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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
+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
UEC icon
1
Uranium Energy
UEC
$6.14B
$161M 29.4%
25,304,663
+3,876,952
+18% +$23.1M
CVE icon
2
Cenovus Energy
CVE
$58.2B
$54.3M 9.94%
+3,247,408
New +$59.5M
DNN icon
3
Denison Mines
DNN
$3.07B
$54.1M 9.92%
31,390,336
+8,592,121
+38% +$14.4M
ARIS
4
Aris Mining
ARIS
$4.18B
$43.8M 8.03%
13,239,071
– –
URG
5
Ur-Energy
URG
$561M
$36M 6.59%
23,742,647
-2,502,700
-10% -$3.88M
ASTL icon
6
Algoma Steel
ASTL
$442M
$30.4M 5.56%
+3,088,960
New +$23.9M
UUUU icon
7
Energy Fuels
UUUU
$3.67B
$25.9M 4.74%
3,693,009
+1,242,546
+51% +$9.61M
CVII
8
DELISTED
Churchill Capital Corp VII Class A Common Stock
CVII
$21.8M 4%
2,146,000
– –
OKLO
9
Oklo
OKLO
$7.47B
$11.5M 2.1%
1,084,669
– –
USAR
10
USA Rare Earth Inc
USAR
$4.4B
$10.4M 1.9%
1,000,000
– –
HYAC
11
DELISTED
Haymaker Acquisition Corp 4
HYAC
$9.24M 1.69%
900,000
– –
MT icon
12
ArcelorMittal
MT
$56.1B
$9.06M 1.66%
+320,000
New +$7.83M
GM icon
13
General Motors
GM
$75.7B
$7.61M 1.39%
+210,000
New +$6.49M
VRN
14
DELISTED
Veren
VRN
$7.23M 1.32%
+1,025,000
New +$7.56M
VALE icon
15
Vale
VALE
$64B
$6.93M 1.27%
+435,000
New +$6.24M
AGCO icon
16
AGCO
AGCO
$7.94B
$6.28M 1.15%
+51,000
New +$5.96M
GRCL
17
DELISTED
Gracell Biotechnologies Inc. American Depositary Shares
GRCL
$4.53M 0.83%
+451,172
New +$2.05M
BWA icon
18
BorgWarner
BWA
$13.1B
$4.16M 0.76%
+115,000
New +$4.1M
SPKLU
19
Spark I Acquisition Corp Unit
SPKLU
$3.57M 0.65%
+350,000
New +$3.55M
SCRM
20
DELISTED
Screaming Eagle Acquisition Corp. Class A Ordinary Shares
SCRM
$3.18M 0.58%
300,000
– –
ALCY
21
DELISTED
Alchemy Investments Acquisition Corp 1
ALCY
$3.13M 0.57%
300,000
– –
BAYAU
22
DELISTED
Bayview Acquisition Corp Unit
BAYAU
$2.74M 0.5%
+270,000
New +$2.72M
CRDL
23
Cardiol Therapeutics
CRDL
$227M
$2.66M 0.49%
2,953,300
– –
BUJA
24
DELISTED
Bukit Jalil Global Acquisition 1
BUJA
$2.6M 0.48%
250,000
– –
APTV icon
25
Aptiv
APTV
$9.5B
$2.54M 0.46%
+28,000
New +$2.41M
1
2 3 4 5

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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.