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FourWorld Capital Management
Joshua Borden founded FourWorld Capital in 2019, running a concentrated short-activist strategy that publishes forensic research on global mid-caps.
FourWorld Capital Management
FourWorld Capital Management was founded by Joshua K. Borden in New York in 2019. Borden previously directed Asia-focused activist research at Hindenburg Research, where he led campaigns against companies that resulted in delistings and regulatory sanctions. FourWorld extends that model globally, combining forensic accounting with on-the-ground investigative work. The firm operates as a concentrated short-activist fund. It identifies mid-cap and large-cap companies where it believes financial reporting masks material deterioration, then publishes detailed reports alleging accounting irregularities, undisclosed related-party transactions, or governance failures. FourWorld takes short positions before publication. Confirmed campaigns include a 2022 report on Scotts Miracle-Gro alleging channel-stuffing and a 2023 report on Enviva, a wood-pellet producer, alleging liquidity and sustainability misrepresentations (per the firm's research, 2022–2023). The firm's geographic footprint spans North America, Europe, and Asia. FourWorld is deliberately lean — a small team of analysts and investigators operates from New York. No additional offices are known. The firm's external communications are limited to published research reports and legal filings. May 2023: FourWorld published its report on Enviva; the company subsequently restated earnings and its stock declined over 90% by year-end (per Reuters, 2023). FourWorld's structure as a single-strategy short-activist with a public research apparatus distinguishes it from multi-strategy hedge funds that short quietly. Its campaigns create binary event risk around its target names, and the firm appears willing to engage directly with auditors and regulators. No known co-investment or club structures exist; the vehicle operates as a closed fund accepting qualified institutional capital.
General information
Firm type
Asset Manager
Year founded
2019
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Joshua K. Borden
Founder & Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at FourWorld Capital?
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.
How does FourWorld source its target ideas?
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.
Does FourWorld publish all of its research publicly?
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).
How is FourWorld different from Hindenburg Research?
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.
Does FourWorld accept outside capital?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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