After more than a year of working from home, some Pembroke employees began to slowly trickle back to our offices during the second quarter of 2021. There was a sense of positive progress as colleagues who had not seen each other for so many months once again had the pleasure of meeting in person and working physically next to each other. There was also some awkwardness.

During the course of the year, we have welcomed new employees who have never seen a colleague in person. Our remote work routines have also become efficient and streamlined, and have accommodated new rhythms. While the quiet of the office was a welcome change for some, the commute time and unusual sense of space in the office raise questions about efficiency. It will take time to figure out the right balance as we move forward towards the “new normal”.

Our On the Road article highlights this balance. We spotlight TTEC, a customer experience (“CX”) technology and services company. The CX industry is one we have covered for years. While we have benefitted from countless site visits and management interviews, we had to acknowledge in this article that access to the management team with video collaboration software was but one recent example of how communications are easier and more immediate than ever before.

Like so many other aspects of life, pain forces change. Without enforced physical distance, caused by the Pandemic would anyone have believed that we could have moved to remote work so quickly? There is no similar urgency forcing a return to our previous ways and we will undoubtably continue to benefit from some of the changes that were forced upon us.

Our Investment Commentary & Outlook and the individual strategy discussions highlight this juncture writ large for the global economy, as large swaths of vaccinated populations are getting back to work and putting pressure on supply chains that have been closed or operating at partial capacity.

Populations of unvaccinated people are also succumbing to the new Delta variant of the COVID virus and causing new closures, uncertainty and anxiety. These cross-currents are driving volatility in inflation views, interest rates, stock markets and bond markets, as investors grapple with shifting narratives.

Finally, in our Spotlight on Climate Change Risk, we focus on the increasing economic costs of more frequent and severe weather events, another factor contributing to long-term inflation views and rapidly forcing changes in the way we conduct business.

Whether in our office life, our portfolios or in our relations with our clients, one of the best ways to find the right balance in times of rapid change is to listen. While we enjoy sharing our own views, we are most effective when we understand yours.

We hope you find this issue of Perspectives informative and encourage you to contact us with your comments and suggestions.



Ian Aitken, M.S.C., CFA
President and Chief Executive Officer
Pembroke Private Wealth Management

June 30, 2021 Issue



TickerCompanyPrice Change (CAD)Revenue Growth, Current Fiscal YearEBITDA Growth, Current Fiscal YearRevenue growth, next fiscal yearEBITDA growth, next fiscal year
CIGI CNColliers International Group12%13%15%9%11%
ZZZ CNSleep Country Canada Holdings-6%12%6%5%6%
KXS CNKinaxis Inc.11%2%-44%28%106%
TCS CNTECSYS Inc.-1%15%6%15%33%
GCG/A CNGuardian Capital Group Ltd.11%-14%7%8%4%



TickerCompanyPrice Change (USD)Revenue Growth, Current Fiscal YearEBITDA Growth, Current Fiscal YearRevenue growth, next fiscal yearEBITDA growth, next fiscal year
GMEDGlobus Medical26%17%38%10%13%
WNSWNS Holdings Ltd.10%8%21%12%11%
TTECTTEC Holdings Inc.3%13%10%9%10%
KRNTKornit Digital Ltd.25%58%226%23%40%
AINAlbany International Corp.7%-2%-11%10%12%

Review of Canadian and US Strategies

On July 21, Pembroke held a virtual event. During the session, Jeff Tory, Nicolas Chevalier, Stephen Hui, Andrew Garschagen, Doug Pospisil and Matthew Beckerleg reviewed Pembroke’s Canadian and US Strategies and discussed what’s coming.

1- Year-to-date review for the two strategies

2- Our view on what is coming on the Canadian and US markets

3- The opportunities we see and how we find them is these still uncertain times

If you missed this virtual event or any other, you can replay our virtual lunches here.


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.