FourWorld Capital Management LLC

Despite the reduction in assets, the firm maintains a relatively concentrated portfolio, holding 17 securities. The composition has shifted from a more diversified broad-market portfolio to one heavily weighted toward a core liquid ETF and a selection of high-conviction, small-cap names. The concentration risk has increased, with the top 10 positions accounting for the vast majority of the portfolio's value.

Key Holdings

The portfolio is currently anchored by a major liquid position in the SPDR S&P 500 ETF Trust (SPY), which accounts for 35.67% ($17.32M) of total assets. This position was aggressively increased by 73.3% during the quarter, suggesting a move to maintain significant market exposure or liquidity. SPY now serves as the portfolio's stabilizing core.