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Pembroke Management Ltd.
Nicolas Chevalier · Asset Manager · Growth
Established in 1968 and based in Montreal, Pembroke Management Ltd. is an independent, partner-owned investment firm specializing in Canadian and U.S. small-to-mid-capitalization growth companies. The firm employs a research-driven, bottom-up approach to identify high-quality businesses with strong management teams and sustainable competitive advantages. Pembroke serves institutional and high-net-worth clients across North America and Europe, managing portfolios through mutual funds, pooled funds, and segregated accounts. Its business model is deeply rooted in the concept of ownership and alignment of interests, with employees and their families being the largest non-institutional investors in the firm's strategies. With over five decades of history, the firm maintains a focus on long-term wealth creation through active management and a commitment to transparency and integrity.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | -9.7% |
| YTD return | -6.8% |
| Sharpe ratio | -1.59 |
| Win rate | 36% |
| AUM | $0.5B |
| Inception | Oct 1, 2025 |
| Updated | Sep 11, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $0.5B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.pml.ca |
Current Holdings
Updated on Sep 11, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| P | Everpure, Inc. | 10.7% | +19.5% |
| FSS | Federal Signal Corporation | 7.4% | -3.2% |
| MPWR | Monolithic Power Systems Inc | 7.1% | +21.2% |
| GMED | Globus Medical | 6.9% | +12.0% |
| VSEC | VSE Corporation | 6.7% | -3.0% |
| IMAX | Imax Corp | 6.1% | -0.9% |
| MOD | Modine Manufacturing Company | 6.0% | +4.7% |
| AAON | AAON Inc | 5.2% | +0.4% |
| HGTY | Hagerty Inc | 5.0% | +13.4% |
| REZI | Resideo Technologies Inc | 4.9% | -44.2% |
| IBP | Installed Building Products Inc | 4.3% | -16.3% |
| CNM | Core & Main Inc | 4.3% | -9.5% |
| OLLI | Ollie's Bargain Outlet Hldg | 4.2% | +7.1% |
| WSO | Watsco Inc | 3.5% | -16.1% |
| LPX | Louisiana-Pacific Corporation | 3.3% | -4.7% |
| SAIA | Saia Inc | 3.1% | -14.2% |
| AX | Axos Financial Inc | 3.1% | -3.0% |
| SITE | SiteOne Landscape Supply Inc | 3.0% | -25.9% |
| ENPH | Enphase Energy Inc | 2.7% | -33.2% |
| LGND | Ligand Pharmaceuticals Incorporated | 2.5% | -1.2% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 7, 2026 | BUY | IMAX | 5.9% → 6.1% |
| Sep 7, 2026 | BUY | MPWR | 7.4% → 7.1% |
| Sep 7, 2026 | SELL | ENPH | 2.8% → 2.7% |
| Sep 7, 2026 | BUY | AAON | 5.0% → 5.2% |
| Sep 7, 2026 | SELL | MOD | 5.7% → 6.0% |
Investment Style Analysis
Pembroke Management Ltd. is widely recognized for employing a Growth strategy. As of Sep 11, 2026, the firm oversees approximately $0.5B in assets under management (AUM). The portfolio demonstrates a clear preference for the Industrial Distribution and Other sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 7, Pembroke Management Ltd. made a significant move by increasing exposure to IMAX. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Pembroke Management’s investment philosophy is built upon the core principles of growth, ownership, and alignment of interests. The firm believes that companies led by management teams with significant ownership stakes are better positioned to act in the long-term interest of stakeholders and maximize wealth. As active, high-conviction, bottom-up investors, they focus on identifying high-quality small- and mid-cap companies that possess sustainable competitive advantages, strong balance sheets, and the ability to finance their business without frequent access to outside capital. Their strategy emphasizes low-turnover portfolios and a patient, long-term outlook, aiming to identify wealth-creating growth opportunities through various market cycles while maintaining a rigorous fundamental research process.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Pembroke Management Ltd..
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Frequently asked questions
How is the simulated portfolio for Pembroke Management Ltd. constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Pembroke Management Ltd.'s largest holding?
As of the latest filing, Pembroke Management Ltd.'s top position is Everpure, Inc. (P), representing 10.7% of the portfolio. This reflects a high-conviction bet by the institution.
What is Pembroke Management Ltd.'s historical performance and risk profile?
Our simulation indicates a total return of -9.7% with a win rate of 36%. Notably, the portfolio maintains a Sharpe Ratio of -1.59, suggesting an standard level of risk-adjusted returns compared to the broader market.
What sectors does Pembroke Management Ltd. primarily invest in?
Pembroke Management Ltd. has a strong preference for the Industrial Distribution sector, which makes up 15.8% of their disclosed assets. The portfolio also has exposure to Other, indicating a specific thematic focus.
Is Pembroke Management Ltd.'s portfolio concentrated or diversified?
Pembroke Management Ltd. runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 25.2% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Pembroke Management Ltd. performed in 2026?
Our AI-simulated model portfolio for Pembroke Management Ltd. tracks a Year-to-Date (YTD) return of -6.8%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Nicolas Chevalier manage Pembroke Management Ltd. directly?
Yes, Nicolas Chevalier serves as the key portfolio manager for Pembroke Management Ltd., overseeing the investment strategy and final capital allocation decisions.