MI
MMCAP International Inc. SPC: 13F Stock Holdings & Portfolio (Q2 2026)
MMCAP International Inc. SPCCIK: 0001304857
Diversified strategyHigh-turnover traderSector-focused
Total reported value
$1.2B
Reporting period: 2026-06-30 · Number of holdings: 304
MMCAP International Inc. SPC disclosed 304 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $1.2B and a quarterly turnover rate of 90.8%.
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Personality snowflake
- Concentration
- 7.2
- Portfolio Stability
- 90.78
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 78.87
MMCAP International Inc. SPC's disclosed holdings carry a Herfindahl concentration index of 0.018 — mathematically equivalent to about 56 equally-sized positions, well below its 304 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.11), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 8% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out XNDU
Trim ARIS
-12.6% -$43.4M
New buy G2131M102
Sold out G2131A124
New buy G19316127
New buy G4790S107
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 304 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ARIS | Aris Mining CORP | Stock-Other | 8.63% | -3.90% | -12.60% | |
| 2 | ASTL | Algoma Steel Group Inc | Stock-Other | 3.76% | -0.82% | -14.72% | |
| 3 | ✓ | Stock-Other | 2.44% | +2.44% | NEW | ||
| 4 | ✓ | Drugs Made In Amer Acq Ii Co | Stock-Other | 2.30% | -0.02% | — | |
| 5 | NXE | Nexgen Energy LTD | Stock-Other | 2.14% | -0.29% | +10.88% | |
| 6 | ✓ | Stock-Other | 1.99% | +1.99% | NEW | ||
| 7 | ✓ | New Providence Acquisition C | Stock-Other | 1.94% | -0.01% | — | |
| 8 | ✓ | Stock-Other | 1.69% | +1.69% | NEW | ||
| 9 | ✓ | Fifth Era Acquisition CORP I | Stock-Other | 1.68% | -0.01% | — | |
| 10 | TAC | Transalta CORP | Stock-Other | 1.54% | +1.54% | NEW | |
| 11 | ✓ | Stock-Other | 1.50% | +1.50% | NEW | ||
| 12 | ✓ | Stock-Other | 1.48% | +1.48% | NEW | ||
| 13 | ✓ | Stock-Other | 1.47% | +1.47% | NEW | ||
| 14 | ✓ | Stock-Other | 1.43% | +1.43% | NEW | ||
| 15 | ✓ | Churchill Cap CORP Xi | Stock-Other | 1.41% | +1.41% | NEW | |
| 16 | CRDL | Cardiol Therapeutics Inc-a | Stock-Other | 1.40% | -0.39% | +1.60% | |
| 17 | ✓ | Stock-Other | 1.37% | -0.01% | — | ||
| 18 | LPAAU | Launch One Acquisition Corp. | Stock-Other | 1.36% | -0.01% | — | |
| 19 | ✓ | Stock-Other | 1.32% | — | — | ||
| 20 | IRHO | Iron Horse Acquisitions CORP | Stock-Other | 1.28% | +1.28% | NEW | |
| 21 | ✓ | Meshflow Acquisition CORP | Stock-Other | 1.27% | +1.27% | NEW | |
| 22 | ✓ | Stock-Other | 1.27% | +1.27% | NEW | ||
| 23 | ✓ | Stock-Other | 1.26% | +1.26% | NEW | ||
| 24 | APTV | Aptiv PLC | Stock-Consumer Disc | 1.25% | -0.15% | +3.35% | |
| 25 | ✓ | Stock-Other | 1.23% | — | — | ||
| 26 | ✓ | Stock-Other | 1.19% | +1.19% | NEW | ||
| 27 | GPATU | GP-Act III Acquisition Corp. | Stock-Other | 1.17% | -0.02% | — | |
| 28 | ✓ | Stock-Other | 1.15% | +1.15% | NEW | ||
| 29 | ✓ | Cantor Equity Partners V Inc | Stock-Other | 1.05% | — | — | |
| 30 | ✓ | Stock-Other | 1.05% | — | — | ||
| 31 | ✓ | Aldabra 4 Lqdty Opp Veh Inc | Stock-Other | 1.01% | +1.01% | NEW | |
| 32 | GM | General Motors Co | Stock-Consumer Disc | 0.98% | +0.12% | +12.40% | |
