CIK: 0001304857
Total reported value
$1.2B
Reporting period: 2026-03-31 · Number of holdings: 244
MMCAP International Inc. SPC disclosed 244 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.2B and a quarterly turnover rate of 52.4%.
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MMCAP International Inc. SPC's disclosed holdings carry a Herfindahl concentration index of 0.028 — mathematically equivalent to about 36 equally-sized positions, well below its 244 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 2.40), 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 7% 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.
Trim ARIS
-43.4% -$79.3M
Add CRDL
+7247.4% $20.5M
Trim UEC
-97.4% -$14.1M
Trim CCIX
-92.6% -$13.3M
Trim DNN
-60.4% -$9.1M
Add STLD
+590.0% $11.5M
Showing top 200 holdings (of 244 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ARIS | Aris Mining CORP | Stock-Other | 12.53% | -9.91% | -43.39% | |
| 2 | ASTL | Algoma Steel Group INC | Stock-Other | 4.58% | -0.13% | +11.82% | |
| 3 | XNDU | Xanadu Quantum Technolo-cl B | Stock-Other | 4.15% | +4.15% | NEW | |
| 4 | NXE | Nexgen Energy LTD | Stock-Other | 2.43% | +0.20% | — | |
| 5 | ✓ | Stock-Other | 2.39% | — | — | ||
| 6 | ✓ | Drugs Made In Amer Acq Ii Co | Stock-Other | 2.32% | +2.32% | NEW | |
| 7 | ✓ | New Providence Acquisition C | Stock-Other | 1.95% | — | — | |
| 8 | CRDL | Cardiol Therapeutics Inc-a | Stock-Other | 1.79% | +1.77% | +7247.36% | |
| 9 | ✓ | Fifth Era Acquisition CORP I | Stock-Other | 1.69% | — | — | |
| 10 | ✓ | MOZAYYX Acquisition Corp | Stock-Other | 1.50% | +1.50% | NEW | |
| 11 | ✓ | Idea Acquisition CORP | Stock-Other | 1.50% | +1.50% | NEW | |
| 12 | APTV | Aptiv PLC | Stock-Consumer Disc | 1.40% | +0.10% | +36.90% | |
| 13 | ✓ | Stock-Other | 1.38% | — | — | ||
| 14 | LPAAU | Launch One Acquisition Corp. | Stock-Other | 1.37% | — | — | |
| 15 | ✓ | Stock-Other | 1.32% | — | — | ||
| 16 | ✓ | Inflection Pt Acquisit CORP | Stock-Other | 1.31% | +1.31% | NEW | |
| 17 | ✓ | Meshflow Acquisition CORP | Stock-Other | 1.29% | — | — | |
| 18 | IRHOU | Iron Horse Acquisition Ii Co | Stock-Other | 1.29% | — | — | |
| 19 | ✓ | Qdro Acquisition CORP | Stock-Other | 1.28% | +1.28% | NEW | |
| 20 | ✓ | Stock-Other | 1.23% | — | — | ||
| 21 | ✓ | Hcm Iv Acquisition CORP | Stock-Other | 1.21% | +1.21% | NEW | |
| 22 | ✓ | Cartesian Growth CORP Iii | Stock-Other | 1.20% | — | — | |
| 23 | GPATU | GP-Act III Acquisition Corp. | Stock-Other | 1.19% | — | — | |
| 24 | STLD | Steel Dynamics INC | Stock-Materials | 1.15% | +0.97% | +590.02% | |
| 25 | ALFUW | Centurion Acquisition Corp. | Stock-Other | 1.09% | — | — | |
| 26 | ✓ | Stock-Other | 1.05% | — | — | ||
| 27 | ✓ | Cantor Equity Partners V INC | Stock-Other | 1.05% | — | — | |
| 28 | ✓ | Aldabra 4 Lqdty Opp Veh INC | Stock-Other | 1.03% | +1.03% | NEW | |
| 29 | ✓ | M3-brigade Acquisition Vi Co | Stock-Other | 0.95% | — | — | |
| 30 | STM | Stmicroelectronics Nv-ny Shs | Stock-Tech | 0.92% | +0.92% | NEW | |
| 31 | CUBWW | Lionheart Holdings | Stock-Other | 0.91% | — | — | |
