# EDGAR Filing Document

**Accession Number:** 0001063497
**File Stem:** 0001172661-23-000382
**Filing Date:** 2023-2
**Character Count:** 10392
**Document Hash:** 4f82e9a42069daad69f2cde1730d0548
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-23-000382.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001172661-23-000382

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pembroke Management, LTD
- **CENTRAL INDEX KEY:** 0001063497
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15085
- **FILM NUMBER:** 23575485

**BUSINESS ADDRESS:**
- **STREET 1:** 1002 SHERBROOKE STREET WEST
- **STREET 2:** SUITE 1700
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 3S4
- **BUSINESS PHONE:** 514-848-1991

**MAIL ADDRESS:**
- **STREET 1:** 1002 SHERBROOKE STREET WEST
- **STREET 2:** SUITE 1700
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 3S4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PEMBROKE MANAGEMENT LTD
- **DATE OF NAME CHANGE:** 19980605

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Pembroke Management LTD<br>**Address:** 1002 Sherbrooke Street West<br>Suite 1700<br>Montreal, A8 H3A 3S4

**Form 13F File Number:** 028-15085

**CRD Number (if applicable):** 000155405

**SEC File Number (if applicable):** 801-72181

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Michael McLaughlin<br>**Title:** Chief Financial Officer  CCO<br>**Phone:** 514-848-1991

**Signature, Place, and Date of Signing:**

/s/ Michael McLaughlin  Montreal, A8  02-01-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 66

