Pembroke Management, LTD
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Pembroke Management, LTD reported 59 stock positions worth $685.8 million. Its top holding was Globus Medical Class A (GMED) at 5.7% of the portfolio, followed by Cellebrite Di (CLBT, 5.2%) and Installed Building Products (IBP, 4.3%). Compared with Q4 2024, it opened 4 new positions, sold out of 5, added to 23 and reduced 31. The biggest buy was a new position in Bruker (BRKR) and the biggest sale Colliers Intl GR-Subord Vot (CIGI, shares −95%).
- Most Recent 13F
- Q2 2026
- Location
- Montreal, A8
- CIK
- 0001063497
- Portfolio Value
- $685.8M (Q1 2025)
- SEC Filing
- 0001172661-25-001924 ↗ filed May 15, 2025
Holdings Value
Holdings 59 stocks · $685.8M
| GMED Globus Medical Inc. Class A | 5.69% | 533,429 | $39.0M | Reduce -4.7% |
| CLBT Cellebrite Di Ltd. | 5.16% | 1,819,628 | $35.4M | Reduce -8.7% |
| IBP Installed Building Products | 4.31% | 172,222 | $29.5M | Add +11.6% |
| CNM Core & Main Inc. Class A | 4.25% | 602,797 | $29.1M | Reduce -1.1% |
| SITE Siteone Landscape Supply Inc. | 3.66% | 206,664 | $25.1M | Reduce -1.6% |
| MPWR Monolithic Power Systems Inc. | 3.57% | 42,219 | $24.5M | Add +11.2% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 3.52% | 545,332 | $24.1M | Add +12.7% |
| AAON Aaon Inc. | 3.51% | 307,685 | $24.0M | Add +34.7% |
| VERX Vertex Inc. Class A | 3.44% | 673,992 | $23.6M | Reduce -7.6% |
| FSS Federal Signal Corp. | 3.19% | 297,757 | $21.9M | Add +6.3% |
| RYAN Ryan Specialty Holdings Inc. | 3.12% | 289,583 | $21.4M | Reduce -5.1% |
| DORM Dorman Products Inc. | 3.00% | 170,621 | $20.6M | Reduce -1.3% |
| TREX Trex Company Inc. | 2.93% | 345,268 | $20.1M | Reduce -6.3% |
| NCNO Ncino Inc. | 2.74% | 684,008 | $18.8M | Add +19.1% |
| STVN Stevanato Group SPA | 2.74% | 918,877 | $18.8M | Reduce -0.3% |
| WSO Watsco Inc. | 2.61% | 35,161 | $17.9M | Reduce -40.6% |
| AX Axos Financial Inc. | 2.58% | 274,572 | $17.7M | Add +6.3% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 2.29% | 196,558 | $15.7M | Reduce -1.6% |
| TECH Bio-Techne Corp. | 2.15% | 251,875 | $14.8M | Reduce -3.1% |
| CRAI Cra International Inc. | 2.05% | 80,986 | $14.0M | Reduce -1.9% |
| IVV iShares Core S&P 500 ETF | 2.03% | 24,746 | $13.9M | Add +1.7% |
| OLLI Ollie's Bargain Outlet Holdi | 1.98% | 116,435 | $13.5M | Reduce -2.2% |
| REZI Resideo Technologies Inc. | 1.94% | 752,365 | $13.3M | Add +12.7% |
| MANH Manhattan Associates Inc. | 1.87% | 74,285 | $12.9M | Add +38.5% |
| DSGX The Descartes Systems Grp | 1.79% | 84,524 | $12.2M | Reduce -31.3% |
| IMAX Imax Corp. | 1.75% | 454,283 | $12.0M | Reduce -1.9% |
| BWMN Bowman Consulting Group Ltd. | 1.66% | 520,519 | $11.4M | Add +12.8% |
| CHWY Chewy Inc. Class A | 1.64% | 345,901 | $11.2M | Reduce -2.2% |
| KBR KBR Inc. | 1.60% | 220,811 | $11.0M | Reduce -1.9% |
| BASE Couchbase Inc. | 1.59% | 693,493 | $10.9M | Reduce -22.9% |
