Pembroke Management, LTD
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Pembroke Management, LTD reported 78 stock positions worth $826.7 million. Its top holding was Core & Main Class A (CNM) at 5.2% of the portfolio, followed by Everpure Class A (P, 5.0%) and Monolithic Power Systems (MPWR, 4.9%). Compared with Q1 2025, it opened 21 new positions, sold out of 2, added to 34 and reduced 18. The biggest buy was Everpure Class A (P, shares +32%) and the biggest sale an exit from Ncino (NCNO).
- Most Recent 13F
- Q2 2026
- Location
- Montreal, A8
- CIK
- 0001063497
- Portfolio Value
- $826.7M (Q2 2025)
- SEC Filing
- 0001172661-25-002948 ↗ filed Aug 7, 2025
Holdings Value
Holdings 78 stocks · $826.7M
| CNM Core & Main Inc. Class A | 5.24% | 718,337 | $43.4M | Add +19.2% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 5.02% | 720,114 | $41.5M | Add +32.0% |
| MPWR Monolithic Power Systems Inc. | 4.86% | 54,969 | $40.2M | Add +30.2% |
| IBP Installed Building Products | 4.60% | 210,960 | $38.0M | Add +22.5% |
| FSS Federal Signal Corp. | 4.58% | 355,556 | $37.8M | Add +19.4% |
| GMED Globus Medical Inc. Class A | 4.29% | 600,935 | $35.5M | Add +12.7% |
| SITE Siteone Landscape Supply Inc. | 3.94% | 269,098 | $32.5M | Add +30.2% |
| AAON Aaon Inc. | 3.84% | 430,212 | $31.7M | Add +39.8% |
| STVN Stevanato Group SPA | 3.39% | 1,146,506 | $28.0M | Add +24.8% |
| VERX Vertex Inc. Class A | 3.24% | 757,522 | $26.8M | Add +12.4% |
| REZI Resideo Technologies Inc. | 3.10% | 1,161,191 | $25.6M | Add +54.3% |
| MANH Manhattan Associates Inc. | 2.93% | 122,774 | $24.2M | Add +65.3% |
| WSO Watsco Inc. | 2.85% | 53,357 | $23.6M | Add +51.8% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 2.83% | 249,896 | $23.4M | Add +27.1% |
| TREX Trex Company Inc. | 2.81% | 427,238 | $23.2M | Add +23.7% |
| CLBT Cellebrite Di Ltd. | 2.76% | 1,426,496 | $22.8M | Reduce -21.6% |
| DORM Dorman Products Inc. | 2.47% | 166,551 | $20.4M | Reduce -2.4% |
| AX Axos Financial Inc. | 2.46% | 266,983 | $20.3M | Reduce -2.8% |
| RYAN Ryan Specialty Holdings Inc. | 2.32% | 281,923 | $19.2M | Reduce -2.6% |
| TECH Bio-Techne Corp. | 2.11% | 339,788 | $17.5M | Add +34.9% |
| IVV iShares Core S&P 500 ETF | 2.09% | 27,882 | $17.3M | Add +12.7% |
| BRKR Bruker Corp. | 2.00% | 400,893 | $16.5M | Add +61.8% |
| CRAI Cra International Inc. | 1.80% | 79,506 | $14.9M | Reduce -1.8% |
| BWMN Bowman Consulting Group Ltd. | 1.78% | 511,468 | $14.7M | Reduce -1.7% |
| DSGX The Descartes Systems Grp | 1.67% | 99,782 | $13.8M | Add +18.1% |
| IMAX Imax Corp. | 1.48% | 436,393 | $12.2M | Reduce -3.9% |
| OLLI Ollie's Bargain Outlet Holdi | 1.47% | 92,119 | $12.1M | Reduce -20.9% |
| CHWY Chewy Inc. Class A | 1.42% | 274,573 | $11.7M | Reduce -20.6% |
| KBR KBR Inc. | 1.40% | 240,806 | $11.5M | Add +9.1% |
| RDVT Red Violet Inc. | 1.37% | 229,722 | $11.3M | Reduce -9.0% |
| WNS WNS Holdings Ltd. filed as WNS HLDGS LTD | 1.33% | 174,181 | $11.0M | Add +106.1% |
| UTI Universal Technical Institut | 1.27% | 308,727 | $10.5M | Reduce -3.7% |
| CCC CCC Intelligent Solutions Ho | 1.22% | 1,067,483 | $10.0M | Reduce -2.5% |
| HGTY Hagerty Inc. Class A | 1.22% | 993,449 | $10.0M | Add +6.0% |
| VCTR Victory Capital Holding - A | 1.19% | 154,704 | $9.9M | Reduce -2.1% |
| GIL Gildan Activewear Inc. | 1.01% | 124,118 | $8.3M | Add +67.5% |
