Structure; History and Ownership Gobi Capital LLC is an investment advisory firm with its principal place of business in San Francisco, California. Gobi Capital LLC will also be referred to in this brochure as “Gobi Capital,” “we” or “the firm.” Gobi Capital is organized as a Delaware limited liability company that was established in 2010. Types of Advisory Services We provide investment advisory services to seven private investment funds (referred to in this brochure as the “funds”) and a separately managed account (collectively with the funds referred to in this brochure as the “clients”) as general partner and/or investment adviser. Bo Shan is the portfolio manager with respect to the client portfolios. Our investment objective is to generate attractive long-term risk-adjusted returns, by investing primarily on a long basis and short basis in a select number of publicly-traded equity securities and other investments that we identify as mispriced by the marketplace relative to their intrinsic values. Our primary investment methodology is value-oriented, employing extensive fundamental research and analysis to identify investments that are materially undervalued (or, in the case of short positions, overvalued) by the marketplace. In addition to our core investment strategies, we may employ other investment strategies on behalf of the clients as we deem appropriate and may invest in and trade a variety of securities and instruments, including for hedging and other purposes. Except as otherwise agreed upon, we may cause the clients to employ leverage as we deem appropriate. The funds to which we currently provide investment advisory services are as follows:
• Gobi Investment Partners LP, a Delaware limited partnership (the “Flagship onshore feeder fund”);
• Gobi Investment Fund Ltd., a Cayman Islands exempted company (the “Flagship offshore feeder fund”); and
• Gobi Master Fund Ltd. a Cayman Islands exempted company (the “Flagship master fund”).
• Gobi Concentrated Partners LP, a Delaware limited partnership (the “Concentrated onshore feeder fund,” and together with the Flagship onshore feeder fund, the “onshore feeder funds”);
• Gobi Concentrated Fund Ltd, a British Virgin Islands exempted company (the “Concentrated offshore feeder fund,” together with the Flagship offshore feeder fund, the “offshore feeder funds,” and together with the onshore feeder funds and the Flagship offshore feeder fund, the “feeder funds”);
• Gobi Concentrated Master Fund Ltd., a British

Virgin Islands exempted company (the “Concentrated master fund,” together with the Flagship master fund, the “master funds”); and
• Druid Investment Partners LP, a Delaware limited partnership (the “Druid fund”). The Flagship onshore feeder fund and the Flagship offshore feeder fund invest substantially all of their available capital in the Flagship master fund. The Concentrated onshore feeder fund and the Concentrated offshore feeder fund invest substantially all of their available capital in the Concentrated master fund. As a consequence of the master-feeder investment structures, the feeder funds will implement their investment strategy indirectly, through their respective master funds. The master funds will have the same investment objective and employ the same investment strategy as their respective feeder funds. The Druid fund is a standalone private investment fund that employs substantially the same investment strategy as the Flagship master fund. The funds do not offer their interests to the public. Fund interests are offered only in private placements to qualified investors. Interests in the Concentrated onshore feeder fund are offered to U.S. investors that are “accredited investors,” within the meaning of SEC Regulation D promulgated under the U.S. Securities Act of 1933, as amended (the “Securities Act”); and “qualified clients,” within the meaning of SEC Rule 205-3 promulgated under the Advisers Act. Shares of the offshore feeder funds generally are only offered to U.S. tax-exempt investors who meet the investor suitability criteria for U.S. investors and non-U.S. investors. Interests in the Druid fund and the Flagship onshore feeder fund are offered to U.S. investors that are “accredited investors,” within the meaning of SEC Regulation D promulgated under the Securities Act; and “qualified purchasers,” within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended. The terms applicable to investors in the funds are detailed in the funds’ organizational documents and described in each fund’s offering memorandum or explanatory memorandum. The investment strategies we employ on behalf of the clients are described in greater detail below at Item 8 and in the offering documents of the funds or the investment management agreement of the separately managed account. We do not tailor the funds’ strategies to the needs of individual fund investors. Assets Under Management As of December 31, 2023, we managed $2,109,919,167 of client assets on a discretionary basis.