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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
UPXI icon
51
Upexi
UPXI
$79.3M
$4.43M 0.51%
+766,933
New +$4.66M
FLR icon
52
Fluor
FLR
$7.12B
$4.21M 0.49%
+100,000
New +$4.6M
GENVR
53
Gen Digital Inc Contingent Value Rights
GENVR
$4.01M 0.47%
542,308
– –
TDAC
54
Translational Development Acquisition Corp
TDAC
$209M
$3.62M 0.42%
+350,000
New +$3.61M
USARW
55
DELISTED
USA Rare Earth Inc Warrant
USARW
$3.61M 0.42%
500,000
– –
GM icon
56
General Motors
GM
$75.7B
$3.52M 0.41%
57,750
+15,000
+35% +$836K
BWA icon
57
BorgWarner
BWA
$13.1B
$3.46M 0.4%
78,776
-143,209
-65% -$5.72M
ISOU
58
IsoEnergy Ltd
ISOU
$733M
$3.45M 0.4%
345,645
-316,004
-48% -$2.47M
APTV icon
59
Aptiv
APTV
$9.5B
$2.9M 0.34%
+33,607
New +$2.53M
SVCC
60
Stellar V Capital Corp
SVCC
$2.88M 0.34%
+280,000
New +$2.87M
VACH
61
DELISTED
Voyager Acquisition Corp
VACH
$2.62M 0.31%
250,000
– –
BNC
62
CEA Industries
BNC
$124M
$2.61M 0.3%
+334,039
New +$5.67M
KMX icon
63
CarMax
KMX
$8.81B
$2.55M 0.3%
56,770
+41,155
+264% +$2.46M
LWACU
64
LightWave Acquisition Corp Units
LWACU
$2.51M 0.29%
250,000
– –
BACC
65
Blue Acquisition Corp
BACC
$293M
$2.5M 0.29%
+250,000
New +$2.49M
PROF
66
Profound Medical
PROF
$250M
$2.45M 0.28%
500,859
+10,000
+2% +$51K
STLD icon
67
Steel Dynamics
STLD
$33.6B
$2.13M 0.25%
+15,311
New +$2.01M
NHIC
68
NewHold Investment Corp III
NHIC
$293M
$2.04M 0.24%
+200,000
New +$2.04M
OYSE
69
Oyster Enterprises II Acquisition Corp
OYSE
$351M
$2M 0.23%
+200,000
New +$2M
BLUW
70
Blue Water Acquisition Corp III
BLUW
$335M
$1.99M 0.23%
+200,000
New +$1.99M
GSHR
71
Gesher Acquisition Corp II
GSHR
$215M
$1.78M 0.21%
+175,000
New +$1.78M
CCCXW
72
DELISTED
Churchill Capital Corp X Warrants
CCCXW
$1.77M 0.21%
+500,000
New +$732K
CHECU
73
Chenghe Acquisition III Co Units
CHECU
$1.5M 0.17%
+150,000
New +$1.5M
ATII
74
Archimedes Tech SPAC Partners II Co
ATII
$316M
$1.28M 0.15%
+125,000
New +$1.28M
BSAA
75
BEST SPAC I Acquisition Corp
BSAA
$81.8M
$1.26M 0.15%
+125,000
New +$1.25M
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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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.