FourWorld Capital Management LLC

NEW YORK, NY · CIK 1770525 · 13F filing filed 2025-05-15

SEC-registered investment adviser since 2016 · limited liability company

Assets managed$1.4bn
Staff17 · 13 in investment roles
Main clients (by assets)Private funds 96%, Companies 3%
Private funds9 (9 hedge) · $939.8m gross assets
Form ADV · 2026-05-07SEC adviser record

Legal entityFOURWORLD CAPITAL MANAGEMENT LLC (US)

Kindhedge funds, futures
Others nearbyNew York, NY, Munich

As an employer

Offices in2 countries
Private fundshedge 9

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
New York, NY (main office)United States	United States	about 10
MunichGermany	Germany	3

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$145.9m reported value -21.6% vs Q4 2024

21positions

97.8%in top 10

7 new 3 added 2 reduced 6 sold out vs Q4 2024

Options: 2 call positions ($1.3m notional), 1 put positions ($8.4m notional) – listed below, not included above.

Holdings, Q1 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ENSTAR GROUP LIMITED SHS ESGR	ESGR	208,600	$69.3m47.54%	47.54%	Unchanged
2	DESPEGAR COM CORP ORD SHS DESP	DESP	2,529,500	$47.5m32.59%	32.59%	New
3	EVOLV TECHNOLOGIES HLDNGS IN COM CL A EVLV	EVLV	2,063,103	$6.4m4.41%	4.41%	Unchanged
4	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	100,000	$6.1m4.18%	4.18%	New
5	ARBUTUS BIOPHARMA CORP COM ABUS	ABUS	1,226,710	$4.3m2.94%	2.94%	Unchanged
6	SERITAGE GROWTH PPTYS CL A SRG	SRG	1,113,243	$3.6m2.47%	2.47%	Unchanged
7	NEURONETICS INC COM STIM	STIM	500,000	$1.8m1.26%	1.26%	Reduced -358.1k	-358,107 -41.7%
8	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	96,500	$1.8m1.23%	1.23%	New
9	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	10,000	$928.5k0.64%	0.64%	Unchanged
10	ALPHA TEKNOVA INC COM TKNO	TKNO	159,699	$828.8k0.57%	0.57%	Added +46.7k	+46,699 41.3%
11	AIRSCULPT TECHNOLOGIES INC COM AIRS	AIRS	255,210	$595.9k0.41%	0.41%	Added +74.9k	+74,894 41.5%
12	TALKSPACE INC COM TALK	TALK	209,650	$536.7k0.37%	0.37%	New
13	SOLID POWER INC CLASS A COM SLDP	SLDP	477,129	$501.0k0.34%	0.34%	Unchanged
14	INOTIV INC COM NOTVQ	NOTVQ	196,449	$434.2k0.30%	0.30%	Added +46.8k	+46,802 31.3%
15	ENERGY SVCS ACQUISITION CORP COM ESOA	ESOA	33,185	$313.6k0.22%	0.22%	New
16	THE ONCOLOGY INSTITUTE INC COM STLN	STLN	257,000	$293.0k0.20%	0.20%	Unchanged
17	CVRX INC COM CVRX	CVRX	18,701	$228.7k0.16%	0.16%	Reduced -38.5k	-38,499 -67.3%
18	PROPHASE LABS INC COM COM		376,577	$152.2k0.10%	0.10%	New
19	TEVOGEN BIO HLDGS INC *W EXP 02/14/202 TVGNW	TVGNW	1,450,000	$78.2k0.05%	0.05%	Unchanged
20	EURONAV NV SHS CMBT	CMBT	4,000	$36.3k0.02%	0.02%	Unchanged
21	DADA NEXUS LTD ADS DADA	DADA	10,000	$18.5k0.01%	0.01%	New

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
ENDEAVOR GROUP HLDGS INC		2,972,346	$93.0m3.0m shares
FERROGLOBE PLC GSM	GSM	320,000	$1.2m320.0k shares
NEW FORTRESS ENERGY INC		42,000	$635.0k42.0k shares
SABLE OFFSHORE CORP SOC	SOC	15,000	$343.5k15.0k shares
COMTECH TELECOMMUNICATIONS C CMTL	CMTL	37,818	$151.7k37.8k shares
BRISTOL-MYERS SQUIBB CO CELG-R	CELG-R	100,000	$5.7k100.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	15,000	$8.4m15.0k shares	New
ISHARES INC EWZ · Call	EWZ	Call	35,000	$904.8k35.0k shares	Reduced
EVOLV TECHNOLOGIES HLDNGS IN EVLV · Call	EVLV	Call	125,000	$390.0k125.0k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
SABLE OFFSHORE CORP SOC · 13G · filed 2026-02-19	SOC	5.8%≈ $25.9m	new	13G	2026-02-19