MMCAP International Inc. SPC

CIK

1304857

Location

GRAND CAYMAN, E9

Portfolio Value

Small $642,905,781

Diversification

Diversified

Filing Date

Global Rank

#2,262 / 7,976 ▲ 98

Top Industry

Shell Companies 41.3%

3Y Alpha vs SPY

+20.8%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

23 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+190.2%

SPY

+76.3%

Annualised alpha

+21.8%

Max drawdown

−36.8%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

64 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

25.1%

+5.2 pts

Top 5

41.4%

−11.8 pts

Top 10

55.3%

−12.2 pts

HHI

796

Diversified−22

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Financial Services	45.5%	$292,291,517	32
Basic Materials	30.0%	$192,751,146	5
Energy	14.7%	$94,500,734	10
Technology	4.4%	$28,149,791	3
Consumer Cyclical	1.9%	$12,428,873	4
Industrials	1.2%	$7,765,976	3
Healthcare	1.2%	$7,680,816	3
Communication Services	0.7%	$4,425,203	1
Unclassified	0.4%	$2,823,750	2
Real Estate	0.0%	$87,975	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

8 positions

Ticker	Company	Δ Shares	Shares	Value
ARIS	Aris Mining Corp	+5,112,295	16,436,882	$161,081,443
ASTL	Algoma Steel Group Inc.	+860,610	8,078,828	$28,720,233
EU	enCore Energy Corp.	+497,337	4,316,838	$13,857,049
NESR	National Energy Services Reunited Corp.	+243,785	845,142	$8,671,156
CRON	Cronos Group Inc.	+82,700	1,769,082	$4,918,047
KMX	Carmax Inc	+41,155	56,770	$2,547,269
GM	General Motors Co	+15,000	57,750	$3,521,017
PROF	Profound Medical Corp.	+10,000	500,859	$2,449,200
No positions match the current search.

Trimmed

Positions the filer reduced

10 positions

Ticker	Company	Δ Shares	Shares	Value
UEC	Uranium Energy Corp	−13,691,772	2,091,198	$27,896,581
URG	Ur-Energy Inc	−5,155,464	3,849,280	$6,890,211
DNN	Denison Mines Corp.	−3,906,413	9,505,871	$26,141,145
KEEL	Keel Infrastructure Corp.	−3,806,800	2,795,298	$7,882,740
POET	Poet Technologies Inc.	−2,309,144	3,585,240	$19,862,229
NXE	NexGen Energy Ltd.	−1,956,118	50,007	$447,562
UUUU	Energy Fuels Inc	−1,149,000	364,925	$5,601,598
ISOU	IsoEnergy Ltd.	−316,004	345,645	$3,456,450
CEPO	Cantor Equity Partners I, Inc.	−159,664	638,027	$6,673,762
BWA	Borgwarner Inc	−143,209	78,776	$3,462,992
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
NPAC	New Providence Acquisition Corp. III/Cayman	2,200,000	$22,374,000
FERA	Fifth Era Acquisition Corp I	1,900,000	$19,323,000
SUIG	SUI Group Holdings Ltd.	4,771,507	$18,418,017
RDAG	Republic Digital Acquisition Co	1,565,000	$15,978,650
IPCX	Inflection Point Acquisition Corp. III	1,400,000	$14,098,000
CGCT	Cartesian Growth Corp III	1,350,000	$13,560,750
SBET	Sharplink, Inc.	498,700	$8,482,887
GTEN	Gores Holdings X, Inc. / CI	700,000	$7,147,000
AEXA	American Exceptionalism Acquisition Corp. A	631,066	$6,897,551
UPXI	Upexi, Inc.	766,933	$4,425,203
FLR	Fluor Corp	100,000	$4,207,000
TDAC	Translational Development Acquisition Corp.	350,000	$3,622,500
APTV	Aptiv PLC	33,607	$2,897,595
BNC	CEA Industries Inc.	334,039	$2,605,504
BACC	Blue Acquisition Corp/Cayman	250,000	$2,498,750
STLD	Steel Dynamics Inc	15,311	$2,134,812
NHIC	NewHold Investment Corp. III	200,000	$2,036,000
OYSE	Oyster Enterprises II Acquisition Corp	200,000	$2,004,400
GSHR	Gesher Acquisition Corp. II	175,000	$1,776,250
ATII	Archimedes Tech SPAC Partners II Co.	125,000	$1,276,250
GFR	Greenfire Resources Ltd.	249,200	$1,151,304
STKE	SOL Strategies Inc.	250,000	$1,085,000
CP	Canadian Pacific Kansas City Ltd/Cn	12,800	$953,472
ETHA	iShares Ethereum Trust ETF	25,000	$787,750
GAU	Galiano Gold Inc.	250,000	$547,500
No positions match the current search.

