13F Insight
DOSSIER · 13F-HR · Q2 2026

MMCAP International Inc. SPC

$1.2B in tracked AUM across 304 positions as of Q2 2026.

MI
CIK 0001304857 · last filed Jun 30, 2026
Total AUM
$1.2B
as of Q2 2026
Holdings
304
—
positions
Whale Score
60
60
tracked
Activity
—
no data
changes this Q
AI Analysis · Q2 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.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
ARMN
Aris Mining Corp
$102M6.8M8.6%02
ASTL
Algoma Steel Group Inc
$44M11.0M3.8%03
G2131M102
Churchill Capital Corp XII
$29M2.7M2.4%04
G2851K104
Drugs Made In America Acquisit
$27M2.7M2.3%05
NXE
NexGen Energy SEG
$25M2.7M2.1%06
G19316127
Cartesian Growth Corp IV
$24M2.4M2.0%07
G6476A102
New Providence Acquisition Cor
$23M2.2M1.9%08
G4790S107
Inflection Point Acquisition C
$20M1.9M1.7%09
G3415K101
Fifth Era Acquisition Corp I
$20M1.9M1.7%10
TAC
TransAlta Corp
$18M1.3M1.5%

Filing history

2026Q2Jun 30
$1.2B▲ 1.8%
304 positionsView →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 positionsLocked
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