CIK: 0001063497
Total reported value
$691.4M
Reporting period: 2026-03-31 · Number of holdings: 97
Pembroke Management, LTD disclosed 97 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $691.4M and a quarterly turnover rate of 57.4%.
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Pembroke Management, LTD's disclosed holdings carry a Herfindahl concentration index of 0.031 — mathematically equivalent to about 32 equally-sized positions, well below its 97 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.42), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim STVN
-88.1% -$23.4M
Trim WK
-52.6% -$27.5M
Add MOD
-21.4% $7.8M
Trim QTWO
-73.2% -$20.4M
Trim CLBT
-53.8% -$16.1M
Trim BWMN
-88.3% -$13.0M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MPWR | Monolithic Power Systems INC | Stock-Tech | 5.44% | +0.46% | -35.27% | |
| 2 | REZI | Resideo Technologies INC | Stock-Industrials | 5.44% | +0.20% | -22.82% | |
| 3 | MOD | Modine Manufacturing Co | Stock-Consumer Disc | 5.20% | +2.29% | -21.44% | |
| 4 | AAON | Aaon INC | Stock-Industrials | 5.15% | +0.84% | -21.40% | |
| 5 | GMED | Globus Medical INC - A | Stock-Healthcare | 5.09% | -0.05% | -28.29% | |
| 6 | CNM | Core & Main Inc-class A | Stock-Industrials | 5.05% | +0.24% | -21.17% | |
| 7 | FSS | Federal Signal CORP | Stock-Industrials | 4.50% | +0.32% | -22.73% | |
| 8 | P | Everpure Inc-a | Stock-Tech | 3.90% | -0.25% | -23.76% | |
| 9 | SITE | Siteone Landscape Supply INC | Stock-Industrials | 3.80% | +0.43% | -24.66% | |
| 10 | MDA | Mda Space LTD | Stock-Other | 3.57% | +3.57% | NEW | |
| 11 | IBP | Installed Building Products | Stock-Consumer Disc | 2.88% | -0.64% | -42.90% | |
| 12 | TECH | Bio-techne CORP | Stock-Healthcare | 2.81% | -0.31% | -27.40% | |
| 13 | WSO | Watsco INC | Stock-Industrials | 2.73% | +1.10% | +10.84% | |
| 14 | IMAX | Imax CORP | Stock-Other | 2.68% | — | -5.19% | |
| 15 | HGTY | Hagerty Inc-a | Stock-Other | 2.65% | -0.44% | -21.96% | |
| 16 | LPX | Louisiana-pacific CORP | Stock-Industrials | 2.34% | +1.21% | +64.09% | |
| 17 | BGSI | THE Boyd Group INC | Stock-Other | 2.11% | -0.59% | -4.54% | |
| 18 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 2.09% | — | -1.00% | |
| 19 | WK | Workiva INC | Stock-Tech | 1.94% | -2.29% | -52.59% | |
| 20 | AX | Axos Financial INC | Stock-Financials | 1.83% | -0.74% | -48.51% | |
| 21 | ENPH | Enphase Energy INC | Stock-Tech | 1.66% | +1.66% | NEW | |
| 22 | VBNK | Versabank | Stock-Other | 1.44% | +0.30% | -4.27% | |
| 23 | SAIA | Saia INC | Stock-Industrials | 1.32% | +1.32% | NEW | |
| 24 | DORM | Dorman Products INC | Stock-Consumer Disc | 1.31% | -0.70% | -44.71% | |
| 25 | VSEC | Vse CORP | Stock-Industrials | 1.31% | +1.31% | NEW | |
| 26 | CLBT | Cellebrite DI Ltd. | Stock-Other | 1.27% | -1.30% | -53.80% | |
| 27 | DSGX | Descartes Systems Grp/the | Stock-Tech | 1.07% | +0.16% | +2.33% | |
| 28 | GIL | Gildan Activewear INC | Stock-Consumer Disc | 1.00% | -0.03% | -21.99% | |
| 29 | CRAI | Cra International INC | Stock-Other | 0.99% | -0.59% | -44.74% | |
| 30 | OBE | Obsidian Energy LTD | Stock-Other | 0.88% | +0.88% | NEW | |
| 31 | OLLI | Ollie's Bargain Outlet Holdi | Stock-Consumer Staples | 0.87% | -0.39% | -41.07% | |
| 32 | UTI | Universal Technical Institut | Stock-Other | 0.85% | +0.09% | -42.49% | |
| 33 | HCSG | Healthcare Services Group | Stock-Other | 0.80% | +0.80% | NEW | |
| 34 | VCTR | Victory Capital Holding - A | Stock-Other | 0.78% | -0.19% | -44.43% | |
| 35 | LCII | Lci Industries | Stock-Consumer Disc | 0.75% | +0.01% | -28.95% | |
| 36 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 0.70% | — | -1.85% | |
| 37 | RDVT | Red Violet INC | Stock-Other | 0.67% | -0.79% | -46.08% | |
| 38 | PNTG | Pennant Group Inc/the | Stock-Other | 0.63% | +0.63% | NEW | |
| 39 | QTWO | Q2 Holdings INC | Stock-Tech | 0.63% | -1.93% | -73.22% | |
| 40 | CHWY | Chewy INC - Class A | Stock-Consumer Disc | 0.63% | -0.38% | -46.02% | |
| 41 | FIVE | Five Below | Stock-Consumer Disc | 0.62% | -0.30% | -60.38% | |
| 42 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 0.56% | — | -1.73% | |
| 43 | AIR | Aar CORP | Stock-Industrials | 0.53% | +0.53% | NEW | |
| 44 | MAIN | Main Street Capital CORP | Stock-Financials | 0.50% | — | +0.63% | |
