A WORD FROM THE PEMBROKE TEAM
April and the second quarter of 2025 began with “Liberation Day,” when President Trump announced tariffs on imports from almost every country in the world. This event sent shockwaves through the markets. However, after some time, fear subsided, opportunities arose, and the markets surged back.
In this issue’s Investment Commentary and Outlook, we discuss the current context and Pembroke’s approach to the “TACO” markets. You can also view the recording of our June 17th portfolio manager discussion, titled Opportunities in a Volatile Market, for more information on the investment team’s point of view.
Lastly, to find out how the last few months have unfolded for all our strategies, we invite you to read our strategy-focused articles.
As always, if you have any questions or would like to discuss your investment strategy, feel free to contact your Pembroke representative.
Sincerely,
The Pembroke Team
INVESTMENT COMMENTARY AND OUTLOOK: WHO DOES NOT LOVE A GOOD TACO?
On April 2nd, markets were jolted when President Trump imposed a series of aggressive—and, to many, bewildering—tariffs on imports from allies and adversaries alike. From Canada to Vietnam, countries were faced with the looming threat of punitive duties that risked disrupting global trade. Meanwhile, Elon Musk—Trump’s self-proclaimed “cost-cutter-in-chief”—made headlines with his vow to drastically slash U.S. government spending.
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PORTFOLIO MANAGER DISCUSSION – OPPORTUNITIES IN A VOLATILE MARKET
The global investment environment remains volatile in the wake of the recent announcements by the U.S. administration regarding tariffs.
On June 17, Jeff Tory and members of the Pembroke investment team held a discussion that included a review of the first six months of the year and their outlook on what lay ahead.
DISCLAIMER
This report is for the purpose of providing insight into Pembroke and the Pembroke strategies. 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.