| BRKR Bruker Corp. | 1.51% | 247,812 | $10.3M | New |
| CCC CCC Intelligent Solutions Ho | 1.44% | 1,094,650 | $9.9M | Reduce -0.9% |
| RDVT Red Violet Inc. | 1.38% | 252,503 | $9.5M | Add +740.2% |
| VCTR Victory Capital Holding - A | 1.33% | 158,023 | $9.1M | Reduce -1.1% |
| HGTY Hagerty Inc. Class A | 1.24% | 937,700 | $8.5M | Reduce -1.6% |
| UTI Universal Technical Institut | 1.20% | 320,717 | $8.2M | Reduce -36.2% |
| WNS WNS Holdings Ltd. filed as WNS HLDGS LTD | 0.76% | 84,517 | $5.2M | New |
| CDRE Cadre Holdings Inc. | 0.73% | 170,177 | $5.0M | New |
| VBNK Versabank | 0.73% | 337,345 | $5.0M | Add +1.4% |
| GIL Gildan Activewear Inc. | 0.69% | 74,092 | $4.7M | Add +0.7% |
| LCII Lci Industries | 0.60% | 47,394 | $4.1M | Reduce -2.1% |
| MAIN Main Street Capital Corp. | 0.57% | 68,997 | $3.9M | Reduce -11.7% |
| IEFA iShares Core MSCI Eafe ETF | 0.55% | 49,808 | $3.8M | Reduce -9.4% |
| IEMG iShares Core MSCI Emerging | 0.44% | 55,702 | $3.0M | Reduce -0.2% |
| GIB Cgi Inc. | 0.32% | 15,333 | $2.2M | Add +98.9% |
| FSV Firstservice Corp. | 0.23% | 6,541 | $1.6M | Add +12.4% |
| RY Royal Bank of Canada | 0.22% | 9,411 | $1.5M | Reduce -10.3% |
| CNI Canadian Natl Railway Co. | 0.22% | 10,683 | $1.5M | Add +54.5% |
| AGI Alamos Gold Inc. Class A | 0.22% | 38,718 | $1.5M | Add +0.7% |
| WPM Wheaton Precious Metals Corp. | 0.21% | 12,890 | $1.4M | Add +21.6% |
| AEM Agnico Eagle Mines Ltd. | 0.19% | 12,059 | $1.3M | Reduce -15.7% |
| CAE Cae Inc. | 0.18% | 35,662 | $1.3M | Reduce -25.0% |
| PMTS Cpi Card Group Inc. | 0.16% | 38,481 | $1.1M | No change |
| SHOP Shopify Inc. Class A | 0.14% | 9,777 | $934K | Add +172.4% |
| STN Stantec Inc. | 0.12% | 6,933 | $827K | Add +3.5% |
| BN Brookfield Corp. | 0.12% | 10,717 | $807K | Add +46.0% |
| CIGI Colliers Intl GR-Subord Vot | 0.10% | 3,808 | $663K | Reduce -94.5% |
| AMZN Amazon.com Inc. | 0.03% | 1,169 | $222K | Add +16.7% |
| AAPL Apple Inc. | 0.03% | 916 | $203K | New |
Portfolio Sells Q4 2024 → Q1 2025
| CIGI Colliers Intl GR-Subord Vot | Reduce -94.5% | 0.10% | −1.60 |
| VERX Vertex Inc. Class A | Reduce -7.6% | 3.44% | −1.41 |
| AOS Smith (a.o.) Corp. | Sold out | 0.00% | −1.23 |
| SPSC SPS Commerce Inc. | Sold out | 0.00% | −1.18 |
| WSO Watsco Inc. | Reduce -40.6% | 2.61% | −0.89 |
| DSGX The Descartes Systems Grp | Reduce -31.3% | 1.79% | −0.72 |
| FC Franklin Covey Co. | Sold out | 0.00% | −0.69 |
| AIN Albany Intl Corp. Class A | Sold out | 0.00% | −0.69 |
| UTI Universal Technical Institut | Reduce -36.2% | 1.20% | −0.41 |
| OS Onestream Inc. | Sold out | 0.00% | −0.35 |
| CLBT Cellebrite Di Ltd. | Reduce -8.7% | 5.16% | −0.32 |
| TREX Trex Company Inc. | Reduce -6.3% | 2.93% | −0.25 |
| QTWO Q2 Holdings Inc. | Reduce -1.6% | 2.29% | −0.21 |
| TECH Bio-Techne Corp. | Reduce -3.1% | 2.15% | −0.18 |
| CCC CCC Intelligent Solutions Ho | Reduce -0.9% | 1.44% | −0.17 |
