FourWorld Capital Management LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), FourWorld Capital Management LLC reported 20 stock positions worth $145.8 million . Its top holding was Enstar (ESGR) at 47.6% of the portfolio, followed by Despegar.com (DESP, 32.6% ) and Evolv Technologies (EVLV, 4.4% ). Compared with Q4 2024, it opened 7 new positions, sold out of 5, added to 3 and reduced 2. The biggest buy was a new position in Despegar.com (DESP) and the biggest sale an exit from Endeavor Group Hold Class A (EDR).
Location NEW YORK, NY
CIK 0001770525
Portfolio Value $145.8M (Q1 2025) Holdings 20 stocks · $145.8M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 ESGR Enstar Group Ltd. 208,600 $69.3M No change DESP Despegar.com Corp. 2,529,500 $47.5M New EVLV Evolv Technologies Holdings 2,063,103 $6.4M No change BMY Bristol-Myers Squibb Co. 100,000 $6.1M New ABUS Arbutus Biopharma Corp. 1,226,710 $4.3M No change SRG Seritage Growth Prop- A 1,113,243 $3.6M No change STIM Neuronetics Inc. 500,000 $1.8M Reduce -41.7% ET Energy Transfer LP 96,500 $1.8M New KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 10,000 $929K No change TKNO Alpha Teknova Inc. 159,699 $829K Add +41.3% AIRS Airsculpt Technologies Inc. 255,210 $596K Add +41.5% TALK Talkspace Inc. 209,650 $537K New SLDP Solid Power Inc. 477,129 $501K No change NOTVQ Inotiv Inc. 196,449 $434K Add +31.3% ESOA Energy Services of America 33,185 $314K New STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC 257,000 $293K No change CVRX CVRX Inc. 18,701 $229K Reduce -67.3% PROPHASE LABS INC 376,577 $152K New CMBT CMB Tech NV 4,000 $36K No change DADA Dada Nexus Ltd.-ADR 10,000 $19K New
Options reported separately and not counted above: SPY puts ($8.4M), ISHARES INC calls ($905K), EVLV calls ($390K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $78K (not counted above) Security Class Shares / Principal Value Change TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 1,450,000 $78K No change
Total filed on the 13F, all lines: $145.9M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ EDR Endeavor Group Hold Class A Sold out 0.00% −50.04 GSM Ferroglobe PLC Sold out 0.00% −0.65 NFE New Fortress Energy Inc. Sold out 0.00% −0.34 CVRX CVRX Inc. Reduce -67.3% 0.16% −0.23 SOC Sable Offshore Corp. Sold out 0.00% −0.18 CMTL Comtech Telecommunications Sold out 0.00% −0.08 STIM Neuronetics Inc. Reduce -41.7% 1.26% +0.52
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ DESP Despegar.com Corp. New 32.60% +32.60 BMY Bristol-Myers Squibb Co. New 4.18% +4.18 ET Energy Transfer LP New 1.23% +1.23 TALK Talkspace Inc. New 0.37% +0.37 ESOA Energy Services of America New 0.22% +0.22 PROPHASE LABS INC New 0.10% +0.10 TKNO Alpha Teknova Inc. Add +41.3% 0.57% +0.06 DADA Dada Nexus Ltd.-ADR New 0.01% +0.01 NOTVQ Inotiv Inc. Add +31.3% 0.30% −0.04 AIRS Airsculpt Technologies Inc. Add +41.5% 0.41% −0.09
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 15,000 $8.4M ISHARES INC call New 35,000 $905K EWZ iShares MSCI Brazil ETF call Sold out 40,000 $900Kbefore exit EVLV Evolv Technologies Holdings call New 125,000 $390K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ BRISTOL MYERS - CELGENE CVR RIGHT 12/30/2030 Sold out 100,000 $5.7Mbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 19 $78.3M SOC, PRTH, MX, BMY, TDAY Q1 2026 18 $177.1M SOC, MCW, PRTH, TDAY, BMY Q4 2025 Amended 17 $106.6M SOC, BMY, EVLV, XLE, SRG Q3 2025 20 $41.2M EVLV, SRG, ABUS, BMY, AIRS Q2 2025 20 $139.2M ESGR, GOLDEN OCEAN GROUP LTD, SKX, EVLV, BMY Q1 2025 20 $145.8M ESGR, DESP, EVLV, BMY, ABUS Q4 2024 18 $185.9M EDR, ESGR, EVLV, SRG, ABUS Q3 2024 23 $107.8M EDR, EVLV, ABUS, SRG, ACI Q2 2024 26 $75.7M EDR, OMEX, HOLI, ABUS, EVLV Q1 2024 Amended 26 $102.6M TDCX, SRG, HOLI, OMEX, ABUS