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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
GFR icon
76
Greenfire Resources
GFR
$891M
$1.15M 0.13%
+249,200
New +$1.16M
STKE
77
Sol Strategies Inc
STKE
$48.6M
$1.09M 0.13%
+250,000
New +$1.51M
LEGT
78
DELISTED
Legato Merger Corp III
LEGT
$1.07M 0.12%
100,000
– –
PCAP
79
ProCap Acquisition Corp
PCAP
$1.03M 0.12%
+100,000
New +$1.03M
LATAU
80
Galata Acquisition Corp. II Units
LATAU
$153M
$998K 0.12%
+100,000
New +$999K
VLOSW
81
Velos Acquisition I Corp Warrant
VLOSW
$961K 0.11%
787,500
– –
CP icon
82
Canadian Pacific Kansas City
CP
$82.7B
$953K 0.11%
+12,800
New +$978K
KYIVW
83
Kyivstar Group Warrant
KYIVW
$867K 0.1%
+213,666
New +$781K
ETHA
84
iShares Ethereum Trust ETF
ETHA
$7.57B
$788K 0.09%
+25,000
New +$742K
CRMLW icon
85
Critical Metals Corp Warrants
CRMLW
$21.1M
$631K 0.07%
300,000
– –
IPCXR
86
DELISTED
Inflection Point Acquisition Corp III Rights
IPCXR
$616K 0.07%
+1,400,000
New +$544K
GAU
87
Galiano Gold
GAU
$599M
$544K 0.06%
+250,000
New +$467K
RDAGW
88
Republic Digital Acquisition Co Warrants
RDAGW
$4.05M
$509K 0.06%
+782,500
New +$557K
FERAR
89
Fifth Era Acquisition Corp I Rights
FERAR
$504K 0.06%
+1,900,000
New +$485K
OCSAW
90
Oculis Holding AG Warrants
OCSAW
$497K 0.06%
73,525
– –
BZAIW
91
Blaize Holdings Warrants
BZAIW
$3.16M
$466K 0.05%
750,000
– –
NXE icon
92
NexGen Energy
NXE
$6.97B
$448K 0.05%
50,007
-1,956,118
-98% -$14.4M
ALFUW
93
Centurion Acquisition Corp Warrant
ALFUW
$421K 0.05%
1,237,500
– –
AFRIW icon
94
Forafric Global PLC Warrants
AFRIW
$11.6M
$408K 0.05%
518,900
– –
RZLVW
95
Rezolve AI Warrants
RZLVW
$5.89M
$401K 0.05%
250,000
– –
QXL
96
Quantum X Labs
QXL
$63.7M
$394K 0.05%
115,995
– –
AEC
97
Anfield Energy
AEC
$86.8M
$392K 0.05%
+38,346
New +$321K
SIMAW
98
SIM Acquisition Corp I Warrant
SIMAW
$366K 0.04%
990,000
– –
WENNW
99
Wen Acquisition Corp Warrant
WENNW
$4.35M
$336K 0.04%
+600,000
New +$384K
NPACW
100
New Providence Acquisition Corp III Warrants
NPACW
$2.8M
$323K 0.04%
+733,333
New +$333K
2 3
4
5 6

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NFG
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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
Transamerica Financial Advisors St. Petersburg, Florida $1.18B AUM 31.24% 1-Year Est. Return
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 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.