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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
+1.6%
1 Year Est. Return
+50.44%
3 Year Est. Return
+184.48%
5 Year Est. Return
+225.16%
10 Year Est. Return
–
AUM
$1.16B
AUM Growth
+$158M
Cap. Flow
+$134M
Cap. Flow %
11.55%
Top 10 Hldgs %
35.34%
Holding
264
New
56
Increased
12
Reduced
14
Closed
19

Top Buys

Rank Stock Value
1
XNDU
Xanadu Quantum Technologies Class B
XNDU
+$61.9M
2
DMII
Drugs Made In America Acquisition II Corp
DMII
+$26.9M
3
MZYX.U
MOZAYYX Acquisition Corp Units
MZYX.U
+$17.4M
4
IACOU
Idea Acquisition Corp Units
IACOU
+$17.3M
5
CRDL
Cardiol Therapeutics
CRDL
+$15.5M

Top Sells

Rank Stock Value
1
ARIS
Aris Mining
ARIS
+$113M
2
DMIIU
Drugs Made In America Acquisition II Corp Unit
DMIIU
+$27M
3
UEC icon
Uranium Energy
UEC
+$18.8M
4
DNN icon
Denison Mines
DNN
+$16.4M
5
CCIX
Churchill Capital Corp IX
CCIX
+$13.3M

Sector Composition

Rank Sector Weight
1 Financials 35.94%
2 Miscellaneous 24.67%
3 Materials 19.71%
4 Technology 6.25%
5 Energy 4.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
STKE
151
Sol Strategies Inc
STKE
$48.6M
$244K 0.02%
250,000
– –
NFGC
152
New Found Gold
NFGC
$734M
$232K 0.02%
119,523
-626,312
-84% -$1.68M
QXL
153
Quantum X Labs
QXL
$63.7M
$228K 0.02%
115,995
– –
DMIIR
154
Drugs Made In America Acquisition II Corp Right
DMIIR
$216K 0.02%
+2,700,000
New +$307K
RZLVW
155
Rezolve AI Warrants
RZLVW
$5.89M
$216K 0.02%
250,000
– –
SATLW icon
156
Satellogic Inc Warrant
SATLW
$56.5M
$200K 0.02%
166,666
– –
WENNW
157
Wen Acquisition Corp Warrant
WENNW
$4.35M
$192K 0.02%
600,000
– –
AENTW icon
158
Alliance Entertainment Holding Corp Warrants
AENTW
$176K 0.02%
294,000
– –
ALFUW
159
Centurion Acquisition Corp Warrant
ALFUW
$153K 0.01%
1,237,500
– –
CCIXW
160
DELISTED
Churchill Capital Corp IX Warrant
CCIXW
$152K 0.01%
337,500
– –
HCMAW
161
HCM III Acquisition Corp Warrants
HCMAW
$150K 0.01%
333,333
– –
FCRS.WS
162
FutureCrest Acquisition Corp Warrants
FCRS.WS
$148K 0.01%
250,000
– –
GPATW
163
GP-Act III Acquisition Corp Warrants
GPATW
$145K 0.01%
1,037,500
– –
NPACW
164
New Providence Acquisition Corp III Warrants
NPACW
$2.8M
$139K 0.01%
733,333
– –
LPAAW
165
Launch One Acquisition Corp Warrant
LPAAW
$137K 0.01%
990,000
– –
BLZRW
166
Trailblazer Acquisition Corp Warrant
BLZRW
$132K 0.01%
333,333
– –
MBVIW
167
M3-Brigade Acquisition VI Corp Warrant
MBVIW
$127K 0.01%
366,666
– –
CRANR
168
Crane Harbor Acquisition Corp II Rights
CRANR
$117K 0.01%
+650,000
New +$137K
CUBWW
169
Lionheart Holdings Warrant
CUBWW
$5.46M
$114K 0.01%
990,000
– –
VLOSW
170
Velos Acquisition I Corp Warrant
VLOSW
$104K 0.01%
349,671
– –
NOEMR
171
CO2 Energy Transition Corp Right
NOEMR
$100K 0.01%
590,000
– –
GTENW
172
Gores Holdings X Warrants
GTENW
$98K 0.01%
175,000
– –
SQNS
173
Sequans Communications SA
SQNS
$43.7M
$95.7K 0.01%
37,830
+36,290
+2,356% +$138K
SBCWW
174
SBC Medical Group Warrants
SBCWW
$3.62M
$90.8K 0.01%
330,000
– –
LPBBW
175
Launch Two Acquisition Corp Warrant
LPBBW
$76.5K 0.01%
490,000
– –
5 6
7
8 9

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NFG
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FSWA
Financial Synergies Wealth Advisors Houston, Texas $1.18B AUM 31.41% 1-Year Est. Return
CA
Cache Advisors San Francisco, California $1.18B AUM 44.04% 1-Year Est. Return
KBFS
Kohmann Bosshard Financial Services Fairlawn, Ohio $1.18B AUM 16.34% 1-Year Est. Return
TPI
Trust Point Inc La Crosse, Wisconsin $1.18B AUM 26.72% 1-Year Est. Return
TFA
Transamerica Financial Advisors St. Petersburg, Florida $1.18B AUM 31.24% 1-Year Est. Return
KCM
Knighthead Capital Management New York $1.18B AUM 54.89% 1-Year Est. Return
CF
Clarity Financial Houston, Texas $1.18B AUM 16.13% 1-Year Est. Return

MMCAP International's Q1 2026 Portfolio in Review

As of Q1 2026, MMCAP International held 264 positions worth $1.16B, up 16% from $1B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

MMCAP International deployed $134M of net new capital in Q1 2026, opening 56 new positions and adding to 12 existing holdings. Its largest new stake was Xanadu Quantum Technologies Class B: 6,875,000 shares worth $48.1M.

By sector, the portfolio is most concentrated in Financials at 36% of assets, down from 38% a quarter earlier, followed by Miscellaneous and Materials.

On the sell side, the largest reduction was Aris Mining, an estimated $113M trimmed.

  • MMCAP International's largest Q1 2026 buy was Xanadu Quantum Technologies Class B: 6,875,000 shares worth $48.1M.
  • MMCAP International added most to Cardiol Therapeutics in Q1 2026, an estimated $15.5M increase.
  • MMCAP International's biggest Q1 2026 reduction was Aris Mining, cutting an estimated $113M.
  • MMCAP International fully exited Drugs Made In America Acquisition II Corp Unit in Q1 2026, selling an estimated $27M.
  • MMCAP International's ten largest holdings make up 35% of its $1.16B portfolio in Q1 2026.
  • MMCAP International opened 56 new positions and closed 19 in Q1 2026.
  • MMCAP International's portfolio value rose 16% quarter-over-quarter to $1.16B.

Based on MMCAP International's 13F filing for Q1 2026, filed 15 May 2026.