The Pembroke investment team is proud to celebrate the five-year anniversary of the Pembroke Concentrated Fund, an important milestone for any new fund. The Fund invests in approximately 20 stocks, predominantly US small- to mid-cap growth stocks. These high-quality, high-conviction growth stocks are selected from the Pembroke universe of holdings.
Our goal is to identify category-leading “future large caps”, while they are still relatively small, underappreciated businesses. One core belief, informed by our more than 50 years of investing, is that owning quality businesses can limit volatility in down markets, while enabling outperformance in up markets.
As of January 31, 2023, since inception, the Fund posted a monthly upside capture ratio of 108% versus the Russell 2000, and an 87% downside capture ratio. Over the same five-year period, the Fund posted an annualized USD return of 11.8% (13.6% in CAD) compared to 5.5% (7.3% in CAD) for the Russell 2000, its primary benchmark. Furthermore, the Fund bested the S&P 500 index (total USD return of 9.5%) during a historical period of large cap outperformance.
Thank you to all the investors who have supported us over the last five years!
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Disclaimer
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.
