A survey of the global economic landscape reveals the contours of an uneven recovery from the pandemic -induced recession. The global economy is undergoing a transition from a re–opening mini boom earlier this year to a resettlement period of slower but still above trend growth into 2022. The two largest economies – the US […] […]
[…] agree with the Fed that the high inflation is an aberration related to the reopening of the economy. Progress on vaccinations has reduced the spread of COVID -19, millions of jobs have been lost, and retail sales as well as manufacturing activity remains below pre–pandemic levels. As lockdowns have eased, employers are rushing to […] […]
[…] inflation run moderately over its goal of two percent. Its officials appear comfortable with this strategy, as long as inflation averages two percent over time and longer -term inflation expectations remain anchored at two percent. In Canada, the Bank of Canada continues its quantitative easing program by purchasing government bonds and keeping yields low […] […]
[…] stronger corporate and stock market performance on balance. While we do not expect the backdrop to change materially, we do point out two primary areas of intermediate -term focus for global equity investors: China policy and regulation risk, and the inflation outlook. China Policy and Regulation Risk: While we continue to find China’s long–term […] […]
On the Road, COVID -style: Staycation Style For this edition of “On the Road”, we delve once again into Pembroke’s archive of past travels and pay homage to the “staycation”. As COVID–19 has severely limited the vacation plans of travelers, the staycation has emerged as a popular substitute and serves as a reminder that many great things lie close to home. We take this opportunity to highlight the discovery process of a holding in our Canadian and […] […]
[…] 11.31% return of the Russell 2000, and 4.87% for the S&P 500.   The following table provides a detailed look at PCF’s performance relative to the market: Q -1 2021 1–Year 3–Years Since Inception Pembroke Concentrated Fund – Class A 0.74 72.74 19.79 21.10 Russell 2000 Total Return in CAD 11.31 72.71 13.81 13.79 Difference […] […]
On Thursday, February 25th, Jeff Tory, Chairman, Partner and Portfolio Manager, Florence Godard -Kalogiros, Research associate, Martin Tzakov, Portfolio Manager and Investment Analyst of Pembroke Management and Drew Sutherland, Vice President, Account Manager of Pembroke Private Wealth, led a discussion on the current market environment. Key Takeaways 1. Don’t make important decisions when you […] […]
[…] Manager, Matthew Beckerleg, Partner and Portfolio Manager, Andrew Garschagen, Partner and Portfolio Manager, Nicolas Chevalier, Partner, Director and Portfolio Manager of Pembroke Management and Drew Sutherland, Vice -President, Account Manager of Pembroke Private Wealth, lead a discussion and shared their insights. Key Takeaways 1.The actively managed growth portfolios’ exposure to secular growth companies with […] […]
[…] Manager, Stephen Hui, Partner and Portfolio Manager, Douglas Pospisil, Partner and Portfolio Manager, Nicolas Chevalier, Partner, Director and Portfolio Manager of Pembroke Management and Andrew Bolton, Vice -President, Client Services & Business Development of Pembroke Management, lead a discussion and shared their insights. Key Takeaways 1. The fundamentals of Pembroke Canadian small cap portfolio […] […]
[…] growth industries has always been a perk for people working in the investment management business. Before the pandemic, that perk often came in the form of face -to–face meetings. But whether in person or virtually, the benefit ultimately came from the rapport one would establish through the constant “polling” of these thought leaders. One […] […]
While it has been a very challenging time for all of us during the COVID -19 pandemic, it has been a surprisingly fruitful time to be a stock market analyst. Access to the management teams of our holdings and of companies in our research pipeline has never been better. This resulted from a combination […] […]
[…] late 19th century, and it is for this reason that the 2015 Paris Accord identifies the objective of limiting global temperatures to 1.5 degrees Celsius above “pre -industrial” levels. Climate scientists identify the pre–industrial period as the second half of the 19th century, when the combustion of fossil fuels began to drive transportation and […] […]
[…] for the Russell 2000 and 52.91% for the S&P 500*.  The following table provides a detailed look at PCF’s performance relative to the market: Q1 2021 1 -YEAR 3–YEARS Since Inception, Annualized Since Inception, Cumulative Pembroke Concentrated Fund – Class A 0.74% 72.74% 19.97% 21.10% 83.37% Russell 2000 Total Return Index 11.31% 72.71% 13.81% […] […]
[…] challenging conditions in the trailing twelve months, and particularly in the past two quarters. While broader equity markets experienced continued momentum from the trough of the COVID -19 selloff in April 2020, growth–oriented stocks have sharply underperformed their peers since the third quarter of 2021.  However, Pembroke’s portfolios continue to show fundamental progress measured […] […]
As growth investors with long -term time horizons, we look for the trends, technologies and innovations that are changing the world and the companies that are at the vanguard of that change. One of the most important trends we see today is the gathering response to climate change, as the physical risk from climate […] […]
January 2024 Â The fourth quarter of 2023 was a testament to the pitfalls of market timing. With many stocks hitting 52 -week lows in the last week of October, many investors reached their breaking point. Despite a strong run for equities into the end of 2021, the difficult market of 2022 and the […] […]
[…] negatively in the first quarter. The prices of longer duration bonds and longer duration equities (companies whose present value is significantly influenced by the discounting of distant -year earnings) were especially impacted by sharply rising interest rates. Global Balanced Fund The Pembroke Global Balanced Fund is a fund of funds that invests primarily in […] […]
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 […] […]
[…] cannot be passive, which is why Pembroke has issued an open letter to the shareholders of Collectors Universe (CLCT) regarding the proposed offer. As active managers with a fiduciary duty to protect the interests of our investors we felt compelled to take this action. To earn why we believe the take -over offer is inadequate……. […]
In our September 2022 Perspectives article, Tipping Point – Canada’s Corporate Sustainability Reporting, we noted that “slower -moving companies and financial institutions that do not disclose their emissions, make net zero emissions pledges and detail interim targets may find themselves increasingly disadvantaged in the transition to a low–carbon economy”. Following that assertion, we launched […] […]
