MMCAP International Inc. SPC

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CIK 1304857

13F portfolio (2026-Q1)

$1.2B

Positions

244

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

244

Top 5

26.1%

Top 10

35.3%

Effective N

36.1

HHI

0.028

This quarter

56 new · 0 exit →

By sector

Unclassified77.8%

Materials11.6%

Consumer Discretionary2.8%

Information Technology2.6%

Health Care2.4%

Financials1.6%

Real Estate0.9%

Energy0.2%

Industrials0.1%

By market cap

Unknown80.1%

Small ($300M–2B)5.5%

Large ($10–200B)5.0%

Mid ($2–10B)4.8%

Micro (<$300M)4.6%

By region

Other77.8%

North America20.8%

Europe1.4%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	77.84%	205
Metals & Mining	10.60%	12
Automobiles & Components	2.59%	3
Pharmaceuticals & Biotechnology	2.01%	2
Semiconductors & Semiconductor Equipment	1.79%	4
Banks	1.63%	6
Chemicals	0.96%	3
Equity Real Estate Investment Trusts (REITs)	0.87%	1
Software & IT Services	0.78%	2
Health Care Equipment & Supplies	0.42%	1
Oil, Gas & Consumable Fuels	0.22%	2
Specialty Retail	0.18%	1
Road & Rail	0.09%	1
Machinery	0.02%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	ARIS	ARIS MNG CORP	Unclassified	12.53%
2	ASTL	Algoma Steel Group Inc.	Materials	4.58%
3	XNDU	XANADU QUANTUM TECHNOLO LTD	Unclassified	4.15%
4	NXE	NexGen Energy Ltd.	Materials	2.43%
5	CCXIU	Churchill Capital Corp XI	Unclassified	2.39%
6	DMII	DRUGS MADE IN AMER ACQ II CO	Unclassified	2.32%
7	NPAC	NEW PROVIDENCE ACQUISITION C	Unclassified	1.95%
8	CRDL	Cardiol Therapeutics Inc.	Health Care	1.79%
9	FERA	FIFTH ERA ACQUISITION CORP I	Unclassified	1.69%
10	MZYX.U	MOZAYYX Acquisition Corp	Unclassified	1.50%

39/244 names classified · sector 22.2% of weight · industry 22.2% · mkt cap 19.9%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 26 quarters

MaterialsUEC, DNN, ASTL, URG, UUUU · other

Health CarePHGE, CRDL, CRON, ACB, SBC · other

Information TechnologyPOET, GDYN, INFQ, STM, SNAP · other

Consumer DiscretionaryBWA, GM, APTV, RYZ, AN · other

EnergyCVE, BTU, NESR, EONR, GFR · other

FinancialsHIVE, SUIG, FLD, SBET, GLXY · other

IndustrialsAGCO, IMSR, GBTG, FLR, CP · other

Utilities

Communication Services

Real Estate

Consumer Staples

UnclassifiedARIS, SKILLSOFT CORP CL A, KAIROS ACQUISITION CORP, CHURCHILL CAP CORP II, CHURCHILL CAP CORP III · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 22.2% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 5% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (10 classified)MMCAP International Inc. SPC centroid (Mid Value)

Consumer DiscretionaryMaterialsReal EstateInformation Technology

Style box summary for MMCAP International Inc. SPC: centroid Mid Value. Heaviest cells: Small Value 2.3%, Mid Value 2.1%, Large Value 0.9%.

