On the Road, COVID -style: Life is a (Virtual) Highway Retrospective on Collectors Universe:Ā From the Beginning of the Road toĀ aĀ Fork in the Road.Ā For this quarterās edition of āOn the Roadā, weāllĀ delve into PembrokeāsĀ historyĀ of pastĀ travels. We hope to write aboutĀ our travels on a more real time basisĀ whenĀ theĀ COVID–19 pandemicĀ resolves, butĀ in the meantime,Ā weāllĀ dust offĀ ourĀ SuperĀ 8Ā tapesĀ andĀ look back uponĀ the […] […]
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[…] a program of regular contributions is preferable to trying to time the markets. Taking a systematic approach to investing can help remove emotions out of the decision -making process. Setting a schedule and contributing regularly ensures you are benefiting when the times are good. It is not about timing the markets, it is about […] […]
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[…] fourth quarter of 2020, Pembrokeās Canadian equity portfolios rallied, building on the gains that followed the market trough in March. News of the efficacy of several COVID -19 vaccines, combined with the continuation of stimulative policies adopted by monetary and fiscal authorities, stoked investor appetite for risk assets. While the course and duration of […] […]
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On the heels of strong results in 2020 and 2021, Pembrokeās US portfolios declined in the first quarter of 2022 and underperformed their benchmark. The year -over–year decline has been relatively modest and over the past year, Pembrokeās US equity strategy remains ahead of its benchmark. However, there are shifting sands. Rising interest rates […] […]
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byAndrew Garschagen Ā In Q1 2021, we turned over 25%+ of the portfolio.Ā PCF investors might recall our COVID -inspired turnover in March–April of 2020 also approximated 25%, and subsequently added 400 basis points of incremental performance to the fund.Ā So why did we act decisively in Q1?Ā The answer is, for two inter–related […] […]
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[…] Russian invasion of Ukraine. While the first signs of inflation were largely viewed as transient, growing realization of its persistency has spurred swift increases in both short -term and long–term interest rates. Equity markets have corrected sharply in this rising rate environment, with a contraction in valuation multiples driving the bulk of the losses. […] […]
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Investment Commentary & Outlook ā Q4 2020 Hold Your CourseĀ Ā Fortune Favours theĀ Steady HandĀ & the Long -term ViewĀ Seasoned investors frequently claim they have āseen it allā. Recessions, bear markets, bull markets, irrational exuberance, and irrational fear. It is all part of the normal course of business for long–term investors. Events in 2020, however, […] […]
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[…] monetary tightening, many economists suspect that a U.S. recession is imminent and will dent corporate earnings and erode the attractiveness of company bonds and shares. With short -term bonds, money–market funds and other cash–like investments offering their highest yields in years, many investors are reluctant to bet on risky investments with uncertain payoffs. The […] […]
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[…] is estimated that global CO2 emissions must be reduced by 45% from 2010 levels by 2030, and then to āNet Zeroā by 2050. Ā In 2021, energy -related global CO2 emissions were estimated not to have fallen, but rather to have reached their highest level ever, 36.3 billion tonnes. As the gap between the […] […]
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[…] On the Road: August 2018 The Importance of Alignment Portfolio Stories Boingo Wireless ā January 2018 Installed Building Products News & Events The āTaxingā Challenges of COVID -19: Tax Update for 2019 Personal and Trust Income Tax Filings and Payments Peter Morton appointed Vice Chairman of Pembroke Private Wealth Management Caroline Miller is elected […] […]
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October 2023 Ā Despite many investorsā current concerns about an economic downturn, most company -level fundamentals remained robust in the third quarter, although vulnerabilities have become apparent in specific subsectors, including technology consulting and biotechnology. Concretely, the third quarter saw positive returns only in the energy and financials sectors of the Russell 2000. These […] […]
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[…] Q4 Portfolio Commentary Pembrokeās US equity growth portfolios closed out 2020 with a surge higher in the final three months of the year. While our strategyās fourth -quarter performance modestly trailed that of the Russell 2000, the absolute increase was significant, and the portfolios remained well ahead of their benchmark for the year. News […] […]
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Three Opportunities in a Crowded World (June 2021) Finding Opportunity in Uncertain times (May 6 2021) A discussion between a Global Macro Strategist and a Portfolio Manager (April 2021) International Growth Strategy, review and outlook (November 2020) Perspectives on International Growth Equities (May 2020) Focus on International Equitites (March 2020) […]
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Ā In our written and verbal communications with our private clients, Pembroke continues to emphasize three cornerstones of our philosophy: Diversify, Take a Long -term view, and never try to time the markets. To support our philosophy, we have also released tools for our clients that include our Investor Profile Survey and our My3Bs […] […]
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Focus on the concentrated strategy (March 2021) Perspectives on Canadian Equity Markets (January 2021) Perspectives on US Equity Markets (January 2021) Focus on the US Market in Advance of the Presidential Election (October 2020) Focus on a Differentiated Approach to Dividiens (September 2020) Perspectives on Investing in Growth and disruption (July 2020) View from the […]
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[…] valuations compressed from historic highs. In this environment, many consumer cyclical companies saw their share prices fall as investors started building a recession into their forecasts. Long -standing market darlings, namely technology companies, also saw their valuations come quickly back to earth. Pembrokeās US portfolios benefitted to some degree from their industry diversification and […] […]
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Pembrokeās US strategies, along with the broader financial markets, have come under significant stress in 2022. Multi -decade highs in inflation have led the Federal Reserve to quickly boost interest rates, engage in quantitative tightening and signal that additional restrictive policy is forthcoming. Inflation is now the enemy, and the Fed is committed to […] […]
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[…] the risks and opportunities. In November last year, the International Financial Reporting Standards Foundation (IFRS) announced the establishment of an International Sustainability Standards Board (ISSB). This standard -setting board, like the International Accounting Standards Board (IASB), the IFRSā other standard–setting board, will provide globally recognized standards for climate disclosure. Data, even when standardized, requires […] […]
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[…] and focuses on client service and business development for both institutional and private clients. Prior to joining Pembroke, he worked in a similar capacity for another Montreal -based investment manager. Andrew spent the first half of his career working in Santiago, Chile, and in London, U.K., as an equity analyst and portfolio manager. He […] […]
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[…] the next year, the focus for Pembrokeās international strategy will be the transition of the economy and corporate profit growth as the economy normalizes to a post -pandemic world, or at least becomes more comfortable coping in a pandemic. While we are still in the middle of what we believe to be a long–term […] […]
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