Overview
A. Description of the Advisory Firm
Pilgrim Global Advisors LLC (“PGA LLC” or the “Firm”), a Delaware limited liability company, was formed in
July 2022 to become the Alternative Investment Fund Manager (“AIFM”) of Pilgrim Global ICAV, an Irish
collective asset management vehicle registered with the Central Bank of Ireland (the “ICAV”). The Firm is owned
by Darren Maupin and Kean Chung.
B. Types of Advisory Services
PGA LLC serves as the non-EU AIFM to the ICAV and as the general partner of the Pilgrim Global SPV I (US),
LP (the “SPV” and collectively with the ICAV the “Funds”) pursuant to the Funds’ constituent documents (the “
Constituent Documents”)
The Firm’s investment program for the ICAV focuses on identifying opportunities following market dislocations
that present mis- pricings due to human, institutional, and/or technical factors. Investment opportunities are
evaluated by comparing prices to conservative estimates of underlying intrinsic business value rather than
attempting to forecast stock price movements over the short and medium-term. The ICAV seeks to invest in deeply
undervalued businesses with a large margin of safety, high, asymmetric return potential, and minimal medium-
term
risks to the business from factors such as technological obsolescence or increased competition. Patience, a
long investment time horizon, and a focus on the people involved are additional important aspects of the
investment philosophy. For the purposes of the ICAV’s investment program the Firm defines “risk” as the
probability of permanent impairments of intrinsic value of the underlying companies in the portfolio.
The ICAV offers shares (“Interests” or “Shares”) to certain qualified investors as described in response to Item
7, below (such investors are referred to herein as “Investors” or “Shareholders”).
The SPV was formed in 2023 to hold a single security. Interests in the SPV are not continuously offered.
C. Client Tailored Services and Client Imposed Restrictions
PGA LLC will have the authority to select which and how many securities and other instruments the Funds will
buy or sell without consultation with the Funds Investors.
D. Wrap Fee Programs
PGA LLC does not participate in wrap fee programs.
E. Amounts Under Management
As of December 31, 2023, PGA LLC had $584,987,740 million of regulatory assets under management on a
discretionary basis and $0 on a non-discretionary basis.