Pilgrim Global ICAV Holds 11.0% Stake in Navios Maritime Partners

TL;DR

**Pilgrim Global ICAV still owns 11.0% of Navios Maritime Partners, showing continued institutional interest.**

AI Summary

Pilgrim Global ICAV, an Irish investment company, has updated its ownership stake in Navios Maritime Partners L.P. (NYSE: NMM) through an SC 13G/A filing on January 16, 2024. As of December 8, 2023, Pilgrim Global ICAV beneficially owns 4,612,819 common units, representing 11.0% of the company's outstanding shares. This filing indicates a significant, but passive, institutional investment in the deep-sea freight transportation company, signaling continued confidence from a major holder.

Why It Matters

This filing confirms a major institutional investor's continued significant, albeit passive, stake in Navios Maritime Partners, which can influence investor sentiment and potentially provide a floor for the stock price.

Risk Assessment

Risk Level: low — This filing indicates a passive ownership stake, which generally poses a low risk to current shareholders as it doesn't suggest an activist agenda or immediate sale.

Analyst Insight

Investors should note that a major institutional holder, Pilgrim Global ICAV, continues to hold a substantial 11.0% stake in Navios Maritime Partners L.P., suggesting a long-term, passive investment perspective. This could be a positive signal for stability but does not indicate any immediate catalysts or changes in company direction.

Key Numbers

• 4,612,819 — Common Units Beneficially Owned (This is the aggregate number of shares Pilgrim Global ICAV owns in Navios Maritime Partners L.P.)
• 11.0% — Percent of Class (This represents the percentage of Navios Maritime Partners L.P.'s common units owned by Pilgrim Global ICAV.)
• Y62267409 — CUSIP Number (This uniquely identifies the Common Units of Navios Maritime Partners L.P.)
• 0 — Sole Voting Power (Pilgrim Global ICAV has no sole voting power over the shares.)
• 4,612,819 — Shared Voting Power (Pilgrim Global ICAV shares voting power over all its beneficially owned shares.)

Key Players & Entities

• Pilgrim Global ICAV (company) — the reporting person and beneficial owner of shares in Navios Maritime Partners L.P.
• Navios Maritime Partners L.P. (company) — the issuer of the securities being reported on
• Ireland (place) — place of organization for Pilgrim Global ICAV
• December 8, 2023 (date) — the date of the event requiring the filing of this statement

Forward-Looking Statements

• Pilgrim Global ICAV will maintain a significant, passive stake in Navios Maritime Partners L.P. for the foreseeable future. (Pilgrim Global ICAV) — high confidence, target: 2025-01-16

FAQ

Filing Documents

• d10904048_13g-a.htm (SC 13G/A) — 110KB
• 0000919574-24-000370.txt ( ) — 111KB

From the Filing

SC 13G/A 1 d10904048_13g-a.htm SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13G (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b) (Amendment No. 4) Navios Maritime Partners L.P. (Name of Issuer) Common Units, representing limited partner interests (Title of Class of Securities) Y62267409 (CUSIP Number) December 8, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [x] Rule 13d-1(b) [_] Rule 13d-1(c) [_] Rule 13d-1(d) The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. Y62267409 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Pilgrim Global ICAV 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [_] (b) [_] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Ireland NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 4,612,819 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 4,612,819 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,612,819 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 15.3% 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) FI CUSIP No. Y62267409 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Pilgrim Global Advisors LLC 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [_] (b) [_] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 4,827,206 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 4,827,206 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,827,206 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 16.0% 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA CUSIP No. Y62267409 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Darren Maupin 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [_] (b) [_] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Switzerland NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 0 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 0 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN, HC CUSIP No. Y62267409 Item 1. (a). Name of Issuer: Navios Maritime Partners L.P. (b). Address of issuer's principal executive offices: 7 Avenue de Grande Bretagne, Office 11B2 Monte Carlo, MC 98000 Monaco Item 2. (a)-(c). Name Principal Business Address, and Citizenship of Person Filing: No change from the Schedule 13G Amendment filed on January 10, 2024. Item 2. (d) Title of class of securities: Common Units, representing limited partner interests Item 2. (e). CUSIP No.: Y62267409 Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a: (a) [_] Broker or dealer registered under Section 15 of the Exchange Act. (b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act. (c) [_] Insurance company as defined in Section 3(a)(19) of the Exchange Act. (d) [_] Investment company registered under Section 8 of the Investment Company Act. (e) [x] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) [_] An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); (g) [x] A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) [_] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; (i) [_] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; (j) [x] A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); (k) [_] Gro