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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
IVCAW
126
DELISTED
Investcorp AI Acquisition Corp. Warrant
IVCAW
$4K ﹤0.01%
200,000
– –
SMXWW
127
SMX (Security Matters) Public Ltd Warrant
SMXWW
$774K
$3.88K ﹤0.01%
125,000
– –
HWH icon
128
HWH International
HWH
$14.3M
$3.8K ﹤0.01%
3,065
-1
-0% -$2
APLMW icon
129
Apollomics Inc Warrant
APLMW
$1.25M
$2.13K ﹤0.01%
250,000
– –
OIOWW
130
OIO Group Warrants
OIOWW
$1.21M
$1.75K ﹤0.01%
154,750
– –
NIVF
131
NewGenIvf
NIVF
$2.7M
– –
0
– –
AGCO icon
132
AGCO
AGCO
$7.94B
– –
-108,253
Closed -$10.1M
AN icon
133
AutoNation
AN
$6.62B
– –
-33,500
Closed -$5.69M
APTV icon
134
Aptiv
APTV
$9.5B
– –
-15,000
Closed -$907K
BTU icon
135
Peabody Energy
BTU
$3.53B
– –
-52,658
Closed -$1.1M
CGC
136
Canopy Growth
CGC
$449M
– –
-55,500
Closed -$152K
GPC icon
137
Genuine Parts
GPC
$19B
– –
-17,340
Closed -$2.02M
ITRG
138
Integra Resources
ITRG
$572M
– –
-311,960
Closed -$270K
MT icon
139
ArcelorMittal
MT
$56.1B
– –
-138,350
Closed -$3.2M
MUX icon
140
McEwen Inc
MUX
$1.25B
– –
-31,754
Closed -$247K
RVSN icon
141
Rail Vision
RVSN
$10.1M
– –
-927
Closed -$58.7K
SATLW icon
142
Satellogic Inc Warrant
SATLW
$56.5M
– –
-166,666
Closed -$61.1K
STLD icon
143
Steel Dynamics
STLD
$33.6B
– –
-26,000
Closed -$2.97M
SVM
144
Silvercorp Metals
SVM
$2.82B
– –
-19,158
Closed -$57.7K
VACHU
145
DELISTED
Voyager Acquisition Corp Unit
VACHU
– –
-250,000
Closed -$2.53M
SBXD.U
146
SilverBox Corp IV Units
SBXD.U
– –
-980,000
Closed -$9.9M
HONDU
147
DELISTED
HCM II Acquisition Corp Unit
HONDU
– –
-980,000
Closed -$9.9M
POLEU
148
Andretti Acquisition Corp II Unit
POLEU
– –
-580,000
Closed -$5.82M
LPBBU
149
Launch Two Acquisition Corp Unit
LPBBU
– –
-980,000
Closed -$9.85M
CCIRU
150
DELISTED
Cohen Circle Acquisition Corp. I Unit
CCIRU
– –
-980,000
Closed -$9.92M
3 4 5
6
7

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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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CF
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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.