Pembroke Management, LTD
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 8, 2024), Pembroke Management, LTD reported 61 stock positions worth $849.9 million. Its top holding was Installed Building Products (IBP) at 5.7% of the portfolio, followed by Core & Main Class A (CNM, 4.7%) and Monolithic Power Systems (MPWR, 4.1%). Compared with Q4 2023, it opened 2 new positions, sold out of 3, added to 23 and reduced 35. The biggest buy was Vertex Class A (VERX, shares +255%) and the biggest sale Shutterstock (SSTK, shares −83%).
- Most Recent 13F
- Q2 2026
- Location
- Montreal, A8
- CIK
- 0001063497
- Portfolio Value
- $849.9M (Q1 2024)
- SEC Filing
- 0001172661-24-002073 ↗ filed May 8, 2024
Holdings Value
Holdings 61 stocks · $849.9M
| IBP Installed Building Products | 5.66% | 185,787 | $48.1M | Reduce -16.5% |
| CNM Core & Main Inc. Class A | 4.70% | 697,981 | $40.0M | Reduce -8.9% |
| MPWR Monolithic Power Systems Inc. | 4.13% | 51,828 | $35.1M | Reduce -5.6% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 4.06% | 664,247 | $34.5M | Reduce -19.3% |
| GMED Globus Medical Inc. Class A | 3.95% | 626,601 | $33.6M | Add +5.2% |
| TREX Trex Company Inc. | 3.90% | 332,299 | $33.1M | Reduce -9.6% |
| VERX Vertex Inc. Class A | 3.46% | 927,129 | $29.4M | Add +255.3% |
| SITE Siteone Landscape Supply Inc. | 3.33% | 162,153 | $28.3M | Reduce -4.7% |
| WSO Watsco Inc. | 3.32% | 65,280 | $28.2M | Add +11.7% |
| AIN Albany Intl Corp. Class A | 3.07% | 279,089 | $26.1M | Reduce -2.6% |
| DORM Dorman Products Inc. | 3.06% | 269,706 | $26.0M | Reduce -3.4% |
| AOS Smith (a.o.) Corp. | 3.05% | 290,166 | $26.0M | Reduce -2.9% |
| WNS WNS Holdings Ltd. filed as WNS HLDGS LTD | 2.44% | 411,082 | $20.8M | Add +8.1% |
| SPT Sprout Social Inc. Class A | 2.44% | 346,639 | $20.7M | Reduce -2.3% |
| TECH Bio-Techne Corp. | 2.35% | 283,259 | $19.9M | Reduce -22.5% |
| CIGI Colliers Intl GR-Subord Vot | 2.28% | 116,968 | $19.4M | Reduce -7.2% |
| RYAN Ryan Specialty Holdings Inc. | 2.23% | 340,979 | $18.9M | Add +31.9% |
| BWMN Bowman Consulting Group Ltd. | 2.21% | 540,105 | $18.8M | Reduce -5.7% |
| AX Axos Financial Inc. | 2.14% | 335,800 | $18.1M | Reduce -3.2% |
| BASE Couchbase Inc. | 2.12% | 685,949 | $18.0M | Reduce -3.4% |
| FSS Federal Signal Corp. | 1.99% | 199,536 | $16.9M | Reduce -2.7% |
| DSGX The Descartes Systems Grp | 1.90% | 130,216 | $16.1M | Add +1.4% |
| THRM Gentherm Inc. | 1.86% | 273,827 | $15.8M | Add +36.5% |
| SPSC SPS Commerce Inc. | 1.83% | 84,213 | $15.6M | Add +25.1% |
| SRI Stoneridge Inc. | 1.82% | 840,151 | $15.5M | Reduce -4.5% |
| DOO BRP Inc./Ca- Sub Voting | 1.79% | 167,239 | $15.2M | Reduce -8.9% |
| STVN Stevanato Group SPA | 1.77% | 469,781 | $15.1M | Reduce -3.1% |
| CRAI Cra International Inc. | 1.69% | 96,101 | $14.4M | Reduce -3.4% |
| DLB Dolby Laboratories Inc. Class A | 1.59% | 161,224 | $13.5M | Reduce -3.2% |
| IVV iShares Core S&P 500 ETF | 1.54% | 24,974 | $13.1M | Reduce -3.6% |
| CCC CCC Intelligent Solutions Ho | 1.53% | 1,090,051 | $13.0M | Add +116.2% |
| PRFT Perficient Inc. | 1.44% | 217,693 | $12.3M | Add +6.0% |
| RGEN Repligen Corp. | 1.37% | 63,232 | $11.6M | Reduce -3.3% |