Classified: 5.4% of book weight (10/239 names) · unclassified 94.6%: ARIS, ASTL, XNDU, NXE, CCXIU, DMII, NPAC, CRDL, FERA, MZYX.U +219 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 244 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	ARISARIS MNG CORP	7,815,142	$145M	12.5%	TRIM −43%
2	ASTLALGOMA STL GROUP INC	12,845,622	$53M	4.6%	ADD 12%
3	XNDUXANADU QUANTUM TECHNOLO LTD	6,875,000	$48M	4.2%	NEW
4	NXENEXGEN ENERGY LTD	2,429,898	$28M	2.4%	HOLD
5	CCXIUChurchill Capital Corp XI	2,700,000	$28M	2.4%	HOLD
6	DMIIDRUGS MADE IN AMER ACQ II CO	2,700,000	$27M	2.3%	NEW
7	NPACNEW PROVIDENCE ACQUISITION C	2,200,000	$23M	1.9%	HOLD
8	CRDLCARDIOL THERAPEUTICS INC	15,352,317	$21M	1.8%	ADD 7247%
9	FERAFIFTH ERA ACQUISITION CORP I	1,900,000	$20M	1.7%	HOLD
10	MZYX.UMOZAYYX Acquisition Corp	1,750,000	$17M	1.5%	NEW
11	IACOUIDEA ACQUISITION CORP	1,750,000	$17M	1.5%	NEW
12	APTVAPTIV PLC	233,092	$16M	1.4%	ADD 37%
13	RDAGREPUBLIC DIGITAL ACQUISITION	1,565,000	$16M	1.4%	HOLD
14	LPAALAUNCH ONE ACQUISITION CORP	1,480,000	$16M	1.4%	HOLD
15	CEPFCANTOR EQUITY PARTNERS IV IN	1,500,000	$15M	1.3%	HOLD
16	IPFXUINFLECTION PT ACQUISIT CORP	1,500,000	$15M	1.3%	NEW
17	IRHOUIRON HORSE ACQUISIT II CORP	1,500,000	$15M	1.3%	HOLD
18	MESHUMESHFLOW ACQUISITION CORP	1,500,000	$15M	1.3%	HOLD
19	QADRUQDRO ACQUISITION CORP	1,500,000	$15M	1.3%	NEW
20	IPCXINFLECTION PT ACQUISITION CO	1,400,000	$14M	1.2%	HOLD
21	HACQUHCM IV ACQUISITION CORP	1,400,000	$14M	1.2%	NEW
22	FACCARTESIAN GROWTH CORP III	1,350,000	$14M	1.2%	HOLD
23	GPATGP-ACT III ACQUISITION CORP	1,275,000	$14M	1.2%	HOLD
24	STLDSTEEL DYNAMICS INC	73,908	$13M	1.1%	ADD 590%
25	ALFCENTURION ACQUISITION CORP	1,175,000	$13M	1.1%	HOLD
26	WENNWEN ACQUISITION CORP	1,200,000	$12M	1.1%	HOLD
27	CEPVCANTOR EQUITY PARTNERS V INC	1,200,000	$12M	1.0%	HOLD
28	ALOVUALDABRA 4 LQDTY OPP VEH INC	1,200,000	$12M	1.0%	NEW
29	MBVIM3-BRIGADE ACQUISITION VI CO	1,100,000	$11M	1.0%	HOLD
30	STMSTMICROELECTRONICS N V	309,925	$11M	0.9%	NEW
31	CUBLIONHEART HOLDINGS	980,000	$11M	0.9%	HOLD
32	SIMASIM ACQUISITION CORP. I	980,000	$11M	0.9%	HOLD
33	SBXDSILVERBOX CORP IV	980,000	$10M	0.9%	HOLD
34	UAC.UUNITED ACQUISITION CORP I	1,050,000	$10M	0.9%	NEW
35	HYACHAYMAKER ACQUISITION CORP IV	900,000	$10M	0.9%	HOLD
36	DNNDENISON MINES CORP	2,857,531	$10M	0.9%	TRIM −60%
37	HCMAHCM III ACQUISITION CORP	1,000,000	$10M	0.9%	HOLD
38	FCRSFUTURECREST ACQUISITION CORP	1,000,000	$10M	0.9%	HOLD
39	WYWEYERHAEUSER CO	411,384	$10M	0.9%	ADD 26%
40	BLZRTRAILBLAZER ACQUISITION CORP	1,000,000	$10M	0.9%	HOLD
41	LPCVULAUNCHPAD CADENZA ACQU CORP	1,000,000	$10M	0.9%	HOLD
42	ADACUAMERICAN DRIVE ACQUISITION C	1,000,000	$10M	0.9%	HOLD
43	GMGENERAL MTRS CO	134,016	$10M	0.9%	ADD 102%
44	SNAPSNAP INC	1,958,828	$9M	0.8%	NEW
45	GRAFGRAF GLOBAL CORP	830,000	$9M	0.8%	HOLD
46	POETPOET TECHNOLOGIES INC	1,494,038	$9M	0.8%	TRIM −2%
47	SUIGSUI GROUP HOLDINGS LIMITED	6,650,751	$8M	0.7%	ADD 8%
