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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
-7.53%
1 Year Est. Return
+50.44%
3 Year Est. Return
+184.48%
5 Year Est. Return
+225.16%
10 Year Est. Return
–
AUM
$587M
AUM Growth
-$78.1M
Cap. Flow
+$18.4M
Cap. Flow %
3.13%
Top 10 Hldgs %
62.57%
Holding
169
New
30
Increased
8
Reduced
12
Closed
38

Top Buys

Rank Stock Value
1
FERAU
Fifth Era Acquisition Corp I Units
FERAU
+$19.1M
2
CEPO
Cantor Equity Partners I
CEPO
+$11.1M
3
DNN icon
Denison Mines
DNN
+$10.6M
4
IMSR
Terrestrial Energy
IMSR
+$9.94M
5
SBXD
SilverBox Corp IV
SBXD
+$9.93M

Top Sells

Rank Stock Value
1
AGCO icon
AGCO
AGCO
+$10.1M
2
CCIRU
Cohen Circle Acquisition Corp. I Unit
CCIRU
+$9.92M
3
SBXD.U
SilverBox Corp IV Units
SBXD.U
+$9.9M
4
HONDU
HCM II Acquisition Corp Unit
HONDU
+$9.9M
5
LPBBU
Launch Two Acquisition Corp Unit
LPBBU
+$9.85M

Sector Composition

Rank Sector Weight
1 Financials 42.68%
2 Energy 23.26%
3 Materials 18.53%
4 Miscellaneous 9.2%
5 Technology 1.79%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IMSRW
51
Terrestrial Energy Warrant
IMSRW
$24.7M
$338K 0.06%
+490,000
New +$115K
USARW
52
DELISTED
USA Rare Earth Inc Warrant
USARW
$335K 0.06%
500,000
– –
ABVE
53
DELISTED
Above Food Ingredients Inc
ABVE
$280K 0.05%
+471,169
New +$232K
CCIXW
54
DELISTED
Churchill Capital Corp IX Warrant
CCIXW
$270K 0.05%
337,500
– –
GPATW
55
GP-Act III Acquisition Corp Warrants
GPATW
$193K 0.03%
1,037,500
– –
ALFUW
56
Centurion Acquisition Corp Warrant
ALFUW
$186K 0.03%
1,237,500
– –
SONN
57
DELISTED
Sonnet BioTherapeutics
SONN
$179K 0.03%
+133,590
New +$205K
VTS icon
58
Vitesse Energy
VTS
$724M
$167K 0.03%
+6,772
New +$173K
YOTAR
59
DELISTED
Yotta Acquisition Corporation Right
YOTAR
$149K 0.03%
925,000
– –
FUFUW icon
60
BitFuFu Inc Warrant
FUFUW
$1.1M
$145K 0.02%
330,000
– –
LPAAW
61
Launch One Acquisition Corp Warrant
LPAAW
$144K 0.02%
990,000
– –
BZAIW
62
Blaize Holdings Warrants
BZAIW
$3.16M
$143K 0.02%
+750,000
New +$323K
CUBWW
63
Lionheart Holdings Warrant
CUBWW
$5.46M
$139K 0.02%
990,000
– –
FLDDW
64
Fold Holdings Warrant
FLDDW
$948K
$130K 0.02%
+175,000
New +$142K
SIMAW
65
SIM Acquisition Corp I Warrant
SIMAW
$129K 0.02%
990,000
– –
JACS.RT
66
Jackson Acquisition Co II Rights
JACS.RT
$125K 0.02%
+500,000
New +$113K
NOEMR
67
CO2 Energy Transition Corp Right
NOEMR
$121K 0.02%
+590,000
New +$113K
GATEW
68
DELISTED
Marblegate Acquisition Corp. Warrant
GATEW
$118K 0.02%
735,000
– –
MRNOW
69
Murano Global Investments PLC Warrants
MRNOW
$116K 0.02%
500,000
– –
SBXD.WS
70
SilverBox Corp IV Warrants
SBXD.WS
$114K 0.02%
+326,666
New +$110K
SATX
71
DELISTED
SatixFy Communications
SATX
$113K 0.02%
93,750
– –
DRTSW icon
72
Alpha Tau Medical Warrant
DRTSW
$88.7M
$106K 0.02%
447,622
– –
LPBBW
73
Launch Two Acquisition Corp Warrant
LPBBW
$103K 0.02%
+490,000
New +$103K
HYAC.WS
74
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
$94.3K 0.02%
450,000
– –
TONT.WS
75
Graf Global Corp Warrants
TONT.WS
$74.7K 0.01%
415,000
– –
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
Knighthead Capital Management New York $1.18B AUM 54.89% 1-Year Est. Return
CF
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MMCAP International's Q1 2025 Portfolio in Review

As of Q1 2025, MMCAP International held 169 positions worth $587M, down 12% from $665M the previous quarter. Its ten largest holdings account for 63% of the portfolio.

MMCAP International deployed $18.4M of net new capital in Q1 2025, opening 30 new positions and adding to 8 existing holdings. Its largest new stake was Fifth Era Acquisition Corp I Units: 1,900,000 shares worth $19.1M.

By sector, the portfolio is most concentrated in Financials at 43% of assets, up from 30% a quarter earlier, followed by Energy and Materials.

On the sell side, the largest reduction was POET Technologies, an estimated $7.55M trimmed.

  • MMCAP International's largest Q1 2025 buy was Fifth Era Acquisition Corp I Units: 1,900,000 shares worth $19.1M.
  • MMCAP International added most to Denison Mines in Q1 2025, an estimated $10.6M increase.
  • MMCAP International's biggest Q1 2025 reduction was POET Technologies, cutting an estimated $7.55M.
  • MMCAP International fully exited AGCO in Q1 2025, selling an estimated $10.1M.
  • MMCAP International's ten largest holdings make up 63% of its $587M portfolio in Q1 2025.
  • MMCAP International opened 30 new positions and closed 38 in Q1 2025.
  • MMCAP International's portfolio value fell 12% quarter-over-quarter to $587M.

Based on MMCAP International's 13F filing for Q1 2025, filed 12 May 2025.