| IMXI International Money Express | 1.27% | 474,564 | $10.8M | Reduce -3.1% |
| MANH Manhattan Associates Inc. | 1.16% | 39,285 | $9.8M | Reduce -3.2% |
| NCNO Ncino Inc. | 1.01% | 228,552 | $8.5M | Add +26.7% |
| CLBT Cellebrite Di Ltd. | 0.98% | 749,416 | $8.3M | New |
| KBR KBR Inc. | 0.97% | 129,045 | $8.2M | Reduce -5.5% |
| CERT Certara Inc. | 0.93% | 441,600 | $7.9M | Reduce -3.2% |
| IEMG iShares Core MSCI Emerging | 0.90% | 148,330 | $7.7M | Add +1.5% |
| QLYS Qualys Inc. | 0.86% | 43,946 | $7.3M | Reduce -51.6% |
| ROAD Construction Partners Inc. Class A | 0.84% | 126,976 | $7.1M | Reduce -15.0% |
| LCII Lci Industries | 0.78% | 54,006 | $6.6M | Add +50.8% |
| FC Franklin Covey Co. | 0.77% | 167,177 | $6.6M | Reduce -13.4% |
| IMAX Imax Corp. | 0.67% | 351,113 | $5.7M | Add +52.3% |
| GO Grocery Outlet Holding Corp. | 0.49% | 145,929 | $4.2M | Reduce -3.2% |
| IEFA iShares Core MSCI Eafe ETF | 0.41% | 47,526 | $3.5M | Add +0.8% |
| MAIN Main Street Capital Corp. | 0.36% | 63,955 | $3.0M | New |
| SSTK Shutterstock Inc. | 0.32% | 58,543 | $2.7M | Reduce -83.3% |
| RY Royal Bank of Canada | 0.18% | 11,197 | $1.5M | Add +4.3% |
| AEM Agnico Eagle Mines Ltd. | 0.15% | 15,589 | $1.3M | Add +28.0% |
| AGI Alamos Gold Inc. Class A | 0.14% | 61,262 | $1.2M | Add +111.4% |
| FSV Firstservice Corp. | 0.13% | 4,835 | $1.1M | Add +4.7% |
| GIB Cgi Inc. | 0.12% | 7,045 | $1.1M | Reduce -18.0% |
| WPM Wheaton Precious Metals Corp. | 0.11% | 14,027 | $895K | Reduce -20.9% |
| CNI Canadian Natl Railway Co. | 0.10% | 4,821 | $860K | Add +4.6% |
| STN Stantec Inc. | 0.10% | 7,599 | $855K | Add +4.7% |
| UTI Universal Technical Institut | 0.09% | 49,488 | $789K | Reduce -18.3% |
| BN Brookfield Corp. | 0.05% | 7,339 | $416K | Add +4.4% |
| PMTS Cpi Card Group Inc. | 0.04% | 17,907 | $320K | No change |
| SHOP Shopify Inc. Class A | 0.04% | 2,881 | $301K | Add +5.0% |
Portfolio Sells Q4 2023 → Q1 2024
| SSTK Shutterstock Inc. | Reduce -83.3% | 0.32% | −1.79 |
| QLYS Qualys Inc. | Reduce -51.6% | 0.86% | −1.35 |
| TECH Bio-Techne Corp. | Reduce -22.5% | 2.35% | −1.16 |
| SBCF Seacoast Banking Corp. | Sold out | 0.00% | −0.89 |
| TCN Tricon Residential Inc. | Sold out | 0.00% | −0.88 |
| PAYC Paycom Software Inc. | Sold out | 0.00% | −0.48 |
| AIN Albany Intl Corp. Class A | Reduce -2.6% | 3.07% | −0.42 |
| DOO BRP Inc./Ca- Sub Voting | Reduce -8.9% | 1.79% | −0.37 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -7.2% | 2.28% | −0.34 |
| SRI Stoneridge Inc. | Reduce -4.5% | 1.82% | −0.32 |
| BWMN Bowman Consulting Group Ltd. | Reduce -5.7% | 2.21% | −0.32 |
| FC Franklin Covey Co. | Reduce -13.4% | 0.77% | −0.27 |
| SPT Sprout Social Inc. Class A | Reduce -2.3% | 2.44% | −0.27 |
| AX Axos Financial Inc. | Reduce -3.2% | 2.14% | −0.22 |
| DLB Dolby Laboratories Inc. Class A | Reduce -3.2% | 1.59% | −0.19 |
| MPWR Monolithic Power Systems Inc. | Reduce -5.6% | 4.13% | −0.17 |
| SITE Siteone Landscape Supply Inc. | Reduce -4.7% | 3.33% | −0.10 |
| RGEN Repligen Corp. | Reduce -3.3% | 1.37% | −0.09 |
| IMXI International Money Express | Reduce -3.1% | 1.27% | −0.07 |
| CERT Certara Inc. | Reduce -3.2% | 0.93% | −0.07 |