48	ITHAUITHAX ACQUISITION CORP III	800,000	$8M	0.7%	HOLD
49	CAEPCANTOR EQUITY PARTNERS III I	750,000	$8M	0.7%	HOLD
50	OBAOXLEY BRIDGE ACQ LTD	750,000	$8M	0.7%	HOLD
51	PACHPIONEER ACQUISITION I CORP	750,000	$8M	0.7%	HOLD
52	SBXE.USILVERBOX CORP V	750,000	$8M	0.7%	HOLD
53	DBCAUD BORAL ACQUISITION I CORP	750,000	$8M	0.6%	NEW
54	EUENCORE ENERGY CORP	4,163,436	$7M	0.6%	TRIM −4%
55	GTENGORES HLDGS X INC	700,000	$7M	0.6%	HOLD
56	AEXAAMERICAN EXCEPTIONALISM ACQU	631,494	$7M	0.6%	HOLD
57	CRANCRANE HBR ACQUISITION CORP I	650,000	$6M	0.6%	NEW
58	POLEANDRETTI ACQUISITION CORP II	580,000	$6M	0.5%	HOLD
59	NOEMCO2 ENERGY TRANSITION CORP	590,000	$6M	0.5%	HOLD
60	SVIVUSPRING VY ACQUISITION CORP I	600,000	$6M	0.5%	NEW
61	ONCH1RT ACQUISITION CORP.	600,000	$6M	0.5%	HOLD
62	ZONECLEANCORE SOLUTIONS INC	16,867,613	$6M	0.5%	TRIM −8%
63	IRAB.UIRIS ACQUISITION CORP II	600,000	$6M	0.5%	NEW
64	MBAVM3BRIGADE ACQUISITION V CORP	550,000	$6M	0.5%	ADD 38%
65	MTARCELORMITTAL SA LUXEMBOURG	105,870	$6M	0.5%	ADD 16%
66	SBETSHARPLINK GAMING INC	807,600	$5M	0.4%	HOLD
67	LPBBLAUNCH TWO ACQUISITION CORP.	480,000	$5M	0.4%	HOLD
68	FIGXFIGX CAP ACQUISITION CORP.	500,000	$5M	0.4%	HOLD
69	CAQUUCAMBRIDGE ACQUISITION CORP	500,000	$5M	0.4%	NEW
70	MLAAUMOUNTAIN LAKE ACQUISIT CORP	500,000	$5M	0.4%	NEW
71	PROFPROFOUND MED CORP	745,152	$5M	0.4%	ADD 40%
72	NTWONEWBURY STR II ACQUISITION C	450,000	$5M	0.4%	HOLD
73	MOSMOSAIC CO NEW	165,973	$4M	0.4%	NEW
74	CEPSCANTOR EQUITY PARTNERS VI IN	400,000	$4M	0.3%	NEW
75	BLRKUBLUEROCK ACQUISITION CORP	400,000	$4M	0.3%	HOLD
76	MEVOUM EVO GBL ACQUISITION CORP I	400,000	$4M	0.3%	NEW
77	TWLVTWELVE SEAS INVT CO III	400,000	$4M	0.3%	NEW
78	BWABORGWARNER INC	71,075	$4M	0.3%	TRIM −17%
79	TDACTRANSLATIONAL DEV ACQUISITIO	350,000	$4M	0.3%	HOLD
80	BHAVUBHAV ACQUISITION CORP	350,000	$3M	0.3%	NEW
81	ARTCUART TECHNOLOGY ACQUISITION C	352,300	$3M	0.3%	NEW
82	BITFARMS LTD	1,695,298	$3M	0.3%	HOLD
83	SCPQUSOCIAL COMM PARTNERS CORP	300,000	$3M	0.3%	HOLD
84	VOYAGER ACQUISITION CORP	250,000	$3M	0.3%	HOLD
85	ARCIUARCHIMEDES TECH SPAC PTNRS I	300,000	$3M	0.3%	NEW
86	CMIIUCOLUMBUS CIRCLE CAP CORP II	300,000	$3M	0.3%	NEW
87	MUZEUMUZERO ACQUISITION CORP	300,000	$3M	0.3%	NEW
88	SVCCSTELLAR V CAP CORP	280,000	$3M	0.3%	HOLD
89	BACCBLUE ACQUISITION CORP.	250,000	$3M	0.2%	HOLD
90	LWACLIGHTWAVE ACQUISITION CORP	250,000	$3M	0.2%	HOLD
91	CRONCRONOS GROUP INC	999,490	$3M	0.2%	TRIM −64%
92	BIII.UBLACK SPADE ACQUISITION III	250,000	$3M	0.2%	NEW
93	RNGTRANGE CAP ACQUISITION CORP I	250,000	$3M	0.2%	NEW
94	LEGO.ULEGATO MERGER CORP IV	250,000	$2M	0.2%	NEW
95	XCBEUX3 ACQUISITION CORP LTD	250,000	$2M	0.2%	NEW
96	UPXIUPEXI INC	2,326,777	$2M	0.2%	HOLD
97	VGZVISTA GOLD CORP	1,140,000	$2M	0.2%	NEW
98	NWAX.UNew America Acquisition I Corp	209,726	$2M	0.2%	NEW
99	ZOOZ PWR LTD	7,000,000	$2M	0.2%	HOLD
100	NHICNEWHOLD INVT CORP III	200,000	$2M	0.2%	HOLD
101	BLUWBLUE WTR ACQUISITION CORP. I	200,000	$2M	0.2%	HOLD
