OUR SOLUTIONS

We create wealth management solutions by understanding your needs and your tolerance for risk and we create lasting relationships when there is a match between your long-term requirements and our ability to add value.

Our solutions are based on the advice we provide and the funds that we offer.

Pembroke’s range of funds allows you to diversify your investments by geography and asset type. The fund documents on this page provide detailed information about each fund. The fund performance tables demonstrate how, especially over shorter periods of time, investment performance can vary between asset classes, regions and funds. Diversification across more than one fund can lower the volatility of returns and is an important component of most clients’ investment plans.

	Concentrated Strategy	US Growth Strategy	Canadian Growth Strategy	Canadian All Cap Strategy	International Growth Strategy	Global Equity Strategy	Dividend Growth Strategy	Canadian Balanced Strategy	Global Balanced Strategy	Corporate Bond Strategy	Canadian Bond Strategy	Money Market Fund
Fixed Income	None	None	None	None	None	None	None	30%	30%	100%	100%	100%
Volatility	Higher	Moderate	Moderate	Moderate	Moderate	Moderate	Moderate	Lower	Lower	Low	Low	Low
Risk Rating	High	Medium-High	Medium-High	Medium	Medium	Medium	Medium	Low-Medium	Low-Medium	Low	Low	Low
Asset Class	Equities	Equities	Equities	Equities	Equities	Equities	Equities	Equities + Bond	Equities + Bond	Bonds	Bonds	Cash and cash equivalents
Approach	Concentrated US Small/Mid Cap Growth Equities	Diversified US Small/Mid Cap Growth Equities	Diversified Canadian Small/Mid Cap Growth Equities	Diversified Canadian Large Growth	Diversified International Small/Mid Cap Growth Equities	Very Diversified Mix of Global Equities	Diversified Canadian Small/Mid Cap Dividend Paying Equities	Diversified Canadian Small/Mid Cap Dividend Paying Equities + Investment Grade Bonds	Very Diversified Balanced Mix of Global Equities + Canadian Corporate and Investment Grade Bonds	Diversified Canadian and Foreign Corporate Bonds	Diversified Investment Grade Government and Corporate Bonds	Canadian high quality, short-term debt securities
Geography	US	US	Canada	Canada	Global Excluding US and Canada	Global	Canada	Canada	Global	Global with Canadian Focus	Global with Canadian Focus	Canada
Style	Active	Active	Active	Active	Active	Active/Passive	Active	Active	Active/Passive	Active	Active	Active
Current Yield *	0.33%	0.37%	1.12%	1.22%	1.53%	1.66%	3.28%	3.34%	2.08%	4.10%	3.80%	3.87%
*as of September 30, 2024

MUTUAL FUNDS

There are eleven unique Pembroke funds available to create an investment portfolio that works for you. Click the fund names below to review the Performance Update and holdings review for each fund.

Fund	Description	Manager	Inception Date
Pembroke Money Market fund	Aims to maximize interest income while preserving capital by investing primarily in high quality, short-term Canadian government debt securities	Pembroke Management Ltd.	November 30, 1988
Pembroke Canadian Bond Fund	Pursues income and some capital growth by investing in Canadian government and corporate bonds, debentures and other instruments	Canso Investment Counsel Ltd.	November 30, 1988
Pembroke Corporate Bond Fund	Pursues opportunities in undervalued corporate bonds and other credit instruments, leveraging deep fundamental analysis and active management, while maintaining a disciplined approach to risk.	Canso Investment Counsel, Ltd.	January 1, 2009*
Pembroke Canadian Balanced Fund	Pursues long-term growth and income by investing in equities, bonds and other marketable securities	Pembroke Management Ltd.	November 1, 2006
Pembroke Global Balanced Fund	Pursues long-term capital growth and income through the diversification of assets, geographies and market capitalization in investing primarily in units of public equity funds and units of fixed income funds including units of equity exchange traded funds	Pembroke Management Ltd.	April 8, 2019
Pembroke Canadian All Cap Fund	High-quality Canadian growth stocks	Pembroke Management Ltd.	January 31, 2019
Pembroke Canadian Growth Fund	Pursues long-term growth through capital appreciation by investing in small to mid-sized Canadian companies	Pembroke Management Ltd.	November 30, 1988
Pembroke American Growth Fund Inc. (CAD)	Pursues long-term growth through capital appreciation by investing in small cap US companies	Pembroke Management Ltd.	October 1, 1988
Pembroke International Growth Fund - Class A	Pursues long-term growth through capital appreciation by investing in small to mid-sized foreign companies located outside of the United States	William Blair Investment Management, LLC	October 31, 1999
Pembroke Concentrated Fund - Class A	High-quality American and Canadian growth stocks	Pembroke Management Ltd	January 31, 2018
Pembroke Dividend Growth Fund	High-quality, dividend-paying Canadian growth stocks	Pembroke Management Ltd.	January 3, 2012**

*From January 1, 2009 to April 8, 2019, units of the Fund were distributed pursuant to an exemption from the prospectus requirement.
** From January 3, 2012 to May 9, 2023, units of the Fund were distributed pursuant to an exemption from the prospectus requirement.