| BASE Couchbase Inc. | Reduce -22.9% | 1.59% | −0.15 |
| GMED Globus Medical Inc. Class A | Reduce -4.7% | 5.69% | −0.08 |
| CAE Cae Inc. | Reduce -25.0% | 0.18% | −0.03 |
| KBR KBR Inc. | Reduce -1.9% | 1.60% | −0.02 |
| LCII Lci Industries | Reduce -2.1% | 0.60% | −0.02 |
| AEM Agnico Eagle Mines Ltd. | Reduce -15.7% | 0.19% | −0.01 |
| RY Royal Bank of Canada | Reduce -10.3% | 0.22% | −0.00 |
| MAIN Main Street Capital Corp. | Reduce -11.7% | 0.57% | −0.00 |
| VCTR Victory Capital Holding - A | Reduce -1.1% | 1.33% | +0.03 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -9.4% | 0.55% | +0.07 |
| IEMG iShares Core MSCI Emerging | Reduce -0.2% | 0.44% | +0.07 |
| HGTY Hagerty Inc. Class A | Reduce -1.6% | 1.24% | +0.09 |
| CRAI Cra International Inc. | Reduce -1.9% | 2.05% | +0.12 |
| CHWY Chewy Inc. Class A | Reduce -2.2% | 1.64% | +0.16 |
| DORM Dorman Products Inc. | Reduce -1.3% | 3.00% | +0.21 |
| SITE Siteone Landscape Supply Inc. | Reduce -1.6% | 3.66% | +0.21 |
| STVN Stevanato Group SPA | Reduce -0.3% | 2.74% | +0.23 |
| IMAX Imax Corp. | Reduce -1.9% | 1.75% | +0.27 |
| OLLI Ollie's Bargain Outlet Holdi | Reduce -2.2% | 1.98% | +0.35 |
| CNM Core & Main Inc. Class A | Reduce -1.1% | 4.25% | +0.38 |
| RYAN Ryan Specialty Holdings Inc. | Reduce -5.1% | 3.12% | +0.68 |
Portfolio Buys Q4 2024 → Q1 2025
| BRKR Bruker Corp. | New | 1.51% | +1.51 |
| RDVT Red Violet Inc. | Add +740.2% | 1.38% | +1.25 |
| IBP Installed Building Products | Add +11.6% | 4.31% | +0.93 |
| MPWR Monolithic Power Systems Inc. | Add +11.2% | 3.57% | +0.77 |
| WNS WNS Holdings Ltd. | New | 0.76% | +0.76 |
| CDRE Cadre Holdings Inc. | New | 0.73% | +0.73 |
| NCNO Ncino Inc. | Add +19.1% | 2.74% | +0.34 |
| AX Axos Financial Inc. | Add +6.3% | 2.58% | +0.33 |
| IVV iShares Core S&P 500 ETF | Add +1.7% | 2.03% | +0.24 |
| BWMN Bowman Consulting Group Ltd. | Add +12.8% | 1.66% | +0.22 |
| GIB Cgi Inc. | Add +98.9% | 0.32% | +0.17 |
| AAON Aaon Inc. | Add +34.7% | 3.51% | +0.15 |
| WPM Wheaton Precious Metals Corp. | Add +21.6% | 0.21% | +0.10 |
| CNI Canadian Natl Railway Co. | Add +54.5% | 0.22% | +0.09 |
| AGI Alamos Gold Inc. Class A | Add +0.7% | 0.22% | +0.09 |
| SHOP Shopify Inc. Class A | Add +172.4% | 0.14% | +0.07 |
| MANH Manhattan Associates Inc. | Add +38.5% | 1.87% | +0.07 |
| GIL Gildan Activewear Inc. | Add +0.7% | 0.69% | +0.07 |
| BN Brookfield Corp. | Add +46.0% | 0.12% | +0.04 |
| FSV Firstservice Corp. | Add +12.4% | 0.23% | +0.04 |
| AAPL Apple Inc. | New | 0.03% | +0.03 |
| STN Stantec Inc. | Add +3.5% | 0.12% | +0.03 |
| REZI Resideo Technologies Inc. | Add +12.7% | 1.94% | +0.02 |
| AMZN Amazon.com Inc. | Add +16.7% | 0.03% | +0.01 |
| FSS Federal Signal Corp. | Add +6.3% | 3.19% | −0.03 |
| VBNK Versabank | Add +1.4% | 0.73% | −0.09 |
| P Everpure Inc. Class A | Add +12.7% | 3.52% | −0.19 |
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 |