102	KMXCARMAX INC	49,257	$2M	0.2%	ADD 4%
103	SAAQUSPACE ASSET ACQUISITION CORP	200,000	$2M	0.2%	NEW
104	OYSEOYSTER ENTERPRISES II ACQUIS	200,000	$2M	0.2%	HOLD
105	AEAQUACTIVATE ENERGY ACQUISIT COR	200,000	$2M	0.2%	HOLD
106	DSACUDAEDALUS SPL ACQUISITION COR	200,000	$2M	0.2%	HOLD
107	EVOXEVOLUTION GLOBAL ACQUISITION	200,000	$2M	0.2%	NEW
108	ORBSEIGHTCO HOLDINGS INC	2,054,795	$2M	0.2%	NEW
109	INFQ.WSINFLEQTION INC	430,970	$2M	0.2%	NEW
110	GSHRGESHER ACQUISITION CORP. II	175,000	$2M	0.2%	HOLD
111	HCACUHALL CHADWICK ACQUISITION CO	175,000	$2M	0.2%	HOLD
112	CHECCHENGHE ACQUISITION III CO	150,000	$2M	0.1%	HOLD
113	LFACULEAPFROG ACQUISITION CORP	150,000	$2M	0.1%	HOLD
114	BIXIBITCOIN INFRASTRUCTURE ACQUI	150,000	$1M	0.1%	NEW
115	CDECOEUR MNG INC	75,000	$1M	0.1%	NEW
116	SUNCSUNOCOCORP LLC	22,755	$1M	0.1%	HOLD
117	ATIIARCHIMEDES TECH SPAC PARTNER	125,000	$1M	0.1%	HOLD
118	BSAABEST SPAC I ACQUISITION CORP	125,000	$1M	0.1%	HOLD
119	ASSTSTRIVE INC	122,480	$1M	0.1%	NEW
120	GFRGREENFIRE RES LTD NEW	182,309	$1M	0.1%	TRIM −12%
121	LEGATO MERGER CORP III	100,000	$1M	0.1%	HOLD
122	CCIXCHURCHILL CAPITAL CORP IX	100,000	$1M	0.1%	TRIM −93%
123	FSLRFIRST SOLAR INC	5,298	$1M	0.1%	NEW
124	PCAPPROCAP ACQUISITION CORP	100,000	$1M	0.1%	HOLD
125	WLIIUWILLOW LANE ACQUISITION CRP	100,000	$1M	0.1%	NEW
126	CPCANADIAN PACIFIC KANSAS CITY	12,800	$1M	0.1%	HOLD
127	TMTSUSPARTACUS ACQUISITION CORP I	100,000	$1M	0.1%	NEW
128	HCICUHENNESSY CAP INVTS CORP VIII	100,000	$1M	0.1%	NEW
129	LATAGALATA ACQUISITION CORP II	100,000	$999,000	0.1%	HOLD
130	OCSAWOCULIS HOLDING AG	73,025	$949,325	0.1%	HOLD
131	CFCF INDS HLDGS INC	7,022	$911,736	0.1%	TRIM −22%
132	VMETVersamet Royalties Corp	93,100	$883,670	0.1%	NEW
133	WRNWESTERN COPPER & GOLD CORP	335,130	$850,657	0.1%	NEW
134	ILLUUILLUMINATION ACQUISITION CORP I	75,000	$744,000	0.1%	NEW
135	TDWDTAILWIND 2.0 ACQUISITION COR	75,000	$744,000	0.1%	HOLD
136	FERARFIFTH ERA ACQUISITION CORP I	1,900,000	$570,000	0.0%	HOLD
137	SSACUSPACSPHERE ACQUISITION CORP	50,000	$503,500	0.0%	NEW
138	EMATEVOLUTION METALS & TECH CORP	65,000	$493,350	0.0%	NEW
139	IPCXRINFLECTION PT ACQUISITION CO	1,400,000	$490,000	0.0%	HOLD
140	FACWWCARTESIAN GROWTH CORP III	675,000	$459,000	0.0%	HOLD
141	DRTSWALPHA TAU MEDICAL LTD	447,622	$447,622	0.0%	HOLD
142	UECURANIUM ENERGY CORP	32,335	$436,523	0.0%	TRIM −97%
143	ETHAISHARES ETHEREUM TR	25,000	$395,750	0.0%	HOLD
144	CRMLWCRITICAL METALS CORP	105,369	$366,684	0.0%	TRIM −44%
145	AFRIWForafric Global PLC	518,900	$364,890	0.0%	HOLD
146	RDAGWREPUBLIC DIGITAL ACQUISITION	782,500	$344,222	0.0%	HOLD
147	BZAIWBLAIZE HLDGS INC	750,000	$285,000	0.0%	HOLD
148	IMSRTERRESTRIAL ENERGY INC	44,279	$265,895	0.0%	TRIM −94%
149	GENVRGEN DIGITAL INC	542,308	$255,427	0.0%	HOLD
150	SIMAWSIM ACQUISITION CORP. I	990,000	$247,500	0.0%	HOLD
151	STKESOL STRATEGIES INC	250,000	$244,481	0.0%	HOLD
152	NFGCNEW FOUND GOLD CORP	119,523	$232,050	0.0%	TRIM −84%
