MMCAP International Inc. SPC

CIK

1304857

Location

GRAND CAYMAN, E9

Portfolio Value

Small $862,347,757

Diversification

Diversified

Filing Date

Global Rank

#1,906 / 8,603 ▲ 108 · as of Mar 2026

Top Industry

Shell Companies 40.1%

3Y Alpha vs SPY

+20.2%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

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

Cloned portfolio

+175.6%

SPY

+76.5%

Annualised alpha

+19.3%

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

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

Top Position

16.8%

−10.1 pts

Top 5

37.2%

−8.1 pts

Top 10

49.5%

−6.1 pts

HHI

477

Diversified−416

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	41.6%	$359,160,107	51
Basic Materials	26.5%	$228,241,243	13
Technology	8.9%	$76,955,626	8
Consumer Cyclical	8.8%	$76,129,803	6
Energy	5.7%	$48,797,514	7
Healthcare	3.3%	$28,062,930	3
Industrials	2.4%	$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
MBAV	M3-Brigade Acquisition V 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
ELPW	Elong Power Holding Ltd.	1,480	$215,488
JTAI	Jet.AI Inc.	1,343	$157,399
DVS	DOLLY VARDEN SILVER CORP	25,000	$110,250
NESR	National Energy Services Reunited Corp.	5,227	$81,854
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

