Penbrook Management LLC

Penbrook Management LLC runs a $132M 13F whose defining structural feature is concentration — the top five positions claim roughly one-third of the book, and the most unusual position is not a name but a configuration: Alphabet Class A (GOOGL) and Alphabet Class C (GOOG) held simultaneously across both filings at nearly identical weights (5.0% and 4.9% of portfolio, respectively), folding two share-class lines into a single de-facto Google commitment of almost 10% of total assets — a doubling-down that most peers would resolve by choosing one side. Novo Nordisk ADR (NVO) sits as the largest single-name position at $11.6M (8.8%), though it is worth noting that during Q1 its value declined $4.5M on essentially flat share count, reflecting a 28% pullback in the stock rather than an active reduction by the manager. Amazon (AMZN, 8.2%) and Microsoft (MSFT, 6.2%) provide the U.S. large-cap tech anchor; Moody's (MCO, 4.5%) supplies the financial/analytics-services tilt alongside Blackstone (BX). What makes the Q1 composition read differently from prior periods is the shift at the margin: Planet Labs (PL) was cut by roughly two-thirds during the quarter, a bet that the satellite-imagery thesis is re-pricing; Synchrony Financial (SYF), Fidelity National Financial (FNF), First BanCorp (FBP), and PAR Technology were cleared out entirely; six new names entered — Prothera (clinical-stage biotech), Magnite (programmatic ad-tech), Cryoport (biopharma cold-chain logistics), Extreme Networks (EXTR, enterprise networking), Shell, and Cenovus (energy). The net effect: the book's top-seven conviction layer is unchanged in identity but slightly reduced in absolute value ($144.9M AUM at year-end 2025 fell to $132.1M), suggesting modest redemptions alongside the rotation rather than a clean manager-led restructuring.