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Turtle Creek

Sep 2025 → Jun 2026 · 3 funds

Our archive holds 3 letters from Turtle Creek, behind 7 investment theses and positions in 13 companies. Every quote below is copied verbatim from the letter it came from.

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Turtle Creek’s own letters page
3
Letters
13
Companies
10
Moves
7
Theses

2 strategies

Turtle Creek publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

Also filed under Turtle Creek.

What they bought and sold · 10 moves

  • TrimmedTFI International Inc.
    June 2026
    “One of them, Encore Capital, we recently exited (purely because of valuation) and the other two, TFI International and Magna, we have substantially sold down such that they are each about a 1% weighting in our portfolio.”
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  • TrimmedTFI International
    June 2026
    “In a similar vein, shares of TFI International have almost doubled in the past year and now the company is less than a 1% weight, the lowest weighting since we added the company 20 years ago.”
    Read the letter
  • TrimmedMagna International Inc.
    June 2026
    “One of them, Encore Capital, we recently exited (purely because of valuation) and the other two, TFI International and Magna, we have substantially sold down such that they are each about a 1% weighting in our portfolio.”
    Read the letter
  • ExitedEncore Capital Group, Inc.
    June 2026
    “One of them, Encore Capital, we recently exited (purely because of valuation) and the other two, TFI International and Magna, we have substantially sold down such that they are each about a 1% weighting in our portfolio.”
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  • AddedColliers International Group Inc.
    June 2026
    “Today, after declining by nearly 50%, it is one of our top five holdings as we have tripled the number of shares we own.”
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  • New positionKinsale Capital Group, Inc.
    June 2026
    “Even companies that have never repurchased shares have launched inaugural buyback plans – Floor & Decor, a category killer retailer of flooring products, and Kinsale Capital, a highly efficient and profitable specialty insurance company, have started buying back shares at very attractive prices.”
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  • AddedGildan Activewear
    June 2026
    “Gildan was one of our smallest positions at the time, as the share price had roughly doubled in the past year, but this price decline gave us the opportunity to purchase almost 50% more shares at attractive prices.”
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  • New positionFloor & Decor Holdings, Inc.
    June 2026
    “Even companies that have never repurchased shares have launched inaugural buyback plans – Floor & Decor, a category killer retailer of flooring products, and Kinsale Capital, a highly efficient and profitable specialty insurance company, have started buying back shares at very attractive prices.”
    Read the letter
  • AddedEnsign Group
    June 2026
    “The price decline caused by the short report provided us the opportunity to increase the number of shares we owned by 60%.”
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  • TrimmedBread Financial
    June 2026
    “During the quarter we reduced our shares owned in Bread by close to 50% and it has gone from being our largest position to barely a top five holding.”
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Companies held · 13

Every company Turtle Creek has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 7

  • Premium Brands Holdings Corporation
    June 2026

    Premium Brands is a founder-led acquirer with strong organic growth, resilient EPS growth despite inflation and capex, and attractive valuation with expected further earnings and price appreciation.

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  • The Brink's Company
    June 2026

    The Brink's Company is an increasingly capital-efficient, recurring managed-services business whose NCR Atleos acquisition should strengthen its position and accelerate growth.

    Read the full thesis
  • Ashtead Group
    September 2025

    Ashtead Group is the second largest equipment rental company in North America, preferred for its strategic growth through a mix of expansion and small acquisitions, making it a strong investment in a consolidating industry.

    Read the full thesis
  • Service Corp. International
    September 2025

    Service Corp. is the largest and best-run funeral home and cemetery operator in North America, with significant growth potential despite holding only 17% market share.

    Read the full thesis
  • WillScot Holdings
    September 2025

    WillScot Holdings is the leading provider of turnkey space solutions in North America, leveraging market dominance and pricing power to drive growth through acquisitions and expansion.

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  • Bread Financial
    September 2025

    Bread Financial is a competitive investment opportunity in the white-labeled credit card and lending market, with strong management and favorable valuation compared to industry leader Synchrony Financial.

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  • Kinsale Capital Group
    September 2025

    Kinsale Capital Group is a rapidly growing specialty insurance company in the U.S. excess and surplus market, known for its disciplined underwriting approach and technology-driven cost advantages.

    Read the full thesis

Letter archive · 3

2026

2025

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