98 positions · $862,347,757 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 98 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	Reduced	7,815,142	-5,988,919	$145,127,186	−35.2%	16.83%
ASTL	Algoma Steel Group Inc. Basic Materials	Added	12,845,622	+1,357,761	$53,052,418	+12.6%	6.15%
XNDU	Xanadu Quantum Technologies Ltd Technology	NEW	6,875,000	NEW	$52,662,500	NEW	6.11%
ZOOZ	ZOOZ Strategy Ltd. Consumer Cyclical	Held	7,000,000	0	$42,140,000	−31.3%	4.89%
NXE	NexGen Energy Ltd. Energy	Held	2,429,898	0	$28,186,816	+26.1%	3.27%
DMII	Drugs Made In America Acquisition II Corp. Financial Services	NEW	2,700,000	NEW	$26,919,000	NEW	3.12%
NPAC	New Providence Acquisition Corp. III/Cayman Financial Services	Held	2,200,000	0	$22,572,000	0.0%	2.62%
CRDL	Cardiol Therapeutics Inc. Healthcare	Added	15,352,317	+15,143,367	$20,725,627	+10297.2%	2.40%
FERA	Fifth Era Acquisition Corp I Financial Services	Held	1,900,000	0	$19,570,000	+0.1%	2.27%
APTV	Aptiv PLC Consumer Cyclical	Added	233,092	+62,824	$16,185,908	+24.9%	1.88%
RDAG	Republic Digital Acquisition Co Financial Services	Held	1,565,000	0	$16,009,950	+1.0%	1.86%
LPAA	Launch One Acquisition Corp. Financial Services	Held	1,480,000	0	$15,850,800	+1.1%	1.84%
CEPF	Cantor Equity Partners IV, Inc. Financial Services	Held	1,500,000	0	$15,285,000	−0.9%	1.77%
IPCX	Inflection Point Acquisition Corp. III Financial Services	Held	1,400,000	0	$14,301,000	+0.7%	1.66%
FAC	Factorial Energy Inc. Industrials	Held	1,350,000	0	$13,844,250	−0.4%	1.61%
GPAT	GP-Act III Acquisition Corp. Financial Services	Held	1,275,000	0	$13,821,000	+1.4%	1.60%
STLD	Steel Dynamics Inc Basic Materials	Added	73,908	+63,197	$13,303,440	+633.0%	1.54%
ALF	Centurion Acquisition Corp. Financial Services	Held	1,175,000	0	$12,643,000	+1.0%	1.47%
CEPV	Cantor Equity Partners V, Inc. Financial Services	Held	1,200,000	0	$12,120,000	−1.5%	1.41%
MBVI	M3-Brigade Acquisition VI Corp. Financial Services	Held	1,100,000	0	$11,055,000	+0.5%	1.28%
STM	STMicroelectronics N.V. Technology	NEW	309,925	NEW	$10,707,908	NEW	1.24%
CUB	Lionheart Holdings Financial Services	Held	980,000	0	$10,544,800	+1.2%	1.22%
SIMA	SIM Acquisition Corp. I Financial Services	Held	980,000	0	$10,505,600	+1.2%	1.22%
HYAC	Haymaker Acquisition Corp. 4 Financial Services	Held	900,000	0	$10,386,000	+1.4%	1.20%
DNN	Denison Mines Corp. Energy	Reduced	2,857,531	-4,362,000	$10,087,084	−47.5%	1.17%
HCMA	Hcm III Acquisition Corp. Financial Services	Held	1,000,000	0	$10,080,000	+0.4%	1.17%
FCRS	FutureCrest Acquisition Corp. Financial Services	Held	1,000,000	0	$10,060,000	−0.4%	1.17%
WY	Weyerhaeuser Co Real Estate	Added	411,384	+83,884	$10,050,111	+29.5%	1.17%
GM	General Motors Co Consumer Cyclical	Added	134,016	+67,678	$9,984,192	+85.1%	1.16%
SNAP	Snap Inc Communication Services	NEW	1,958,828	NEW	$9,010,608	NEW	1.04%
GRAF	Graf Global Corp. Financial Services	Held	830,000	0	$8,889,300	−0.4%	1.03%
POET	Poet Technologies Inc. Technology	Reduced	1,494,038	-32,167	$8,874,585	−8.1%	1.03%
SUIG	SUI Group Holdings Ltd. Financial Services	Added	6,650,751	+509,395	$8,047,408	−21.5%	0.93%
CAEP	Cantor Equity Partners III, Inc. Financial Services	Held	750,000	0	$7,732,500	+1.1%	0.90%
EU	enCore Energy Corp. Energy	Reduced	4,163,436	-16,794,886	$7,494,184	−85.6%	0.87%
GTEN	Gores Holdings X, Inc. / CI Financial Services	Held	700,000	0	$7,168,000	−0.1%	0.83%
AEXA	American Exceptionalism Acquisition Corp. A Financial Services	Held	631,494	0	$6,839,080	−4.9%	0.79%
CRAN	Crane Harbor Acquisition Corp. II Financial Services	NEW	650,000	NEW	$6,441,500	NEW	0.75%
POLE	Andretti Acquisition Corp. II Financial Services	Held	580,000	0	$6,174,100	+1.3%	0.72%
NOEM	CO2 Energy Transition Corp. Financial Services	Held	590,000	0	$6,118,300	+0.8%	0.71%
ONCH	1RT Acquisition Corp. Financial Services	Held	600,000	0	$6,084,000	−0.6%	0.71%
ZONE	CleanCore Solutions, Inc. Industrials	Reduced	16,867,613	-1,488,562	$6,004,870	+25.8%	0.70%
MBAV	M3-Brigade Acquisition V Corp. Financial Services	Added	550,000	+150,000	$5,907,000	+38.9%	0.68%
MT	ArcelorMittal Basic Materials	Added	105,870	+14,443	$5,503,122	+32.1%	0.64%
SBET	Sharplink, Inc. Financial Services	Held	807,600	0	$5,209,020	−27.9%	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%	0.56%
NTWO	Newbury Street II Acquisition Corp Financial Services	Held	450,000	0	$4,729,500	+0.8%	0.55%
MOS	Mosaic Co Basic Materials	NEW	165,973	NEW	$4,232,311	NEW	0.49%
CEPS	Cantor Equity Partners VI, Inc. Financial Services	NEW	400,000	NEW	$4,040,000	NEW	0.47%