# EDGAR Filing Document

**Accession Number:** 0001063497
**File Stem:** 0001172661-25-004463
**Filing Date:** 2025-10
**Character Count:** 12525
**Document Hash:** 5712f9be37faadd98b3115b5c870678f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-004463.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001172661-25-004463

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pembroke Management, LTD
- **CENTRAL INDEX KEY:** 0001063497

**ORGANIZATION NAME:**
- **EIN:** 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:** 251423368

**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:** 09-30-2025

**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:** Anthony Calzetta<br>**Title:** Partner and Chief Financial Officer<br>**Phone:** 514-848-1991

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

/s/ Anthony Calzetta  Montreal, A8  10-28-2025<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:** 89

**Form 13F Information Table Value Total:** $1007798230

      (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 |
| AAON INC | COM PAR $0.004 | 000360206 |  | 51686243 | 553149 | SH |  | SOLE |  | 553149 | 0 | 0 |
| ACCELERANT HOLDINGS | CL A | G00894108 |  | 1396459 | 93785 | SH |  | SOLE |  | 93785 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 755654 | 4483 | SH |  | SOLE |  | 4483 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 627898 | 18012 | SH |  | SOLE |  | 18012 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 582954 | 2398 | SH |  | SOLE |  | 2398 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 712505 | 3245 | SH |  | SOLE |  | 3245 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 806413 | 3167 | SH |  | SOLE |  | 3167 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 421119 | 435 | SH |  | SOLE |  | 435 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 |  | 22135298 | 261492 | SH |  | SOLE |  | 261492 | 0 | 0 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 20971231 | 376977 | SH |  | SOLE |  | 376977 | 0 | 0 |
| BK TECHNOLOGIES CORPORATION | COM NEW | 05587G203 |  | 567030 | 6712 | SH |  | SOLE |  | 6712 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 422738 | 4330 | SH |  | SOLE |  | 4330 | 0 | 0 |
| BOWMAN CONSULTING GROUP LTD | COM | 103002101 |  | 19018369 | 448970 | SH |  | SOLE |  | 448970 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 650321 | 14224 | SH |  | SOLE |  | 14224 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 276793 | 788 | SH |  | SOLE |  | 788 | 0 | 0 |
| CADRE HLDGS INC | COM | 12763L105 |  | 5990342 | 164074 | SH |  | SOLE |  | 164074 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 1282256 | 43261 | SH |  | SOLE |  | 43261 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 1179033 | 12503 | SH |  | SOLE |  | 12503 | 0 | 0 |
| CCC INTELLIGENT SOLUTIONS HL | COM | 12510Q100 |  | 12164264 | 1335265 | SH |  | SOLE |  | 1335265 | 0 | 0 |
| CELLEBRITE DI LTD | ORDINARY SHARES | M2197Q107 |  | 25921358 | 1398886 | SH |  | SOLE |  | 1398886 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 1944817 | 21820 | SH |  | SOLE |  | 21820 | 0 | 0 |
| CHEWY INC | CL A | 16679L109 |  | 12219945 | 302100 | SH |  | SOLE |  | 302100 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 594848 | 3808 | SH |  | SOLE |  | 3808 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 231852 | 5158 | SH |  | SOLE |  | 5158 | 0 | 0 |
| CORE  MAIN INC | CL A | 21874C102 |  | 48943097 | 909216 | SH |  | SOLE |  | 909216 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 439146 | 5205 | SH |  | SOLE |  | 5205 | 0 | 0 |
| CPI CARD GROUP INC | COM NEW | 12634H200 |  | 1507444 | 99567 | SH |  | SOLE |  | 99567 | 0 | 0 |
| CRA INTL INC | COM | 12618T105 |  | 16152525 | 77459 | SH |  | SOLE |  | 77459 | 0 | 0 |
| CREXENDO INC | COM | 226552107 |  | 1269912 | 195371 | SH |  | SOLE |  | 195371 | 0 | 0 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 9347333 | 99197 | SH |  | SOLE |  | 99197 | 0 | 0 |
| DORMAN PRODS INC | COM | 258278100 |  | 23382468 | 150003 | SH |  | SOLE |  | 150003 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 262472 | 344 | SH |  | SOLE |  | 344 | 0 | 0 |
| FEDERAL SIGNAL CORP | COM | 313855108 |  | 33459512 | 281196 | SH |  | SOLE |  | 281196 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 572904 | 2551 | SH |  | SOLE |  | 2551 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 1245995 | 6541 | SH |  | SOLE |  | 6541 | 0 | 0 |
| FIVE BELOW INC | COM | 33829M101 |  | 7426374 | 48005 | SH |  | SOLE |  | 48005 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 8461111 | 146386 | SH |  | SOLE |  | 146386 | 0 | 0 |
| GLOBUS MED INC | CL A | 379577208 |  | 32196621 | 562190 | SH |  | SOLE |  | 562190 | 0 | 0 |