153	QXLViewBix Inc	115,995	$227,930	0.0%	HOLD
154	DMIIRDRUGS MADE IN AMER ACQ II CO	2,700,000	$216,000	0.0%	NEW
155	RZLVWREZOLVE AI PLC	250,000	$215,625	0.0%	HOLD
156	SATLWSATELLOGIC INC	166,666	$199,999	0.0%	HOLD
157	WENNWWEN ACQUISITION CORP	600,000	$192,300	0.0%	HOLD
158	AENTWALLIANCE ENTERTAINMENT HOLDI	294,000	$176,429	0.0%	HOLD
159	ALFUWCENTURION ACQUISITION CORP	1,237,500	$152,831	0.0%	HOLD
160	CCIXWCHURCHILL CAPITAL CORP IX	337,500	$151,875	0.0%	HOLD
161	HCMAWHCM III ACQUISITION CORP	333,333	$150,000	0.0%	HOLD
162	FCRS.WSFUTURECREST ACQUISITION CORP	250,000	$147,500	0.0%	HOLD
163	GPATWGP-ACT III ACQUISITION CORP	1,037,500	$145,458	0.0%	HOLD
164	NPACWNEW PROVIDENCE ACQUISITION C	733,333	$139,333	0.0%	HOLD
165	LPAAWLAUNCH ONE ACQUISITION CORP	990,000	$136,620	0.0%	HOLD
166	BLZRWTRAILBLAZER ACQUISITION CORP	333,333	$132,233	0.0%	HOLD
167	MBVIWM3-BRIGADE ACQUISITION VI CO	366,666	$126,536	0.0%	HOLD
168	CRANRCRANE HBR ACQUISITION CORP I	650,000	$117,000	0.0%	NEW
169	CUBWWLIONHEART HOLDINGS	990,000	$113,949	0.0%	HOLD
170	MBAVWM3BRIGADE ACQUISITION V CORP	349,671	$104,307	0.0%	HOLD
171	NOEMRCO2 ENERGY TRANSITION CORP	590,000	$100,300	0.0%	HOLD
172	GTENWGORES HLDGS X INC	175,000	$98,000	0.0%	HOLD
173	SQNSSEQUANS COMMUNICATIONS S A	37,830	$95,710	0.0%	ADD 2356%
174	SBCWWSBC MED GROUP HLDGS INC	330,000	$90,750	0.0%	HOLD
175	LPBBWLAUNCH TWO ACQUISITION CORP.	490,000	$76,489	0.0%	HOLD
176	BACCRBLUE ACQUISITION CORP.	250,000	$75,000	0.0%	HOLD
177	OBAWWOXLEY BRIDGE ACQ LTD	375,000	$75,000	0.0%	HOLD
178	SBXD.WSSILVERBOX CORP IV	326,666	$73,141	0.0%	HOLD
179	FIGXWFIGX CAP ACQUISITION CORP.	250,000	$67,550	0.0%	HOLD
180	PACHWPIONEER ACQUISITION I CORP	375,000	$67,500	0.0%	HOLD
181	NOEMWCO2 ENERGY TRANSITION CORP	590,000	$64,900	0.0%	HOLD
182	ONCHW1RT ACQUISITION CORP.	150,000	$64,515	0.0%	HOLD
183	TWLVRTWELVE SEAS INVT CO III	400,000	$60,080	0.0%	NEW
184	JACS-RJACKSON ACQUISITION CO II	500,000	$57,800	0.0%	HOLD
185	ALPSALPS GROUP INC	54,000	$54,000	0.0%	HOLD
186	GRAF.WSGRAF GLOBAL CORP	415,000	$53,908	0.0%	HOLD
187	BLUWWBlue Water Acquisition Corp III	100,000	$50,000	0.0%	HOLD
188	RNGTWRANGE CAP ACQUISITION CORP I	125,000	$44,838	0.0%	NEW
189	FUFUWBITFUFU INC	330,000	$41,250	0.0%	HOLD
190	NHICWNEWHOLD INVT CORP III	100,000	$41,000	0.0%	HOLD
191	NTWOWNEWBURY STR II ACQUISITION C	225,000	$40,500	0.0%	HOLD
192	EVOXWEVOLUTION GLOBAL ACQUISITION	100,000	$40,000	0.0%	NEW
193	AECANFIELD ENERGY INC	6,787	$39,579	0.0%	HOLD
194	LZM.WSLIFEZONE METALS LIMITED	69,810	$34,905	0.0%	HOLD
195	FUSEFUSEMACHINES INC	35,000	$33,184	0.0%	HOLD
196	POLEWANDRETTI ACQUISITION CORP II	290,000	$31,987	0.0%	HOLD
197	ATIIWARCHIMEDES TECH SPAC PARTNER	62,500	$31,875	0.0%	HOLD
198	SPKLWSPARK I ACQUISITION CORP	175,000	$31,500	0.0%	HOLD
199	SVCCWSTELLAR V CAP CORP	140,000	$30,814	0.0%	HOLD
200	LWACWLIGHTWAVE ACQUISITION CORP	125,000	$30,013	0.0%	HOLD

