AI Portfolio Summary
In 2025 Q4, MMCAP International Inc. SPC maintained a portfolio of 231 distinct positions. The most significant new addition to the portfolio was Churchill Capital Co, which now represents 2.76% of the total fund value. They heavily accumulated shares in Algoma Steel Group I, increasing their position by 42.2%. The fund also reduced its exposure to POET Technologies In by 57.4%.
Total Positions
231
Quarter
2025 Q4
Top Holding
ARMN (22.4%)
Top 10 Concentration
44.1%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 231
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
ARMN
Aris Mining Cor...
|
Basic Materials | 22.44% | 18.74% |
#1
Prev: #1
|
6.5 | -2,632,821 | -16.0% |
P
S
|
13,804,061 | $224,438,243 | 2023 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ASTL
Algoma Steel Gr...
|
Basic Materials | 4.71% | 3.34% |
#2
Prev: #2
|
5.9 | 3,409,033 | 42.2% |
P
S
|
11,487,861 | $47,110,695 | 2023 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
N/A
Churchill Capit...
|
—
|
Unknown | 2.76% | — |
#3
Prev: #—
|
5.6 | 2,700,000 | no change |
NEW
|
2,700,000 | $27,567,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
Drugs Made In A...
|
—
|
Unknown | 2.70% | 3.12% |
#4
Prev: #4
|
2.6 | no change | no change |
P
S
|
2,700,000 | $27,040,500 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
New Providence ...
|
—
|
Unknown | 2.26% | 2.60% |
#5
2
Prev: #7
|
2.4 | no change | no change |
P
S
|
2,200,000 | $22,572,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
NXE
NexGen Energy S...
|
Energy | 2.23% | 0.05% |
#6
86
Prev: #92
|
3.9 | 2,379,891 | 4759.1% |
P
S
|
2,429,898 | $22,355,062 | 2020 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FERA
Fifth Era Acqui...
|
Financial Services | 1.95% | 2.25% |
#7
3
Prev: #10
|
1.8 | no change | no change |
P
S
|
1,900,000 | $19,551,000 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
DNN
Denison Mines C...
|
Energy | 1.92% | 3.04% |
#8
3
Prev: #5
|
0.8 | -2,286,340 | -24.1% |
P
S
|
7,219,531 | $19,203,952 | 2020 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
N/A
Republic Digita...
|
—
|
Unknown | 1.58% | 1.86% |
#9
3
Prev: #12
|
1.6 | no change | no change |
P
S
|
1,565,000 | $15,845,625 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
LPAA
Launch One Acqu...
|
Financial Services | 1.57% | 1.81% |
#10
4
Prev: #14
|
1.6 | no change | no change |
P
S
|
1,480,000 | $15,673,200 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
N/A
Cantor Equity P...
|
—
|
Unknown | 1.54% | 1.78% |
#11
4
Prev: #15
|
1.6 | no change | no change |
P
S
|
1,500,000 | $15,420,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
Meshflow Acquis...
|
—
|
Unknown | 1.50% | — |
#12
Prev: #—
|
4.1 | 1,500,000 | no change |
NEW
|
1,500,000 | $15,000,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
IRHOU
Iron Horse Acqu...
|
Financial Services | 1.49% | — |
#13
Prev: #—
|
4.1 | 1,500,000 | no change |
NEW
|
1,500,000 | $14,917,500 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
UEC
Uranium Energy ...
|
Energy | 1.46% | 3.24% |
#14
11
Prev: #3
|
0.6 | -842,835 | -40.3% |
P
S
|
1,248,363 | $14,580,880 | 2022 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CCIX
Churchill Capit...
|
Financial Services | 1.43% | 1.65% |
#15
1
Prev: #16
|
1.6 | no change | no change |
P
S
|
1,350,000 | $14,350,500 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
N/A
Inflection Poin...
|
—
|
Unknown | 1.42% | 1.64% |
#16
1
Prev: #17
|
1.6 | no change | no change |
P
S
|
1,400,000 | $14,196,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
CARTESIAN GROWT...
|
—
|
Unknown | 1.39% | 1.58% |
#17
2
Prev: #19
|
1.6 | no change | no change |
P
S
|
1,350,000 | $13,898,250 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
GPAT
GP-Act III Acqu...
|
Financial Services | 1.36% | 1.57% |
#18
2
Prev: #20
|
1.5 | no change | no change |
P
S
|
1,275,000 | $13,629,750 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
APTV
Aptiv PLC
|
Consumer Cyclical | 1.30% | 0.34% |
#19
40
Prev: #59
|
3.5 | 136,661 | 406.6% |
P
S
|
170,268 | $12,955,692 | 2024 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ALF
Centurion Acqui...
|
Financial Services | 1.25% | 1.44% |
#20
1
Prev: #21
|
1.5 | no change | no change |
P
S
|
1,175,000 | $12,513,750 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
N/A
Cantor Equity P...
|
—
|
Unknown | 1.23% | — |
#21
Prev: #—
|
4.0 | 1,200,000 | no change |
NEW
|
1,200,000 | $12,300,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
Wen Acquisition...
|
—
|
Unknown | 1.21% | 1.41% |
#22
Prev: #22
|
1.5 | no change | no change |
P
S
|
1,200,000 | $12,120,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
M3-Brigade Acqu...
|
—
|
Unknown | 1.10% | — |
#23
Prev: #—
|
3.9 | 1,100,000 | no change |
NEW
|
1,100,000 | $11,000,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
EU
Encore Energy C...
