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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
EONR.WS
201
EON Resources Warrants
EONR.WS
$1.61M
$29.3K ﹤0.01%
257,500
– –
AMODW
202
Alpha Modus Holdings Warrant
AMODW
$181K
$26.4K ﹤0.01%
588,000
– –
DFLIW icon
203
Dragonfly Energy Holdings Warrant
DFLIW
$26.3K ﹤0.01%
675,000
– –
LEGT.WS
204
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$25K ﹤0.01%
50,000
– –
OYSER
205
Oyster Enterprises II Acquisition Corp Rights
OYSER
$25K ﹤0.01%
200,000
– –
KITTW icon
206
Nauticus Robotics Warrant
KITTW
$218K
$24.8K ﹤0.01%
500,000
– –
ALCYW
207
DELISTED
Alchemy Investments Acquisition Corp 1 Warrants
ALCYW
$24K ﹤0.01%
150,000
– –
GSHRW
208
Gesher Acquisition Corp II Warrants
GSHRW
$23K ﹤0.01%
87,500
– –
BIXIW
209
Bitcoin Infrastructure Acquisition Corp Warrant
BIXIW
$22.3K ﹤0.01%
+75,000
New +$23.1K
TVGNW icon
210
Tevogen Inc Warrant
TVGNW
$962K
$22K ﹤0.01%
650,000
– –
TDACW
211
Translational Development Acquisition Corp Warrants
TDACW
$14.2M
$21K ﹤0.01%
175,000
– –
MRNOW
212
Murano Global Investments PLC Warrants
MRNOW
$20K ﹤0.01%
500,000
– –
BSAAR
213
BEST SPAC I Acquisition Corp Rights
BSAAR
$19.9K ﹤0.01%
125,000
– –
FLDDW
214
Fold Holdings Warrant
FLDDW
$948K
$19.3K ﹤0.01%
175,000
– –
VSEEW
215
DELISTED
VSEE HEALTH INC WTS 29
VSEEW
$18.9K ﹤0.01%
500,000
– –
VACHW
216
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$18.9K ﹤0.01%
125,000
– –
CHECW
217
Chenghe Acquisition III Co Warrants
CHECW
$18K ﹤0.01%
75,000
– –
RDZNW icon
218
Roadzen Inc Warrants
RDZNW
$7.99M
$16.8K ﹤0.01%
150,000
– –
TDWDR
219
Tailwind 2.0 Acquisition Corp Rights
TDWDR
$14.3K ﹤0.01%
75,000
– –
FOXXW
220
Foxx Development Holdings Warrant
FOXXW
$628K
$14K ﹤0.01%
160,000
– –
FUSEW
221
Fusemachines Inc Warrants
FUSEW
$810K
$13.1K ﹤0.01%
175,000
– –
OABIW icon
222
OmniAb Inc Warrant
OABIW
$30.5M
$12.7K ﹤0.01%
158,333
– –
PBMWW
223
Psyence Biomedical Warrant
PBMWW
$367K
$10.9K ﹤0.01%
600,000
– –
PCAPW
224
ProCap Acquisition Corp Warrant
PCAPW
$10.7K ﹤0.01%
33,333
– –
BENFW icon
225
Beneficient Warrant
BENFW
$151K
$10.5K ﹤0.01%
750,000
– –
7 8
9
10 11

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FSWA
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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.