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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
+14.34%
1 Year Est. Return
+50.44%
3 Year Est. Return
+184.48%
5 Year Est. Return
+225.16%
10 Year Est. Return
–
AUM
$546M
AUM Growth
+$198M
Cap. Flow
+$152M
Cap. Flow %
27.86%
Top 10 Hldgs %
82.17%
Holding
220
New
23
Increased
4
Reduced
6
Closed
26

Top Buys

Rank Stock Value
1
CVE icon
Cenovus Energy
CVE
+$59.5M
2
ASTL icon
Algoma Steel
ASTL
+$23.9M
3
UEC icon
Uranium Energy
UEC
+$23.1M
4
DNN icon
Denison Mines
DNN
+$14.4M
5
UUUU icon
Energy Fuels
UUUU
+$9.61M

Top Sells

Rank Stock Value
1
CCVI
Churchill Capital Corp VI
CCVI
+$7.11M
2
NXE icon
NexGen Energy
NXE
+$6.91M
3
RENE
Cartesian Growth Corp II
RENE
+$6.52M
4
ACB
Aurora Cannabis
ACB
+$4.66M
5
URG
Ur-Energy
URG
+$3.88M

Sector Composition

Rank Sector Weight
1 Energy 50.89%
2 Materials 29.92%
3 Financials 8.27%
4 Consumer Discretionary 3.27%
5 Miscellaneous 2.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AILEW
101
DELISTED
iLearningEngines, Inc. Warrant
AILEW
$18.8K ﹤0.01%
232,402
– –
BCSAW
102
DELISTED
Blockchain Coinvestors Acquisition Corp. I Warrant
BCSAW
$18.7K ﹤0.01%
375,000
– –
BFAC.WS
103
DELISTED
Battery Future Acquisition Corp. Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
BFAC.WS
$18.4K ﹤0.01%
187,500
– –
GRMLW
104
Greenland Mines Ltd Warrant
GRMLW
$18.1K ﹤0.01%
800,000
– –
AQUNR
105
DELISTED
Aquaron Acquisition Corp. Rights
AQUNR
$18K ﹤0.01%
100,000
– –
PARAW
106
Banzai International Warrant
PARAW
$95.5K
$17.6K ﹤0.01%
352,409
– –
GMFIW
107
DELISTED
Aetherium Acquisition Corp Warrant
GMFIW
$16K ﹤0.01%
400,000
– –
HUDAR
108
DELISTED
Hudson Acquisition I Corp. Right
HUDAR
$15.7K ﹤0.01%
99,502
– –
HHGCR
109
DELISTED
HHG Capital Corporation Rights
HHGCR
$15.3K ﹤0.01%
120,000
– –
ACACW
110
DELISTED
Acri Capital Acquisition Corp Warrant
ACACW
$14.4K ﹤0.01%
160,000
– –
EONR.WS
111
EON Resources Warrants
EONR.WS
$1.61M
$14.3K ﹤0.01%
257,500
– –
ZCARW
112
DELISTED
Zoomcar Holdings, Inc. Warrants
ZCARW
$14.1K ﹤0.01%
400,000
– –
KACLR
113
DELISTED
Kairous Acquisition Corp. Limited Rights
KACLR
$13.9K ﹤0.01%
190,229
– –
SATLW icon
114
Satellogic Inc Warrant
SATLW
$56.5M
$13.8K ﹤0.01%
166,666
– –
ABPWW
115
DELISTED
Abpro Holdings Warrant
ABPWW
$13.6K ﹤0.01%
675,000
– –
FHLTW
116
DELISTED
Future Health ESG Corp. Warrant
FHLTW
$13.5K ﹤0.01%
490,000
– –
PPYAW
117
DELISTED
Papaya Growth Opportunity Corp. I Warrant
PPYAW
$13.5K ﹤0.01%
675,000
– –
HCMAW
118
DELISTED
HCM Acquisition Corp Warrant
HCMAW
$13.4K ﹤0.01%
500,000
– –
CFFSW
119
DELISTED
CF Acquisition Corp. VII Warrant
CFFSW
$12.9K ﹤0.01%
445,733
– –
YOTAW
120
DELISTED
Yotta Acquisition Corporation Warrant
YOTAW
$12.9K ﹤0.01%
925,000
– –
HUBCW icon
121
Hub Cyber Security Warrant 2/27/28
HUBCW
$159K
$12.6K ﹤0.01%
898,991
– –
FAASW
122
DELISTED
DigiAsia Corp Warrant
FAASW
$12.3K ﹤0.01%
400,000
– –
CNGLW
123
DELISTED
Canna-Global Acquisition Corp Warrant
CNGLW
$11.3K ﹤0.01%
600,000
– –
RDZNW icon
124
Roadzen Inc Warrants
RDZNW
$7.99M
$11K ﹤0.01%
150,000
– –
NUBIW
125
DELISTED
Nubia Brand International Corp. Warrant
NUBIW
$10.9K ﹤0.01%
231,972
– –
3 4
5
6 7

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FSWA
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TFA
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MMCAP International's Q4 2023 Portfolio in Review

As of Q4 2023, MMCAP International held 220 positions worth $546M, up 57% from $348M the previous quarter. Its ten largest holdings account for 82% of the portfolio.

MMCAP International deployed $152M of net new capital in Q4 2023, opening 23 new positions and adding to 4 existing holdings. Its largest new stake was Cenovus Energy: 3,247,408 shares worth $54.3M.

By sector, the portfolio is most concentrated in Energy at 51% of assets, up from 45% a quarter earlier, followed by Materials and Financials.

On the sell side, the largest reduction was NexGen Energy, an estimated $6.91M trimmed.

  • MMCAP International's largest Q4 2023 buy was Cenovus Energy: 3,247,408 shares worth $54.3M.
  • MMCAP International added most to Uranium Energy in Q4 2023, an estimated $23.1M increase.
  • MMCAP International's biggest Q4 2023 reduction was NexGen Energy, cutting an estimated $6.91M.
  • MMCAP International fully exited Churchill Capital Corp VI in Q4 2023, selling an estimated $7.11M.
  • MMCAP International's ten largest holdings make up 82% of its $546M portfolio in Q4 2023.
  • MMCAP International opened 23 new positions and closed 26 in Q4 2023.
  • MMCAP International's portfolio value rose 57% quarter-over-quarter to $546M.

Based on MMCAP International's 13F filing for Q4 2023, filed 12 Feb 2024.