|
Energy | 1.07% | 1.61% |
#24
6
Prev: #18
|
0.9 | -600 | -0.0% |
P
S
|
4,316,238 | $10,704,270 | 2023 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CUB
Lionheart Holdi...
|
Financial Services | 1.04% | 1.20% |
#25
2
Prev: #27
|
1.4 | no change | no change |
P
S
|
980,000 | $10,417,498 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SIMA
SIM Acquisition...
|
Financial Services | 1.04% | 1.20% |
#26
1
Prev: #25
|
1.4 | no change | no change |
P
S
|
980,000 | $10,378,200 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SBXD
Silverbox Corp ...
|
Financial Services | 1.04% | 1.19% |
#27
1
Prev: #28
|
1.4 | no change | no change |
P
S
|
980,000 | $10,368,400 | 2025 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
MCVT
Sui Group Holdi...
|
Unknown | 1.03% | 2.14% |
#28
17
Prev: #11
|
2.9 | 1,369,849 | 28.7% |
P
S
|
6,141,356 | $10,256,065 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
HYAC
Haymaker Acquis...
|
Financial Services | 1.02% | 1.19% |
#29
1
Prev: #30
|
1.4 | no change | no change |
P
S
|
900,000 | $10,242,000 | 2023 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
N/A
FutureCrest Acq...
|
—
|
Unknown | 1.01% | — |
#30
Prev: #—
|
3.9 | 1,000,000 | no change |
NEW
|
1,000,000 | $10,100,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
HCM III Acquisi...
|
—
|
Unknown | 1.00% | — |
#31
Prev: #—
|
3.9 | 1,000,000 | no change |
NEW
|
1,000,000 | $10,040,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
Trailblazer Acq...
|
—
|
Unknown | 1.00% | — |
#32
Prev: #—
|
3.9 | 1,000,000 | no change |
NEW
|
1,000,000 | $10,010,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
Launchpad Caden...
|
—
|
Unknown | 1.00% | — |
#33
Prev: #—
|
3.9 | 1,000,000 | no change |
NEW
|
1,000,000 | $9,980,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
American Drive ...
|
—
|
Unknown | 1.00% | — |
#34
Prev: #—
|
3.9 | 1,000,000 | no change |
NEW
|
1,000,000 | $9,970,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
POET
POET Technologi...
|
Technology | 0.97% | 2.31% |
#35
26
Prev: #9
|
0.4 | -2,059,035 | -57.4% |
P
S
|
1,526,205 | $9,660,878 | 2022 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GRAF
Graf Global Cor...
|
Financial Services | 0.89% | 1.02% |
#36
5
Prev: #31
|
1.4 | no change | no change |
P
S
|
830,000 | $8,926,650 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
N/A
ITHAX Acquisiti...
|
—
|
Unknown | 0.80% | — |
#37
Prev: #—
|
3.8 | 800,000 | no change |
NEW
|
800,000 | $7,980,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
WY
Weyerhaeuser Co
|
Real Estate | 0.78% | — |
#38
Prev: #—
|
3.8 | 327,500 | no change |
NEW
|
327,500 | $7,758,475 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
N/A
Cantor Equity P...
|
—
|
Unknown | 0.76% | 0.90% |
#39
3
Prev: #36
|
1.3 | no change | no change |
P
S
|
750,000 | $7,650,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
Oxley Bridge Ac...
|
—
|
Unknown | 0.76% | — |
#40
Prev: #—
|
3.8 | 750,000 | no change |
NEW
|
750,000 | $7,560,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
SilverBox Corp ...
|
—
|
Unknown | 0.75% | — |
#41
Prev: #—
|
3.8 | 750,000 | no change |
NEW
|
750,000 | $7,545,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
Pioneer Acquisi...
|
—
|
Unknown | 0.75% | — |
#42
Prev: #—
|
3.8 | 750,000 | no change |
NEW
|
750,000 | $7,537,500 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
CRON
Cronos Group In...
|
Healthcare | 0.73% | 0.57% |
#43
6
Prev: #49
|
3.3 | 991,977 | 56.1% |
P
S
|
2,761,059 | $7,261,585 | 2024 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SBET
Sharplink Gamin...
|
Consumer Cyclical | 0.72% | 0.99% |
#44
11
Prev: #33
|
3.3 | 308,900 | 61.9% |
P
S
|
807,600 | $7,219,944 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
N/A
American Except...
|
—
|
Unknown | 0.72% | 0.80% |
#45
5
Prev: #40
|
0.8 | 428 | 0.1% |
P
S
|
631,494 | $7,192,717 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
Gores Holdings ...
|
—
|
Unknown | 0.72% | 0.83% |
#46
7
Prev: #39
|
1.3 | no change | no change |
P
S
|
700,000 | $7,175,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
Crane Harbor Ac...
|
—
|
Unknown | 0.65% | — |
#47
Prev: #—
|
3.8 | 650,000 | no change |
NEW
|
650,000 | $6,545,500 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
N/A
1RT Acquisition...
|
—
|
Unknown | 0.61% | — |
#48
Prev: #—
|
3.7 | 600,000 | no change |
NEW
|
600,000 | $6,120,000 | — | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | ||
|
POLE
Andretti Acquis...
|
Financial Services | 0.61% | 0.71% |
#49
5
Prev: #44
|
1.2 | no change | no change |
P
S
|
580,000 | $6,095,800 | 2025 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
NOEM
CO2 Energy Tran...
|
Financial Services | 0.61% | 0.70% |
#50
5
Prev: #45
|
1.2 | no change | no change |
P
S
|
590,000 | $6,071,100 | 2025 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) |
Showing 1-50 of 231 holdings