Sold Out

Positions the filer fully exited

6 positions

Ticker	Company	Shares	Value
GLXY	Galaxy Digital Inc.	760,086	$16,645,883
SPKL	Spark I Acquisition Corp	350,000	$3,815,000
DVS	DOLLY VARDEN SILVER CORP	108,000	$365,040
USAR	USA Rare Earth, Inc.	23,800	$260,729
LZM	Lifezone Metals Ltd	48,568	$200,100
UROY	Uranium Royalty Corp.	22,824	$57,060
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

64 positions · $642,905,781 total · as of Sep 30, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Energy Financial Services Healthcare Industrials Real Estate Technology

Showing 1–50 of 64 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
ARIS	Aris Mining Corp Basic Materials	Added	16,436,882	+5,112,295	$161,081,443	+111.7%	25.06%
ASTL	Algoma Steel Group Inc. Basic Materials	Added	8,078,828	+860,610	$28,720,233	−42.3%	4.47%
UEC	Uranium Energy Corp Energy	Reduced	2,091,198	-13,691,772	$27,896,581	−74.0%	4.34%
DNN	Denison Mines Corp. Energy	Reduced	9,505,871	-3,906,413	$26,141,145	+7.1%	4.07%
NPAC	New Providence Acquisition Corp. III/Cayman Financial Services	NEW	2,200,000	NEW	$22,374,000	NEW	3.48%
POET	Poet Technologies Inc. Technology	Reduced	3,585,240	-2,309,144	$19,862,229	−35.3%	3.09%
FERA	Fifth Era Acquisition Corp I Financial Services	NEW	1,900,000	NEW	$19,323,000	NEW	3.01%
SUIG	SUI Group Holdings Ltd. Financial Services	NEW	4,771,507	NEW	$18,418,017	NEW	2.86%
RDAG	Republic Digital Acquisition Co Financial Services	NEW	1,565,000	NEW	$15,978,650	NEW	2.49%
MBAV	M3-Brigade Acquisition V Corp. Financial Services	Held	1,500,000	0	$15,825,000	−6.6%	2.46%
LPAA	Launch One Acquisition Corp. Financial Services	Held	1,480,000	0	$15,540,000	+0.8%	2.42%
CCIX	Churchill Capital Corp IX/Cayman Financial Services	Held	1,350,000	0	$14,148,000	−0.4%	2.20%
IPCX	Inflection Point Acquisition Corp. III Financial Services	NEW	1,400,000	NEW	$14,098,000	NEW	2.19%
EU	enCore Energy Corp. Energy	Added	4,316,838	+497,337	$13,857,049	+26.9%	2.16%
CGCT	Cartesian Growth Corp III Financial Services	NEW	1,350,000	NEW	$13,560,750	NEW	2.11%
GPAT	GP-Act III Acquisition Corp. Financial Services	Held	1,275,000	0	$13,515,000	+0.5%	2.10%
ALF	Centurion Acquisition Corp. Financial Services	Held	1,175,000	0	$12,396,250	+0.3%	1.93%
SIMA	SIM Acquisition Corp. I Financial Services	Held	980,000	0	$10,329,200	+1.1%	1.61%
CUB	Lionheart Holdings Financial Services	Held	980,000	0	$10,299,800	+0.1%	1.60%
HYAC	Haymaker Acquisition Corp. 4 Financial Services	Held	900,000	0	$10,206,000	+2.2%	1.59%
GRAF	Graf Global Corp. Financial Services	Held	830,000	0	$8,748,200	+0.8%	1.36%
