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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
+5.84%
1 Year Est. Return
+50.44%
3 Year Est. Return
+184.48%
5 Year Est. Return
+225.16%
10 Year Est. Return
–
AUM
$1.18B
AUM Growth
+$21.3M
Cap. Flow
+$16.1M
Cap. Flow %
1.36%
Top 10 Hldgs %
28.11%
Holding
364
New
120
Increased
9
Reduced
17
Closed
61
Avg Time Held
3.3 quarters
Top 10 Avg Time Held
3 quarters
Top 20 Avg Time Held
2.2 quarters

Top Buys

Rank Stock Value
1
CXII icon
Churchill Capital Corp XII
CXII
+$27.8M
2
CGCFU
Cartesian Growth Corporation IV Unit
CGCFU
+$23.5M
3
IPFX icon
Inflection Point Acquisition Corp VI
IPFX
+$20M
4
FTRA.U
FutureCorp Space Acquisition 1 Units
FTRA.U
+$17.8M
5
MZYX icon
MOZAYYX Acquisition Corp
MZYX
+$17.3M

Top Sells

Rank Stock Value
1
XNDU icon
Xanadu Quantum Technologies Class B
XNDU
+$48.1M
2
CCXIU icon
Churchill Capital Corp XI Units
CCXIU
+$27.7M
3
ARIS icon
Aris Mining
ARIS
+$17.7M
4
MZYX.U icon
MOZAYYX Acquisition Corp Units
MZYX.U
+$17.4M
5
IACOU icon
Idea Acquisition Corp Units
IACOU
+$17.3M

Sector Composition

Rank Sector Weight
1 Financials 56.95%
2 Materials 13.96%
3 Miscellaneous 11.74%
4 Consumer Discretionary 6.42%
5 Energy 3.25%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
IPCXR
151
DELISTED
Inflection Point Acquisition Corp III Rights
IPCXR
$630K 0.05%
1,400,000
– –
2025 Q3
3 quarters
FERAR icon
152
Fifth Era Acquisition Corp I Rights
FERAR
$627K 0.05%
1,900,000
– –
2025 Q3
3 quarters
SSAC icon
153
SPACSphere Acquisition Corp
SSAC
$236M
$499K 0.04%
+50,000
New +$498K
2026 Q2
0 quarters
REA icon
154
Rare Earths Americas Inc
REA
$167M
$468K 0.04%
+30,633
New +$604K
2026 Q2
0 quarters
CXIIW icon
155
Churchill Capital Corp XII Warrants
CXIIW
$7.04M
$459K 0.04%
+270,000
New +$362K
2026 Q2
0 quarters
EMAT icon
156
Evolution Metals & Technologies Corp
EMAT
$897M
$430K 0.04%
65,000
– –
2026 Q1
1 quarter
SPKLW
157
DELISTED
Spark I Acquisition Corp Warrant
SPKLW
$416K 0.04%
175,000
– –
2024 Q3
7 quarters
BTU icon
158
Peabody Energy
BTU
$3.07B
$407K 0.03%
+17,600
New +$468K
2026 Q2
0 quarters
HCC icon
159
Warrior Met Coal
HCC
$4.96B
$373K 0.03%
+4,600
New +$416K
2026 Q2
0 quarters
CUBWW icon
160
Lionheart Holdings Warrant
CUBWW
$1.15M
$366K 0.03%
990,000
– –
2024 Q3
7 quarters
OCSAW icon
161
Oculis Holding AG Warrants
OCSAW
$116M
$365K 0.03%
73,025
– –
2023 Q2
12 quarters
UEC icon
162
Uranium Energy
UEC
$4.08B
$345K 0.03%
32,335
– –
2022 Q1
17 quarters
AFRIW icon
163
Forafric Global PLC Warrants
AFRIW
$23M
$327K 0.03%
518,900
– –
2022 Q2
16 quarters
UAC.WS icon
164
United Acquisition Corp I Warrants
UAC.WS
$326K 0.03%
+262,500
New +$184K
2026 Q2
0 quarters
IMSR icon
165
Terrestrial Energy
IMSR
$329M
$313K 0.03%
44,279
– –
2025 Q4
2 quarters
RDAGW icon
166
Republic Digital Acquisition Co Warrants
RDAGW
$3.3M
$313K 0.03%
782,500
– –
2025 Q3
3 quarters
MZYX.WS icon
167
MOZAYYX Acquisition Corp Warrants
MZYX.WS
$307K 0.03%
+437,500
New +$201K
2026 Q2
0 quarters
ETHA icon
168
iShares Ethereum Trust ETF
ETHA
$8.86B
$297K 0.03%
8,333
– –
2025 Q3
3 quarters
ALFUW icon
169
Centurion Acquisition Corp Warrant
ALFUW
$286K 0.02%
1,237,500
– –
2024 Q3
7 quarters
STKE icon
170
Sol Strategies Inc
STKE
$58M
$280K 0.02%
236,154
-13,846
-6% -$18.8K
2025 Q3
3 quarters
CCIXW
171
DELISTED
Churchill Capital Corp IX Warrant
CCIXW
$263K 0.02%
337,500
– –
2024 Q3
7 quarters
SIMAW icon
172
SIM Acquisition Corp I Warrant
SIMAW
$249K 0.02%
990,000
– –
2024 Q3
7 quarters
TDACW icon
173
Translational Development Acquisition Corp Warrants
TDACW
$10.5M
$249K 0.02%
175,000
– –
2025 Q3
3 quarters
BZAIW icon
174
Blaize Holdings Warrants
BZAIW
$967K
$248K 0.02%
750,000
– –
2025 Q1
5 quarters
IRHOR icon
175
Iron Horse Acquisitions Corp II Rights
IRHOR
$241K 0.02%
+1,500,000
New +$255K
2026 Q2
0 quarters
5 6
7
8 9

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TFA
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MMCAP International's Q2 2026 Portfolio in Review

As of Q2 2026, MMCAP International held 364 positions worth $1.18B, up 1.8% from $1.16B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

MMCAP International's Q2 2026 filing shows 120 new, 9 increased, 17 reduced and 61 closed positions. Its largest new stake was Churchill Capital Corp XII: 2,700,000 shares worth $28.8M. The largest sale was Xanadu Quantum Technologies Class B, an estimated $48.1M.

By sector, the portfolio is most concentrated in Financials at 57% of assets, up from 36% a quarter earlier, followed by Materials and Miscellaneous.

  • MMCAP International's largest Q2 2026 buy was Churchill Capital Corp XII: 2,700,000 shares worth $28.8M.
  • MMCAP International added most to NewHold Investment Corp III in Q2 2026, an estimated $5.37M increase.
  • MMCAP International's biggest Q2 2026 reduction was Aris Mining, cutting an estimated $17.7M.
  • MMCAP International fully exited Xanadu Quantum Technologies Class B in Q2 2026, selling an estimated $48.1M.
  • MMCAP International's ten largest holdings make up 28% of its $1.18B portfolio in Q2 2026.
  • MMCAP International opened 120 new positions and closed 61 in Q2 2026.
  • MMCAP International's portfolio value rose 1.8% quarter-over-quarter to $1.18B.

Based on MMCAP International's 13F filing for Q2 2026, filed 14 Aug 2026.