For copies of the Pembroke Pooled Funds’ audited financial statements, please contact your Pembroke representative. Pembroke offers pooled funds to accredited investors only.

POOLED FUNDS

Pembroke offers pooled funds to accredited investors only. Click here to see information on our pooled fund offering.

Accredited Investor

This section is meant for private clients who are accredited under legislation; meaning (i) who is a resident of any of the Canadian provinces, and (ii) who is an accredited investor within the meaning of National Instrument 45-106 Prospectus and Registration Exemptions ("NI 45-106"), meaning:

(d) a person registered under the securities legislation of a jurisdiction (province or territory) of Canada as an adviser or dealer (or in Ontario, except as otherwise prescribed by the regulations under the Securities Act (Ontario));

(e) an individual registered under the securities legislation of a jurisdiction of Canada as a
representative of a person referred to in paragraph (d);

(e.1) an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador);

(i) except in Ontario, a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada;

(j) an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before taxes, but net of any related liabilities, exceeds
$1,000,000;

(j.1) an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000;

(k) an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year;

(l) an individual who, either alone or with a spouse, has net assets of at least $5,000,000;

(m) a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements;

(n) an investment fund that distributes or has distributed its securities only to (i) a person that is or was an accredited investor at the time of the distribution, (ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment] or 2.19 [Additional investment in investment funds] of NI 45-106, or (iii) a person described in subparagraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment] of NI 45-106;

(o) an investment fund that distributes or has distributed securities under a prospectus in a
jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt;

(q) a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction;

(r) a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded;

(s) an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function;

(t) a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors;

(u) an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser;

(v) a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor;

(w) a trust established by an accredited investor for the benefit of the accredited investor's family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor's spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor's spouse or of that accredited investor's former spouse; or

(x) in Ontario, such other persons as may be prescribed by the regulations under the Securities Act (Ontario).

I have read the disclaimer above

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Policy, Compliance and Registration

FUND	DESCRIPTION	MANAGER	INCEPTION DATE
Pembroke Canadian Growth Pooled Fund	High-quality Canadian growth stocks	Pembroke Management Ltd.	February 29, 2007
Pembroke U.S. Growth Pooled Fund	High-quality American growth stocks	Pembroke Management Ltd.	December 31, 1999
Pembroke Global Equity Pooled Fund	High quality global growth stocks and units of equity exchange traded funds.	Pembroke Management Ltd.	March 25, 2021
Pembroke Genesis Pooled Fund-Class A	Pursues long-term growth through capital appreciation by investing in a concentrated portfolio of predominantly Canadian micro-cap and small-cap companies	Pembroke Management Ltd.	May 31, 2023
Pembroke Global Growth Pooled Fund	High quality global growth stocks and units of equity exchange traded funds.	Pembroke Management Ltd.	January 2, 2024

FUND PRICES

FUND	LAST PRICE 2024-12-17	PREVIOUS PRICE 2024-12-10	LAST MONTH END PRICE 2024-11-29	LAST QUARTER END PRICE 2024-12-17	LAST YEAR END PRICE 2023-12-29	LAST QUARTER DISTRIBUTIONS 2024-12-17
Pembroke American Growth Fund Inc. (CAD)	$67.6382	$67.2873	$67.5699	$67.6382	$54.1579	$0.000000
Pembroke American Growth Fund Inc. (USD)	$47.2547	$47.4873	$48.2591	$47.2547	$41.0722	$0.000000
Pembroke Canadian Bond Fund	$11.9024	$12.0424	$12.0086	$11.9024	$11.6293	$0.085299
Pembroke Canadian Growth Fund	$86.4952	$91.5768	$91.5961	$86.4952	$75.9533	$5.148588
Pembroke Corporate Bond Fund	$13.4286	$13.5925	$13.5271	$13.4286	$12.9935	$0.106081
Pembroke Global Balanced Fund	$14.9787	$15.1073	$15.0272	$14.9787	$12.8643	$0.086811
Pembroke Canadian Balanced Fund	$14.7736	$16.3259	$16.4075	$14.7736	$14.0616	$1.364284
Pembroke International Growth Fund	$30.8117	$31.2483	$30.4902	$30.8117	$27.9304	$0.527594
Pembroke Concentrated Fund	$22.9180	$23.1708	$23.1595	$22.9180	$18.6133	$0.392730
Pembroke Dividend Growth Fund	$24.2849	$25.9406	$26.1475	$24.2849	$21.4900	$1.228680
Pembroke Canadian All Cap Fund	$19.8053	$20.2098	$20.3866	$19.8053	$15.5743	$0.335424