| 32 | SIMA | SIM Acquisition Corp. I | Stock-Other | 0.91% | — | — | |
| 33 | ✓ | Silverbox CORP Iv | Stock-Other | 0.91% | — | — | |
| 34 | ✓ | United Acquisition CORP I | Stock-Other | 0.90% | +0.90% | NEW | |
| 35 | ✓ | Haymaker Acquisition CORP Iv | Stock-Other | 0.90% | — | — | |
| 36 | DNN | Denison Mines CORP | Stock-Other | 0.87% | -1.05% | -60.42% | |
| 37 | ✓ | Stock-Other | 0.87% | — | — | ||
| 38 | ✓ | Stock-Other | 0.87% | — | — | ||
| 39 | WY | Weyerhaeuser Co | Stock-Real Estate | 0.87% | — | +25.61% | |
| 40 | ✓ | Trailblazer Acquisition CORP | Stock-Other | 0.87% | — | — | |
| 41 | ✓ | Launchpad Cadenza Acquisitio | Stock-Other | 0.86% | — | — | |
| 42 | ✓ | Stock-Other | 0.86% | — | — | ||
| 43 | GM | General Motors Co | Stock-Consumer Disc | 0.86% | +0.32% | +102.02% | |
| 44 | SNAP | Snap INC - A | Stock-Comm Services | 0.78% | +0.78% | NEW | |
| 45 | EAF | GrafTech International Ltd. | Stock-Other | 0.77% | — | — | |
| 46 | POET | Poet Technologies INC | Stock-Other | 0.77% | — | -2.11% | |
| 47 | SUIG | Sui Group Holdings LTD | Stock-Other | 0.69% | — | +8.29% | |
| 48 | ✓ | Stock-Other | 0.69% | — | — | ||
| 49 | CEPO | Cantor Equity Partners I, Inc. | Stock-Other | 0.67% | — | — | |
| 50 | ✓ | Oxley Bridge Acq LTD | Stock-Other | 0.66% | — | — |
Performance for Q3 2026
—
Performance Last 4 Quarters
+17.7%
Based on 38% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 244 | $1.2B | 52 | |
| 2025-12-31 | 209 | $1.0B | 64 | |
| 2025-09-30 | 172 | $859.8M | 100 | |
| 2025-06-30 | 144 | $831.4M | 0 | |
| 2025-03-31 | 131 | $586.8M | 100 | |
| 2024-12-31 | 139 | $664.9M | 0 | |
| 2024-09-30 | 167 | $719.0M | 0 | |
| 2024-06-30 | 181 | $719.2M | 0 | |
| 2024-03-31 | 186 | $768.2M | 0 | |
| 2023-12-31 | 194 | $546.1M | 0 | |
| 2023-09-30 | 197 | $348.3M | 0 | |
| 2023-06-30 | 212 | $303.8M | 0 | |
| 2023-03-31 | 266 | $508.6M | 0 | |
| 2022-12-31 | 376 | $986.2M | 0 | |
| 2022-09-30 | 469 | $1.3B | 0 | |
| 2022-06-30 | 481 | $1.2B | 0 | |
| 2022-03-31 | 516 | $1.7B | 0 | |
| 2021-12-31 | 434 | $1.6B | 0 | |
| 2021-09-30 | 424 | $1.4B | 0 | |
| 2021-06-30 | 419 | $2.1B | 0 | |
| 2021-03-31 | 321 | $1.0B | 67 | |
| 2020-12-31 | 128 | $514.8M | 100 | 112520T217144T392280L |
| 2020-09-30 | 71 | $390.8M | 100 | |
| 2020-06-30 | 49 | $274.3M | 100 | |
| 2020-03-31 | 42 | $94.2M | 100 | |
| 2019-12-31 | 36 | $294.9M | 0 |
MMCAP International Inc. SPC's most significant position changes for 2026-03-31: New buy: Xanadu Quantum Technolo-cl B (XNDU); Sold out: Drugs Made In Amer Acq Ii Co; New buy: Drugs Made In Amer Acq Ii Co; New buy: MOZAYYX Acquisition Corp; New buy: Idea Acquisition CORP.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CRDL | Cardiol Therapeutics Inc-a | +1.8% | +7247.36% | Add |
| 2 | STLD | Steel Dynamics INC | +1% | +590.02% | Add |
| 3 | GM | General Motors Co | +0.3% | +102.02% | Add |
| 4 | NXE | Nexgen Energy LTD | +0.2% | — | Unchanged |
| 5 | APTV | Aptiv PLC | +0.1% | +36.90% | Add |
| 6 | ASTL | Algoma Steel Group INC | -0.1% | +11.82% | Add |
