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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
+14.16%
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
TONT.WS
126
Graf Global Corp Warrants
TONT.WS
$188K 0.02%
415,000
– –
WENNW
127
Wen Acquisition Corp Warrant
WENNW
$4.35M
$186K 0.02%
600,000
– –
FCRS.WS
128
FutureCrest Acquisition Corp Warrants
FCRS.WS
$183K 0.02%
+250,000
New +$195K
QXL
129
Quantum X Labs
QXL
$63.7M
$177K 0.02%
115,995
– –
CUBWW
130
Lionheart Holdings Warrant
CUBWW
$5.46M
$168K 0.02%
990,000
– –
HCMAW
131
HCM III Acquisition Corp Warrants
HCMAW
$167K 0.02%
+333,333
New +$228K
GTENW
132
Gores Holdings X Warrants
GTENW
$163K 0.02%
175,000
– –
BLZRW
133
Trailblazer Acquisition Corp Warrant
BLZRW
$160K 0.02%
+333,333
New +$196K
LPBBW
134
Launch Two Acquisition Corp Warrant
LPBBW
$155K 0.02%
490,000
– –
DRTSW icon
135
Alpha Tau Medical Warrant
DRTSW
$88.7M
$152K 0.02%
447,622
– –
MBVIW
136
M3-Brigade Acquisition VI Corp Warrant
MBVIW
$136K 0.01%
+366,666
New +$189K
NOEMR
137
CO2 Energy Transition Corp Right
NOEMR
$130K 0.01%
590,000
– –
JACS.RT
138
Jackson Acquisition Co II Rights
JACS.RT
$125K 0.01%
500,000
– –
DVS
139
DELISTED
Dolly Varden Silver Corp
DVS
$110K 0.01%
+25,000
New +$110K
NOEMW
140
CO2 Energy Transition Corp Warrant
NOEMW
$99.4K 0.01%
590,000
– –
PACHW
141
Pioneer Acquisition I Corp Warrants
PACHW
$2.28M
$97.5K 0.01%
+375,000
New +$97.4K
SBXD.WS
142
SilverBox Corp IV Warrants
SBXD.WS
$91.5K 0.01%
326,666
– –
ONCHW
143
1RT Acquisition Corp Warrant
ONCHW
$1.73M
$87K 0.01%
+150,000
New +$131K
POLEW
144
Andretti Acquisition Corp II Warrant
POLEW
$83.7K 0.01%
290,000
– –
OBAWW
145
Oxley Bridge Acquisition Ltd Warrants
OBAWW
$82.5K 0.01%
+375,000
New +$92.7K
NESR
146
National Energy Services Reunited Corp
NESR
$3.47B
$81.9K 0.01%
5,227
-839,915
-99% -$11M
BACCR
147
Blue Acquisition Corp Right
BACCR
$81K 0.01%
250,000
– –
FIGXW
148
FIGX Capital Acquisition Corp Warrant
FIGXW
$68.7K 0.01%
+250,000
New +$69.2K
SBCWW
149
SBC Medical Group Warrants
SBCWW
$3.62M
$67K 0.01%
330,000
– –
FUFUW icon
150
BitFuFu Inc Warrant
FUFUW
$1.1M
$66K 0.01%
330,000
– –
4 5
6
7 8

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FSWA
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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 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.