| 45 | TSAT | Telesat CORP | Stock-Other | 0.49% | +0.49% | NEW | |
| 46 | BROS | Dutch Bros Inc-class A | Stock-Consumer Disc | 0.40% | -0.21% | -44.09% | |
| 47 | EUSA | Ishares Msci USA Equal Weigh | ETF-Other | 0.35% | — | — | |
| 48 | RY | Royal Bank Of Canada | Stock-Financials | 0.31% | — | — | |
| 49 | STVN | Stevanato Group S.p.A. | Stock-Other | 0.30% | -2.33% | -88.07% | |
| 50 | BOBS | Bob's Discount Furniture | Stock-Other | 0.30% | +0.30% | NEW |
Performance for Q3 2026
-4.9%
Performance Last 4 Quarters
+1.7%
Based on 71% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 97 | $691.4M | 57 | |
| 2025-12-31 | 92 | $967.9M | 28 | |
| 2025-09-30 | 89 | $1.0B | 52 | |
| 2025-06-30 | 78 | $826.7M | 0 | |
| 2025-03-31 | 59 | $685.8M | 100 | |
| 2024-12-31 | 60 | $802.0M | 0 | |
| 2024-09-30 | 58 | $784.1M | 0 | |
| 2024-06-30 | 62 | $744.4M | 0 | |
| 2024-03-31 | 61 | $849.9M | 0 | |
| 2023-12-31 | 62 | $805.5M | 0 | |
| 2023-09-30 | 58 | $732.4M | 0 | |
| 2023-06-30 | 63 | $928.0M | 0 | |
| 2023-03-31 | 63 | $914.5M | 0 | |
| 2022-12-31 | 66 | $935.0M | 0 | |
| 2022-09-30 | 66 | $900.9M | 0 | |
| 2022-06-30 | 64 | $967.2M | 0 | |
| 2022-03-31 | 68 | $1.2B | 0 | |
| 2021-12-31 | 73 | $1.4B | 0 | |
| 2021-09-30 | 67 | $1.3B | 0 | |
| 2021-06-30 | 66 | $1.3B | 97 | |
| 2021-03-31 | 65 | $1.2B | 35 | |
| 2020-12-31 | 61 | $1.2B | 37 | |
| 2020-09-30 | 59 | $918.0M | 31 | |
| 2020-06-30 | 59 | $850.7M | 40 | |
| 2020-03-31 | 58 | $629.9M | 71 | |
| 2019-12-31 | 73 | $1.2B | 39 | |
| 2019-09-30 | 63 | $919.3M | 23 | |
| 2019-06-30 | 61 | $947.1M | 25 | |
| 2019-03-31 | 61 | $924.7M | 40 | |
| 2018-12-31 | 58 | $733.4M | 40 | |
| 2018-09-30 | 58 | $973.1M | 23 | |
| 2018-06-30 | 60 | $978.2M | 30 | |
| 2018-03-31 | 63 | $943.7M | 25 | |
| 2017-12-31 | 62 | $973.6M | 22 | |
| 2017-09-30 | 61 | $1.0B | 26 | |
| 2017-06-30 | 63 | $1.1B | 26 | |
| 2017-03-31 | 58 | $1.0B | 27 | |
| 2016-12-31 | 58 | $980.6M | 31 | |
| 2016-09-30 | 57 | $1.0B | 33 | |
| 2016-06-30 | 55 | $1.1B | 23 | |
| 2016-03-31 | 53 | $1.1B | 32 | |
| 2015-12-31 | 56 | $1.2B | 37 | |
| 2015-09-30 | 52 | $1.3B | 25 | |
| 2015-06-30 | 53 | $1.6B | 35 | |
| 2015-03-31 | 50 | $1.6B | 23 | |
| 2014-12-31 | 48 | $1.6B | 53 | |
| 2014-09-30 | 41 | $1.3B | 43 | |
| 2014-06-30 | 43 | $1.3B | 31 | |
| 2014-03-31 | 45 | $1.2B | 22 | |
| 2013-12-31 | 45 | $1.1B | 32 | |
| 2013-09-30 | 43 | $929.6M | 72 | |
| 2013-06-30 | 43 | $529.0M | 0 |
Pembroke Management, LTD's most significant position changes for 2026-03-31: Sold out: Manhattan Associates INC (MANH); New buy: Mda Space LTD (MDA); Sold out: Vertex INC - Class A (VERX); New buy: Enphase Energy INC (ENPH); Sold out: Ryan Specialty Holdings INC (RYAN).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MOD | Modine Manufacturing Co | +2.3% | -21.44% | Trim |
| 2 | LPX | Louisiana-pacific CORP | +1.2% | +64.09% | Add |
| 3 | WSO | Watsco INC | +1.1% | +10.84% | Add |
| 4 | AAON | Aaon INC | +0.8% | -21.40% | Trim |
| 5 | MPWR | Monolithic Power Systems INC | +0.5% | -35.27% | Trim |
| 6 | SITE | Siteone Landscape Supply INC | +0.4% | -24.66% | Trim |
| 7 | FSS | Federal Signal CORP | +0.3% | -22.73% | Trim |
| 8 | VBNK | Versabank | +0.3% | -4.27% | Trim |
| 9 | CNM | Core & Main Inc-class A | +0.2% | -21.17% | Trim |
| 10 | REZI | Resideo Technologies INC | +0.2% | -22.82% | Trim |
| 11 | DSGX | Descartes Systems Grp/the | +0.2% | +2.33% | Add |
| 12 | UTI | Universal Technical Institut | +0.1% | -42.49% | Trim |
| 13 | LCII | Lci Industries | 0% | -28.95% | Trim |
| 14 | GIL | Gildan Activewear INC | 0% | -21.99% | Trim |
| 15 | GMED | Globus Medical INC - A | -0.1% | -28.29% | Trim |
| 16 | VCTR | Victory Capital Holding - A | -0.2% | -44.43% | Trim |
| 17 | BROS | Dutch Bros Inc-class A | -0.2% | -44.09% | Trim |
| 18 | P | Everpure Inc-a | -0.3% | -23.76% | Trim |
| 19 | FIVE | Five Below | -0.3% | -60.38% | Trim |
| 20 | TECH | Bio-techne CORP | -0.3% | -27.40% | Trim |
| 21 | CWST | Casella Waste Systems Inc-a | -0.3% | -66.36% | Trim |
| 22 | CHWY | Chewy INC - Class A | -0.4% | -46.02% | Trim |
| 23 | OLLI | Ollie's Bargain Outlet Holdi | -0.4% | -41.07% | Trim |
| 24 | HGTY | Hagerty Inc-a | -0.4% | -21.96% | Trim |
| 25 | BGSI | THE Boyd Group INC | -0.6% | -4.54% | Trim |
