# FourWorld Capital Management

FourWorld Capital Management is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2019
- **Assets under management:** Undisclosed
- **Website:** fourworldcap.com
- **LinkedIn:** https://www.linkedin.com/company/27021835

## Regulatory record

- **CRD number:** 284138
- **SEC file number:** 801-107921
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/284138

## About

FOURWORLD CAPITAL MANAGEMENT LLC is an SEC-registered investment adviser in NEW YORK, NY, registered since 2016. The firm manages $1.4 billion in assets, with $1.3 billion on a discretionary basis. It has 17 employees and 13 investment advisers.

## Sectors

- Short Activism
- Governance Activism
- Industrial Tech
- Healthcare Services

## People

- Joshua K. Borden — Founder & Managing Partner

## 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.

### 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.

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Last updated: 2026-06-03T20:00:00.000Z

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