FUND	LAST PRICE 2024-12-17	PREVIOUS PRICE 2024-12-10	LAST MONTH END PRICE 2024-11-29	LAST QUARTER END PRICE 2024-12-17	LAST YEAR END PRICE 2023-12-29	LAST QUARTER DISTRIBUTIONS 2024-12-17
Pembroke Canadian Growth Pooled Fund	$25.4252	$25.8240	$25.8293	$25.4252	$21.4013	$0.411645
Pembroke US Growth Pooled Fund	$35.1257	$35.5803	$35.7331	$35.1257	$28.3844	$0.648058
Pembroke US Growth Pooled Fund (USD)	$24.5402	$25.1105	$25.5209	$24.5402	$21.5262	$0.452760
Pembroke Global Equity Pooled Fund	$12.4379	$12.6935	$12.6344	$12.4379	$10.3260	$0.229551
Pembroke Global Growth Pooled Fund	$12.6593	$12.7029	$12.5795	$12.6593		$0.000000

FUND	LAST PRICE 2024-11-29	PREVIOUS PRICE 2024-10-31	LAST MONTH END PRICE 2024-11-29	LAST QUARTER END PRICE 2024-12-17	LAST YEAR END PRICE 2023-12-29	LAST YEAR END DISTRIBUTIONS 2023-12-29
Pembroke Genesis Pooled Fund – Founders	$16.5150	$14.9119	$16.5150		$11.0282	$0.328622
Pembroke Genesis Pooled Fund Class A	$15.5421	$14.2913	$15.5421
Pembroke Money Market Fund	$10.0000	$10.0000	$10.0000	$10.0000

We determine the net asset value of each fund in Canadian dollars weekly as at the close of business on each Tuesday, or, if any such Tuesday is not a business day, then on the next business day immediately succeeding it, and on the last business day of each month. The valuation date ends at the earlier of 4 p.m. Eastern Time or the end of a trading day on the Toronto Stock Exchange. Any purchase, switch, or redemption instruction received at or after the end of a valuation date will be processed on the next valuation date.

Please note that since January 31, 2018 our mutual fund prices have been published gross of management fees. If you have any further questions or concerns please contact your Pembroke representative.

FUND PERFORMANCE

Compound Annual Growth Rates (%)

As of November 30, 2024

FUNDS	3 MONTHS	YTD	1 YEAR	3 YEARS	5 YEARS	10 YEARS	20 YEARS
Pembroke Money Market Fund	0.95%	4.02	4.40%	3.40%	2.18%	1.38%	1.25%
Pembroke Canadian Bond Fund	3.34%	5.91%	9.24%	1.36%	1.47%	2.03%	3.52%
Pembroke Corporate Bond Fund	3.33%	8.45%	10.76%	4.23%	8.57%	6.24%	n/a
Pembroke Canadian Balanced Fund²	7.31%	17.07%	21.24%	6.82%	7.65%	6.33%	n/a
Pembroke Global Balanced Fund	7.19%	19.16%	22.92%	7.31%	10.39%	n/a	n/a
Pembroke-Canadian-All-Cap-Fund	10.33%	30.90%	34.81%	14.11%	n/a	n/a	n/a
Pembroke Canadian Growth Fund	6.16%	20.60%	26.11%	3.32%	10.32%	6.35%	7.55%
Pembroke American Growth Fund Inc. (CAD)	13.03%	24.76%	35.67%	2.92%	11.10%	9.38%	8.26%
Pembroke American Growth Fund Inc.(USD)	8.80%	17.50%	31.38%	(0.13%)	9.94%	7.20%	7.53%
Pembroke International Growth Fund -Class A	1.00%	9.16%	14.22%	(3.15%)	5.60%	7.67%	7.71%
Pembroke Concentrated Fund - Class A(CAD) ²	10.80%	24.42%	37.95%	5.45%	12.02%	n/a	n/a
Pembroke Concentrated Fund - Class A (US)²	6.68%	17.22%	33.72%	2.33%	10.83%	n/a	n/a
Pembroke Dividend Growth Fund^*	9.50%	25.78%	31.43%	13.96%	16.07%	10.71%	n/a