| VBNK Versabank | 0.81% | 429,607 | $6.7M | Add +27.4% |
| CDRE Cadre Holdings Inc. | 0.64% | 165,978 | $5.3M | Reduce -2.5% |
| IEFA iShares Core MSCI Eafe ETF | 0.55% | 54,458 | $4.5M | Add +9.3% |
| LCII Lci Industries | 0.51% | 46,203 | $4.2M | Reduce -2.5% |
| MAIN Main Street Capital Corp. | 0.50% | 69,944 | $4.1M | Add +1.4% |
| IEMG iShares Core MSCI Emerging | 0.42% | 57,612 | $3.5M | Add +3.4% |
| GIB Cgi Inc. | 0.34% | 19,774 | $2.8M | Add +29.0% |
| SHOP Shopify Inc. Class A | 0.27% | 13,964 | $2.2M | Add +42.8% |
| CNI Canadian Natl Railway Co. | 0.21% | 12,503 | $1.8M | Add +17.0% |
| RY Royal Bank of Canada | 0.20% | 9,411 | $1.7M | No change |
| FSV Firstservice Corp. | 0.19% | 6,541 | $1.6M | No change |
| CAE Cae Inc. | 0.17% | 35,662 | $1.4M | No change |
| PMTS Cpi Card Group Inc. | 0.15% | 52,992 | $1.3M | Add +37.7% |
| BN Brookfield Corp. | 0.14% | 14,224 | $1.2M | Add +32.7% |
| STN Stantec Inc. | 0.12% | 6,933 | $1.0M | No change |
| WPM Wheaton Precious Metals Corp. | 0.11% | 7,458 | $913K | Reduce -42.1% |
| AEM Agnico Eagle Mines Ltd. | 0.10% | 5,321 | $863K | Reduce -55.9% |
| AGI Alamos Gold Inc. Class A | 0.10% | 22,056 | $799K | Reduce -43.0% |
| CIGI Colliers Intl GR-Subord Vot | 0.08% | 3,808 | $678K | No change |
| AMZN Amazon.com Inc. | 0.08% | 2,923 | $641K | Add +150.0% |
| VEEV Veeva Systems Inc. Class A | 0.07% | 1,898 | $547K | New |
| MSFT Microsoft Corp. | 0.06% | 1,079 | $537K | New |
| META Meta Platforms Inc. Class A | 0.06% | 665 | $491K | New |
| FERG Ferguson Enterprises Inc. | 0.06% | 2,143 | $467K | New |
| AAPL Apple Inc. | 0.05% | 2,198 | $451K | Add +140.0% |
| BSX Boston Scientific Corp. | 0.05% | 3,962 | $426K | New |
| PGR Progressive Corp. | 0.05% | 1,590 | $424K | New |
| NVDA Nvidia Corp. | 0.05% | 2,673 | $422K | New |
| CXDO Crexendo Inc. | 0.05% | 63,170 | $383K | New |
| ORLY O'reilly Automotive Inc. | 0.04% | 4,032 | $363K | New |
| MA Mastercard Inc. Class A | 0.04% | 642 | $361K | New |
| CSGP Costar Group Inc. | 0.04% | 4,357 | $350K | New |
| SPOT Spotify Technology SA | 0.04% | 403 | $309K | New |
| TDG Transdigm Group Inc. | 0.04% | 203 | $309K | New |
| TT Trane Technologies PLC | 0.04% | 694 | $304K | New |
| LIN Linde PLC | 0.04% | 640 | $300K | New |
| GOOGL Alphabet Inc. Class A | 0.03% | 1,557 | $274K | New |
| PSA Public Storage | 0.03% | 927 | $272K | New |
| ASML ASML Holding NV-NY Reg SHS | 0.03% | 328 | $263K | New |
| IDXX Idexx Laboratories Inc. | 0.03% | 446 | $239K | New |
| MDB Mongodb Inc. | 0.03% | 1,138 | $239K | New |
| ISRG Intuitive Surgical Inc. | 0.03% | 397 | $216K | New |
Portfolio Sells Q1 2025 → Q2 2025
| NCNO Ncino Inc. | Sold out | 0.00% | −2.74 |
| CLBT Cellebrite Di Ltd. | Reduce -21.6% | 2.76% | −2.39 |
| BASE Couchbase Inc. | Sold out | 0.00% | −1.59 |
| RYAN Ryan Specialty Holdings Inc. | Reduce -2.6% | 2.32% | −0.80 |
| DORM Dorman Products Inc. | Reduce -2.4% | 2.47% | −0.53 |
| OLLI Ollie's Bargain Outlet Holdi | Reduce -20.9% | 1.47% | −0.51 |
| IMAX Imax Corp. | Reduce -3.9% | 1.48% | −0.27 |
| CRAI Cra International Inc. | Reduce -1.8% | 1.80% | −0.24 |
| CCC CCC Intelligent Solutions Ho | Reduce -2.5% | 1.22% | −0.23 |
| CHWY Chewy Inc. Class A | Reduce -20.6% | 1.42% | −0.22 |
| VCTR Victory Capital Holding - A | Reduce -2.1% | 1.19% | −0.14 |
| AX Axos Financial Inc. | Reduce -2.8% | 2.46% | −0.13 |
