MMCAP International Inc. SPC

CIK

1304857

Location

GRAND CAYMAN, E9

Portfolio Value

Small $850,362,939

Diversification

Diversified

Filing Date

Global Rank

#1,949 / 8,622 ▲ 112 · as of Mar 2026

Top Industry

Shell Companies 43.9%

3Y Alpha vs SPY

+19.6%

Period ended 4 months ago

Filed May 15, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+165.6%

SPY

+67.9%

Annualised alpha

+19.6%

Max drawdown

−36.8%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

102 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

17.1%

−10.9 pts

Top 5

36.0%

−5.9 pts

Top 10

47.2%

−4.7 pts

HHI

470

Diversified−439

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	45.5%	$386,959,707	54
Basic Materials	26.8%	$228,241,243	13
Technology	9.0%	$76,955,626	8
Energy	5.7%	$48,797,514	7
Consumer Cyclical	4.2%	$36,096,803	6
Healthcare	3.3%	$28,311,512	4
Industrials	2.5%	$20,855,968	3
Communication Services	1.3%	$11,304,810	2
Real Estate	1.2%	$10,050,111	1
Unclassified	0.3%	$2,523,750	3
Utilities	0.0%	$265,895	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

12 positions

Ticker	Company	Δ Shares	Shares	Value
CRDL	Cardiol Therapeutics Inc.	+15,143,367	15,352,317	$20,725,627
ASTL	Algoma Steel Group Inc.	+1,357,761	12,845,622	$53,052,418
SUIG	SUI Group Holdings Ltd.	+509,395	6,650,751	$8,047,408
PROF	Profound Medical Corp.	+213,790	745,152	$4,828,584
VLOS	Velos Acquisition I Corp.	+150,000	550,000	$5,907,000
WY	Weyerhaeuser Co	+83,884	411,384	$10,050,111
GM	General Motors Co	+67,678	134,016	$9,984,192
STLD	Steel Dynamics Inc	+63,197	73,908	$13,303,440
APTV	Aptiv PLC	+62,824	233,092	$16,185,908
SQNS	Sequans Communications	+36,290	37,830	$95,709
MT	ArcelorMittal	+14,443	105,870	$5,503,122
KMX	Carmax Inc	+2,000	49,257	$2,048,106
No positions match the current search.

Trimmed

Positions the filer reduced

13 positions

Ticker	Company	Δ Shares	Shares	Value
ARIS	Aris Mining Corp	−5,988,919	7,815,142	$145,127,186
DNN	Denison Mines Corp.	−4,362,000	2,857,531	$10,087,084
CRON	Cronos Group Inc.	−1,761,569	999,490	$2,508,719
ZONE	CleanCore Solutions, Inc.	−1,488,562	16,867,613	$6,004,870
CCIX	Churchill Capital Corp IX/Cayman	−1,250,000	100,000	$1,068,000
UEC	Uranium Energy Corp	−1,216,028	32,335	$436,522
IMSR	Terrestrial Energy Inc. /DE/	−705,721	44,279	$265,895
NFGC	New Found Gold Corp.	−626,312	119,523	$231,874
EU	enCore Energy Corp.	−152,802	4,163,436	$7,494,184
POET	Poet Technologies Inc.	−32,167	1,494,038	$8,874,585
GFR	Greenfire Resources Ltd.	−25,000	182,309	$1,152,192
BWA	Borgwarner Inc	−14,063	71,075	$3,856,529
CF	CF Industries Holdings, Inc.	−1,978	7,022	$911,736
No positions match the current search.

