9AT: PEMBROKE MANAGEMENT LTD.

PEMBROKE MANAGEMENT LTD.

PEMBROKE MANAGEMENT LTD.

Adviser Profile

As of Date	03/05/2026
Registration	SEC, Approved, 03/04/2011
ADV Location	MONTREAL, QUEBEC, Canada
Contact Info	514 xxxxxxx
Websites

AUM^*	1,905,084,000 18%
of that, discretionary	1,905,084,000 18%
Number of Employees	25 9%
of those in investment advisory functions	15 7%
Private Fund GAV^*	0
Avg Account Size	11,012,046 -24%
% High Net Worth	86.71% 3%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm

Client Types

- High net worth individuals
- Pooled investment vehicles
- Pension and profit sharing plans

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Reported AUM

3B 2B 2B 2B 1B 789M 395M

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Discretionary

Non-discretionary

Private Funds

No private funds

Employees

Top Holdings

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker74624M102	Stock NameEVERPURE INC	$ Position$39,199,837	% Position6.00%	$ Change45.00%	# Change9.00%
Stck Ticker313855108	Stock NameFEDERAL SIGNAL CORP	$ Position$36,412,396	% Position6.00%	$ Change17.00%	# Change-2.00%
Stck Ticker607828100	Stock NameMODINE MFG CO	$ Position$38,423,911	% Position6.00%	$ Change7.00%	# Change-13.00%
Stck Ticker609839105	Stock NameMONOLITHIC PWR SYS INC	$ Position$36,730,688	% Position6.00%	$ Change-2.00%	# Change-23.00%
Stck Ticker76118Y104	Stock NameRESIDEO TECHNOLOGIES INC	$ Position$34,990,517	% Position5.00%	$ Change-7.00%	# Change1.00%
Stck Ticker918284100	Stock NameVSE CORP	$ Position$34,072,549	% Position5.00%	$ Change277.00%	# Change205.00%
Stck Ticker379577208	Stock NameGLOBUS MED INC	$ Position$31,513,929	% Position5.00%	$ Change-10.00%	# Change-2.00%
Stck Ticker405166109	Stock NameHAGERTY INC	$ Position$20,298,878	% Position3.00%	$ Change11.00%	# Change-2.00%
Stck Ticker45780R101	Stock NameINSTALLED BLDG PRODS INC	$ Position$18,585,552	% Position3.00%	$ Change-7.00%	# Change8.00%
Stck Ticker546347105	Stock NameLOUISIANA PAC CORP	$ Position$17,089,436	% Position3.00%	$ Change6.00%	# Change-2.00%

Brochure Summary

Overview

Pembroke Management Ltd (the “Registrant” “Pembroke”, “us,” or “we”) provides investment advisory and other services. Pembroke is an independent company owned entirely by current employees of the firm. The four largest shareholders are Ian Aitken, Matthew Beckerleg Nicolas Chevalier, and Andrew Garschagen. We manage investment advisory accounts for institutional investors including, but not limited to, corporate and public pension funds, endowments and foundations, private investment funds, as well as for mutual funds and wealthy individuals (“Clients”). We provide advice to Clients regarding equity securities, and other investments and financial instruments. Since its founding in 1968, Pembroke has focused substantially on Canadian and U.S. growth companies with smaller to medium sized capitalization. The majority of our investment decisions are made through qualitative and fundamental analysis. All accounts with the same mandate are managed on a similar basis, We do have flexibility to permit Clients to impose certain restrictions on their accounts with respect to: (1) the specific types of investments or asset classes that we will or will not purchase for their account; (2) the nature of the issuers of investments that we will or will not purchase for their account; or (3) the risk profile of instruments

we will or will not purchase for their account, or the risk profile of the account as a whole. In general, our Client accounts are fully invested and we do not normally engage in market timing. As of January 1, 2024, the Registrant had $1.6 billion in assets under management to which it provides advice on a discretionary basis. Throughout this brochure, we disclose a number of conflicts of interest and provide summaries of a number of our policies and procedures designed to detect and address these conflicts and others. We encourage Clients and prospective clients to review our policies and procedures and inquire directly with us about our conflicts. Our compliance policies and procedures are available for review in our offices. In addition, conflicts of interest and specific risks are identified in the prospectus for the Pembroke Investment Funds, a family of registered mutual funds, (the “Funds”) that are managed by Pembroke Private Wealth Management Ltd., an affiliate of Pembroke. We act as the sub-advisor on some of these Funds. The Pembroke Investment Funds are offered for sale solely to residents or citizens of Canada and to entities registered and domiciled in Canada. Please request a copy of the Fund’s most current prospectus for a description of other conflicts and risks that might exist.