| HAGERTY INC | CL A COM | 405166109 |  | 27224884 | 2261203 | SH |  | SOLE |  | 2261203 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 267425 | 660 | SH |  | SOLE |  | 660 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 342445 | 536 | SH |  | SOLE |  | 536 | 0 | 0 |
| IMAX CORP | COM | 45245E109 |  | 16919371 | 516622 | SH |  | SOLE |  | 516622 | 0 | 0 |
| INSTALLED BLDG PRODS INC | COM | 45780R101 |  | 35434682 | 143658 | SH |  | SOLE |  | 143658 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 3797783 | 57612 | SH |  | SOLE |  | 57612 | 0 | 0 |
| ISHARES INC | MSCI EQUAL WEITE | 464286681 |  | 2061150 | 20017 | SH |  | SOLE |  | 20017 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 14970902 | 22368 | SH |  | SOLE |  | 22368 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 4582116 | 52481 | SH |  | SOLE |  | 52481 | 0 | 0 |
| KBR INC | COM | 48242W106 |  | 9824119 | 207742 | SH |  | SOLE |  | 207742 | 0 | 0 |
| LCI INDS | COM | 50189K103 |  | 4223142 | 45337 | SH |  | SOLE |  | 45337 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 325375 | 685 | SH |  | SOLE |  | 685 | 0 | 0 |
| MAIN STR CAP CORP | COM | 56035L104 |  | 4031797 | 63403 | SH |  | SOLE |  | 63403 | 0 | 0 |
| MANHATTAN ASSOCIATES INC | COM | 562750109 |  | 33412970 | 163006 | SH |  | SOLE |  | 163006 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 451635 | 794 | SH |  | SOLE |  | 794 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 481019 | 655 | SH |  | SOLE |  | 655 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 793499 | 1532 | SH |  | SOLE |  | 1532 | 0 | 0 |
| MODINE MFG CO | COM | 607828100 |  | 30505972 | 214589 | SH |  | SOLE |  | 214589 | 0 | 0 |
| MONGODB INC | CL A | 60937P106 |  | 492573 | 1587 | SH |  | SOLE |  | 1587 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 49655639 | 53936 | SH |  | SOLE |  | 53936 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 935275 | 5013 | SH |  | SOLE |  | 5013 | 0 | 0 |
| OLLIES BARGAIN OUTLET HLDGS | COM | 681116109 |  | 12976232 | 101061 | SH |  | SOLE |  | 101061 | 0 | 0 |
| ON HLDG AG | NAMEN AKT A | H5919C104 |  | 245503 | 5797 | SH |  | SOLE |  | 5797 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 536139 | 4973 | SH |  | SOLE |  | 4973 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 511187 | 2070 | SH |  | SOLE |  | 2070 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 269208 | 932 | SH |  | SOLE |  | 932 | 0 | 0 |
| PURE STORAGE INC | CL A | 74624M102 |  | 55871853 | 666649 | SH |  | SOLE |  | 666649 | 0 | 0 |
| Q2 HLDGS INC | COM | 74736L109 |  | 22333835 | 308521 | SH |  | SOLE |  | 308521 | 0 | 0 |
| RED VIOLET INC | COM | 75704L104 |  | 13128962 | 251272 | SH |  | SOLE |  | 251272 | 0 | 0 |
| RESIDEO TECHNOLOGIES INC | COM | 76118Y104 |  | 63480257 | 1470131 | SH |  | SOLE |  | 1470131 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 1954347 | 13266 | SH |  | SOLE |  | 13266 | 0 | 0 |
| RYAN SPECIALTY HOLDINGS INC | CL A | 78351F107 |  | 15572888 | 276311 | SH |  | SOLE |  | 276311 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 1625348 | 10937 | SH |  | SOLE |  | 10937 | 0 | 0 |
| SITEONE LANDSCAPE SUPPLY INC | COM | 82982L103 |  | 39201826 | 304362 | SH |  | SOLE |  | 304362 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 367846 | 527 | SH |  | SOLE |  | 527 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 747377 | 6933 | SH |  | SOLE |  | 6933 | 0 | 0 |
| STEVANATO GROUP S P A | ORD SHS | T9224W109 |  | 33042812 | 1283216 | SH |  | SOLE |  | 1283216 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 301701 | 715 | SH |  | SOLE |  | 715 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 315007 | 239 | SH |  | SOLE |  | 239 | 0 | 0 |
| TREX CO INC | COM | 89531P105 |  | 24610989 | 476311 | SH |  | SOLE |  | 476311 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 204032 | 390 | SH |  | SOLE |  | 390 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 251724 | 729 | SH |  | SOLE |  | 729 | 0 | 0 |
| UNIVERSAL TECHNICAL INST INC | COM | 913915104 |  | 9635093 | 296009 | SH |  | SOLE |  | 296009 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 674170 | 2263 | SH |  | SOLE |  | 2263 | 0 | 0 |
| VERSABANK NEW | COM | 92512J106 |  | 6388089 | 523185 | SH |  | SOLE |  | 523185 | 0 | 0 |
| VERTEX INC | CL A | 92538J106 |  | 20279534 | 818053 | SH |  | SOLE |  | 818053 | 0 | 0 |
| VICTORY CAP HLDGS INC | COM CL A | 92645B103 |  | 9795080 | 151252 | SH |  | SOLE |  | 151252 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 250230 | 2428 | SH |  | SOLE |  | 2428 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 28374583 | 70182 | SH |  | SOLE |  | 70182 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 707276 | 6324 | SH |  | SOLE |  | 6324 | 0 | 0 |
| WORKIVA INC | COM CL A | 98139A105 |  | 36184675 | 420361 | SH |  | SOLE |  | 420361 | 0 | 0 |

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