Q2 2026 13F · SEC CIK 1304857

MMCAP International Inc. SPC

Investment managerFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $1.2B
Reported positions: 303
Top holdings a year, 3 yrs: +30.5%
Average holding period: 1.6 yrs

MMCAP International Inc. SPC is an investment manager that reported 303 positions worth $1.2B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Aris Mining Corporation (ARIS, 8.6%), Algoma Steel Group (ASTL, 3.8%), Churchill Cap Corp Xii (CXII, 2.4%). A portfolio copying its top holdings returned 30.5% a year over the last 3 years, against 21.8% for the S&P 500.

MMCAP International Inc. SPC holdings largest 50 of 303 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

MMCAP International Inc. SPC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
ARISAris Mining Corporation	8.6%	12.5%	6,830,759	-12.6%	$101.8M
ASTLAlgoma Steel Group	3.8%	4.6%	10,954,738	-14.7%	$44.4M
CXIIChurchill Cap Corp Xii	2.4%	—	2,700,000	—	$28.8M
DMIIDrugs Made in Amer Acq II Co	2.3%	2.3%	2,700,000	+0.0%	$27.2M
NXENexgen Energy Ltd	2.1%	2.4%	2,694,352	+10.9%	$25.3M
CGCFUCartesian Growth Corp IV	2.0%	—	2,350,000	—	$23.5M
NPACNew Providence Acquisition Cor	1.9%	1.9%	2,200,000	+0.0%	$22.8M
IPFXInflection Pt Acquisit Corp	1.7%	—	1,931,762	—	$20.0M
FERAFifth Era Acquisition Corp I	1.7%	1.7%	1,900,000	+0.0%	$19.8M
TACTransalta Corp	1.5%	—	1,310,100	—	$18.1M
G37307124Futurecorp Space Acquisition	1.5%	—	1,750,000	—	$17.7M
MZYXMozayyx Acquisition Corp	1.5%	—	1,750,000	—	$17.4M
IACOIdea Acquisition Corp	1.5%	—	1,750,000	—	$17.3M
IPVVUInterprivate Investment Part	1.4%	—	1,700,000	—	$16.9M
CCXIChurchill Capital Xi Cl A Ord	1.4%	—	950,474	—	$16.6M
CRDLCardiol Therapeutics Inc	1.4%	1.8%	15,598,560	+1.6%	$16.5M
RDAGRepublic Digital Acquisition	1.4%	1.4%	1,565,000	+0.0%	$16.2M
LPAALaunch One Acquisition Corp	1.4%	1.4%	1,480,000	+0.0%	$16.0M
CEPFCantor Equity Partners IV in	1.3%	1.3%	1,500,000	+0.0%	$15.6M
IRHOIron Horse Acquisit II Corp	1.3%	—	1,500,000	—	$15.0M
MESHMeshflow Acquisition Corp	1.3%	—	1,500,000	—	$15.0M
WLCOUWilco 63 Corp	1.3%	—	1,500,000	—	$14.9M
QADRQdro Acqui	1.3%	—	1,500,000	—	$14.9M
APTVAptiv PLC	1.3%	1.4%	240,889	+3.3%	$14.8M
IPCXInflection Point Acquisition C	1.2%	1.2%	1,400,000	+0.0%	$14.5M
HACQHCM IV Acquisition Corp	1.2%	—	1,400,000	—	$14.0M
GPATGp-Act III Acquisition-A	1.2%	1.2%	1,275,000	+0.0%	$13.9M
CAESCantor Equity Partners VII Inc	1.2%	—	1,350,000	—	$13.6M
CEPVCantor Equity Partners V Inc	1.0%	1.0%	1,200,000	+0.0%	$12.4M
WENNWen Acquisition Corp	1.0%	1.1%	1,200,000	+0.0%	$12.3M
ALOVAldabra 4 Lqdty Opp Veh Inc	1.0%	—	1,200,000	—	$11.9M
GMGeneral Mtrs Co	1.0%	0.9%	150,635	+12.4%	$11.6M
184492106Cleancore Solutions Inc	1.0%	—	13,950,444	—	$11.4M
MBVIM3-Brigade Acquisition Vi Co	0.9%	1.0%	1,100,000	+0.0%	$11.1M
MELIMercadolibre Inc	0.9%	—	6,298	—	$10.7M
SBXDSilverbox Corp IV	0.9%	0.9%	980,000	+0.0%	$10.6M
CUBLionheart Holdings	0.9%	0.9%	980,000	+0.0%	$10.6M
UACUnited Acquisition Corp I	0.9%	—	1,050,000	—	$10.4M
FCRSFuturecrest Acquisition Cl A Ord	0.9%	0.9%	1,000,000	+0.0%	$10.3M
HCMAHcm III Acquisition Corp	0.9%	0.9%	1,000,000	+0.0%	$10.3M
SESea Ltd	0.9%	—	106,638	—	$10.2M
STMStmicroelectronics N V Ny Registry	0.9%	0.9%	135,542	-56.3%	$10.2M
GHXIUGores Holdings Xi Inc	0.9%	—	1,000,000	—	$10.2M
BLZRTrailblazer Acquisition Corp	0.9%	0.9%	1,000,000	+0.0%	$10.1M
ADACAmerican Drive Acquisition C	0.8%	—	1,000,000	—	$10.0M
LPCVLaunchpad Cadenza Acqu Corp	0.8%	—	1,000,000	—	$10.0M
SHOTURmg Ml Sports Holdings	0.8%	—	925,000	—	$9.2M
DNNDenison Mines Corp	0.7%	0.9%	2,857,531	+0.0%	$8.7M
SNAPSnap Inc	0.7%	0.8%	1,958,828	+0.0%	$8.7M
ISNRUSnow Rothschild Acquisition	0.7%	—	850,000	—	$8.5M