New Positions

Positions the filer opened this quarter

20 positions

Ticker	Company	Shares	Value
XNDU	Xanadu Quantum Technologies Ltd	6,875,000	$52,662,500
DMII	Drugs Made In America Acquisition II Corp.	2,700,000	$26,919,000
STM	STMicroelectronics N.V.	309,925	$10,707,908
SNAP	Snap Inc	1,958,828	$9,010,608
CRAN	Crane Harbor Acquisition Corp. II	650,000	$6,441,500
MOS	Mosaic Co	165,973	$4,232,311
CEPS	Cantor Equity Partners VI, Inc.	400,000	$4,040,000
TWLV	Twelve Seas Investment Co III/Cayman	400,000	$3,948,000
RNGT	Range Capital Acquisition Corp II	250,000	$2,500,000
VGZ	Vista Gold Corp	1,140,000	$2,234,400
EVOX	Evolution Global Acquisition Corp	200,000	$1,992,000
ORBS	Eightco Holdings Inc.	2,054,795	$1,915,068
BIXI	Bitcoin Infrastructure Acquisition Corp Ltd	150,000	$1,488,000
CDE	Coeur Mining, Inc.	75,000	$1,407,750
ASST	Strive, Inc.	122,480	$1,227,249
FSLR	First Solar, Inc.	5,298	$1,045,083
VMET	Versamet Royalties Corp	93,100	$885,381
WRN	Western Copper & Gold Corp	335,130	$847,878
EMAT	Evolution Metals & Technologies Corp.	65,000	$493,350
USAR	USA Rare Earth, Inc.	687	$10,397
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
UUUU	Energy Fuels Inc	357,225	$5,194,051
ISOU	IsoEnergy Ltd.	270,745	$2,463,779
URG	Ur-Energy Inc	515,776	$716,928
CNL	Collective Mining Ltd.	24,170	$352,640
DVS	DOLLY VARDEN SILVER CORP	25,000	$110,250
NESR	National Energy Services Reunited Corp.	5,227	$81,854
ELPW	Elong Power Holding Ltd.	1,480	$2,693
JTAI	Jet.AI Inc.	1,343	$786
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

