MMCAP International Inc. SPC

CIK

1304857

Location

GRAND CAYMAN, E9

Portfolio Value

Small $228,241,243

Diversification

Diversified

Filing Date

Global Rank

#2,005 / 8,586 ▲ 114

Top Industry

Shell Companies 42.6%

3Y Alpha vs SPY

+23.1%

Period ended 3 months ago

Filed May 15, 2026 · 32d

25 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

+200.9%

SPY

+78.1%

Annualised alpha

+23.1%

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

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

Top Position

18.0%

−11.5 pts

Top 5

38.0%

−6.3 pts

Top 10

49.8%

−5.0 pts

HHI

515

Diversified−493

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	44.3%	$356,700,357	50
Basic Materials	28.3%	$228,241,243	13
Technology	9.5%	$76,955,626	8
Energy	6.1%	$48,797,514	7
Consumer Cyclical	4.5%	$36,096,803	6
Healthcare	3.5%	$28,062,930	3
Communication Services	1.4%	$11,304,810	2
Real Estate	1.2%	$10,050,111	1
Industrials	0.9%	$7,011,718	2
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
DVS	DOLLY VARDEN SILVER CORP	25,000	$110,250
NESR	National Energy Services Reunited Corp.	5,227	$81,854
JTAI	Jet.AI Inc.	1,343	$786
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

13 positions · $228,241,243 total · Basic Materials only · as of Mar 31, 2026

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

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%	63.58%
ASTL	Algoma Steel Group Inc. Basic Materials	Added	12,845,622	+1,357,761	$53,052,418	+12.6%	23.24%
STLD	Steel Dynamics Inc Basic Materials	Added	73,908	+63,197	$13,303,440	+633.0%	5.83%
MT	ArcelorMittal Basic Materials	Added	105,870	+14,443	$5,503,122	+32.1%	2.41%
MOS	Mosaic Co Basic Materials	NEW	165,973	NEW	$4,232,311	NEW	1.85%
VGZ	Vista Gold Corp Basic Materials	NEW	1,140,000	NEW	$2,234,400	NEW	0.98%
CDE	Coeur Mining, Inc. Basic Materials	NEW	75,000	NEW	$1,407,750	NEW	0.62%
CF	CF Industries Holdings, Inc. Basic Materials	Reduced	7,022	-1,978	$911,736	+31.0%	0.40%
VMET	Versamet Royalties Corp Basic Materials	NEW	93,100	NEW	$885,381	NEW	0.39%
WRN	Western Copper & Gold Corp Basic Materials	NEW	335,130	NEW	$847,878	NEW	0.37%
EMAT	Evolution Metals & Technologies Corp. Basic Materials	NEW	65,000	NEW	$493,350	NEW	0.22%
NFGC	New Found Gold Corp. Basic Materials	Reduced	119,523	-626,312	$231,874	−89.5%	0.10%
USAR	USA Rare Earth, Inc. Basic Materials	NEW	687	NEW	$10,397	NEW	0.00%