What MMCAP International Inc. SPC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +49.5% /yr; S&P 500 +20.1%
3 years: +30.5% /yr; S&P 500 +21.8%
5 years: +17.3% /yr; S&P 500 +11.8%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$1.2B	303
Q1 2026	$1.2B	244
Q4 2025	$1.0B	208
Q3 2025	$859.8M	172
Q2 2025	$831.4M	144
Q1 2025	$586.8M	131
Q4 2024	$664.9M	139
Q3 2024	$719.0M	165
Q2 2024	$719.2M	180
Q1 2024	$768.2M	185
Q4 2023	$546.1M	193
Q3 2023	$348.3M	196

Questions about MMCAP International Inc. SPC's portfolio

What stocks does MMCAP International Inc. SPC own?

MMCAP International Inc. SPC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 303 positions worth $1.2B. The largest are Aris Mining Corporation (ARIS) at 8.6%, Algoma Steel Group (ASTL) at 3.8%, Churchill Cap Corp Xii (CXII) at 2.4%, Drugs Made in Amer Acq II Co (DMII) at 2.3% and Nexgen Energy Ltd (NXE) at 2.1%.

What did MMCAP International Inc. SPC buy last quarter?

In Q2 2026, MMCAP International Inc. SPC added General Mtrs Co (GM) (+12.4% shares) and Nexgen Energy Ltd (NXE) (+10.9% shares), compared with its Q1 2026 filing.

What did MMCAP International Inc. SPC sell last quarter?

In Q2 2026, MMCAP International Inc. SPC cut from its top 50 Xanadu Quantum Technolo Ltd (XNDU), cut from its top 50 Churchill Cap Corp Xi (CCXIU), cut from its top 50 MOZAYYX Acquisition Corp unit, cut from its top 50 Idea Acquisition Corp (IACOU), cut from its top 50 Inflection Pt Acquisit Corp (IPFXU), Stmicroelectronics N V Ny Registry (STM) (-56.3% shares), Algoma Steel Group (ASTL) (-14.7% shares) and Aris Mining Corporation (ARIS) (-12.6% shares), compared with its Q1 2026 filing.

How has MMCAP International Inc. SPC's portfolio performed?

A portfolio copying MMCAP International Inc. SPC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +30.5% a year over the last 3 years, against +21.8% for the S&P 500. Over 1 year: +49.5% against +20.1%. Over 5 years: +17.3% a year against +11.8%.

When is MMCAP International Inc. SPC's next 13F filing due?

13F filings are due 45 days after each quarter ends. MMCAP International Inc. SPC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.