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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
FUSE
151
Fusemachines Inc
FUSE
$20.2M
$57.8K 0.01%
+35,000
New +$72.4K
NTWOW
152
Newbury Street II Acquisition Corp Warrant
NTWOW
$11.2M
$56.5K 0.01%
225,000
– –
SPKLW
153
Spark I Acquisition Corp Warrant
SPKLW
$6.1M
$55.1K 0.01%
175,000
– –
TDACW
154
Translational Development Acquisition Corp Warrants
TDACW
$14.2M
$54.3K 0.01%
175,000
– –
BLUWW
155
Blue Water Acquisition Corp III Warrant
BLUWW
$53K 0.01%
100,000
– –
DFLIW icon
156
Dragonfly Energy Holdings Warrant
DFLIW
$47.3K ﹤0.01%
675,000
– –
ALPS
157
ALPS Group Inc
ALPS
$64M
$46.9K ﹤0.01%
+54,000
New +$56.3K
SVCCW
158
Stellar V Capital Corp Warrant
SVCCW
$1.8M
$46.2K ﹤0.01%
140,000
– –
NHICW
159
NewHold Investment Corp III Warrants
NHICW
$45K ﹤0.01%
100,000
– –
SATLW icon
160
Satellogic Inc Warrant
SATLW
$56.5M
$42.5K ﹤0.01%
166,666
– –
RDZNW icon
161
Roadzen Inc Warrants
RDZNW
$7.99M
$40.8K ﹤0.01%
150,000
– –
VSEEW
162
DELISTED
VSEE HEALTH INC WTS 29
VSEEW
$40K ﹤0.01%
500,000
– –
OYSER
163
Oyster Enterprises II Acquisition Corp Rights
OYSER
$40K ﹤0.01%
200,000
– –
GSHRW
164
Gesher Acquisition Corp II Warrants
GSHRW
$39.4K ﹤0.01%
87,500
– –
AEC
165
Anfield Energy
AEC
$86.8M
$34.9K ﹤0.01%
6,787
-31,559
-82% -$223K
ATIIW
166
Archimedes Tech SPAC Partners II Co Warrant
ATIIW
$17.3M
$34.3K ﹤0.01%
62,500
– –
LWACW
167
LightWave Acquisition Corp Warrants
LWACW
$2.47M
$33.8K ﹤0.01%
+125,000
New +$33.7K
AMODW
168
Alpha Modus Holdings Warrant
AMODW
$181K
$32.3K ﹤0.01%
588,000
– –
ALCYW
169
DELISTED
Alchemy Investments Acquisition Corp 1 Warrants
ALCYW
$31.5K ﹤0.01%
150,000
– –
LZM.WS icon
170
Lifezone Metals Ltd Warrants
LZM.WS
$28.7K ﹤0.01%
69,810
– –
TVGNW icon
171
Tevogen Inc Warrant
TVGNW
$962K
$27.4K ﹤0.01%
650,000
– –
FLDDW
172
Fold Holdings Warrant
FLDDW
$948K
$26.6K ﹤0.01%
175,000
– –
VACHW
173
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$25.6K ﹤0.01%
125,000
– –
KITTW icon
174
Nauticus Robotics Warrant
KITTW
$218K
$22.6K ﹤0.01%
500,000
– –
LEGT.WS
175
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$20.5K ﹤0.01%
50,000
– –
5 6
7
8 9

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TFA
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KCM
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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.