A Word from the Pembroke Team

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 behavioural finance survey (recently renamed the Intelligo survey).

Given our focus on the long-term, we believe that focusing on short-term results often provides little insight. For that reason, our newsletter will increasingly take a long-term view. This change will allow us to refocus our conversation on each portfolio’s strategy and positioning and on the longer-term trends of the past year.

Because the first quarter of 2022 was one in which growth stocks around the world significantly underperformed value stocks, and every Pembroke equity mutual fund underperformed its benchmark, we wanted to be very clear to our clients that our refocusing of Perspectives onto the longer term, more strategic issues, was in no way an attempt to avoid discussing the very challenging first quarter of 2022.

We are therefore including a table (Exhibit 1), with the first quarter 2022 performance of the Pembroke equity and fixed income mutual funds and their benchmarks. Now and in the future, when there is a meaningful development during a quarter, we will be sure to address it while continuing the emphasis on the long term.


April 2022 Issue

Official Partner of the National Ski Team

We are proud to announce that we will invest in the National Ski Team’s pursuit of excellence. Pembroke will support Canadian cross-country ski athletes as they embark on a new journey to Milan-Cortina.


Fixed Income Investments – Staying the Course

Inflation and rising interest rates have traditionally been a toxic mixture for fixed income returns. We held a discussion to hear how Pembroke’s fixed income managers have repositioned their portfolios in the current context.



This report is for the purpose of providing some insight into Pembroke and the Pembroke funds. Past performance is not indicative of future returns. Any securities listed herein, are for informational purposes only and are not intended and should not be construed as investment advice nor is it a recommendation to buy or sell any particular security. Factual information has been taken from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Pembroke seeks to ensure that the content of this document is correct and up to date but does not guarantee that the content is accurate and complete and does not assume any responsibility for this. Pembroke is not responsible for decisions or actions taken or made on the basis of information contained in this document.