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MMCAP International Inc. SPC — 13F Holdings & Portfolio

CIK 1304857 · latest 13F-HR filed 2026-05-15

Backtest portfolio

MMCAP International Inc. SPC manages $1.16B in 13F-reported U.S. long-equity assets across 244 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are ARIS (12.53%), ASTL (4.58%), XNDU (4.15%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 56 new positions, exited 20, added to 42, and trimmed 81.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM

$1.16B

Long-equity book

Holdings

244

Distinct positions

Period

2026-03-31

Filed 2026-05-15

Q/Q Activity

+56 / −20 / ↑42 / ↓81

vs 2025-12-31

Firm Profile & Key People
Name Title / Status Ownership Type

Top Adds (vs prior quarter)

  • Cardiol Therapeutics Inc$20.5M +10299.4%
  • Steel Dynamics Inc$11.5M +633.0%
  • Algoma Steel Group Inc$5.9M +12.6%
  • NexGen Energy SEG$5.8M +26.1%
  • General Motors Co$4.6M +85.1%
Show all 42 →

Top Trims

  • Aris Mining Corp-$79.3M -35.3%
  • Uranium Energy Corp-$14.1M -97.0%
  • Churchill Capital Corp IX-$13.3M -92.6%
  • Denison Mines Corp-$9.1M -47.5%
  • Cronos Group Inc-$4.8M -65.5%
Show all 81 →

New Positions

  • XANADU QUANTUM TECHNOLO-CL B$48.1M
  • Drugs Made In America Acquisit$26.9M
  • MOZAYYX Acquisition Corp$17.4M
  • Idea Acquisition Corp$17.3M
  • Inflection Point Acquisition C$15.2M
Show all 56 →

Exited Positions

  • Drugs Made In America Acquisit$27.0M
  • Crane Harbor Acquisition Corp$6.5M
  • Energy Fuels Inc/Canada$5.2M
  • Twelve Seas Investment Co III$4.0M
  • Churchill Capital Corp X$3.3M
Show all 20 →
All Holdings

