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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 16, 2024 | Turtle Creek Fund Test | -10.6% | 0.0% | ATS.TO, PFB.TO, TFII | Attribution Analysis, Canada, mid cap, Quality, risk management, value | The fund focuses on purchasing companies at significant discounts to Business Value, with new additions requiring at least 40% discounts. Three new positions were added at greater than 50% discounts to Business Value during the quarter. | View | |
| 2024 Q4 | Mar 10, 2025 | Turtle Creek Fund Test | -2.7% | - | AHT.L, AMCR, ATS.TO, BERY, BF.A, DFS, DOO.TO, KNSL, MGRC, PFB.TO, URBN, URI, WSC | Buybacks, Deregulation, Financial Services, mid cap, Trade Policy, value | Trump administration expected to be more business friendly with push for deregulation and lower corporate taxes. CFPB under Trump widely expected to be more business friendly and less focused on increasing regulatory burden. Proposed cap on credit card late fees may be dropped under new administration. | WSC KNSL AHT.L DOO.TO BERY BFH |
View |
| 2025 Q3 | Oct 31, 2025 | Turtle Creek Fund Test | 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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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||