FourWorld Capital Management

Joshua K. Borden, the founder and managing partner, directs all research and investment decisions. He previously ran Asia-focused activism at Hindenburg Research, where he led high-profile short campaigns that resulted in regulatory actions against target companies. No other named investment personnel are publicly identified.

Targets are generated through internal forensic screening of global mid-cap and large-cap companies, with a focus on accounting anomalies, governance red flags, and on-the-ground investigative work. The firm uses publicly available filings, supply-chain checks, and interviews with former employees and competitors. It does not appear to rely on sell-side research or external tip networks as primary sources.

FourWorld publishes detailed reports on its target companies, typically alleging accounting irregularities or governance failures, and takes short positions before publication. These reports serve as both a catalyst for price discovery and a public record of the firm's thesis. The firm has published reports on names including Scotts Miracle-Gro (2022) and Enviva (2023).

FourWorld shares Hindenburg's model of publishing forensic research on companies it believes are overvalued, and Joshua Borden previously ran Asia activism for Hindenburg. However, FourWorld operates independently, with a global mandate rather than a regional focus, and has so far concentrated on mid-cap industrial and consumer names rather than the mega-cap tech shorts Hindenburg occasionally pursues.

The firm operates as a closed investment fund accepting qualified institutional capital. It is not registered as a family office or multi-family office. No public filings indicate participation by retail investors.