showing the top 200 by weight

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

ARISARIS MNG CORP

11.3M

16.4M

13.8M

7.8M

$145M

ASTLALGOMA STL GROUP INC

6.6M

7.2M

8.1M

11.5M

12.8M

$53M

XNDUXANADU QUANTUM TECHNOLO LTD

—

6.9M

$48M

NXENEXGEN ENERGY LTD

100K

1.1M

2.0M

50K

2.4M

$28M

CCXIUChurchill Capital Corp XI

—

2.7M

$28M

DMIIDRUGS MADE IN AMER ACQ II CO

—

2.7M

$27M

NPACNEW PROVIDENCE ACQUISITION C

—

2.2M

$23M

CRDLCARDIOL THERAPEUTICS INC

796K

783K

293K

209K

15.4M

$21M

FERAFIFTH ERA ACQUISITION CORP I

—

1.9M

$20M

MZYX/UMOZAYYX Acquisition Corp

—

1.8M

$17M

IACOUIDEA ACQUISITION CORP

—

1.8M

$17M

APTVAPTIV PLC

15K

—

34K

170K

233K

$16M

RDAGREPUBLIC DIGITAL ACQUISITION

—

1.6M

$16M

LPAALAUNCH ONE ACQUISITION CORP

2.0M

1.5M

$16M

CEPFCANTOR EQUITY PARTNERS IV IN

—

1.5M

$15M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆MMCAP International Inc. SPC

Implied return what this book implies · modeled, not advice methodology →

Exposures · what this manager owns, by sector & size (2026-Q1)

By sector

By market cap

By region

By industry group GICS — finer than sector

Top holdings

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Contribution holdings-based, any period

Holdings· 244 positions (2026-Q1) · largest first · Δ vs 2025-Q4

Position trends· top 15 holdings · shares held over 6 quarters

Related· where to look next

MMCAP International Inc. SPC