Performance is reported in Canadian dollars except where noted and net of transaction costs and net of all other fees, excluding management fees. Management fees are charged directly to securityholders based on their assets under management. Periods greater than one year have been annualized. Index returns do not incur management fees or operating expenses. The indicated rates of return are the historical annual compounded total returns including changes in unit value, reinvestment of all distributions and do not take into account sales charges or income taxes payable by any securityholder that would have reduced returns. The performance for the portfolio and benchmark index are measured using the “time weighted” rate of return methodology.

1 – Pembroke Canadian All Cap Pooled Fund was launched January 1, 2020 and made available to retail investors on March 25, 2021. This Fund was converted from a pooled fund to a mutual fund on April 29, 2022. For the period this Fund was a pooled fund, the expenses would have been higher if the Fund was a prospectus mutual fund.

2 – From January 31, 2018 until April 1, 2020, Class A units of the Pembroke Concentrated Fund were distributed pursuant to an exemption from the prospectus requirement.

3 – Pembroke Global Equity Pooled Fund was launched on March 25, 2021.

4 – On March 25, 2021, Pembroke Growth and Income Fund was renamed Pembroke Canadian Balanced Fund.

5 – Pembroke Genesis Pooled Fund was launched on January 31, 2022.

*Effective May 9, 2023 this fund was converted to a mutual fund.

Disclaimer: Commissions, management fees and expenses all may be associated with mutual and pooled fund investments. Please read the prospectus and/or offering documents before investing. Mutual and pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. Effective January 1, 2018, all fund performance is reported net of transaction costs and all other expenses, excluding management fees and applicable taxes. Prior to January 1, 2018, with the exception of the Pembroke Corporate Bond Fund, mutual fund performance was reported net of transaction costs and all other expenses, including management fees and applicable taxes. Source: Pembroke Management Ltd.

FUND	3 MTH	YTD	1 YR	3 YRS	5 YRS	10 YRS	20 YRS
Pembroke Canadian Growth Pooled Fund^*	6.17%	20.69%	26.19%	3.14%	10.16%	6.94%	n/a
Pembroke U.S. Growth Pooled Fund^*	13.59%	25.89%	37.44%	3.44%	11.79%	10.60%	10.46%
Pembroke U.S. Growth Pooled Fund(USD)^*	9.34%	18.56%	33.09%	0.38%	10.63%	8.39%	9.71%
Pembroke Global EquityPooled Fund^*3	8.26%	22.36%	26.85%	7.86%	n/a	n/a	n/a
Pembroke Genesis Pooled Fund - Class A	9.36%	39.18%	44.14%	n/a	n/a	n/a	n/a
Pembroke Global Growth Pooled Fund<	6.99%	25.80%	n/a	n/a	n/a	n/a	n/a
Pembroke Genesis Pooled Fund - Founders' Class	11.17%	49.75%	56.42%	n/a	n/a	n/a	n/a

Performance is reported as of October 31, 2021, in Canadian dollars except where noted and net of transaction costs and net of all other fees, excluding management fees. Management fees are charged directly to securityholders based on their assets under management. Periods greater than one year have been annualized. Index returns do not incur management fees or operating expenses. The indicated rates of return are the historical annual compounded total returns including changes in unit value, reinvestment of all distributions and do not take into account sales charges or income taxes payable by any securityholder that would have reduced returns. The performance for the portfolio and benchmark index are measured using the “time weighted” rate of return methodology.

1 – Pembroke Canadian All Cap Pooled Fund was launched January 1, 2020 and made available to retail investors on March 25, 2021.

2 – From January 31, 2018 until April 1, 2020, Class A units of the Pembroke Concentrated Fund were distributed pursuant to an exemption from the prospectus requirement.

3 – Pembroke Global Equity Pooled Fund was launched on March 25, 2021.

4 – On March 25, 2021, Pembroke Growth and Income Fund was renamed Pembroke Canadian Balanced Fund.

*Pembroke Pooled Funds are prospectus-exempt products that are offered to investors who meet the definition of an “accredited investor” under securities legislation. Disclaimer: Commissions, management fees and expenses all may be associated with mutual and pooled fund investments. Please read the prospectus and/or offering documents before investing. Mutual and pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. Effective January 1, 2018, all fund performance is reported net of transaction costs and all other expenses, excluding management fees and applicable taxes. Prior to January 1, 2018, with the exception of the Pembroke Corporate Bond Fund, mutual fund performance was reported net of transaction costs and all other expenses, including management fees and applicable taxes. Source: Pembroke Management Ltd.

