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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
ARIS
1
Aris Mining
ARIS
$4.18B
$224M 22.44%
13,804,061
-2,632,821
-16% -$32.4M
ASTL icon
2
Algoma Steel
ASTL
$442M
$47.1M 4.71%
11,487,861
+3,409,033
+42% +$13.6M
CCXIU
3
Churchill Capital Corp XI Units
CCXIU
$442M
$27.6M 2.76%
+2,700,000
New +$27.6M
DMIIU
4
Drugs Made In America Acquisition II Corp Unit
DMIIU
$27M 2.7%
2,700,000
– –
NPAC
5
New Providence Acquisition Corp III
NPAC
$401M
$22.6M 2.26%
2,200,000
– –
NXE icon
6
NexGen Energy
NXE
$6.97B
$22.4M 2.23%
2,429,898
+2,379,891
+4,759% +$21M
FERA
7
Fifth Era Acquisition Corp I
FERA
$328M
$19.6M 1.95%
1,900,000
– –
DNN icon
8
Denison Mines
DNN
$3.07B
$19.2M 1.92%
7,219,531
-2,286,340
-24% -$6.22M
RDAG
9
Republic Digital Acquisition Co
RDAG
$390M
$15.8M 1.58%
1,565,000
– –
LPAA
10
Launch One Acquisition Corp
LPAA
$15.7M 1.57%
1,480,000
– –
CEPF
11
Cantor Equity Partners IV
CEPF
$592M
$15.4M 1.54%
1,500,000
– –
MESHU
12
Meshflow Acquisition Corp Units
MESHU
$305M
$15M 1.5%
+1,500,000
New +$15M
IRHOU
13
Iron Horse Acquisitions II Corp Units
IRHOU
$14.9M 1.49%
+1,500,000
New +$14.9M
UEC icon
14
Uranium Energy
UEC
$6.14B
$14.6M 1.46%
1,248,363
-842,835
-40% -$11.1M
CCIX
15
DELISTED
Churchill Capital Corp IX
CCIX
$14.4M 1.43%
1,350,000
– –
IPCX
16
DELISTED
Inflection Point Acquisition Corp III
IPCX
$14.2M 1.42%
1,400,000
– –
FAC
17
Factorial Energy Inc
FAC
$525M
$13.9M 1.39%
1,350,000
– –
GPAT
18
GP-Act III Acquisition Corp
GPAT
$13.6M 1.36%
1,275,000
– –
APTV icon
19
Aptiv
APTV
$9.5B
$13M 1.3%
170,268
+136,661
+407% +$11M
ALF
20
Centurion Acquisition Corp
ALF
$391M
$12.5M 1.25%
1,175,000
– –
CEPV
21
Cantor Equity Partners V
CEPV
$12.3M 1.23%
+1,200,000
New +$12.3M
WENN
22
Wen Acquisition Corp
WENN
$12.1M 1.21%
1,200,000
– –
MBVI
23
M3-Brigade Acquisition VI Corp
MBVI
$11M 1.1%
+1,100,000
New +$11.1M
EU
24
enCore Energy
EU
$249M
$10.7M 1.07%
4,316,238
-600
-0% -$1.72K
CUB
25
Lionheart Holdings
CUB
$285M
$10.4M 1.04%
980,000
– –
1
2 3 4 5

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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.