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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
TDWD
101
Tailwind 2.0 Acquisition Corp
TDWD
$739K 0.07%
+75,000
New +$739K
AFRIW icon
102
Forafric Global PLC Warrants
AFRIW
$11.6M
$726K 0.07%
518,900
– –
URG
103
Ur-Energy
URG
$561M
$717K 0.07%
515,776
-3,333,504
-87% -$4.94M
HYAC.WS
104
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
$698K 0.07%
450,000
– –
CF icon
105
CF Industries
CF
$19B
$696K 0.07%
+9,000
New +$740K
OCSAW
106
Oculis Holding AG Warrants
OCSAW
$625K 0.06%
73,025
-500
-0.7% -$4.48K
ETHA
107
iShares Ethereum Trust ETF
ETHA
$7.57B
$561K 0.06%
25,000
– –
FACWW
108
Factorial Energy Inc Warrant
FACWW
$8.71M
$533K 0.05%
675,000
– –
IPCXR
109
DELISTED
Inflection Point Acquisition Corp III Rights
IPCXR
$529K 0.05%
1,400,000
– –
CRMLW icon
110
Critical Metals Corp Warrants
CRMLW
$21.1M
$515K 0.05%
188,600
-111,400
-37% -$575K
RDAGW
111
Republic Digital Acquisition Co Warrants
RDAGW
$4.05M
$454K 0.05%
782,500
– –
ASST icon
112
Strive Inc
ASST
$1.95B
$416K 0.04%
28,190
-897,736
-97% -$21.4M
ALFUW
113
Centurion Acquisition Corp Warrant
ALFUW
$396K 0.04%
1,237,500
– –
STKE
114
Sol Strategies Inc
STKE
$48.6M
$380K 0.04%
250,000
– –
NPACW
115
New Providence Acquisition Corp III Warrants
NPACW
$2.8M
$371K 0.04%
733,333
– –
CNL
116
Collective Mining Ltd
CNL
$1.41B
$353K 0.04%
+24,170
New +$294K
VLOSW
117
Velos Acquisition I Corp Warrant
VLOSW
$306K 0.03%
349,671
-437,829
-56% -$432K
BZAIW
118
Blaize Holdings Warrants
BZAIW
$3.16M
$300K 0.03%
750,000
– –
CCIXW
119
DELISTED
Churchill Capital Corp IX Warrant
CCIXW
$299K 0.03%
337,500
– –
GPATW
120
GP-Act III Acquisition Corp Warrants
GPATW
$280K 0.03%
1,037,500
– –
AENTW icon
121
Alliance Entertainment Holding Corp Warrants
AENTW
$250K 0.03%
294,000
– –
LPAAW
122
Launch One Acquisition Corp Warrant
LPAAW
$248K 0.02%
990,000
– –
RZLVW
123
Rezolve AI Warrants
RZLVW
$5.89M
$228K 0.02%
250,000
– –
SIMAW
124
SIM Acquisition Corp I Warrant
SIMAW
$213K 0.02%
990,000
– –
CRDL
125
Cardiol Therapeutics
CRDL
$227M
$199K 0.02%
208,950
-84,106
-29% -$88.1K
3 4
5
6 7

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TFA
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KCM
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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.