| AGI Alamos Gold Inc. Class A | Reduce -43.0% | 0.10% | −0.12 |
| WPM Wheaton Precious Metals Corp. | Reduce -42.1% | 0.11% | −0.10 |
| CDRE Cadre Holdings Inc. | Reduce -2.5% | 0.64% | −0.10 |
| LCII Lci Industries | Reduce -2.5% | 0.51% | −0.09 |
| AEM Agnico Eagle Mines Ltd. | Reduce -55.9% | 0.10% | −0.09 |
| RDVT Red Violet Inc. | Reduce -9.0% | 1.37% | −0.02 |
| UTI Universal Technical Institut | Reduce -3.7% | 1.27% | +0.06 |
| BWMN Bowman Consulting Group Ltd. | Reduce -1.7% | 1.78% | +0.12 |
Portfolio Buys Q1 2025 → Q2 2025
| P Everpure Inc. Class A | Add +32.0% | 5.02% | +1.50 |
| FSS Federal Signal Corp. | Add +19.4% | 4.58% | +1.38 |
| MPWR Monolithic Power Systems Inc. | Add +30.2% | 4.86% | +1.29 |
| REZI Resideo Technologies Inc. | Add +54.3% | 3.10% | +1.16 |
| MANH Manhattan Associates Inc. | Add +65.3% | 2.93% | +1.06 |
| CNM Core & Main Inc. Class A | Add +19.2% | 5.24% | +1.00 |
| STVN Stevanato Group SPA | Add +24.8% | 3.39% | +0.65 |
| WNS WNS Holdings Ltd. | Add +106.1% | 1.33% | +0.57 |
| QTWO Q2 Holdings Inc. | Add +27.1% | 2.83% | +0.54 |
| BRKR Bruker Corp. | Add +61.8% | 2.00% | +0.49 |
| AAON Aaon Inc. | Add +39.8% | 3.84% | +0.33 |
| GIL Gildan Activewear Inc. | Add +67.5% | 1.01% | +0.32 |
| IBP Installed Building Products | Add +22.5% | 4.60% | +0.30 |
| SITE Siteone Landscape Supply Inc. | Add +30.2% | 3.94% | +0.28 |
| WSO Watsco Inc. | Add +51.8% | 2.85% | +0.24 |
| SHOP Shopify Inc. Class A | Add +42.8% | 0.27% | +0.13 |
| VBNK Versabank | Add +27.4% | 0.81% | +0.08 |
| IVV iShares Core S&P 500 ETF | Add +12.7% | 2.09% | +0.07 |
| VEEV Veeva Systems Inc. Class A | New | 0.07% | +0.07 |
| MSFT Microsoft Corp. | New | 0.06% | +0.06 |
| META Meta Platforms Inc. Class A | New | 0.06% | +0.06 |
| FERG Ferguson Enterprises Inc. | New | 0.06% | +0.06 |
| BSX Boston Scientific Corp. | New | 0.05% | +0.05 |
| PGR Progressive Corp. | New | 0.05% | +0.05 |
| NVDA Nvidia Corp. | New | 0.05% | +0.05 |
| CXDO Crexendo Inc. | New | 0.05% | +0.05 |
| AMZN Amazon.com Inc. | Add +150.0% | 0.08% | +0.05 |
| ORLY O'reilly Automotive Inc. | New | 0.04% | +0.04 |
| MA Mastercard Inc. Class A | New | 0.04% | +0.04 |
| CSGP Costar Group Inc. | New | 0.04% | +0.04 |
| SPOT Spotify Technology SA | New | 0.04% | +0.04 |
| TDG Transdigm Group Inc. | New | 0.04% | +0.04 |
| TT Trane Technologies PLC | New | 0.04% | +0.04 |
| LIN Linde PLC | New | 0.04% | +0.04 |
| GOOGL Alphabet Inc. Class A | New | 0.03% | +0.03 |
| PSA Public Storage | New | 0.03% | +0.03 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.03% | +0.03 |
| IDXX Idexx Laboratories Inc. | New | 0.03% | +0.03 |
| MDB Mongodb Inc. | New | 0.03% | +0.03 |
| BN Brookfield Corp. | Add +32.7% | 0.14% | +0.03 |
| ISRG Intuitive Surgical Inc. | New | 0.03% | +0.03 |
| AAPL Apple Inc. | Add +140.0% | 0.05% | +0.02 |
| GIB Cgi Inc. | Add +29.0% | 0.34% | +0.02 |
| IEFA iShares Core MSCI Eafe ETF | Add +9.3% | 0.55% | +0.00 |
| CNI Canadian Natl Railway Co. | Add +17.0% | 0.21% | −0.00 |
| PMTS Cpi Card Group Inc. | Add +37.7% | 0.15% | −0.01 |
| IEMG iShares Core MSCI Emerging | Add +3.4% | 0.42% | −0.02 |
| HGTY Hagerty Inc. Class A | Add +6.0% | 1.22% | −0.02 |
| TECH Bio-Techne Corp. | Add +34.9% | 2.11% | −0.04 |
| MAIN Main Street Capital Corp. | Add +1.4% | 0.50% | −0.07 |
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 |