| 33 | ZONE | Cleancore Solutions Inc-cl B | Stock-Other | 0.97% | +0.45% | -17.29% | |
| 34 | ✓ | M3-brigade Acquisition Vi Co | Stock-Other | 0.94% | -0.01% | — | |
| 35 | MELI | Mercadolibre Inc | Stock-Consumer Disc | 0.91% | +0.91% | NEW | |
| 36 | ✓ | Silverbox CORP Iv | Stock-Other | 0.90% | -0.01% | — | |
| 37 | CUBWW | Lionheart Holdings | Stock-Other | 0.89% | -0.02% | — | |
| 38 | ✓ | United Acquisition CORP I | Stock-Other | 0.88% | +0.88% | NEW | |
| 39 | ✓ | Stock-Other | 0.87% | — | — | ||
| 40 | ✓ | Stock-Other | 0.87% | — | — | ||
| 41 | SE | Sea Ltd-adr | Stock-Comm Services | 0.87% | +0.87% | NEW | |
| 42 | STM | Stmicroelectronics Nv-ny Shs | Stock-Tech | 0.86% | -0.06% | -56.27% | |
| 43 | ✓ | Stock-Other | 0.86% | +0.86% | NEW | ||
| 44 | ✓ | Trailblazer Acquisition CORP | Stock-Other | 0.86% | -0.01% | — | |
| 45 | ✓ | American Drive Acquisition C | Stock-Other | 0.85% | +0.85% | NEW | |
| 46 | ✓ | Launchpad Cadenza Acqu CORP | Stock-Other | 0.85% | +0.85% | NEW | |
| 47 | ✓ | Stock-Other | 0.78% | +0.78% | NEW | ||
| 48 | DNN | Denison Mines CORP | Stock-Other | 0.74% | -0.13% | — | |
| 49 | SNAP | Snap Inc - A | Stock-Comm Services | 0.74% | -0.04% | — | |
| 50 | ✓ | Stock-Other | 0.72% | +0.72% | NEW |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
—
Performance Last 4 Quarters
+47.2%
Based on 47% of reported portfolio value with available pricing
- Stdev
- +30.6%
- Beta
- +0.54
- Alpha
- +28.6%
- Max Drawdown
- -30.9%
- Annualized Perf
- +41.8%
- Batting Avg vs S&P
- +60.6%
- Sortino
- +2.13
- Stutzer
- +0.37
- Treynor
- +0.74
- Sterling
- +1.32
- Calmar
- +1.35
- Information Ratio
- +0.62
- Tracking Error
- +30.4%
- Stdev Down
- +18.8%
- Winning Months %
- +75.8%
- Losing Months %
- +24.2%
- Best 12 Months
- +130.1%
- Worst 12 Months
- -18.6%
- Efficiency Ratio
- +0.58
- Sharpe
- +1.31
- Stdev Sectors
- +19.3%
- Skewness
- -0.8
- Kurtosis
- -0.63
- Upside Potential
- +3.77
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 304 | $1.2B | 91 | ||
| 2026 Q1 | 244 | $1.2B | 52 | ||
| 2025 Q4 | 209 | $1.0B | 64 | ||
| 2025 Q3 | 172 | $859.8M | 100 | ||
| 2025 Q2 | 144 | $831.4M | 0 | ||
| 2025 Q1 | 131 | $586.8M | 100 | ||
| 2024 Q4 | 139 | $664.9M | 0 | ||
| 2024 Q3 | 167 | $719.0M | 0 | ||
| 2024 Q2 | 181 | $719.2M | 0 | ||
| 2024 Q1 | 186 | $768.2M | 0 | ||
| 2023 Q4 | 194 | $546.1M | 0 | ||
| 2023 Q3 | 197 | $348.3M | 0 | ||
| 2023 Q2 | 212 | $303.8M | 0 | ||
| 2023 Q1 | 266 | $508.6M | 0 | ||
| 2022 Q4 | 376 | $986.2M | 0 | ||
| 2022 Q3 | 469 | $1.3B | 0 | ||
| 2022 Q2 | 481 | $1.2B | 0 | ||
| 2022 Q1 | 516 | $1.7B | 0 | ||
| 2021 Q4 | 434 | $1.6B | 0 | ||
| 2021 Q3 | 424 | $1.4B | 0 | ||
| 2021 Q2 | 419 | $2.1B | 0 | ||
| 2021 Q1 | 321 | $1.0B | 67 | ||
| 2020 Q4 | 128 | $514.8M | 100 | 112520T217144T392280L | |
| 2020 Q3 | 71 | $390.8M | 100 | ||
| 2020 Q2 | 49 | $274.3M | 100 | ||
| 2020 Q1 | 42 | $94.2M | 100 | ||
| 2019 Q4 | 36 | $294.9M | 0 |
Holding changes this quarter
MMCAP International Inc. SPC's most significant position changes for 2026-06-30: Sold out: Xanadu Quantum Technolo-cl B (XNDU); New buy: ; Sold out: ; New buy: ; New buy: .
