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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
ABPWW
151
DELISTED
Abpro Holdings Warrant
ABPWW
$15.9K ﹤0.01%
675,000
– –
DAICW
152
CID HoldCo Inc Warrants
DAICW
$219K
$15.3K ﹤0.01%
100,000
– –
PBMWW
153
Psyence Biomedical Warrant
PBMWW
$367K
$15.1K ﹤0.01%
600,000
– –
KIDZW
154
KIDZ AI Inc Warrants
KIDZW
$148K
$15K ﹤0.01%
187,500
– –
BLUWW
155
Blue Water Acquisition Corp III Warrant
BLUWW
$14.2K ﹤0.01%
+100,000
New +$15.1K
EONR.WS
156
EON Resources Warrants
EONR.WS
$1.61M
$12.9K ﹤0.01%
257,500
– –
VLN.WS
157
DELISTED
Valens Semiconductor Ltd Warrants
VLN.WS
$12.9K ﹤0.01%
214,067
– –
BENFW icon
158
Beneficient Warrant
BENFW
$151K
$10.8K ﹤0.01%
750,000
– –
ZEOWW
159
Zeo Energy Corp Warrants
ZEOWW
$85.3K
$10.8K ﹤0.01%
195,575
– –
RDZNW icon
160
Roadzen Inc Warrants
RDZNW
$7.99M
$10.5K ﹤0.01%
150,000
– –
PARAW
161
Banzai International Warrant
PARAW
$95.5K
$9.41K ﹤0.01%
352,409
– –
KVACW
162
DELISTED
Keen Vision Acquisition Corp Warrant
KVACW
$9.03K ﹤0.01%
150,000
– –
VSEEW
163
DELISTED
VSEE HEALTH INC WTS 29
VSEEW
$8.45K ﹤0.01%
500,000
– –
CDTTW
164
CDT Equity Inc Warrant
CDTTW
$1.5M
$7.42K ﹤0.01%
700,000
– –
ELPW
165
Elong Power Holding Ltd
ELPW
$3.31M
– –
0
– –
MSAIW icon
166
MultiSensor AI Holdings Warrant
MSAIW
$6.66K ﹤0.01%
175,250
– –
NIVFW
167
NewGenIvf Group Warrants
NIVFW
$6.19K ﹤0.01%
375,000
– –
BGLWW
168
Blue Gold Ltd Warrant
BGLWW
$311K
$5.72K ﹤0.01%
12,500
– –
CEROW
169
DELISTED
CERo Therapeutics Warrants
CEROW
$4.99K ﹤0.01%
375,000
– –
APLMW icon
170
Apollomics Inc Warrant
APLMW
$1.25M
$4.78K ﹤0.01%
250,000
– –
GIBOW
171
GIBO Holdings Warrants
GIBOW
$4.38K ﹤0.01%
125,000
– –
SMXWW
172
SMX (Security Matters) Public Ltd Warrant
SMXWW
$774K
$3.38K ﹤0.01%
125,000
– –
LZM icon
173
Lifezone Metals
LZM
$390M
– –
-48,568
Closed -$200K
PET
174
DELISTED
Wag!
PET
– –
-153,695
Closed -$35.5K
PETWW
175
DELISTED
Wag! Group Co Warrant
PETWW
– –
-975,750
Closed -$15.6K
5 6
7
8 9

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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.