| 7 | EU | Encore Energy CORP | -0.4% | -3.54% | Trim |
| 8 | IMSR | Terrestrial Energy INC | -0.4% | -94.10% | Trim |
| 9 | CRON | Cronos Group INC | -0.5% | -63.80% | Trim |
| 10 | DNN | Denison Mines CORP | -1.1% | -60.42% | Trim |
| 11 | CCIX | Churchill Capital Corp IX | -1.3% | -92.59% | Trim |
| 12 | UEC | Uranium Energy CORP | -1.4% | -97.41% | Trim |
| 13 | ARIS | Aris Mining CORP | -9.9% | -43.39% | Trim |
| 14 | XNDU | Xanadu Quantum Technolo-cl B | — | NEW | New buy |
| 15 | ✓ | Drugs Made In Amer Acq Ii Co | — | EXIT | Sold out |
| 16 | ✓ | Drugs Made In Amer Acq Ii Co | — | NEW | New buy |
| 17 | ✓ | MOZAYYX Acquisition Corp | — | NEW | New buy |
| 18 | ✓ | Idea Acquisition CORP | — | NEW | New buy |
| 19 | ✓ | Inflection Pt Acquisit CORP | — | NEW | New buy |
| 20 | ✓ | Qdro Acquisition CORP | — | NEW | New buy |
| 21 | ✓ | Hcm Iv Acquisition CORP | — | NEW | New buy |
| 22 | ✓ | Aldabra 4 Lqdty Opp Veh INC | — | NEW | New buy |
| 23 | STM | Stmicroelectronics Nv-ny Shs | — | NEW | New buy |
| 24 | ✓ | United Acquisition CORP I | — | NEW | New buy |
| 25 | SNAP | Snap INC - A | — | NEW | New buy |
| 26 | ✓ | D Boral Acquisition I CORP | — | NEW | New buy |
| 27 | ✓ | Crane Hbr Acquisition CORP Ii | — | EXIT | Sold out |
| 28 | ✓ | Crane Hbr Acquisition CORP I | — | NEW | New buy |
| 29 | ✓ | Spring Vy Acquisition CORP I | — | NEW | New buy |
| 30 | ✓ | Iris Acquisition CORP Ii | — | NEW | New buy |
| 31 | UUUU | Energy Fuels INC | — | EXIT | Sold out |
| 32 | ✓ | Cambridge Acquisition CORP | — | NEW | New buy |
| 33 | ✓ | Mountain Lake Acquisit CORP | — | NEW | New buy |
| 34 | MOS | Mosaic Co/the | — | NEW | New buy |
| 35 | ✓ | Cantor Equity Partners Vi In | — | NEW | New buy |
| 36 | ✓ | M Evo Gbl Acquisition CORP I | — | NEW | New buy |
| 37 | ✓ | Twelve Seas Invt Co Iii | — | EXIT | Sold out |
| 38 | ✓ | Twelve Seas Invt Co Iii | — | NEW | New buy |
| 39 | ✓ | Bhav Acquisition CORP | — | NEW | New buy |
| 40 | ✓ | Art Technology Acquisition C | — | NEW | New buy |
| 41 | ✓ | Churchill Cap CORP X | — | EXIT | Sold out |
| 42 | ✓ | Archimedes Tech Spac Ptnrs I | — | NEW | New buy |
| 43 | ✓ | Columbus Circle Cap CORP Ii | — | NEW | New buy |
| 44 | ✓ | Muzero Acquisition CORP | — | NEW | New buy |
| 45 | ✓ | — | EXIT | Sold out | |
| 46 | ✓ | Black Spade Acquisition Iii | — | NEW | New buy |
| 47 | ✓ | — | NEW | New buy | |
| 48 | ✓ | Legato Merger CORP Iv | — | NEW | New buy |
| 49 | ✓ | X3 Acquisition CORP LTD | — | NEW | New buy |
| 50 | ISOU | Isoenergy LTD | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-09 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-10 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-06 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-04 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-09 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-11 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-12 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-07-13 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
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