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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
OABIW icon
176
OmniAb Inc Warrant
OABIW
$30.5M
$19K ﹤0.01%
158,333
– –
BSAAR
177
BEST SPAC I Acquisition Corp Rights
BSAAR
$18.9K ﹤0.01%
125,000
– –
CYCUW
178
Cycurion Inc Warrant
CYCUW
$322K
$17K ﹤0.01%
500,000
– –
FOXXW
179
Foxx Development Holdings Warrant
FOXXW
$628K
$16.8K ﹤0.01%
160,000
– –
HUBCW icon
180
Hub Cyber Security Warrant 2/27/28
HUBCW
$159K
$16.5K ﹤0.01%
898,991
– –
OIOWW
181
OIO Group Warrants
OIOWW
$1.21M
$15.5K ﹤0.01%
154,750
– –
CHECW
182
Chenghe Acquisition III Co Warrants
CHECW
$15K ﹤0.01%
+75,000
New +$14.3K
LATAW
183
Galata Acquisition Corp II Warrant
LATAW
$1.32M
$13.3K ﹤0.01%
+33,333
New +$13.8K
MRNOW
184
Murano Global Investments PLC Warrants
MRNOW
$13.2K ﹤0.01%
500,000
– –
PCAPW
185
ProCap Acquisition Corp Warrant
PCAPW
$12.4K ﹤0.01%
33,333
– –
TDWDR
186
Tailwind 2.0 Acquisition Corp Rights
TDWDR
$12.3K ﹤0.01%
+75,000
New +$13.2K
EONR.WS
187
EON Resources Warrants
EONR.WS
$1.61M
$12.2K ﹤0.01%
257,500
– –
PBMWW
188
Psyence Biomedical Warrant
PBMWW
$367K
$11.1K ﹤0.01%
600,000
– –
ABPWW
189
DELISTED
Abpro Holdings Warrant
ABPWW
$11.1K ﹤0.01%
675,000
– –
FUSEW
190
Fusemachines Inc Warrants
FUSEW
$810K
$10.8K ﹤0.01%
+175,000
New +$25.2K
DAICW
191
CID HoldCo Inc Warrants
DAICW
$219K
$8.01K ﹤0.01%
100,000
– –
BENFW icon
192
Beneficient Warrant
BENFW
$151K
$7.95K ﹤0.01%
750,000
– –
KVACW
193
DELISTED
Keen Vision Acquisition Corp Warrant
KVACW
$7.67K ﹤0.01%
150,000
– –
ZEOWW
194
Zeo Energy Corp Warrants
ZEOWW
$85.3K
$6.96K ﹤0.01%
195,575
– –
SQNS
195
Sequans Communications SA
SQNS
$43.7M
$6.92K ﹤0.01%
+1,540
New +$10.3K
NIVFW
196
NewGenIvf Group Warrants
NIVFW
$6.38K ﹤0.01%
375,000
– –
SMXWW
197
SMX (Security Matters) Public Ltd Warrant
SMXWW
$774K
$5.94K ﹤0.01%
125,000
– –
VLN.WS
198
DELISTED
Valens Semiconductor Ltd Warrants
VLN.WS
$5.35K ﹤0.01%
214,067
– –
BGLWW
199
Blue Gold Ltd Warrant
BGLWW
$311K
$5.26K ﹤0.01%
12,500
– –
MSAIW icon
200
MultiSensor AI Holdings Warrant
MSAIW
$4.98K ﹤0.01%
175,250
– –
6 7
8
9 10

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FSWA
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CA
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TPI
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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.