MMCAP International Inc. SPC
Filing Date
Global Rank
#2,262
/ 7,976
▲ 98
Top Industry
Shell Companies
41.3%
3Y Alpha vs SPY
+21.8%
Period ended 9 months ago
Filed Nov 14, 2025 · 7mo
23 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical 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, 2025Top 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 |
|---|---|---|
| Financial Services | 45.5% | $292,291,517 |
| Basic Materials | 30.0% | $192,751,146 |
| Energy | 14.7% | $94,500,734 |
| Technology | 4.4% | $28,149,791 |
| Consumer Cyclical | 1.9% | $12,428,873 |
| Industrials | 1.2% | $7,765,976 |
| Healthcare | 1.2% | $7,680,816 |
| Communication Services | 0.7% | $4,425,203 |
| Unclassified | 0.4% | $2,823,750 |
| Real Estate | 0.0% | $87,975 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
8 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|
| 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. | ||||
3 positions ·
$28,149,791 total
· Technology only
· as of Sep 30, 2025
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| POET |
Poet Technologies Inc.
Technology
|
Reduced | 3,585,240 | $19,862,229 | 70.56% | |
| KEEL |
Keel Infrastructure Corp.
Technology
|
Reduced | 2,795,298 | $7,882,740 | 28.00% | |
| QXL |
Quantum X Labs Inc.
Technology
|
Held | 115,995 | $404,822 | 1.44% |