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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
+14.16%
1 Year Est. Return
+50.44%
3 Year Est. Return
+184.48%
5 Year Est. Return
+225.16%
10 Year Est. Return
–
AUM
$1B
AUM Growth
+$141M
Cap. Flow
+$81.3M
Cap. Flow %
8.12%
Top 10 Hldgs %
44.12%
Holding
231
New
59
Increased
12
Reduced
20
Closed
23

Top Buys

Rank Stock Value
1
CCXIU
Churchill Capital Corp XI Units
CCXIU
+$27.6M
2
NXE icon
NexGen Energy
NXE
+$21M
3
ZONE
CleanCore Solutions
ZONE
+$15.4M
4
MESHU
Meshflow Acquisition Corp Units
MESHU
+$15M
5
IRHOU
Iron Horse Acquisitions II Corp Units
IRHOU
+$14.9M

Top Sells

Rank Stock Value
1
ARIS
Aris Mining
ARIS
+$32.4M
2
ASST icon
Strive Inc
ASST
+$21.4M
3
CCCX
Churchill Capital Corp X
CCCX
+$20.3M
4
POET icon
POET Technologies
POET
+$13.1M
5
VLOS
Velos Acquisition I Corp
VLOS
+$11.7M

Sector Composition

Rank Sector Weight
1 Financials 38.24%
2 Materials 28.49%
3 Miscellaneous 17.05%
4 Energy 7.15%
5 Consumer Discretionary 2.4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GM icon
51
General Motors
GM
$75.7B
$5.39M 0.54%
66,338
+8,588
+15% +$605K
UUUU icon
52
Energy Fuels
UUUU
$3.67B
$5.19M 0.52%
357,225
-7,700
-2% -$131K
LPBB
53
Launch Two Acquisition Corp
LPBB
$311M
$5.04M 0.5%
480,000
– –
FIGX
54
FIGX Capital Acquisition Corp
FIGX
$5.03M 0.5%
+500,000
New +$5.03M
ZONE
55
CleanCore Solutions
ZONE
$33.8M
$4.77M 0.48%
+18,356,175
New +$15.4M
NTWO
56
Newbury Street II Acquisition Corp
NTWO
$267M
$4.69M 0.47%
450,000
– –
IMSR
57
Terrestrial Energy
IMSR
$540M
$4.58M 0.46%
+750,000
New +$10M
VLOS
58
Velos Acquisition I Corp
VLOS
$253M
$4.25M 0.43%
400,000
-1,100,000
-73% -$11.7M
PROF
59
Profound Medical
PROF
$250M
$4.18M 0.42%
531,362
+30,503
+6% +$196K
MT icon
60
ArcelorMittal
MT
$56.1B
$4.17M 0.42%
+91,427
New +$3.76M
BLRKU
61
Bluerock Acquisition Corp Unit
BLRKU
$4M 0.4%
+400,000
New +$4M
KEEL
62
Keel Infrastructure Corp
KEEL
$1.99B
$3.98M 0.4%
1,695,298
-1,100,000
-39% -$3.77M
TWLVU
63
Twelve Seas Investment Company III Units
TWLVU
$3.98M 0.4%
+400,000
New +$3.99M
UPXI icon
64
Upexi
UPXI
$79.3M
$3.91M 0.39%
2,326,777
+1,559,844
+203% +$5.89M
BWA icon
65
BorgWarner
BWA
$13.1B
$3.84M 0.38%
85,138
+6,362
+8% +$279K
TDAC
66
Translational Development Acquisition Corp
TDAC
$209M
$3.67M 0.37%
350,000
– –
CCCXW
67
DELISTED
Churchill Capital Corp X Warrants
CCCXW
$3.32M 0.33%
430,970
-69,030
-14% -$514K
ZOOZ
68
ZOOZ Strategy Ltd
ZOOZ
$47.5M
$3.07M 0.31%
+350,000
New +$7.05M
SCPQU
69
Social Commerce Partners Corp Unit
SCPQU
$106M
$3M 0.3%
+300,000
New +$3M
SVCC
70
Stellar V Capital Corp
SVCC
$2.9M 0.29%
280,000
– –
VACH
71
DELISTED
Voyager Acquisition Corp
VACH
$2.67M 0.27%
250,000
– –
BACC
72
Blue Acquisition Corp
BACC
$293M
$2.55M 0.26%
250,000
– –
RNGTU
73
Range Capital Acquisition Corp II Units
RNGTU
$2.55M 0.25%
+250,000
New +$2.54M
LWAC
74
LightWave Acquisition Corp
LWAC
$2.51M 0.25%
+250,000
New +$2.51M
GENVR
75
Gen Digital Inc Contingent Value Rights
GENVR
$2.45M 0.25%
542,308
– –
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 Q4 2025 Portfolio in Review

As of Q4 2025, MMCAP International held 231 positions worth $1B, up 16% from $860M the previous quarter. Its ten largest holdings account for 44% of the portfolio.

MMCAP International deployed $81.3M of net new capital in Q4 2025, opening 59 new positions and adding to 12 existing holdings. Its largest new stake was Churchill Capital Corp XI Units: 2,700,000 shares worth $27.6M.

By sector, the portfolio is most concentrated in Financials at 38% of assets, down from 44% a quarter earlier, followed by Materials and Miscellaneous.

On the sell side, the largest reduction was Aris Mining, an estimated $32.4M trimmed.

  • MMCAP International's largest Q4 2025 buy was Churchill Capital Corp XI Units: 2,700,000 shares worth $27.6M.
  • MMCAP International added most to NexGen Energy in Q4 2025, an estimated $21M increase.
  • MMCAP International's biggest Q4 2025 reduction was Aris Mining, cutting an estimated $32.4M.
  • MMCAP International fully exited Churchill Capital Corp X in Q4 2025, selling an estimated $20.3M.
  • MMCAP International's ten largest holdings make up 44% of its $1B portfolio in Q4 2025.
  • MMCAP International opened 59 new positions and closed 23 in Q4 2025.
  • MMCAP International's portfolio value rose 16% quarter-over-quarter to $1B.

Based on MMCAP International's 13F filing for Q4 2025, filed 9 Feb 2026.