Annual Change (%)

FUND	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Pembroke Money Market Fund	4.56	1.63	0.14	0.54	1.32	1.28	0.32	0.01	0.05	0.15
Pembroke Canadian Bond Fund	7.21	(9.41)	(1.78)	6.99	5.55	1.52	1.52	1.05	2.57	7.06
Pembroke Corporate Bond Fund	9.29	(5.36)	8.51	22.49	6.20	1.39	4.09	7.81	1.20	8.71
Pembroke Canadian Balanced Fund	14.47	(5.32)	13.15	18.41	15.78	(11.37)	11.38	15.22	(7.45)	3.31
Pembroke Global Balanced Fund	13.04	(10.17)	13.44	19.03	n/a	n/a	n/a	n/a	n/a	n/a
Pembroke American Growth Fund Inc.(CAD)	12.35	(21.56)	22.88	27.77	14.64	7.87	7.97	0.97	3.38	0.83
Pembroke Canadian All Cap Fund	18.70	(7.46)	19.61	19.13	n/a	n/a	n/a	n/a	n/a	n/a
Pembroke Canadian Growth Fund	11.40	(20.00)	17.64	28.69	26.53	(19.34)	11.17	7.22	(2.63)	2.45
Pembroke American Growth Fund Inc. (USD)	15.40	(26.57)	23.41	30.34	20.42	(0.80)	15.56	4.07	(13.34)	(7.55)
Pembroke International Growth Fund - Class A	13.73	(27.69)	11.18	28.55	27.77	(14.73)	24.19	(8.76)	32.01	(0.08)
Pembroke Concentrated Fund - Class A(CDN)	15.48	(19.07)	14.62	37.05	25.7	15.73	n/a	n/a	n/a	n/a
Pembroke Concentrated Fund - Class A(US)	18.35	(24.31)	15.51	39.30	n/a	n/a	n/a	n/a	n/a	n/a
Pembroke Dividend Growth Fund	17.75	(3.33)	19.45	23.05	20.55	(15.62)	17.22	23.47	(9.81)	3.10

1 – The Pembroke Global Balanced Fund was launched April 8th, 2019.

2 – The Pembroke Corporate Bond Fund was converted from a pooled fund to a mutual fund and renamed The GBC Corporate Bond Fund on April 8th, 2019. The annual Financial Statements of the Fund while a pooled fund are available on our website or upon request, please contact your Pembroke representative. Please note, for the period this Fund was a pooled fund, the expenses would have been higher if the Fund was a prospectus mutual fund.

3 – The Pembroke Genesis Pooled Fund – Founders’ Class was launched on January 31, 2022

4 – The Pembroke Genesis Pooled Fund – Class A was launched on May 31, 2023

*Effective May 9, 2023 this fund was converted to a mutual fund.

FUND	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Pembroke Canadian Growth Pooled Fund	11.33	(20.38)	17.38	28.67	26.25	(18.62)	13.04	9.04	(0.56)	4.49	35.32
Pembroke U.S. Growth Pooled Fund (CAD)	13.81	(22.07)	23.33	29.47	15.32	8.07	10.74	3.28	5.71	2.82	46.56
Pembroke U.S. Growth Pooled Fund (USD)	16.90	(27.05)	23.86	32.07	21.13	(0.62)	18.52	6.46	(11.44)	(5.73)	37.10
Pembroke Global Equity Pooled Fund	15.27	(13.52)	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pembroke Genesis Pooled Fund - Class A*⁴	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pembroke Genesis Pooled Fund - Founders' Class*³	20.24	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a

All funds are offered for sale solely to residents of Canada.
Commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions, and do not take into account sales charges or income taxes payable by any security holder that would have reduced returns. Such funds are not guaranteed, their values change frequently, and past performance may not be repeated.
Effective January 1st, 2018, all fund performance is reported net of transaction costs and all other expenses, excluding management fees and applicable taxes. Prior to January 1st, 2018, mutual fund performance was reported net of transaction costs and all other expenses, including management fees and applicable taxes. Management fees are charged directly to security holders based on their assets under management.

MUTUAL FUNDS

POOLED FUNDS

FUND PRICES

FUND PERFORMANCE

Compound Annual Growth Rates (%)

Annual Change (%)

DOCUMENTS & REPORTS

Montreal

Toronto

Wealth Service Team