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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
+14.16%
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
Avg Time Held Equity + Options
3.8 quarters
Top 10 Avg Time Held Equity + Options
3.9 quarters
Top 20 Avg Time Held Equity + Options
3.6 quarters
Avg Time Held Equity only
3.8 quarters
Top 10 Avg Time Held Equity only
3.9 quarters
Top 20 Avg Time Held Equity only
3.6 quarters

Top Buys

Rank Stock Value
1
CCXIU icon
Churchill Capital Corp XI Units
CCXIU
+$27.6M
2
NXE icon
NexGen Energy
NXE
+$21M
3
ZONE icon
Zone Frontier Inc.
ZONE
+$15.4M
4
MESHU icon
Meshflow Acquisition Corp Units
MESHU
+$15M
5
IRHOU icon
Iron Horse Acquisitions II Corp Units
IRHOU
+$14.9M

Top Sells

Rank Stock Value
1
ARIS icon
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 icon
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 Held Since
ARIS icon
1
Aris Mining
ARIS
$3.49B
$224M 22.44%
13,804,061
-2,632,821
-16% -$32.4M
2023 Q3
9 quarters
ASTL icon
2
Algoma Steel
ASTL
$453M
$47.1M 4.71%
11,487,861
+3,409,033
+42% +$13.6M
2023 Q4
8 quarters
CCXIU icon
3
Churchill Capital Corp XI Units
CCXIU
$350M
$27.6M 2.76%
+2,700,000
New +$27.6M
2025 Q4
0 quarters
DMIIU icon
4
Drugs Made In America Acquisition II Corp Unit
DMIIU
$524M
$27M 2.7%
2,700,000
– –
2025 Q3
1 quarter
NPAC icon
5
New Providence Acquisition Corp III
NPAC
$403M
$22.6M 2.26%
2,200,000
– –
2025 Q3
1 quarter
NXE icon
6
NexGen Energy
NXE
$5.68B
$22.4M 2.23%
2,429,898
+2,379,891
+4,759% +$21M
2022 Q3
13 quarters
FERA icon
7
Fifth Era Acquisition Corp I
FERA
$330M
$19.6M 1.95%
1,900,000
– –
2025 Q3
1 quarter
DNN icon
8
Denison Mines
DNN
$2.11B
$19.2M 1.92%
7,219,531
-2,286,340
-24% -$6.22M
2020 Q4
20 quarters
RDAG icon
9
Republic Digital Acquisition Co
RDAG
$392M
$15.8M 1.58%
1,565,000
– –
2025 Q3
1 quarter
LPAA icon
10
Launch One Acquisition Corp
LPAA
$81.9M
$15.7M 1.57%
1,480,000
– –
2024 Q3
5 quarters
CEPF icon
11
Cantor Equity Partners IV
CEPF
$588M
$15.4M 1.54%
1,500,000
– –
2025 Q3
1 quarter
MESHU icon
12
Meshflow Acquisition Corp Units
MESHU
$15M 1.5%
+1,500,000
New +$15M
2025 Q4
0 quarters
IRHOU icon
13
Iron Horse Acquisitions II Corp Units
IRHOU
$203M
$14.9M 1.49%
+1,500,000
New +$14.9M
2025 Q4
0 quarters
UEC icon
14
Uranium Energy
UEC
$4.08B
$14.6M 1.46%
1,248,363
-842,835
-40% -$11.1M
2022 Q1
15 quarters
CCIX
15
DELISTED
Churchill Capital Corp IX
CCIX
$14.4M 1.43%
1,350,000
– –
2024 Q3
5 quarters
IPCX
16
DELISTED
Inflection Point Acquisition Corp III
IPCX
$14.2M 1.42%
1,400,000
– –
2025 Q3
1 quarter
FAC
17
Factorial Energy Inc
FAC
$535M
$13.9M 1.39%
1,350,000
– –
2025 Q3
1 quarter
GPAT icon
18
GP-Act III Acquisition Corp
GPAT
$178M
$13.6M 1.36%
1,275,000
– –
2024 Q3
5 quarters
APTV icon
19
Aptiv
APTV
$9.19B
$13M 1.3%
170,268
+136,661
+407% +$11M
2025 Q3
1 quarter
ALF icon
20
Centurion Acquisition Corp
ALF
$392M
$12.5M 1.25%
1,175,000
– –
2024 Q3
5 quarters
CEPV icon
21
Cantor Equity Partners V
CEPV
$325M
$12.3M 1.23%
+1,200,000
New +$12.3M
2025 Q4
0 quarters
WENN icon
22
Wen Acquisition Corp
WENN
$391M
$12.1M 1.21%
1,200,000
– –
2025 Q3
1 quarter
MBVI icon
23
M3-Brigade Acquisition VI Corp
MBVI
$442M
$11M 1.1%
+1,100,000
New +$11.1M
2025 Q4
0 quarters
EU icon
24
enCore Energy
EU
$177M
$10.7M 1.07%
4,316,238
-600
-0% -$1.72K
2024 Q1
7 quarters
CUB icon
25
Lionheart Holdings
CUB
$285M
$10.4M 1.04%
980,000
– –
2024 Q3
5 quarters
1
2 3 4 5

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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.