Showing top 200 changes by size (of 368 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | +2.4% | NEW | New buy | |
| 2 | ✓ | +2% | NEW | New buy | |
| 3 | ✓ | +1.7% | NEW | New buy | |
| 4 | TAC | Transalta CORP | +1.5% | NEW | New buy |
| 5 | ✓ | +1.5% | NEW | New buy | |
| 6 | ✓ | +1.5% | NEW | New buy | |
| 7 | ✓ | +1.5% | NEW | New buy | |
| 8 | ✓ | +1.4% | NEW | New buy | |
| 9 | ✓ | Churchill Cap CORP Xi | +1.4% | NEW | New buy |
| 10 | IRHO | Iron Horse Acquisitions CORP | +1.3% | NEW | New buy |
| 11 | ✓ | Meshflow Acquisition CORP | +1.3% | NEW | New buy |
| 12 | ✓ | +1.3% | NEW | New buy | |
| 13 | ✓ | +1.3% | NEW | New buy | |
| 14 | ✓ | +1.2% | NEW | New buy | |
| 15 | ✓ | +1.2% | NEW | New buy | |
| 16 | ✓ | Aldabra 4 Lqdty Opp Veh Inc | +1% | NEW | New buy |
| 17 | MELI | Mercadolibre Inc | +0.9% | NEW | New buy |
| 18 | ✓ | United Acquisition CORP I | +0.9% | NEW | New buy |
| 19 | SE | Sea Ltd-adr | +0.9% | NEW | New buy |
| 20 | ✓ | +0.9% | NEW | New buy | |
| 21 | ✓ | American Drive Acquisition C | +0.9% | NEW | New buy |
| 22 | ✓ | Launchpad Cadenza Acqu CORP | +0.9% | NEW | New buy |
| 23 | ✓ | +0.8% | NEW | New buy | |
| 24 | ✓ | +0.7% | NEW | New buy | |
| 25 | ✓ | Ithax Acquisition CORP Iii | +0.7% | NEW | New buy |
| 26 | ✓ | +0.7% | NEW | New buy | |
| 27 | ✓ | Silverbox CORP V | +0.6% | NEW | New buy |
| 28 | ✓ | D Boral Acquisition I CORP | +0.6% | NEW | New buy |
| 29 | ✓ | Spring Vy Acquisition CORP I | +0.5% | NEW | New buy |
| 30 | ✓ | Iris Acquisition CORP Ii | +0.5% | NEW | New buy |
| 31 | JMIA | Jumia Technologies Ag-adr | +0.5% | NEW | New buy |
| 32 | BABA | Alibaba Group Holding-sp Adr | +0.5% | NEW | New buy |
| 33 | ✓ | +0.5% | +250.00% | Add | |
| 34 | ZONE | Cleancore Solutions Inc-cl B | +0.5% | -17.29% | Trim |
| 35 | ✓ | Mountain Lake Acquisit CORP | +0.4% | NEW | New buy |
| 36 | ✓ | Cambridge Acquisition CORP | +0.4% | NEW | New buy |
| 37 | ✓ | Versigent LTD | +0.4% | NEW | New buy |
| 38 | ✓ | Bluerock Acquisition CORP | +0.3% | NEW | New buy |
| 39 | ✓ | M Evo Gbl Acquisition CORP I | +0.3% | NEW | New buy |
| 40 | AN | Autonation Inc | +0.3% | NEW | New buy |
| 41 | KEEL | Keel Infrastructure CORP | +0.3% | NEW | New buy |
| 42 | ✓ | +0.3% | NEW | New buy | |
| 43 | ✓ | Art Technology Acquisition C | +0.3% | NEW | New buy |
| 44 | ✓ | +0.3% | NEW | New buy | |
| 45 | STLA | Stellantis N.V. | +0.3% | NEW | New buy |
| 46 | ✓ | Columbus Circle Cap CORP Ii | +0.3% | NEW | New buy |
| 47 | ✓ | +0.3% | NEW | New buy | |
| 48 | ✓ | Archimedes Tech Spac Ptnrs I | +0.3% | NEW | New buy |
| 49 | ✓ | Social Comm Partners CORP | +0.3% | NEW | New buy |
| 50 | ✓ | Muzero Acquisition CORP | +0.3% | NEW | New buy |
1–50 of 200
Filing History
FAQ
What is MMCAP International Inc. SPC and what type of investor is it?
MMCAP International Inc. SPC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $1.2B, spread across 304 disclosed positions.
What are MMCAP International Inc. SPC's largest equity positions?
Based on the latest 13F filing, MMCAP International Inc. SPC's top holdings by market value are:
1. Aris Mining CORP (ARIS) — $101.8M (8.6%)
2. Algoma Steel Group Inc (ASTL) — $44.4M (3.8%)
3. — $28.8M (2.4%)
4. Drugs Made In Amer Acq Ii Co — $27.2M (2.3%)
5. Nexgen Energy LTD (NXE) — $25.3M (2.1%)
What changes did MMCAP International Inc. SPC make in its most recent portfolio filing?
In the latest reported quarter, MMCAP International Inc. SPC made 170 notable position adjustments: 89 new positions were initiated, 8 existing holdings were added to, 12 positions were partially reduced, and 61 were completely exited. The largest of these moves: Sold out: Xanadu Quantum Technolo-cl B (XNDU); New buy: ; Sold out: ; New buy: ; New buy:
What sectors does MMCAP International Inc. SPC focus on?
MMCAP International Inc. SPC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 57.2%
• Communication Services: 20.2%
• Information Technology: 12.0%
• Materials: 8.5%
• Real Estate: 1.3%
• Energy: 0.8%
Investment Profile
MMCAP International Inc. SPC's portfolio is broadly diversified and fast-trading, with 57.2% of the portfolio concentrated in Consumer Discretionary.
Its turnover score has risen from 0 to 91 over the past 4 quarters — a shift toward more active trading.
It has added to its ZONE position over the past two quarters (+$6.7M, now $11.4M), while trimming ARIS over the same stretch (-$122.6M, still holding $101.8M).
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CA
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Developer Access
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REST API
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