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 Aris Mining Corp ARIS 04040Y109 $145.2M 12.53% 7,815,142 SH
2 Algoma Steel Group Inc ASTL 015658107 $53.1M 4.58% 12,845,622 SH
3 XANADU QUANTUM TECHNOLO-CL B XNDU 98390R102 $48.1M 4.15% 6,875,000 SH
4 NexGen Energy SEG NXE 65340P106 $28.2M 2.43% 2,429,898 SH
5 Churchill Capital Corp XI CCXIU G2131A124 $27.7M 2.39% 2,700,000 SH
6 Drugs Made In America Acquisit DMII G2851K104 $26.9M 2.32% 2,700,000 SH
7 New Providence Acquisition Cor NPAC G6476A102 $22.6M 1.95% 2,200,000 SH
8 Cardiol Therapeutics Inc CRDL 14161Y200 $20.7M 1.79% 15,352,317 SH
9 Fifth Era Acquisition Corp I FERA G3415K101 $19.6M 1.69% 1,900,000 SH
10 MOZAYYX Acquisition Corp MZYX.U G63113123 $17.4M 1.50% 1,750,000 SH
11 Idea Acquisition Corp IACOU G4727U126 $17.3M 1.50% 1,750,000 SH
12 Aptiv PLC APTV G3265R107 $16.2M 1.40% 233,092 SH
13 Republic Digital Acquisition C RDAG G7515A103 $16.0M 1.38% 1,565,000 SH
14 Launch One Acquisition Corp LPAA G5S86M100 $15.9M 1.37% 1,480,000 SH
15 Cantor Equity Partners IV Inc CEPF G1828E100 $15.3M 1.32% 1,500,000 SH
16 Inflection Point Acquisition C IPFXU G4790S123 $15.2M 1.31% 1,500,000 SH
17 Meshflow Acquisition Corp MESHU G6032N127 $14.9M 1.29% 1,500,000 SH
18 Iron Horse Acquisition II Corp IRHOU 46283H202 $14.9M 1.29% 1,500,000 SH
19 QDRO Acquisition Corp QADRU G7310E128 $14.9M 1.28% 1,500,000 SH
20 Inflection Point Acquisition C IPCX G47875102 $14.3M 1.23% 1,400,000 SH
21 HCM IV Acquisition Corp HACQU G4365S128 $14.0M 1.21% 1,400,000 SH
22 CARTESIAN GROWTH CORP III CGCT G19307100 $13.8M 1.20% 1,350,000 SH
23 GP-Act III Acquisition Corp GPAT G4035N103 $13.8M 1.19% 1,275,000 SH
24 Steel Dynamics Inc STLD 858119100 $13.3M 1.15% 73,908 SH
25 Centurion Acquisition Corp ALF G20315100 $12.6M 1.09% 1,175,000 SH
26 Wen Acquisition Corp WENN G9R39C103 $12.2M 1.05% 1,200,000 SH
27 Cantor Equity Partners V Inc CEPV G1828S109 $12.1M 1.05% 1,200,000 SH
28 Aldabra 4 Liquidity Opportunit ALOVU G01900201 $11.9M 1.03% 1,200,000 SH
29 M3-Brigade Acquisition VI Corp MBVI G63221108 $11.1M 0.95% 1,100,000 SH
30 STMicroelectronics NV STM 861012102 $10.7M 0.92% 309,925 SH
31 Lionheart Holdings CUB G5501C109 $10.5M 0.91% 980,000 SH
32 SIM Acquisition Corp I SIMA G8431T101 $10.5M 0.91% 980,000 SH
33 Silverbox Corp IV SBXD G81354105 $10.5M 0.91% 980,000 SH
34 United Acquisition Corp I UAC.U G92ALM124 $10.4M 0.90% 1,050,000 SH
35 Haymaker Acquisition Corp 4 HYAC G4375F108 $10.4M 0.90% 900,000 SH
36 Denison Mines Corp DNN 248356107 $10.1M 0.87% 2,857,531 SH
37 HCM III Acquisition Corp HCMA G4365E103 $10.1M 0.87% 1,000,000 SH
38 FutureCrest Acquisition Corp FCRS G3730U107 $10.1M 0.87% 1,000,000 SH
39 Weyerhaeuser Co WY 962166104 $10.1M 0.87% 411,384 SH
40 Trailblazer Acquisition Corp BLZR G9009S103 $10.1M 0.87% 1,000,000 SH
41 Launchpad Cadenza Acquisition LPCVU G6001S123 $10.0M 0.86% 1,000,000 SH
42 American Drive Acquisition Co ADACU G0R91M121 $10.0M 0.86% 1,000,000 SH
43 General Motors Co GM 37045V100 $10.0M 0.86% 134,016 SH
44 Snap Inc SNAP 83304A106 $9.0M 0.78% 1,958,828 SH
45 Graf Global Corp GRAF G4036C106 $8.9M 0.77% 830,000 SH
46 POET Technologies Inc POET 73044W302 $8.9M 0.77% 1,494,038 SH
47 Sui Group Holdings Ltd SUIG 59982U200 $8.0M 0.69% 6,650,751 SH
48 ITHAX Acquisition Corp III ITHAU G4977S128 $8.0M 0.69% 800,000 SH
49 Cantor Equity Partners III Inc CAEP G1828A108 $7.7M 0.67% 750,000 SH
50 Pioneer Acquisition I Corp PACH G7117W107 $7.6M 0.66% 750,000 SH
Filing History
Period Filed AUM Holdings Accession
2026-03-31 2026-05-15 $1.16B 244 0000912282-26-000731
2025-12-31 2026-02-09 $1.00B 209 0000912282-26-000275
2025-09-30 2025-11-10 $859.8M 172 0000912282-25-001210