| 26 | CRAI | Cra International INC | -0.6% | -44.74% | Trim |
| 27 | IBP | Installed Building Products | -0.6% | -42.90% | Trim |
| 28 | DORM | Dorman Products INC | -0.7% | -44.71% | Trim |
| 29 | AX | Axos Financial INC | -0.7% | -48.51% | Trim |
| 30 | RDVT | Red Violet INC | -0.8% | -46.08% | Trim |
| 31 | BWMN | Bowman Consulting Group LTD | -1.3% | -88.30% | Trim |
| 32 | CLBT | Cellebrite DI Ltd. | -1.3% | -53.80% | Trim |
| 33 | QTWO | Q2 Holdings INC | -1.9% | -73.22% | Trim |
| 34 | WK | Workiva INC | -2.3% | -52.59% | Trim |
| 35 | STVN | Stevanato Group S.p.A. | -2.3% | -88.07% | Trim |
| 36 | MANH | Manhattan Associates INC | — | EXIT | Sold out |
| 37 | MDA | Mda Space LTD | — | NEW | New buy |
| 38 | VERX | Vertex INC - Class A | — | EXIT | Sold out |
| 39 | ENPH | Enphase Energy INC | — | NEW | New buy |
| 40 | RYAN | Ryan Specialty Holdings INC | — | EXIT | Sold out |
| 41 | SAIA | Saia INC | — | NEW | New buy |
| 42 | VSEC | Vse CORP | — | NEW | New buy |
| 43 | CDRE | Cadre Holdings INC | — | EXIT | Sold out |
| 44 | OBE | Obsidian Energy LTD | — | NEW | New buy |
| 45 | HCSG | Healthcare Services Group | — | NEW | New buy |
| 46 | PNTG | Pennant Group Inc/the | — | NEW | New buy |
| 47 | AIR | Aar CORP | — | NEW | New buy |
| 48 | TSAT | Telesat CORP | — | NEW | New buy |
| 49 | BOBS | Bob's Discount Furniture | — | NEW | New buy |
| 50 | PRCH | Porch Group INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-28 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-07 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-31 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-29 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-01 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-08 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-08 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-27 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-03 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-01 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-24 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-26 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-06 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-08 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-11 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-07-27 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-06 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-05 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-04 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-03 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-28 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-29 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-29 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-24 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-12 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-25 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-29 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-27 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-23 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-31 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-08 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-25 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-28 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-17 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-27 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-22 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-03 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-08 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-30 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-22 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-12 | Amendment | View on EDGAR |
| 2015-03-31 | 2015-05-08 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-20 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-05 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-22 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-05 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-31 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-18 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-19 | 13F-HR | View on EDGAR |
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