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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
STAI
76
DELISTED
ScanTech AI Systems
STAI
$71K 0.01%
+1,750
New +$72.5K
BUJAR
77
DELISTED
Bukit Jalil Global Acquisition 1 Ltd. Rights
BUJAR
$65K 0.01%
250,000
– –
SBCWW
78
SBC Medical Group Warrants
SBCWW
$3.62M
$61.4K 0.01%
330,000
– –
NOEMW
79
CO2 Energy Transition Corp Warrant
NOEMW
$59.9K 0.01%
+590,000
New +$51.3K
OABIW icon
80
OmniAb Inc Warrant
OABIW
$30.5M
$59.1K 0.01%
158,333
– –
AENTW icon
81
Alliance Entertainment Holding Corp Warrants
AENTW
$58.8K 0.01%
294,000
– –
PET
82
DELISTED
Wag!
PET
$54.2K 0.01%
353,695
-177,697
-33% -$47.4K
POLEW
83
Andretti Acquisition Corp II Warrant
POLEW
$52.1K 0.01%
+290,000
New +$45.2K
RZLVW
84
Rezolve AI Warrants
RZLVW
$5.89M
$50.8K 0.01%
250,000
– –
CRMLW icon
85
Critical Metals Corp Warrants
CRMLW
$21.1M
$50.7K 0.01%
300,000
– –
YOTAW
86
DELISTED
Yotta Acquisition Corporation Warrant
YOTAW
$50.6K 0.01%
925,000
– –
NTWOW
87
Newbury Street II Acquisition Corp Warrant
NTWOW
$11.2M
$49.5K 0.01%
+225,000
New +$37.8K
FUFU icon
88
BitFuFu
FUFU
$223M
$43.5K 0.01%
9,497
– –
KITTW icon
89
Nauticus Robotics Warrant
KITTW
$218K
$37.8K 0.01%
500,000
– –
AMODW
90
Alpha Modus Holdings Warrant
AMODW
$181K
$35.6K 0.01%
588,000
– –
TVGNW icon
91
Tevogen Inc Warrant
TVGNW
$962K
$35K 0.01%
650,000
– –
JVSAR
92
DELISTED
JV SPAC Acquisition Corp. Right
JVSAR
$32.2K 0.01%
115,000
– –
LZM.WS icon
93
Lifezone Metals Ltd Warrants
LZM.WS
$32.1K 0.01%
69,810
– –
VSEEW
94
DELISTED
VSEE HEALTH INC WTS 29
VSEEW
$29.4K 0.01%
500,000
– –
SPKLW
95
Spark I Acquisition Corp Warrant
SPKLW
$6.1M
$27K ﹤0.01%
175,000
– –
FOXXW
96
Foxx Development Holdings Warrant
FOXXW
$628K
$22.4K ﹤0.01%
160,000
– –
ELPW
97
Elong Power Holding Ltd
ELPW
$3.31M
– –
0
– –
CYCUW
98
Cycurion Inc Warrant
CYCUW
$322K
$20K ﹤0.01%
500,000
– –
VACHW
99
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$18.8K ﹤0.01%
+125,000
New +$19K
GRML
100
Greenland Mines Ltd
GRML
$15.5M
$18.2K ﹤0.01%
1,600
– –
2 3
4
5 6

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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 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.