NESR	National Energy Services Reunited Corp. Energy	Added	845,142	+243,785	$8,671,156	+139.5%	1.35%
SBET	Sharplink, Inc. Financial Services	NEW	498,700	NEW	$8,482,887	NEW	1.32%
KEEL	Keel Infrastructure Corp. Technology	Reduced	2,795,298	-3,806,800	$7,882,740	+42.1%	1.23%
CEPT	Cantor Equity Partners II, Inc. Financial Services	Held	750,000	0	$7,882,500	−4.7%	1.23%
CAEP	Cantor Equity Partners III, Inc. Financial Services	Held	750,000	0	$7,740,000	−2.2%	1.20%
GTEN	Gores Holdings X, Inc. / CI Financial Services	NEW	700,000	NEW	$7,147,000	NEW	1.11%
AEXA	American Exceptionalism Acquisition Corp. A Financial Services	NEW	631,066	NEW	$6,897,551	NEW	1.07%
URG	Ur-Energy Inc Energy	Reduced	3,849,280	-5,155,464	$6,890,211	−27.1%	1.07%
CEPO	Cantor Equity Partners I, Inc. Financial Services	Reduced	638,027	-159,664	$6,673,762	−29.7%	1.04%
POLE	Andretti Acquisition Corp. II Financial Services	Held	580,000	0	$6,066,800	+0.8%	0.94%
NOEM	CO2 Energy Transition Corp. Financial Services	Held	590,000	0	$6,018,000	+1.3%	0.94%
UUUU	Energy Fuels Inc Energy	Reduced	364,925	-1,149,000	$5,601,598	−35.7%	0.87%
CRON	Cronos Group Inc. Healthcare	Added	1,769,082	+82,700	$4,918,047	+52.7%	0.76%
NTWO	Newbury Street II Acquisition Corp Financial Services	Held	450,000	0	$4,662,000	+0.7%	0.73%
UPXI	Upexi, Inc. Communication Services	NEW	766,933	NEW	$4,425,203	NEW	0.69%
FLR	Fluor Corp Industrials	NEW	100,000	NEW	$4,207,000	NEW	0.65%
TDAC	Translational Development Acquisition Corp. Financial Services	NEW	350,000	NEW	$3,622,500	NEW	0.56%
GM	General Motors Co Consumer Cyclical	Added	57,750	+15,000	$3,521,017	+67.4%	0.55%
BWA	Borgwarner Inc Consumer Cyclical	Reduced	78,776	-143,209	$3,462,992	−53.4%	0.54%
ISOU	IsoEnergy Ltd. Energy	Reduced	345,645	-316,004	$3,456,450	−26.8%	0.54%
APTV	Aptiv PLC Consumer Cyclical	NEW	33,607	NEW	$2,897,595	NEW	0.45%
VACH	Voyager Acquisition Corp./Cayman Islands Financial Services	Held	250,000	0	$2,624,000	+1.0%	0.41%
BNC	CEA Industries Inc. Industrials	NEW	334,039	NEW	$2,605,504	NEW	0.41%
KMX	Carmax Inc Consumer Cyclical	Added	56,770	+41,155	$2,547,269	+142.7%	0.40%
BACC	Blue Acquisition Corp/Cayman Financial Services	NEW	250,000	NEW	$2,498,750	NEW	0.39%
PROF	Profound Medical Corp. Healthcare	Added	500,859	+10,000	$2,449,200	−15.4%	0.38%
STLD	Steel Dynamics Inc Basic Materials	NEW	15,311	NEW	$2,134,812	NEW	0.33%
NHIC	NewHold Investment Corp. III	NEW	200,000	NEW	$2,036,000	NEW	0.32%
OYSE	Oyster Enterprises II Acquisition Corp Financial Services	NEW	200,000	NEW	$2,004,400	NEW	0.31%