Hunterbrook Capital

Hunterbrook asserts that internal Chinese walls prevent reporters from knowing the fund's positions and traders from influencing editorial decisions. However, these barriers are self-imposed and not externally audited. The firm's legal theory rests on the idea that publishing stories for a general readership — rather than tipping the fund directly — distinguishes its activity from insider trading. The New York Times reported in April 2024 that the arrangement leaves the firm exposed to regulatory challenge should a prosecutor view the structure differently.

Hunterbrook is legally two entities under common control: Hunterbrook Media, which produces investigative journalism, and Hunterbrook Capital, the hedge fund that trades on the information. The founders describe the two as co-equal, but the revenue model depends on the fund's trading performance — not media subscriptions or advertising. The capital-raising was conducted for the hedge fund, and the media arm does not solicit subscriptions.

The firm primarily takes short positions in companies that it believes are overvalued due to undisclosed risks or misrepresentations uncovered by its newsroom. It has not disclosed engaging in long positions based on its reporting. Targets span public equities, with a focus on mid-to-large-cap companies where liquidity supports concentrated bets. Sector exposure has included industrials and conglomerates.

Sam Koppelman, a former speechwriter for the Biden White House and previously a director at communications firm Fenway Strategies, serves as publisher of Hunterbrook Media. Nathaniel Brooks Horwitz, the CEO of the broader firm, also holds editorial oversight. Hunterbrook Media has hired former reporters from outlets including The Wall Street Journal.

Hunterbrook has not publicly offered co-investment opportunities to external partners. The firm raised its initial capital from institutional backers like Elliott Management and General Catalyst as direct commitments to the fund, not through a platform or club model. No fund-of-funds or SPV structures have been disclosed.

As of mid-2025, no U.S. regulator — including the SEC or DOJ — has issued a formal statement, guidance, or enforcement action specific to Hunterbrook's structure. The firm operates in a regulatory gray area, relying on a legal interpretation that has not been tested in court. Securities-law scholars cited by The New York Times described the model as novel and potentially vulnerable.

Hunterbrook Media's most notable investigation targeted Scotts Miracle-Gro over alleged PFAS contamination in its fertilizer products. It also published a report on the Adani Group's revenue-recognition practices in collaboration with the Financial Times. The firm has stated it maintains a pipeline of investigations but does not disclose its editorial calendar before publication.