| WPM Wheaton Precious Metals Corp. | Reduce -20.9% | 0.11% | −0.04 |
| GIB Cgi Inc. | Reduce -18.0% | 0.12% | −0.03 |
| GO Grocery Outlet Holding Corp. | Reduce -3.2% | 0.49% | −0.01 |
| AOS Smith (a.o.) Corp. | Reduce -2.9% | 3.05% | −0.00 |
| UTI Universal Technical Institut | Reduce -18.3% | 0.09% | −0.00 |
| IVV iShares Core S&P 500 ETF | Reduce -3.6% | 1.54% | +0.01 |
| KBR KBR Inc. | Reduce -5.5% | 0.97% | +0.03 |
| ROAD Construction Partners Inc. Class A | Reduce -15.0% | 0.84% | +0.03 |
| FSS Federal Signal Corp. | Reduce -2.7% | 1.99% | +0.04 |
| MANH Manhattan Associates Inc. | Reduce -3.2% | 1.16% | +0.07 |
| TREX Trex Company Inc. | Reduce -9.6% | 3.90% | +0.12 |
| STVN Stevanato Group SPA | Reduce -3.1% | 1.77% | +0.13 |
| BASE Couchbase Inc. | Reduce -3.4% | 2.12% | +0.14 |
| DORM Dorman Products Inc. | Reduce -3.4% | 3.06% | +0.17 |
| P Everpure Inc. Class A | Reduce -19.3% | 4.06% | +0.42 |
| CRAI Cra International Inc. | Reduce -3.4% | 1.69% | +0.47 |
| IBP Installed Building Products | Reduce -16.5% | 5.66% | +0.60 |
| CNM Core & Main Inc. Class A | Reduce -8.9% | 4.70% | +0.86 |
Portfolio Buys Q4 2023 → Q1 2024
| VERX Vertex Inc. Class A | Add +255.3% | 3.46% | +2.59 |
| CLBT Cellebrite Di Ltd. | New | 0.98% | +0.98 |
| RYAN Ryan Specialty Holdings Inc. | Add +31.9% | 2.23% | +0.85 |
| CCC CCC Intelligent Solutions Ho | Add +116.2% | 1.53% | +0.82 |
| THRM Gentherm Inc. | Add +36.5% | 1.86% | +0.55 |
| MAIN Main Street Capital Corp. | New | 0.36% | +0.36 |
| NCNO Ncino Inc. | Add +26.7% | 1.01% | +0.25 |
| IMAX Imax Corp. | Add +52.3% | 0.67% | +0.24 |
| LCII Lci Industries | Add +50.8% | 0.78% | +0.22 |
| SPSC SPS Commerce Inc. | Add +25.1% | 1.83% | +0.21 |
| WSO Watsco Inc. | Add +11.7% | 3.32% | +0.21 |
| DSGX The Descartes Systems Grp | Add +1.4% | 1.90% | +0.12 |
| AGI Alamos Gold Inc. Class A | Add +111.4% | 0.14% | +0.08 |
| AEM Agnico Eagle Mines Ltd. | Add +28.0% | 0.15% | +0.04 |
| GMED Globus Medical Inc. Class A | Add +5.2% | 3.95% | +0.01 |
| CNI Canadian Natl Railway Co. | Add +4.6% | 0.10% | +0.01 |
| STN Stantec Inc. | Add +4.7% | 0.10% | +0.00 |
| FSV Firstservice Corp. | Add +4.7% | 0.13% | +0.00 |
| IEFA iShares Core MSCI Eafe ETF | Add +0.8% | 0.41% | +0.00 |
| BN Brookfield Corp. | Add +4.4% | 0.05% | +0.00 |
| RY Royal Bank of Canada | Add +4.3% | 0.18% | +0.00 |
| SHOP Shopify Inc. Class A | Add +5.0% | 0.04% | +0.00 |
| IEMG iShares Core MSCI Emerging | Add +1.5% | 0.90% | −0.02 |
| PRFT Perficient Inc. | Add +6.0% | 1.44% | −0.24 |
| WNS WNS Holdings Ltd. | Add +8.1% | 2.44% | −0.54 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 100 | $773.7M | P, MOD, AAON, MPWR, FSS |
| Q1 2026 | 97 | $691.4M | MPWR, REZI, MOD, AAON, GMED |
| Q4 2025 | 92 | $967.9M | REZI, GMED, MPWR, CNM, AAON |
| Q3 2025 | 89 | $1.0B | REZI, P, AAON, MPWR, CNM |
| Q2 2025 | 78 | $826.7M | CNM, P, MPWR, IBP, FSS |
| Q1 2025 | 59 | $685.8M | GMED, CLBT, IBP, CNM, SITE |
| Q4 2024 | 60 | $802.0M | GMED, CLBT, VERX, CNM, P |
| Q3 2024 | 58 | $784.1M | IBP, GMED, MPWR, CLBT, SITE |
| Q2 2024 | 62 | $744.4M | GMED, IBP, MPWR, VERX, P |
| Q1 2024 | 61 | $849.9M | IBP, CNM, MPWR, P, GMED |