Pembroke Management Ltd.
Dedicated to high-quality growth investing

Pembroke Management has provided investment management services for institutional investors in Canada, the US and Europe since 1968.

Ownership and Alignment – Our investment and business philosophy are rooted in the concepts of ownership and aligned interests. We believe owners act in the long-term interests of their stakeholders. We prefer to invest in companies whose management teams own significant stakes in the companies they manage and whose financial interests are aligned with those of other long-term shareholders. Pembroke is 100% privately owned by the partners who manage its investment portfolios, its operations, and its client service. Our employees and their families are the largest non-institutional owners of the firm’s mutual and pooled funds with over C$100 million invested.

Stability and Experience – Pembroke has three generations of partners in place. The experience we have developed investing for sophisticated institutions around the world is passed from one generation of Pembroke partners to the next. The result for our clients is continuity and consistency in our investment philosophy, our operations, and our client service.

Philosophy – Pembroke is an investment-driven firm. We focus on growth companies with competitive advantages, diverse client bases, and large market opportunities. We have a long-term view and emphasize the importance of backing strong management teams with significant ownership in their own companies, proven records of growing their businesses, successful capital allocation, and respect for minority shareholders. We are research-driven, bottom-up investors and construct high conviction, fully-invested portfolios with high active share.

Process – Security Selection, Portfolio Construction and Risk management.

  • Security Selection: We identify companies with the ability to grow over a long-period of time. These growth companies generally have demonstrable competitive advantages, sound balance sheets, and strong financial records. Their executive teams are usually incentivized to allocate and invest shareholder capital responsibly.
  • Portfolio Construction: We are active, high conviction investors. Our portfolios consist of 45 – 55 well-researched, high quality growth companies selected from a range of sectors. While individual positions may be up to 7%, diversification across sectors creates exposure to multiple areas of economic and company-specific growth opportunities.
  • Portfolio Risk Management: We believe that risk must be continuously measured and monitored. Our risk management efforts focus on uncovering the sources of portfolio risk and enabling appropriate action. The firm’s independent risk officer works closely with the portfolio management team to ensure that capital preservation remains a key element of our decision-making.

The Pembroke Management Team

A. Ian Aitken, M.S.C., CFA Managing Partner, Director, Portfolio Manager Pembroke Management Ltd. President, Chief Executive Officer Pembroke Private Wealth Management Ltd.

Joined: 1987
Location: Montreal

Member of the Pembroke Executive Committee.

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J. Matthew Beckerleg, MBA Partner, Portfolio Manager Pembroke Management Ltd.

Joined: 2005
Location: Montreal

Board member of the Tyndale St. George’s Foundation.

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Anthony Calzetta, CPA, CA Vice President, Finance and Treasurer Pembroke Management Ltd.

Joined: 2013
Location: Montreal

Nicolas G. Chevalier, CFA, MBA, ICD.D Partner, Director, Portfolio Manager Pembroke Management Ltd.

Joined: 1997
Location: Montreal

Member of the Pembroke Executive Committee.

Director of the Ste-Justine University Hospital Center and the Jeunes en Tête Foundation.

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Dominic M. Costantini, MBA Senior Vice President, Business Development Pembroke Management Ltd.

Joined: 2018
Location: Montreal

Chair of the Investment Committee, Montreal General Hospital Foundation.

Sia Destounis Vice President, Head Trader Pembroke Management Ltd.

Joined: 2005
Location: Montreal

Andrew Garschagen, MBA Portfolio Manager Pembroke Management Ltd.

Joined: 2016
Location: Montreal

Director and member of the Investment Committee for the H.L Snyder Medical Foundation.

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Joshua Ghoddoussi, CFA Investment Analyst Pembroke Management Ltd.

Joined: 2013
Location: Montreal

Stephen Hui, CFA Partner, Portfolio Manager Pembroke Management Ltd.

Joined: 2000
Location: Vancouver

Mentor and member of the investment committee for Concordia University’s
Applied Investment Programs.

Jiachen Li Research Associate Pembroke Management Ltd.

