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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
+25.15%
1 Year Est. Return
+50.44%
3 Year Est. Return
+184.48%
5 Year Est. Return
+225.16%
10 Year Est. Return
–
AUM
$831M
AUM Growth
+$245M
Cap. Flow
+$56.9M
Cap. Flow %
6.84%
Top 10 Hldgs %
54.19%
Holding
167
New
36
Increased
5
Reduced
17
Closed
22

Top Buys

Rank Stock Value
1
POET icon
POET Technologies
POET
+$23.7M
2
NPACU
New Providence Acquisition Corp III Units
NPACU
+$22.5M
3
CCCXU
Churchill Capital Corp X Unit
CCCXU
+$20.7M
4
VLOS
Velos Acquisition I Corp
VLOS
+$16.6M
5
RDAGU
Republic Digital Acquisition Co Unit
RDAGU
+$16.3M

Top Sells

Rank Stock Value
1
ML
MoneyLion Inc.
ML
+$46.9M
2
UEC icon
Uranium Energy
UEC
+$22M
3
VLOSU
Velos Acquisition I Corp Units
VLOSU
+$16.3M
4
DNN icon
Denison Mines
DNN
+$15.9M
5
ALF
Centurion Acquisition Corp
ALF
+$13.6M

Sector Composition

Rank Sector Weight
1 Materials 25.29%
2 Financials 23.95%
3 Miscellaneous 22.65%
4 Energy 20.33%
5 Technology 4.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
POLEW
101
Andretti Acquisition Corp II Warrant
POLEW
$58K 0.01%
290,000
– –
UROY
102
Uranium Royalty Corp
UROY
$1.62B
$57.1K 0.01%
22,824
-589,887
-96% -$1.19M
NTWOW
103
Newbury Street II Acquisition Corp Warrant
NTWOW
$11.2M
$56.3K 0.01%
225,000
– –
NOEMW
104
CO2 Energy Transition Corp Warrant
NOEMW
$53.1K 0.01%
590,000
– –
AENTW icon
105
Alliance Entertainment Holding Corp Warrants
AENTW
$52.9K 0.01%
294,000
– –
KITTW icon
106
Nauticus Robotics Warrant
KITTW
$218K
$49.4K 0.01%
500,000
– –
TVGNW icon
107
Tevogen Inc Warrant
TVGNW
$962K
$45.4K 0.01%
650,000
– –
VACHW
108
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$37.5K ﹤0.01%
125,000
– –
PET
109
DELISTED
Wag!
PET
$35.5K ﹤0.01%
153,695
-200,000
-57% -$27.3K
SPKLW
110
Spark I Acquisition Corp Warrant
SPKLW
$6.1M
$34.1K ﹤0.01%
175,000
– –
CYCUW
111
Cycurion Inc Warrant
CYCUW
$322K
$30K ﹤0.01%
500,000
– –
OABIW icon
112
OmniAb Inc Warrant
OABIW
$30.5M
$27.4K ﹤0.01%
158,333
– –
LZM.WS icon
113
Lifezone Metals Ltd Warrants
LZM.WS
$27K ﹤0.01%
69,810
– –
LIMNW
114
Liminatus Pharma Warrants
LIMNW
$336K
$26.8K ﹤0.01%
+111,745
New +$22K
KIDZW
115
KIDZ AI Inc Warrants
KIDZW
$148K
$24.9K ﹤0.01%
+187,500
New +$29K
FOXXW
116
Foxx Development Holdings Warrant
FOXXW
$628K
$22.4K ﹤0.01%
160,000
– –
HUBCW icon
117
Hub Cyber Security Warrant 2/27/28
HUBCW
$159K
$22.2K ﹤0.01%
898,991
– –
ELPW
118
Elong Power Holding Ltd
ELPW
$3.31M
– –
0
– –
FAASW
119
DELISTED
DigiAsia Corp Warrant
FAASW
$20K ﹤0.01%
400,000
– –
VSEEW
120
DELISTED
VSEE HEALTH INC WTS 29
VSEEW
$17.8K ﹤0.01%
500,000
– –
ALCYW
121
DELISTED
Alchemy Investments Acquisition Corp 1 Warrants
ALCYW
$16.9K ﹤0.01%
150,000
– –
PETWW
122
DELISTED
Wag! Group Co Warrant
PETWW
$15.6K ﹤0.01%
975,750
– –
ABPWW
123
DELISTED
Abpro Holdings Warrant
ABPWW
$14K ﹤0.01%
675,000
– –
LEGT.WS
124
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$13.5K ﹤0.01%
50,000
– –
EONR.WS
125
EON Resources Warrants
EONR.WS
$1.61M
$13.2K ﹤0.01%
257,500
– –
3 4
5
6 7

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TFA
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KCM
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MMCAP International's Q2 2025 Portfolio in Review

As of Q2 2025, MMCAP International held 167 positions worth $831M, up 42% from $587M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

MMCAP International deployed $56.9M of net new capital in Q2 2025, opening 36 new positions and adding to 5 existing holdings. Its largest new stake was New Providence Acquisition Corp III Units: 2,200,000 shares worth $23M.

By sector, the portfolio is most concentrated in Materials at 25% of assets, up from 19% a quarter earlier, followed by Financials and Miscellaneous.

On the sell side, the largest reduction was Uranium Energy, an estimated $22M trimmed.

  • MMCAP International's largest Q2 2025 buy was New Providence Acquisition Corp III Units: 2,200,000 shares worth $23M.
  • MMCAP International added most to POET Technologies in Q2 2025, an estimated $23.7M increase.
  • MMCAP International's biggest Q2 2025 reduction was Uranium Energy, cutting an estimated $22M.
  • MMCAP International fully exited MoneyLion Inc. in Q2 2025, selling an estimated $46.9M.
  • MMCAP International's ten largest holdings make up 54% of its $831M portfolio in Q2 2025.
  • MMCAP International opened 36 new positions and closed 22 in Q2 2025.
  • MMCAP International's portfolio value rose 42% quarter-over-quarter to $831M.

Based on MMCAP International's 13F filing for Q2 2025, filed 6 Aug 2025.