13F Insight
DOSSIER · 13F-HR · Q1 2026

MMCAP International Inc. SPC

$1.2B in tracked AUM across 244 positions as of Q1 2026.

MI
CIK 0001304857 · last filed Mar 31, 2026
Total AUM
$1.2B
as of Q1 2026
Holdings
244
—
positions
Whale Score
58
58
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026

Portfolio Overview

MMCAP International Inc. SPC reported a significant contraction in portfolio value during the quarter ending September 30, 2025. The total assets under management (AUM) decreased by 13.7%, dropping from $831.38 million to $717.14 million. Despite this reduction in value, the number of holdings remained substantial at 152, though the turnover was exceptionally high. The filing reveals a highly active management style, with 46 positions either liquidated or initiated (23 ne...

Key Holdings

The portfolio is dominated by a single massive position in ARIS MNG CORP, which comprises 22.47% of the total portfolio value ($161.11 million). This represents an extreme concentration risk, as this single holding is nearly nine times larger than the second-largest position. Notably, during the quarter, the fund increased its stake in ARIS MNG CORP by 45.1% (adding $19.84 million), indicating a strong conviction in this specific asset despite the overall portfolio shrinkage.

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
ARMN
Aris Mining Corp
$145M7.8M12.5%02
ASTL
Algoma Steel Group Inc
$53M12.8M4.6%03
XNDU
XANADU QUANTUM TECHNOLO-CL B
$48M6.9M4.2%04
NXE
NexGen Energy SEG
$28M2.4M2.4%05
G2131A124
Churchill Capital Corp XI
$28M2.7M2.4%06
G2851K104
Drugs Made In America Acquisit
$27M2.7M2.3%07
G6476A102
New Providence Acquisition Cor
$23M2.2M1.9%08
CRDL
Cardiol Therapeutics Inc
$21M15.4M1.8%09
G3415K101
Fifth Era Acquisition Corp I
$20M1.9M1.7%10
G63113123
MOZAYYX Acquisition Corp
$17M1.8M1.5%

Filing history

2026Q1Mar 31
$1.2B▲ 15.8%
244 positionsView →2025Q4Dec 31
$1.0B▲ 39.5%
209 positionsView →2025Q3Sep 30
$717M▼ 13.7%
152 positionsView →2025Q2Jun 30
$831M▲ 103.3%
144 positionsLocked2025Q1Mar 31
$409M▼ 38.5%
120 positionsLocked2024Q4Dec 31
$665M▼ 7.5%
139 positionsLocked2024Q3Sep 30
$719M▼ 0.0%
167 positionsLocked2024Q2Jun 30
$719M▼ 6.4%
181 positionsLocked2024Q1Mar 31
$768M▲ 40.7%
186 positionsLocked2023Q4Dec 31
$546M▲ 56.8%
194 positionsLocked2023Q3Sep 30
$348M▲ 14.7%
197 positionsLocked2023Q2Jun 30
$304M▼ 40.3%
212 positionsLocked
Showing 12 of 25