**Form 13F Information Table Value Total:** $934959107

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALBANY INTL CORP | CL A | 012348108 |  | 32965834 | 334373 | SH |  | SOLE |  | 334373 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 |  | 18366583 | 480549 | SH |  | SOLE |  | 480549 | 0 | 0 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 26851131 | 323976 | SH |  | SOLE |  | 323976 | 0 | 0 |
| BOWMAN CONSULTING GROUP LTD | COM | 103002101 |  | 16240122 | 743255 | SH |  | SOLE |  | 743255 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 245218 | 5759 | SH |  | SOLE |  | 5759 | 0 | 0 |
| BRP INC | COM SUN VTG | 05577W200 |  | 33458908 | 324120 | SH |  | SOLE |  | 324120 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 491849 | 3058 | SH |  | SOLE |  | 3058 | 0 | 0 |
| CERTARA INC | COM | 15687V109 |  | 9119532 | 567488 | SH |  | SOLE |  | 567488 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 748928 | 6417 | SH |  | SOLE |  | 6417 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 32544276 | 261652 | SH |  | SOLE |  | 261652 | 0 | 0 |
| CONSTRUCTION PARTNERS INC | COM CL A | 21044C107 |  | 14332957 | 537016 | SH |  | SOLE |  | 537016 | 0 | 0 |
| COUCHBASE INC | COM | 22207T101 |  | 9742095 | 734698 | SH |  | SOLE |  | 734698 | 0 | 0 |
| CPI CARD GROUP INC | COM NEW | 12634H200 |  | 276156 | 7654 | SH |  | SOLE |  | 7654 | 0 | 0 |
| CRA INTL INC | COM | 12618T105 |  | 22726558 | 185629 | SH |  | SOLE |  | 185629 | 0 | 0 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 26099307 | 276505 | SH |  | SOLE |  | 276505 | 0 | 0 |
| DOLBY LABORATORIES INC | COM CL A | 25659T107 |  | 14654544 | 207748 | SH |  | SOLE |  | 207748 | 0 | 0 |
| DORMAN PRODS INC | COM | 258278100 |  | 24656454 | 304890 | SH |  | SOLE |  | 304890 | 0 | 0 |
| ENERGY RECOVERY INC | COM | 29270J100 |  | 12554674 | 612722 | SH |  | SOLE |  | 612722 | 0 | 0 |
| ENPHASE ENERGY INC | COM | 29355A107 |  | 9447944 | 35658 | SH |  | SOLE |  | 35658 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 10004941 | 106007 | SH |  | SOLE |  | 106007 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 499254 | 3011 | SH |  | SOLE |  | 3011 | 0 | 0 |
| FOX FACTORY HLDG CORP | COM | 35138V102 |  | 8010906 | 87810 | SH |  | SOLE |  | 87810 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 691215 | 3745 | SH |  | SOLE |  | 3745 | 0 | 0 |
| FRANKLIN COVEY CO | COM | 353469109 |  | 23076318 | 493400 | SH |  | SOLE |  | 493400 | 0 | 0 |
| GENTHERM INC | COM | 37253A103 |  | 28960098 | 443561 | SH |  | SOLE |  | 443561 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 4870384 | 131348 | SH |  | SOLE |  | 131348 | 0 | 0 |
| GLOBUS MED INC | CL A | 379577208 |  | 43379993 | 584085 | SH |  | SOLE |  | 584085 | 0 | 0 |
| GROCERY OUTLET HLDG CORP | COM | 39874R101 |  | 5467871 | 187320 | SH |  | SOLE |  | 187320 | 0 | 0 |
| INSTALLED BLDG PRODS INC | COM | 45780R101 |  | 27271218 | 318589 | SH |  | SOLE |  | 318589 | 0 | 0 |
| INTERNATIONAL MNY EXPRESS IN | COM | 46005L101 |  | 14638011 | 600657 | SH |  | SOLE |  | 600657 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 6223569 | 133267 | SH |  | SOLE |  | 133267 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 2865829 | 46493 | SH |  | SOLE |  | 46493 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 10619949 | 27641 | SH |  | SOLE |  | 27641 | 0 | 0 |
| KBR INC | COM | 48242W106 |  | 9238522 | 174972 | SH |  | SOLE |  | 174972 | 0 | 0 |
| LCI INDS | COM | 50189K103 |  | 4177076 | 45182 | SH |  | SOLE |  | 45182 | 0 | 0 |
| LESLIES INC | COM | 527064109 |  | 4717126 | 386333 | SH |  | SOLE |  | 386333 | 0 | 0 |
| MANHATTAN ASSOCIATES INC | COM | 562750109 |  | 6152188 | 50677 | SH |  | SOLE |  | 50677 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 27126838 | 76714 | SH |  | SOLE |  | 76714 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 7130672 | 293685 | SH |  | SOLE |  | 293685 | 0 | 0 |
| NV5 GLOBAL INC | COM | 62945V109 |  | 4887239 | 36935 | SH |  | SOLE |  | 36935 | 0 | 0 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 19929039 | 64223 | SH |  | SOLE |  | 64223 | 0 | 0 |
| PERFICIENT INC | COM | 71375U101 |  | 17779207 | 254607 | SH |  | SOLE |  | 254607 | 0 | 0 |
| PURE STORAGE INC | CL A | 74624M102 |  | 14902162 | 556882 | SH |  | SOLE |  | 556882 | 0 | 0 |
| QUALYS INC | COM | 74758T303 |  | 9987797 | 88994 | SH |  | SOLE |  | 88994 | 0 | 0 |
| REPLIGEN CORP | COM | 759916109 |  | 6843510 | 40420 | SH |  | SOLE |  | 40420 | 0 | 0 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 |  | 716063 | 5625 | SH |  | SOLE |  | 5625 | 0 | 0 |
| SANGOMA TECHNOLOGIES CORP | COM NEW | 80100R408 |  | 11197368 | 1763365 | SH |  | SOLE |  | 1763365 | 0 | 0 |
| SEACOAST BKG CORP FLA | COM NEW | 811707801 |  | 19130480 | 613353 | SH |  | SOLE |  | 613353 | 0 | 0 |
| SHUTTERSTOCK INC | COM | 825690100 |  | 18474775 | 350432 | SH |  | SOLE |  | 350432 | 0 | 0 |
| SITEONE LANDSCAPE SUPPLY INC | COM | 82982L103 |  | 26711183 | 227678 | SH |  | SOLE |  | 227678 | 0 | 0 |
| SMITH A O CORP | COM | 831865209 |  | 26656496 | 465697 | SH |  | SOLE |  | 465697 | 0 | 0 |
| SPROUT SOCIAL INC | COM CL A | 85209W109 |  | 15277342 | 270587 | SH |  | SOLE |  | 270587 | 0 | 0 |
| SPS COMM INC | COM | 78463M107 |  | 16201701 | 126152 | SH |  | SOLE |  | 126152 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 524685 | 8087 | SH |  | SOLE |  | 8087 | 0 | 0 |
| STEVANATO GROUP S P A | ORD SHS | T9224W109 |  | 13860135 | 771293 | SH |  | SOLE |  | 771293 | 0 | 0 |
| STONERIDGE INC | COM | 86183P102 |  | 27687783 | 1284220 | SH |  | SOLE |  | 1284220 | 0 | 0 |
| TREX CO INC | COM | 89531P105 |  | 17552515 | 414659 | SH |  | SOLE |  | 414659 | 0 | 0 |
| TRICON RESIDENTIAL INC | COM NPV | 89612W102 |  | 17726567 | 1697947 | SH |  | SOLE |  | 1697947 | 0 | 0 |
| TTEC HLDGS INC | COM | 89854H102 |  | 19447297 | 440682 | SH |  | SOLE |  | 440682 | 0 | 0 |
| TUCOWS INC | COM NEW | 898697206 |  | 16668822 | 377606 | SH |  | SOLE |  | 377606 | 0 | 0 |
| UNIVERSAL TECHNICAL INST INC | COM | 913915104 |  | 187972 | 27972 | SH |  | SOLE |  | 27972 | 0 | 0 |
| VERSABANK NEW | COM | 92512J106 |  | 1298276 | 128415 | SH |  | SOLE |  | 128415 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 15405937 | 61772 | SH |  | SOLE |  | 61772 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 508316 | 9609 | SH |  | SOLE |  | 9609 | 0 | 0 |
| WNS HLDGS LTD | SPON ADR | 92932M101 |  | 36382572 | 454839 | SH |  | SOLE |  | 454839 | 0 | 0 |
| XPEL INC | COM | 98379L100 |  | 8368820 | 139341 | SH |  | SOLE |  | 139341 | 0 | 0 |

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