Muddy Waters Global Opportunities Fund

February 5, 2026 Share

Muddy Waters Capital was founded in 2015 by Carson Block. The firm is based in Austin, TX and oversees approximately $310 million in assets under management.

Muddy Waters Global Opportunities Fund ("GOF") is the firm's flagship strategy.

GOF pursues an activist investment strategy that seeks to identify publicly traded companies whose operating fundamentals are meaningfully weaker than market perception. GOF focuses primarily on companies where the firm believes company management teams are intentionally misleading investors. Historically, GOF has identified a number of companies engaged in outright financial manipulation and/or fraud, resulting in eleven delistings. The Fund invests globally across developed and emerging markets.

As part of the due diligence process, the investment team conducts in-depth primary research, evaluating a company's cash flows and balance sheet, interviewing industry specialists, and conducting site visits. Once the team develops conviction in an investment idea, GOF establishes a short position in the company and publicly publishes the firm's investment thesis and supporting research. The firm has shown an ability to generate compelling media coverage. This attention, combined with a reputation for reliable research, enables GOF to produce catalysts for price corrections in the companies in which the Fund invests.

GOF pairs a high conviction, concentrated approach with a strong risk management framework. The investment team is mindful of liquidity, free float, cost of borrow, and the timing and duration of positions. Given the nature of the strategy, GOF is highly capacity constrained and closed to new investors.