Turtle Creek Asset Management
Turtle Creek Asset Management, led by Andrew Brenton, manages approximately $2.67 billion in assets, focusing on a concentrated portfolio of 39 positions. The firm is known for its long-term investment approach, emphasizing intrinsic value and potential for significant appreciation. Brenton's background in value investing shapes the firm’s strategy, prioritizing deep, fundamental analysis to uncover undervalued companies.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| BFH | $182.1M | 6.81% | $74.70 | $102.77 | +37.6% | 6.8% | |
| CIGI | $174.6M | 6.53% | $106.72 | $100.30 | -6.0% | 6.5% | |
| CE | $167.6M | 6.27% | $65.74 | $48.84 | -25.7% | 6.3% | |
| FISV | $147.5M | 5.52% | $55.80 | $52.92 | -5.2% | 5.5% | |
| SUNB | $143.3M | 5.36% | $65.09 | $69.08 | +6.1% | 5.4% | |
| KNSL | $140.5M | 5.26% | $341.38 | $347.32 | +1.7% | 5.3% | |
| FND | $140.1M | 5.24% | $50.80 | $56.29 | +10.8% | 5.2% | |
| ATS | $138.1M | 5.17% | $28.20 | $27.48 | -2.5% | 5.2% | |
| WSC | $136.6M | 5.11% | $17.36 | $25.48 | +46.8% | 5.1% | |
| MIDD | $125.1M | 4.68% | $132.58 | $138.84 | +4.7% | 4.7% | |
| EEFT | $122.6M | 4.59% | $66.37 | $78.10 | +17.7% | 4.6% | |
| TFII | $117.6M | 4.40% | $108.28 | $145.77 | +34.6% | 4.4% | |
| IR | $104.3M | 3.90% | $80.10 | $78.05 | -2.6% | 3.9% | |
| WEX | $102.4M | 3.83% | $153.04 | $153.30 | +0.2% | 3.8% | |
| SCI | $95.8M | 3.59% | $82.12 | $78.16 | -4.8% | 3.6% | |
| CCOI | $81.9M | 3.07% | $18.82 | $11.78 | -37.4% | 3.1% | |
| SSNC | $78.1M | 2.92% | $67.57 | $66.19 | -2.0% | 2.9% | |
| VNT | $75.0M | 2.81% | $35.47 | $28.68 | -19.1% | 2.8% | |
| MEDP | $65.1M | 2.44% | $480.19 | $547.34 | +14.0% | 2.4% | |
| BC | $57.4M | 2.15% | $72.35 | $77.11 | +6.6% | 2.1% | |
| ENSG | $51.8M | 1.94% | $201.42 | $170.03 | -15.6% | 1.9% | |
| PNTG | $48.2M | 1.80% | $30.48 | $39.78 | +30.5% | 1.8% | |
| GIL | $45.5M | 1.70% | $55.40 | $51.91 | -6.3% | 1.7% | |
| MGA | $33.5M | 1.25% | $55.37 | $64.71 | +16.9% | 1.3% | |
| ECPG | $27.2M | 1.02% | $70.12 | $89.45 | +27.6% | 1.0% | |
| JELD | $20.6M | 0.77% | $1.24 | $1.18 | -4.8% | 0.8% | |
| DOO | $16.9M | 0.63% | $71.44 | $59.21 | -17.1% | 0.6% | |
| BLDR | $7.8M | 0.29% | $82.33 | $78.53 | -4.6% | 0.3% | |
| ITT | $6.4M | 0.24% | $190.15 | $184.22 | -3.1% | 0.2% | |
| BCO | $5.8M | 0.22% | $103.38 | $104.31 | +0.9% | 0.2% |
Quarter-on-Quarter Activity
New Positions
None this quarter
Exited Positions
None this quarter
Increased
None this quarter
Trimmed
None this quarter
Quarter Activity
Turtle Creek Asset Management made no changes to its portfolio in the most recent quarter. There were no new positions, exits, or adjustments in the size of existing investments. The fund's portfolio remained static without any notable shifts in concentration.
AI Commentary
<p>Turtle Creek Asset Management's portfolio showcases a significant concentration in specific sectors, with top holdings spread across various industries. The largest position is in Bread Financial Holdings Inc (BFH) with an investment worth $182 million, representing 6.8% of the portfolio. This is closely followed by Colliers International Group Inc (CIGI) and Celanese (CE) with holdings valued at $175 million and $168 million, respectively. Notably, the fund has substantial investments in financial services, real estate, and industrial materials, indicating a diversified yet focused sector allocation. Other significant holdings include Fiserv Inc (FISV), Sunbelt Rentals Holdings Inc (SUNB), and Kinsale Capital Group Inc (KNSL), each comprising over 5% of the total assets under management.</p> <p>The recent quarterly activity, or lack thereof, in Turtle Creek Asset Management's portfolio suggests a strong conviction in their current holdings. The fund did not open any new positions, nor did it close or adjust any existing ones. This indicates a steady investment strategy, possibly signaling confidence in the existing portfolio's composition amidst the current market conditions. By maintaining their positions unchanged, the fund might be implying a belief in the long-term potential of their top holdings, despite any short-term market fluctuations. This could also suggest a wait-and-see approach, reflecting a cautious optimism or a strategy to hold steady and capitalize on the expected performance of their key investments.</p>