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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
POLEW
126
Andretti Acquisition Corp II Warrant
POLEW
$58K 0.01%
290,000
– –
NTWOW
127
Newbury Street II Acquisition Corp Warrant
NTWOW
$11.2M
$57.3K 0.01%
225,000
– –
TDACW
128
Translational Development Acquisition Corp Warrants
TDACW
$14.2M
$50.8K 0.01%
+175,000
New +$47.4K
SVCCW
129
Stellar V Capital Corp Warrant
SVCCW
$1.8M
$49K 0.01%
+140,000
New +$45.9K
AMODW
130
Alpha Modus Holdings Warrant
AMODW
$181K
$46.2K 0.01%
588,000
– –
LZM.WS icon
131
Lifezone Metals Ltd Warrants
LZM.WS
$44K 0.01%
69,810
– –
BACCR
132
Blue Acquisition Corp Right
BACCR
$40.4K ﹤0.01%
+250,000
New +$37K
TVGNW icon
133
Tevogen Inc Warrant
TVGNW
$962K
$36.1K ﹤0.01%
650,000
– –
NHICW
134
NewHold Investment Corp III Warrants
NHICW
$36K ﹤0.01%
+100,000
New +$31.9K
OYSER
135
Oyster Enterprises II Acquisition Corp Rights
OYSER
$34K ﹤0.01%
+200,000
New +$34K
DFLIW icon
136
Dragonfly Energy Holdings Warrant
DFLIW
$33.8K ﹤0.01%
675,000
– –
GSHRW
137
Gesher Acquisition Corp II Warrants
GSHRW
$29.3K ﹤0.01%
+87,500
New +$26.2K
OABIW icon
138
OmniAb Inc Warrant
OABIW
$30.5M
$26.9K ﹤0.01%
158,333
– –
ALCYW
139
DELISTED
Alchemy Investments Acquisition Corp 1 Warrants
ALCYW
$25.5K ﹤0.01%
150,000
– –
ATIIW
140
Archimedes Tech SPAC Partners II Co Warrant
ATIIW
$17.3M
$24.4K ﹤0.01%
+62,500
New +$21.8K
FOXXW
141
Foxx Development Holdings Warrant
FOXXW
$628K
$22.4K ﹤0.01%
160,000
– –
CYCUW
142
Cycurion Inc Warrant
CYCUW
$322K
$22K ﹤0.01%
500,000
– –
KITTW icon
143
Nauticus Robotics Warrant
KITTW
$218K
$21.9K ﹤0.01%
500,000
– –
PCAPW
144
ProCap Acquisition Corp Warrant
PCAPW
$21.7K ﹤0.01%
+33,333
New +$22K
VACHW
145
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$21.3K ﹤0.01%
125,000
– –
LEGT.WS
146
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$18.6K ﹤0.01%
50,000
– –
BSAAR
147
BEST SPAC I Acquisition Corp Rights
BSAAR
$17.5K ﹤0.01%
+125,000
New +$17.5K
HUBCW icon
148
Hub Cyber Security Warrant 2/27/28
HUBCW
$159K
$17.4K ﹤0.01%
898,991
– –
OIOWW
149
OIO Group Warrants
OIOWW
$1.21M
$17K ﹤0.01%
154,750
– –
LIMNW
150
Liminatus Pharma Warrants
LIMNW
$336K
$16.5K ﹤0.01%
111,745
– –
4 5
6
7 8

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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.