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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
+14.34%
1 Year Est. Return
+50.44%
3 Year Est. Return
+184.48%
5 Year Est. Return
+225.16%
10 Year Est. Return
–
AUM
$546M
AUM Growth
+$198M
Cap. Flow
+$152M
Cap. Flow %
27.86%
Top 10 Hldgs %
82.17%
Holding
220
New
23
Increased
4
Reduced
6
Closed
26

Top Buys

Rank Stock Value
1
CVE icon
Cenovus Energy
CVE
+$59.5M
2
ASTL icon
Algoma Steel
ASTL
+$23.9M
3
UEC icon
Uranium Energy
UEC
+$23.1M
4
DNN icon
Denison Mines
DNN
+$14.4M
5
UUUU icon
Energy Fuels
UUUU
+$9.61M

Top Sells

Rank Stock Value
1
CCVI
Churchill Capital Corp VI
CCVI
+$7.11M
2
NXE icon
NexGen Energy
NXE
+$6.91M
3
RENE
Cartesian Growth Corp II
RENE
+$6.52M
4
ACB
Aurora Cannabis
ACB
+$4.66M
5
URG
Ur-Energy
URG
+$3.88M

Sector Composition

Rank Sector Weight
1 Energy 50.89%
2 Materials 29.92%
3 Financials 8.27%
4 Consumer Discretionary 3.27%
5 Miscellaneous 2.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HGASW
176
DELISTED
Global Gas Corporation Warrant
HGASW
$1.79K ﹤0.01%
56,102
– –
GLLIW
177
DELISTED
Globalink Investment Inc. Warrants
GLLIW
$1.78K ﹤0.01%
540,000
– –
ACAHW
178
DELISTED
Atlantic Coastal Acquisition Corp. Warrant
ACAHW
$1.53K ﹤0.01%
61,053
– –
DPCSW
179
DELISTED
DP Cap Acquisition Corp I Warrants
DPCSW
$1.5K ﹤0.01%
75,000
– –
FIACW
180
DELISTED
Focus Impact Acquisition Corp. Warrant
FIACW
$1.5K ﹤0.01%
75,000
– –
LIBYW
181
DELISTED
Liberty Resources Acquisition Corp. Warrant
LIBYW
$1.38K ﹤0.01%
275,000
– –
USCTW
182
DELISTED
Roth CH Acquisition Co. Warrant
USCTW
$1.25K ﹤0.01%
50,000
– –
SMXWW
183
SMX (Security Matters) Public Ltd Warrant
SMXWW
$774K
$1.19K ﹤0.01%
125,000
– –
ACAXW
184
DELISTED
Alset Capital Acquisition Corp Warrant
ACAXW
$975 ﹤0.01%
97,500
– –
FRMM
185
Forum Markets
FRMM
$77.3M
$761 ﹤0.01%
19
– –
GTACW
186
DELISTED
Global Technology Acquisition Corp. I Warrant
GTACW
$748 ﹤0.01%
25,000
– –
OIOWW
187
OIO Group Warrants
OIOWW
$1.21M
$604 ﹤0.01%
154,750
– –
PMGMW
188
DELISTED
Priveterra Acquisition Corp. II Warrant to purchase Class A common stock
PMGMW
$573 ﹤0.01%
32,736
– –
RCFA.WS
189
DELISTED
RCF Acquisition Corp. Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
RCFA.WS
$531 ﹤0.01%
12,500
– –
KACLW
190
DELISTED
Kairous Acquisition Corp. Limited Warrants
KACLW
$504 ﹤0.01%
95,114
– –
LMDXW
191
DELISTED
LumiraDx Limited Warrant
LMDXW
$314 ﹤0.01%
42,976
– –
SPECW
192
DELISTED
Spectaire Holdings, Inc. Warrant
SPECW
$300 ﹤0.01%
50,000
– –
SLNAW
193
DELISTED
Selina Hospitality PLC Warrant
SLNAW
$53 ﹤0.01%
12,632
– –
ACB
194
Aurora Cannabis
ACB
$254M
– –
-800,000
Closed -$4.66M
NNDM
195
Nano Dimension
NNDM
$333M
– –
-315,376
Closed -$858K
RENE
196
DELISTED
Cartesian Growth Corp II
RENE
– –
-600,000
Closed -$6.52M
APCA
197
DELISTED
AP Acquisition Corp
APCA
– –
-300,000
Closed -$3.23M
MRT.WS
198
DELISTED
Marti Technologies, Inc. Warrants, each whole warrant exercisable for one class A ordinary share at an exercise price of $11.50
MRT.WS
– –
-350,000
Closed -$6.33K
DISAW
199
DELISTED
Disruptive Acquisition Corporation I Warrant
DISAW
– –
-211,441
Closed -$9.98K
NIRWW
200
DELISTED
Near Intelligence, Inc. Warrant
NIRWW
– –
-74,100
Closed -$1.78K
5 6 7
8
9

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MMCAP International's Q4 2023 Portfolio in Review

As of Q4 2023, MMCAP International held 220 positions worth $546M, up 57% from $348M the previous quarter. Its ten largest holdings account for 82% of the portfolio.

MMCAP International deployed $152M of net new capital in Q4 2023, opening 23 new positions and adding to 4 existing holdings. Its largest new stake was Cenovus Energy: 3,247,408 shares worth $54.3M.

By sector, the portfolio is most concentrated in Energy at 51% of assets, up from 45% a quarter earlier, followed by Materials and Financials.

On the sell side, the largest reduction was NexGen Energy, an estimated $6.91M trimmed.

  • MMCAP International's largest Q4 2023 buy was Cenovus Energy: 3,247,408 shares worth $54.3M.
  • MMCAP International added most to Uranium Energy in Q4 2023, an estimated $23.1M increase.
  • MMCAP International's biggest Q4 2023 reduction was NexGen Energy, cutting an estimated $6.91M.
  • MMCAP International fully exited Churchill Capital Corp VI in Q4 2023, selling an estimated $7.11M.
  • MMCAP International's ten largest holdings make up 82% of its $546M portfolio in Q4 2023.
  • MMCAP International opened 23 new positions and closed 26 in Q4 2023.
  • MMCAP International's portfolio value rose 57% quarter-over-quarter to $546M.

Based on MMCAP International's 13F filing for Q4 2023, filed 12 Feb 2024.