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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
+25.15%
1 Year Est. Return
+50.44%
3 Year Est. Return
+184.48%
5 Year Est. Return
+225.16%
10 Year Est. Return
–
AUM
$831M
AUM Growth
+$245M
Cap. Flow
+$56.9M
Cap. Flow %
6.84%
Top 10 Hldgs %
54.19%
Holding
167
New
36
Increased
5
Reduced
17
Closed
22

Top Buys

Rank Stock Value
1
POET icon
POET Technologies
POET
+$23.7M
2
NPACU
New Providence Acquisition Corp III Units
NPACU
+$22.5M
3
CCCXU
Churchill Capital Corp X Unit
CCCXU
+$20.7M
4
VLOS
Velos Acquisition I Corp
VLOS
+$16.6M
5
RDAGU
Republic Digital Acquisition Co Unit
RDAGU
+$16.3M

Top Sells

Rank Stock Value
1
ML
MoneyLion Inc.
ML
+$46.9M
2
UEC icon
Uranium Energy
UEC
+$22M
3
VLOSU
Velos Acquisition I Corp Units
VLOSU
+$16.3M
4
DNN icon
Denison Mines
DNN
+$15.9M
5
ALF
Centurion Acquisition Corp
ALF
+$13.6M

Sector Composition

Rank Sector Weight
1 Materials 25.29%
2 Financials 23.95%
3 Miscellaneous 22.65%
4 Energy 20.33%
5 Technology 4.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VACH
51
DELISTED
Voyager Acquisition Corp
VACH
$2.6M 0.31%
250,000
– –
LWACU
52
LightWave Acquisition Corp Units
LWACU
$2.52M 0.3%
+250,000
New +$2.51M
BACCU
53
Blue Acquisition Corp Unit
BACCU
$2.51M 0.3%
+250,000
New +$2.51M
GM icon
54
General Motors
GM
$75.7B
$2.1M 0.25%
42,750
-37,250
-47% -$1.77M
NHICU
55
NewHold Investment Corp III Units
NHICU
$2.09M 0.25%
200,000
– –
OYSEU
56
Oyster Enterprises II Acquisition Corp Units
OYSEU
$2.02M 0.24%
+200,000
New +$2.02M
BLUWU
57
Blue Water Acquisition Corp III Unit
BLUWU
$2M 0.24%
+200,000
New +$2M
NESRW
58
DELISTED
National Energy Services Reunited Corp. Warrant
NESRW
$1.98M 0.24%
3,595,203
– –
GSHRU
59
Gesher Acquisition Corp II Units
GSHRU
$1.79M 0.22%
175,000
– –
VLOSW
60
Velos Acquisition I Corp Warrant
VLOSW
$1.38M 0.17%
+787,500
New +$865K
ATIIU
61
Archimedes Tech SPAC Partners II Co Unit
ATIIU
$235M
$1.29M 0.15%
125,000
– –
BSAAU
62
BEST SPAC I Acquisition Corp Unit
BSAAU
$1.25M 0.15%
+125,000
New +$1.25M
USARW
63
DELISTED
USA Rare Earth Inc Warrant
USARW
$1.19M 0.14%
500,000
– –
IMSRW
64
Terrestrial Energy Warrant
IMSRW
$24.7M
$1.15M 0.14%
490,000
– –
PCAPU
65
ProCap Acquisition Corp Unit
PCAPU
$1.07M 0.13%
+100,000
New +$1.11M
LEGT
66
DELISTED
Legato Merger Corp III
LEGT
$1.07M 0.13%
100,000
– –
KMX icon
67
CarMax
KMX
$8.81B
$1.05M 0.13%
+15,615
New +$1.05M
DVS
68
DELISTED
Dolly Varden Silver Corp
DVS
$670K 0.08%
+108,000
New +$323K
CCIRW
69
DELISTED
Cohen Circle Acquisition Corp. I Warrant
CCIRW
$653K 0.08%
326,666
– –
OCSAW
70
Oculis Holding AG Warrants
OCSAW
$627K 0.08%
73,525
– –
JVSA
71
DELISTED
JV SPAC Acquisition Corp
JVSA
$419K 0.05%
115,000
– –
QXL
72
Quantum X Labs
QXL
$63.7M
$407K 0.05%
+115,995
New +$520K
CRDL
73
Cardiol Therapeutics
CRDL
$227M
$399K 0.05%
293,056
-489,569
-63% -$570K
SBXD.WS
74
SilverBox Corp IV Warrants
SBXD.WS
$392K 0.05%
326,666
– –
ALFUW
75
Centurion Acquisition Corp Warrant
ALFUW
$371K 0.04%
1,237,500
– –
1 2
3
4 5

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FSWA
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CA
Cache Advisors San Francisco, California $1.18B AUM 44.04% 1-Year Est. Return
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
Clarity Financial Houston, Texas $1.18B AUM 16.13% 1-Year Est. Return

MMCAP International's Q2 2025 Portfolio in Review

As of Q2 2025, MMCAP International held 167 positions worth $831M, up 42% from $587M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

MMCAP International deployed $56.9M of net new capital in Q2 2025, opening 36 new positions and adding to 5 existing holdings. Its largest new stake was New Providence Acquisition Corp III Units: 2,200,000 shares worth $23M.

By sector, the portfolio is most concentrated in Materials at 25% of assets, up from 19% a quarter earlier, followed by Financials and Miscellaneous.

On the sell side, the largest reduction was Uranium Energy, an estimated $22M trimmed.

  • MMCAP International's largest Q2 2025 buy was New Providence Acquisition Corp III Units: 2,200,000 shares worth $23M.
  • MMCAP International added most to POET Technologies in Q2 2025, an estimated $23.7M increase.
  • MMCAP International's biggest Q2 2025 reduction was Uranium Energy, cutting an estimated $22M.
  • MMCAP International fully exited MoneyLion Inc. in Q2 2025, selling an estimated $46.9M.
  • MMCAP International's ten largest holdings make up 54% of its $831M portfolio in Q2 2025.
  • MMCAP International opened 36 new positions and closed 22 in Q2 2025.
  • MMCAP International's portfolio value rose 42% quarter-over-quarter to $831M.

Based on MMCAP International's 13F filing for Q2 2025, filed 6 Aug 2025.