TURTLE CREEK ASSET MANAGEMENT INC.

CIK

1484148

Location

TORONTO, A6

Portfolio Value

Mid $3,313,416,774

Diversification

Diversified

Filing Date

Global Rank

#868 / 7,976 ▼ 47

Top Industry

Specialty Industrial Machinery 16.5%

3Y Alpha vs SPY

-17.2%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

23 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+12.1%

SPY

+76.3%

Annualised alpha

-16.9%

Max drawdown

−31.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

40 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

6.5%

−0.7 pts

Top 5

29.0%

−3.1 pts

Top 10

54.0%

−3.1 pts

HHI

422

Diversified−43

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Industrials	30.5%	$1,010,226,261	11
Consumer Cyclical	27.1%	$898,015,882	9
Financial Services	10.9%	$362,261,870	4
Technology	10.2%	$336,640,127	6
Basic Materials	6.5%	$216,687,284	3
Communication Services	5.3%	$176,560,830	1
Real Estate	3.8%	$127,488,135	1
Unclassified	3.0%	$100,236,628	1
Healthcare	2.5%	$81,611,087	3
Consumer Defensive	0.1%	$3,688,670	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

13 positions

Ticker	Company	Δ Shares	Shares	Value
WSC	WillScot Holdings Corp	+3,645,350	8,730,347	$184,297,625
CCOI	Cogent Communications Holdings, Inc.	+1,811,222	4,603,933	$176,560,830
CE	Celanese Corp	+887,600	5,115,365	$215,254,559
JELD	JELD-WEN Holding, Inc.	+407,947	16,625,557	$81,631,484
EEFT	Euronet Worldwide, Inc.	+249,676	955,346	$83,888,932
MIDD	MIDDLEBY Corp	+59,050	1,461,810	$194,318,403
KNSL	Kinsale Capital Group, Inc.	+25,666	225,920	$96,074,739
KMX	Carmax Inc	+16,627	2,707,477	$121,484,492
KNX	Knight-Swift Transportation Holdings Inc.	+9,700	173,213	$6,843,645
PNTG	Pennant Group, Inc.	+5,500	12,000	$302,640
CLW	Clearwater Paper Corp	+1,500	12,200	$253,272
TNC	Tennant Co	+600	5,300	$429,618
WFG	West Fraser Timber Co., Ltd	+100	17,350	$1,179,453
No positions match the current search.

Trimmed

Positions the filer reduced

22 positions

Ticker	Company	Δ Shares	Shares	Value
OTEX	Open Text Corp	−3,101,343	53,160	$1,987,120
BWA	Borgwarner Inc	−2,785,803	792,686	$34,846,476
DOO	BRP Inc.	−1,268,625	1,717,746	$104,404,601
VNT	Vontier Corp	−721,447	1,804,022	$75,714,803
BC	Brunswick Corp	−648,394	2,926,223	$185,054,342
ATS	ATS Corp /ATS	−617,528	6,973,010	$182,692,862
MGA	Magna International Inc	−606,850	1,949,952	$92,388,725
CIGI	Colliers International Group Inc.	−434,400	816,133	$127,488,135
BFH	Bread Financial Holdings, Inc.	−311,050	3,283,546	$183,123,360
GIL	Gildan Activewear Inc.	−115,800	1,474,955	$85,252,399
TFII	TFI International Inc.	−109,251	1,820,727	$160,333,219
FND	Floor & Decor Holdings, Inc.	−102,788	2,155,011	$158,824,310
ECPG	Encore Capital Group Inc	−92,000	1,947,490	$81,288,232
SSNC	SS&C Technologies Holdings Inc	−77,894	918,149	$81,494,905
IR	Ingersoll Rand Inc.	−35,326	1,798,850	$148,620,987
PATK	Patrick Industries Inc	−31,250	47,450	$4,907,753
SCI	Service Corp International	−27,650	1,332,045	$110,852,784
BLDR	Builders FirstSource, Inc.	−10,050	56,540	$6,855,475
MEDP	Medpace Holdings, Inc.	−6,200	4,800	$2,467,968
ITT	Itt Inc.	−5,300	26,264	$4,694,952
SYF	Synchrony Financial	−3,610	24,990	$1,775,539
DCBO	Docebo Inc.	−500	9,700	$265,101
No positions match the current search.

New Positions

Positions the filer opened this quarter

4 positions

Ticker	Company	Shares	Value
FISV	Fiserv Inc	777,450	$100,236,628
WEX	WEX Inc.	592,200	$93,289,266
ENSG	Ensign Group, Inc	456,332	$78,840,479
ARCB	Arcbest Corp /De/	565,450	$39,507,991
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
SEE	SEALED AIR CORP/DE	32,040	$994,201
CVS	CVS HEALTH Corp	10,500	$724,290
PHIN	Phinia Inc.	2,400	$106,776
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