102 positions · $850,362,939 total · as of Mar 31, 2026

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

Showing 1–50 of 102 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
ARIS	Aris Mining Corp Basic Materials	Reduced	7,815,142	-5,988,919	$145,127,186	−35.2%	17.07%
ASTL	Algoma Steel Group Inc. Basic Materials	Added	12,845,622	+1,357,761	$53,052,418	+12.6%	6.24%
XNDU	Xanadu Quantum Technologies Ltd Technology	NEW	6,875,000	NEW	$52,662,500	NEW	6.19%
NXE	NexGen Energy Ltd. Energy	Held	2,429,898	0	$28,186,816	+26.1%	3.31%
DMII	Drugs Made In America Acquisition II Corp. Financial Services	NEW	2,700,000	NEW	$26,919,000	NEW	3.17%
NPAC	New Providence Acquisition Corp. III/Cayman Financial Services	Held	2,200,000	0	$22,572,000	0.0%	2.65%
CRDL	Cardiol Therapeutics Inc. Healthcare	Added	15,352,317	+15,143,367	$20,725,627	+10297.2%	2.44%
FERA	Fifth Era Acquisition Corp I Financial Services	Held	1,900,000	0	$19,570,000	+0.1%	2.30%
APTV	Aptiv PLC Consumer Cyclical	Added	233,092	+62,824	$16,185,908	+24.9%	1.90%
RDAG	Republic Digital Acquisition Co Financial Services	Held	1,565,000	0	$16,009,950	+1.0%	1.88%
LPAA	Launch One Acquisition Corp. Financial Services	Held	1,480,000	0	$15,850,800	+1.1%	1.86%
CEPF	Cantor Equity Partners IV, Inc. Financial Services	Held	1,500,000	0	$15,285,000	−0.9%	1.80%
IPCX	Inflection Point Acquisition Corp. III Financial Services	Held	1,400,000	0	$14,301,000	+0.7%	1.68%
FAC	Factorial Energy Inc. Industrials	Held	1,350,000	0	$13,844,250	−0.4%	1.63%
GPAT	GP-Act III Acquisition Corp. Financial Services	Held	1,275,000	0	$13,821,000	+1.4%	1.63%
STLD	Steel Dynamics Inc Basic Materials	Added	73,908	+63,197	$13,303,440	+633.0%	1.56%
ALF	Centurion Acquisition Corp. Financial Services	Held	1,175,000	0	$12,643,000	+1.0%	1.49%
WENN	WEN Acquisition Corp Financial Services	Held	1,200,000	0	$12,216,000	+0.8%	1.44%
CEPV	Cantor Equity Partners V, Inc. Financial Services	Held	1,200,000	0	$12,120,000	−1.5%	1.43%
MBVI	M3-Brigade Acquisition VI Corp. Financial Services	Held	1,100,000	0	$11,055,000	+0.5%	1.30%
STM	STMicroelectronics N.V. Technology	NEW	309,925	NEW	$10,707,908	NEW	1.26%
CUB	Lionheart Holdings Financial Services	Held	980,000	0	$10,544,800	+1.2%	1.24%
SIMA	SIM Acquisition Corp. I Financial Services	Held	980,000	0	$10,505,600	+1.2%	1.24%
SBXD	SilverBox Corp IV Financial Services	Held	980,000	0	$10,486,000	+1.1%	1.23%
HYAC	Haymaker Acquisition Corp. 4 Financial Services	Held	900,000	0	$10,386,000	+1.4%	1.22%
DNN	Denison Mines Corp. Energy	Reduced	2,857,531	-4,362,000	$10,087,084	−47.5%	1.19%
HCMA	Hcm III Acquisition Corp. Financial Services	Held	1,000,000	0	$10,080,000	+0.4%	1.19%
FCRS	FutureCrest Acquisition Corp. Financial Services	Held	1,000,000	0	$10,060,000	−0.4%	1.18%
WY	Weyerhaeuser Co Real Estate	Added	411,384	+83,884	$10,050,111	+29.5%	1.18%
GM	General Motors Co Consumer Cyclical	Added	134,016	+67,678	$9,984,192	+85.1%	1.17%
SNAP	Snap Inc Communication Services	NEW	1,958,828	NEW	$9,010,608	NEW	1.06%
GRAF-UN	Graf Global Corp. Financial Services	Held	830,000	0	$8,889,300	−0.4%	1.05%
POET	Poet Technologies Inc. Technology	Reduced	1,494,038	-32,167	$8,874,585	−8.1%	1.04%
SUIG	SUI Group Holdings Ltd. Financial Services	Added	6,650,751	+509,395	$8,047,408	−21.5%	0.95%
CAEP	Cantor Equity Partners III, Inc. Financial Services	Held	750,000	0	$7,732,500	+1.1%	0.91%
EU	enCore Energy Corp. Energy	Reduced	4,163,436	-16,794,886	$7,494,184	−85.6%	0.88%
GTEN	Gores Holdings X, Inc. / CI Financial Services	Held	700,000	0	$7,168,000	−0.1%	0.84%
AEXA	American Exceptionalism Acquisition Corp. A Financial Services	Held	631,494	0	$6,839,080	−4.9%	0.80%
CRAN	Crane Harbor Acquisition Corp. II Financial Services	NEW	650,000	NEW	$6,441,500	NEW	0.76%
POLE	Andretti Acquisition Corp. II Financial Services	Held	580,000	0	$6,174,100	+1.3%	0.73%
NOEM	CO2 Energy Transition Corp. Financial Services	Held	590,000	0	$6,118,300	+0.8%	0.72%
ONCH	1RT Acquisition Corp. Financial Services	Held	600,000	0	$6,084,000	−0.6%	0.72%
ZONE	CleanCore Solutions, Inc. Industrials	Reduced	16,867,613	-1,488,562	$6,004,870	+25.8%	0.71%
VLOS	Velos Acquisition I Corp. Financial Services	Added	550,000	+150,000	$5,907,000	+38.9%	0.69%
MT	ArcelorMittal Basic Materials	Added	105,870	+14,443	$5,503,122	+32.1%	0.65%
SBET	Sharplink, Inc. Financial Services	Held	807,600	0	$5,209,020	−27.9%	0.61%
LPBB	Launch Two Acquisition Corp. Financial Services	Held	480,000	0	$5,097,600	+1.2%	0.60%
FIGX	FIGX Capital Acquisition Corp. Financial Services	Held	500,000	0	$5,050,000	+0.4%	0.59%
PROF	Profound Medical Corp. Healthcare	Added	745,152	+213,790	$4,828,584	+15.5%	0.57%
NTWO	Newbury Street II Acquisition Corp Financial Services	Held	450,000	0	$4,729,500	+0.8%	0.56%