MMCAP INTERNATIONAL INC SPC
Q2 2025 Form 13-F
GRAND CAYMAN, CAYMAN ISLANDS
CIK 0001304857
· Institutional investment manager
$831.4M Reported Value Total
Reported value
$831.4M
Quarter over quarter
+23.0%
Holdings
144
Top-10 concentration
54.2%
Key People
Named on the latest Form 13-F filing — not necessarily an owner
Ulla Vestergaard
Director, MMCAP International Inc. SPC
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Q2 2025 13F record
Q2 2025 13F filing summary
| Period of report | June 30, 2025 |
|---|---|
| Filed | August 06, 2025 |
| Form | 13F-HR |
| Reported value | $831.4M |
| Positions | 144 |
| Change in reported value | +41.7% |
| New positions | 36 |
| Exited positions | 23 |
| Position turnover | 35.3% |
| Top-10 concentration | 54.2% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
303 | $1.2B |
|
Q1 2026 13F
Filed May 15, 2026
|
244 | $1.2B |
|
Q4 2025 13F
Filed Feb 9, 2026
|
208 | $1.0B |
|
Q3 2025 13F
Filed Nov 10, 2025
|
172 | $859.8M |
|
Q2 2025 13F
Filed Aug 6, 2025
|
144 | $831.4M |
|
Q1 2025 13F
Filed May 12, 2025
|
131 | $586.8M |
|
Q4 2024 13F
Filed Feb 4, 2025
|
139 | $664.9M |
|
Q3 2024 13F
Filed Nov 12, 2024
|
165 | $719.0M |
|
Q2 2024 13F
Filed Aug 13, 2024
|
180 | $719.2M |
|
Q1 2024 13F
Filed May 9, 2024
|
185 | $768.2M |
|
Q4 2023 13F
Filed Feb 12, 2024
|
193 | $546.1M |
|
Q3 2023 13F
Filed Nov 13, 2023
|
196 | $348.3B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
211 | $303.8M |
|
Q1 2023 13F
Filed May 11, 2023
|
265 | $508.6M |
|
Q4 2022 13F
Filed Feb 9, 2023
|
376 | $986.2M |
|
Q3 2022 13F
Filed Nov 10, 2022
|
465 | $1.3B |
|
Q2 2022 13F
Filed Aug 12, 2022
|
478 | $1.2B |
|
Q1 2022 13F
Filed May 11, 2022
|
513 | $1.7B |
|
Q4 2021 13F
Filed Feb 9, 2022
|
434 | $1.6B |
|
Q3 2021 13F
Filed Nov 10, 2021
|
423 | $1.4B |
7 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q2 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | ARMN ARIS MNG CORP | $141.3M | 16.99% |
| 2 | UEC URANIUM ENERGY CORP | $107.3M | 12.91% |
| 3 | ASTL ALGOMA STL GROUP INC | $49.7M | 5.98% |
| 4 | POET POET TECHNOLOGIES INC | $30.7M | 3.69% |
| 5 | DNN DENISON MINES CORP | $24.4M | 2.94% |
| 6 | NPACU NEW PROVIDENCE ACQUISITION C | $23.0M | 2.77% |
| 7 | CCCXU CHURCHILL CAP CORP X | $20.6M | 2.48% |
| 8 | FERAU FIFTH ERA ACQUISITION CORP I | $19.8M | 2.38% |
| 9 | MBAV M3BRIGADE ACQUISITION V CORP | $16.9M | 2.04% |
| 10 | RDAGU REPUBLIC DIGITAL ACQUISITION | $16.7M | 2.01% |
| 11 | GLXY GALAXY DIGITAL INC. | $16.6M | 2.0% |
| 12 | LPAA LAUNCH ONE ACQUISITION CORP | $15.4M | 1.85% |
| 13 | IPCXU INFLECTION PT ACQUISITION CO | $14.7M | 1.77% |
| 14 | CCIX CHURCHILL CAPITAL CORP IX | $14.2M | 1.71% |
| 15 | NXE NEXGEN ENERGY LTD | $13.9M | 1.67% |
| 16 | CGCTU CARTESIAN GROWTH CORP III | $13.7M | 1.64% |
| 17 | GPAT GP-ACT III ACQUISITION CORP | $13.5M | 1.62% |
| 18 | WENNU WEN ACQUISITION CORP | $12.7M | 1.53% |
| 19 | ALF CENTURION ACQUISITION CORP | $12.4M | 1.49% |
| 20 | EU ENCORE ENERGY CORP | $10.9M | 1.32% |
Values as reported on the Q2 2025 Form 13F. Every position is in the holdings table below.