40 positions · $3,313,416,774 total · as of Sep 30, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CE	Celanese Corp Basic Materials	Added	5,115,365	+887,600	$215,254,559	−8.0%	6.50%
MIDD	MIDDLEBY Corp Industrials	Added	1,461,810	+59,050	$194,318,403	−3.8%	5.86%
BC	Brunswick Corp Consumer Cyclical	Reduced	2,926,223	-648,394	$185,054,342	−6.3%	5.59%
WSC	WillScot Holdings Corp Industrials	Added	8,730,347	+3,645,350	$184,297,625	+32.3%	5.56%
BFH	Bread Financial Holdings, Inc. Financial Services	Reduced	3,283,546	-311,050	$183,123,360	−10.8%	5.53%
ATS	ATS Corp /ATS Industrials	Reduced	6,973,010	-617,528	$182,692,862	−24.5%	5.51%
CCOI	Cogent Communications Holdings, Inc. Communication Services	Reduced	4,603,933	-981,489	$176,560,830	−34.4%	5.33%
TFII	TFI International Inc. Industrials	Reduced	1,820,727	-109,251	$160,333,219	−7.4%	4.84%
FND	Floor & Decor Holdings, Inc. Consumer Cyclical	Reduced	2,155,011	-102,788	$158,824,310	−7.4%	4.79%
IR	Ingersoll Rand Inc. Industrials	Reduced	1,798,850	-35,326	$148,620,987	−2.6%	4.49%
CIGI	Colliers International Group Inc. Real Estate	Reduced	816,133	-434,400	$127,488,135	−21.9%	3.85%
KMX	Carmax Inc Consumer Cyclical	Added	2,707,477	+16,627	$121,484,492	−32.8%	3.67%
SCI	Service Corp International Consumer Cyclical	Reduced	1,332,045	-27,650	$110,852,784	+0.2%	3.35%
DOO	BRP Inc. Consumer Cyclical	Reduced	1,717,746	-4,254,996	$104,404,601	−63.9%	3.15%
FISV	Fiserv Inc	NEW	777,450	NEW	$100,236,628	NEW	3.03%
KNSL	Kinsale Capital Group, Inc. Financial Services	Added	225,920	+25,666	$96,074,739	−0.9%	2.90%
WEX	WEX Inc. Technology	NEW	592,200	NEW	$93,289,266	NEW	2.82%
MGA	Magna International Inc Consumer Cyclical	Reduced	1,949,952	-606,850	$92,388,725	−6.4%	2.79%
GIL	Gildan Activewear Inc. Consumer Cyclical	Reduced	1,474,955	-115,800	$85,252,399	+8.8%	2.57%
EEFT	Euronet Worldwide, Inc. Technology	Added	955,346	+249,676	$83,888,932	+17.3%	2.53%
JELD	JELD-WEN Holding, Inc. Industrials	Added	16,625,557	+407,947	$81,631,484	+28.4%	2.46%
SSNC	SS&C Technologies Holdings Inc Technology	Reduced	918,149	-77,894	$81,494,905	−1.2%	2.46%
ECPG	Encore Capital Group Inc Financial Services	Reduced	1,947,490	-92,000	$81,288,232	+3.0%	2.45%
ENSG	Ensign Group, Inc Healthcare	NEW	456,332	NEW	$78,840,479	NEW	2.38%
VNT	Vontier Corp Technology	Reduced	1,804,022	-721,447	$75,714,803	−18.8%	2.29%
ARCB	Arcbest Corp /De/ Industrials	NEW	565,450	NEW	$39,507,991	NEW	1.19%
BWA	Borgwarner Inc Consumer Cyclical	Reduced	792,686	-2,785,803	$34,846,476	−70.9%	1.05%
BLDR	Builders FirstSource, Inc. Industrials	Reduced	56,540	-10,050	$6,855,475	−11.8%	0.21%
KNX	Knight-Swift Transportation Holdings Inc. Industrials	Added	173,213	+9,700	$6,843,645	−5.4%	0.21%
PATK	Patrick Industries Inc Consumer Cyclical	Reduced	47,450	-31,250	$4,907,753	−32.4%	0.15%
ITT	Itt Inc. Industrials	Reduced	26,264	-5,300	$4,694,952	−5.2%	0.14%
MAGN	Magnera Corp Consumer Defensive	Held	314,733	0	$3,688,670	−3.0%	0.11%
MEDP	Medpace Holdings, Inc. Healthcare	Reduced	4,800	-6,200	$2,467,968	−28.5%	0.07%
OTEX	Open Text Corp Technology	Reduced	53,160	-3,101,343	$1,987,120	−97.8%	0.06%
SYF	Synchrony Financial Financial Services	Reduced	24,990	-3,610	$1,775,539	−7.0%	0.05%
WFG	West Fraser Timber Co., Ltd Basic Materials	Added	17,350	+100	$1,179,453	−6.7%	0.04%
TNC	Tennant Co Industrials	Added	5,300	+600	$429,618	+18.0%	0.01%
PNTG	Pennant Group, Inc. Healthcare	Added	12,000	+5,500	$302,640	+56.0%	0.01%
DCBO	Docebo Inc. Technology	Reduced	9,700	-500	$265,101	−10.2%	0.01%
CLW	Clearwater Paper Corp Basic Materials	Added	12,200	+1,500	$253,272	−13.1%	0.01%