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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q2 | Jul 8, 2026 | Turtle Creek Fund | - | - | BFH, CIGI, ECPG, FND, FSV, GIL, KNSL, MGA, PBH.TO, TFII | AI, Buybacks, Commercial real estate, long-term, Multiple Compression, Quality, value | BFH PBH.TO CIGI |
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| 2026 Q1 | Jun 15, 2026 | Turtle Creek Fund Test | -4.8% | -4.8% | ATS.TO, BFH, CE, CIGI.TO, ENSG, IR, MEDP, PBH.TO, PNTG | Buybacks, healthcare, Industrial, mid cap, Specialty Chemicals, value | PNTG MEDP IR ATS.TO CIGI PBH.TO CE |
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| 2025 Q1 | May 31, 2025 | Turtle Creek Fund | -10.3% | -10.3% | BFH, BWA, FND, MGA.TO, MIDD, TFII.TO, TOY.TO | Buybacks, Canada, Foodservice, mid cap, tariffs, Transportation, value | Trump administration's chaotic tariff policy created significant market volatility and uncertainty. Direct portfolio impact is modest with only 4 of 30 companies notably affected due to USMCA compliance. Secondary economic impact from consumer sentiment decline and approval rating drops has caused policy backtracking. | MIDD TFII.TO BFH |
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| 2024 Q1 | Apr 25, 2024 | Miller Value Partners Income Strategy | 11.7% | 11.7% | BFH, BKE, CHRD, CTO, JXN, LNC, MED, MPW, OMF, STLA, T, UGI, VTRS, WAL | Concentration, crypto, dividends, energy, flexibility, high yield, income, value | The portfolio added UGI Corp, a dividend aristocrat that has paid shareholders a dividend for 139 consecutive years and looks poised to boost its dividend for the 37th consecutive year. At current prices, UGI trades at its lowest price/earnings multiple in history despite sporting a 6% yield with a plan to grow earnings power at a high single-digit rate. | LNC UGI CHRD |
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| 2025 Q3 | Oct 31, 2025 | Turtle Creek Fund | 0.4% | - | AHT.L, ATD.TO, BFH, DOL.TO, DOO.TO, GIL.TO, KNSL, PFB.TO, SCI, SYF, TFII.TO, URI, WSC | Canada, Concentration, growth, mid cap, Quality, value | Portfolio trades at 10.4x earnings, below historical median range of 9x-13x, while S&P 500 trades at elevated 22x earnings in top fifth percentile of 20-year range. Manager emphasizes valuation discipline and relative attractiveness versus broad market multiples. | CTAS KNSL WSC CTAS KNSL WSC |
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| 2023 Q3 | Oct 17, 2023 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | AXL, BFH, CHS, FOSL, GTN | - | View | ||
| 2025 Q3 | Oct 15, 2025 | Miller Value Partners Deep Value Strategies | 26.4% | 9.2% | AAPL, BFH, MSFT, NBR | AI, deep value, earnings, Recovery, small caps, technology, valuation, value | Manager emphasizes extremely wide valuation spreads between low valuation equities and longer duration/technology stocks. Deep Value Select strategy trades at greater than 70% discount to S&P 500 Index with attractive asymmetric return potential. Low valuation equities are being overlooked and represent a timely opportunity. | BFH NBR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jul 10, 2026 | Fund Letters | Turtle Creek Fund | Bread Financial Holdings Inc. | Credit Services | Consumer Finance | Bull | New York Stock Exchange | capital allocation, consumer finance, credit cards, Equity, financial services, multiple expansion, Private-label, Share Buybacks, turnaround, Value Realization | View Pitch |
| Apr 13, 2026 | Fund Letters | Turtle Creek | Bread Financial Holdings, Inc. | Financials | Consumer Finance | Bull | NYSE | BNPL, capital allocation, consumer finance, credit cards, earnings beat, Loyalty Programs, Share Buybacks, White-label | View Pitch |
| Apr 13, 2026 | Fund Letters | Turtle Creek | Bread Financial Holdings Inc | Financials | Consumer Finance | Bull | NYSE | consumer finance, credit cards, Private Label Cards, Regulatory Relief, ROE, Share Buybacks, Sub-prime Lending | View Pitch |
| Nov 29, 2025 | Fund Letters | Daniel Lysik | Bread Financial Holdings, Inc. | Financials | Consumer Finance | Bull | NYSE | credit cards, Deposits, earnings yield, Normalization, Reserves, Rotce, underwriting | View Pitch |
| Oct 16, 2025 | Seeking Alpha | Seeking Alpha | Bread Financial Holdings, Inc. | Credit Services | Bull | balance sheet, Bread Financial, buy now pay later, credit cards, credit reserves, earnings growth, financial services, financial transformation, normalized earnings yield, underwriting | View Pitch | ||
| Aug 7, 2025 | Seeking Alpha | Turtle Creek | Bread Financial | Financials | Credit Services | Bull | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $3.5M | 0.01% | 46,926 | +5,678 | +13.77% | 0.1022% |
| Richard Pzena | Pzena Investment Management | $33.4B | $47.4M | 0.14% | 640,130 | -145,287 | -18.50% | 1.3947% |
| Bill Miller | Miller Value Fund | $283.8M | $14.9M | 5.25% | 201,415 | -68,595 | -25.40% | 0.4388% |
| Cliff Asness | AQR Capital Management | $190.6B | $7.9M | 0.00% | 106,559 | -468 | -0.44% | 0.2322% |
| Israel Englander | Millennium Management LLC | $233.2B | $49.3M | 0.02% | 665,812 | +459,916 | +223.37% | 1.4506% |
| Jeremy Grantham | GMO LLC | $39.1B | $4.5M | 0.01% | 60,804 | +5,118 | +9.19% | 0.1325% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $4.8M | 0.01% | 64,489 | -27,811 | -30.13% | 0.1405% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $7,255 | 0.00% | 98 | +54 | +122.73% | 0.0002% |
| Bob Wyckoff | Tweedy Browne CO LLC | $1.2B | $1.5M | 0.12% | 19,659 | +2,808 | +16.66% | 0.0428% |
| Rich Handler | Jefferies | $19.3B | $4.9M | 0.03% | 66,015 | +66,015 | +100.00% | 0.1438% |
| Ray Dalio | Bridgewater Associates | $27.4B | $4.0M | 0.01% | 54,303 | +8,813 | +19.37% | 0.1183% |