Joined: 2018
Location: Montreal

Thea Lindsay Information Technology Manager and Compliance Manager Pembroke Management Ltd.

Joined: 1996
Location: Montreal

Trustee of The Mount Royal Cemetery Company.

Michael P. McLaughlin, CPA, CA Chief Financial Officer, Chief Compliance Officer, Partner, Director Pembroke Management Ltd. Chief Financial Officer, Chief Compliance Officer, Director Pembroke Private Wealth Management Ltd.

Joined: 1988
Location: Montreal

Member of the Pembroke Executive Committee.

Patricia Mullan Executive Assistant Pembroke Management Ltd.

Joined: 1988
Location: Montreal

Maggie Pagonis, CPA, CGA Director of Finance Pembroke Management Ltd.

Joined: 2016
Location: Montreal

Member of The Hellenic Ladies Benevolent Society.

Jackie Di Pasquale Office Manager and Event Planner Pembroke Management Ltd.

Joined: 2014
Location: Montreal

Douglas Pospisil, CFA Partner, Portfolio Manager Pembroke Management Ltd.

Joined: 2003
Location: Montreal

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Seth Rosenberg, MBA Partner, Business Development Pembroke Management Ltd.

Joined: 2011
Location: Arizona

Actively involved with the Artists Relief Fund; and dedicated to organizations helping to protect the McDowell Sonoran Preserve in Scottsdale, AZ.

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Jay Sallafranque Systems Administrator Pembroke Management Ltd.

Joined: 2007
Location: Montreal

A. Scott Taylor, CFA Co-founder and Chairman Emeritus, Director Pembroke Management Ltd.

Joined: 1968
Location: Montreal

Jeffrey S.D. Tory, CFA Chairman, Partner, Director Pembroke Management Ltd. Chairman Pembroke Private Wealth Management Ltd.

Joined: 1987
Location: Montreal

Member of the Pembroke Executive Committee.

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Martin Tzakov, CFA Investment Analyst and Assistant Trader Pembroke Management Ltd.

Joined: 2014
Location: Montreal

Mentor of the Van Berkom Small Cap Investment Management Program at
Concordia University.

David Whittall Chief Risk Officer Pembroke Management Ltd.

Joined: 2016
Location: Montreal

Responsible for Risk Management of Pembroke-managed investment strategies.

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Auditors & Legal

Auditors

  • Deloitte & Touche LLP

Legal

  • Lavery, de Billy LLP (Canada)
  • Torys LLP (Canada)
  • Mayer Brown LLP (U.S.A.)
  • Bech-Bruun (Denmark)
  • William Fry (Ireland)

Policy, Compliance & Registration

Policy Documents

Compliance

Pembroke Management Ltd. is an independent, Montreal-based investment firm, that specializes in US-Canadian small & medium capitalization growth companies. Pembroke treats compliance as a core value.

Pembroke Management Ltd. claims compliance with the CFA Institute Asset Manager Code, a voluntary code of conduct and commitment to commonly held ethical principles.

Pembroke Management Ltd. uses the CFA Institute’s Code of Ethics as a guide to set out specific standards of professional conduct. All employees are required to uphold the spirit of this document and confirm their understanding and acceptance of it on an annual basis.

Pembroke Management Ltd. claims compliance with the Global Investment Performance Standards (GIPS®). Prospective clients can obtain a compliant presentation and/or the firm’s list of composite descriptions by contacting Pembroke Management Ltd. through the following representatives:

Registration

Canada
Pembroke Management Ltd. is incorporated under the Federal laws of Canada.
Registered in Quebec, Ontario, Alberta, British Columbia and Manitoba as a Portfolio Manager.
United States
Pembroke Management Ltd. is registered as an Investment Advisor with the Securities and Exchange Commission (SEC), CRD Number 155405.
Click here to view Pembroke’s ADV Part 2A brochure filed with the SEC.
Denmark
Pembroke Management Ltd. is registered as an Investment Advisor with the Danish Financial Supervisory Authority.