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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
BACCR
176
Blue Acquisition Corp Right
BACCR
$75K 0.01%
250,000
– –
OBAWW
177
Oxley Bridge Acquisition Ltd Warrants
OBAWW
$75K 0.01%
375,000
– –
SBXD.WS
178
SilverBox Corp IV Warrants
SBXD.WS
$73.1K 0.01%
326,666
– –
FIGXW
179
FIGX Capital Acquisition Corp Warrant
FIGXW
$67.5K 0.01%
250,000
– –
PACHW
180
Pioneer Acquisition I Corp Warrants
PACHW
$2.28M
$67.5K 0.01%
375,000
– –
NOEMW
181
CO2 Energy Transition Corp Warrant
NOEMW
$64.9K 0.01%
590,000
– –
ONCHW
182
1RT Acquisition Corp Warrant
ONCHW
$1.73M
$64.5K 0.01%
150,000
– –
TWLVR
183
Twelve Seas Investment Co III Rights
TWLVR
$60.1K 0.01%
+400,000
New +$67.6K
JACS.RT
184
Jackson Acquisition Co II Rights
JACS.RT
$57.8K 0.01%
500,000
– –
ALPS
185
ALPS Group Inc
ALPS
$64M
$54K ﹤0.01%
54,000
– –
TONT.WS
186
Graf Global Corp Warrants
TONT.WS
$53.9K ﹤0.01%
415,000
– –
BLUWW
187
Blue Water Acquisition Corp III Warrant
BLUWW
$50K ﹤0.01%
100,000
– –
RNGTW
188
Range Capital Acquisition Corp II Warrants
RNGTW
$44.8K ﹤0.01%
+125,000
New +$41.9K
FUFUW icon
189
BitFuFu Inc Warrant
FUFUW
$1.1M
$41.3K ﹤0.01%
330,000
– –
NHICW
190
NewHold Investment Corp III Warrants
NHICW
$41K ﹤0.01%
100,000
– –
NTWOW
191
Newbury Street II Acquisition Corp Warrant
NTWOW
$11.2M
$40.5K ﹤0.01%
225,000
– –
EVOXW
192
Evolution Global Acquisition Corp Warrants
EVOXW
$40K ﹤0.01%
+100,000
New +$47.4K
AEC
193
Anfield Energy
AEC
$86.8M
$39.6K ﹤0.01%
6,787
– –
LZM.WS icon
194
Lifezone Metals Ltd Warrants
LZM.WS
$34.9K ﹤0.01%
69,810
– –
FUSE
195
Fusemachines Inc
FUSE
$20.2M
$33.2K ﹤0.01%
35,000
– –
POLEW
196
Andretti Acquisition Corp II Warrant
POLEW
$32K ﹤0.01%
290,000
– –
ATIIW
197
Archimedes Tech SPAC Partners II Co Warrant
ATIIW
$17.3M
$31.9K ﹤0.01%
62,500
– –
SPKLW
198
Spark I Acquisition Corp Warrant
SPKLW
$6.1M
$31.5K ﹤0.01%
175,000
– –
SVCCW
199
Stellar V Capital Corp Warrant
SVCCW
$1.8M
$30.8K ﹤0.01%
140,000
– –
LWACW
200
LightWave Acquisition Corp Warrants
LWACW
$2.47M
$30K ﹤0.01%
125,000
– –
6 7
8
9 10

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CA
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KBFS
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TPI
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TFA
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KCM
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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.