republic Digital Acquisition Co Unit
RDAGU
+$16.7M

Sector Composition

Rank Sector Weight
1 Financials 43.73%
2 Materials 23.87%
3 Miscellaneous 14.24%
4 Energy 9.54%
5 Technology 3.27%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HCMAU
26
HCM III Acquisition Corp Units
HCMAU
$10.3M 1.2%
+1,000,000
New +$10.2M
CUB
27
Lionheart Holdings
CUB
$285M
$10.3M 1.2%
980,000
– –
SBXD
28
SilverBox Corp IV
SBXD
$10.3M 1.19%
980,000
– –
BLZRU
29
Trailblazer Acquisition Corp Unit
BLZRU
$207M
$10.2M 1.19%
+1,000,000
New +$10.1M
HYAC
30
DELISTED
Haymaker Acquisition Corp 4
HYAC
$10.2M 1.19%
900,000
– –
TONT
31
Graf Global Corp
TONT
$8.75M 1.02%
830,000
– –
NESR
32
National Energy Services Reunited Corp
NESR
$3.47B
$8.67M 1.01%
845,142
+243,785
+41% +$1.95M
SBET icon
33
Sharplink Inc
SBET
$1.78B
$8.48M 0.99%
+498,700
New +$9.79M
KEEL
34
Keel Infrastructure Corp
KEEL
$1.99B
$7.88M 0.92%
2,795,298
-3,806,800
-58% -$5.9M
CEPT
35
DELISTED
Cantor Equity Partners II
CEPT
$7.88M 0.92%
750,000
– –
CAEP
36
DELISTED
Cantor Equity Partners III
CAEP
$7.74M 0.9%
750,000
– –
PACHU
37
Pioneer Acquisition I Corp Units
PACHU
$228M
$7.54M 0.88%
750,000
– –
OBAWU
38
Oxley Bridge Acquisition Ltd Unit
OBAWU
$7.53M 0.88%
750,000
– –
GTEN
39
Gores Holdings X
GTEN
$7.15M 0.83%
+700,000
New +$7.16M
AEXA
40
American Exceptionalism Acquisition Corp
AEXA
$569M
$6.9M 0.8%
+631,066
New +$6.8M
URG
41
Ur-Energy
URG
$561M
$6.89M 0.8%
3,849,280
-5,155,464
-57% -$6.99M
CEPO
42
Cantor Equity Partners I
CEPO
$275M
$6.67M 0.78%
638,027
-159,664
-20% -$1.77M
ONCHU
43
1RT Acquisition Corp Units
ONCHU
$157M
$6.33M 0.74%
+600,000
New +$6.28M
POLE
44
Andretti Acquisition Corp II
POLE
$316M
$6.07M 0.71%
580,000
– –
NOEM
45
CO2 Energy Transition Corp
NOEM
$39.6M
$6.02M 0.7%
590,000
– –
UUUU icon
46
Energy Fuels
UUUU
$3.67B
$5.6M 0.65%
364,925
-1,149,000
-76% -$12.2M
FIGXU
47
FIGX Capital Acquisition Corp Units
FIGXU
$5.04M 0.59%
500,000
– –
LPBB
48
Launch Two Acquisition Corp
LPBB
$311M
$5.02M 0.58%
480,000
– –
CRON
49
Cronos Group
CRON
$1.25B
$4.92M 0.57%
1,769,082
+82,700
+5% +$195K
NTWO
50
Newbury Street II Acquisition Corp
NTWO
$267M
$4.66M 0.54%
450,000
– –
1
2
3 4 5

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KCM
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MMCAP International's Q3 2025 Portfolio in Review

As of Q3 2025, MMCAP International held 208 positions worth $860M, up 3.4% from $831M the previous quarter. Its ten largest holdings account for 44% of the portfolio.

MMCAP International deployed $43.4M of net new capital in Q3 2025, opening 64 new positions and adding to 8 existing holdings. Its largest new stake was Strive Inc: 925,926 shares worth $25M.

By sector, the portfolio is most concentrated in Financials at 44% of assets, up from 24% a quarter earlier, followed by Materials and Miscellaneous.

On the sell side, the largest reduction was Uranium Energy, an estimated $137M trimmed.

  • MMCAP International's largest Q3 2025 buy was Strive Inc: 925,926 shares worth $25M.
  • MMCAP International added most to Aris Mining in Q3 2025, an estimated $40.8M increase.
  • MMCAP International's biggest Q3 2025 reduction was Uranium Energy, cutting an estimated $137M.
  • MMCAP International fully exited New Providence Acquisition Corp III Units in Q3 2025, selling an estimated $23M.
  • MMCAP International's ten largest holdings make up 44% of its $860M portfolio in Q3 2025.
  • MMCAP International opened 64 new positions and closed 36 in Q3 2025.
  • MMCAP International's portfolio value rose 3.4% quarter-over-quarter to $860M.

Based on MMCAP International's 13F filing for Q3 2025, filed 10 Nov 2025.