Turtle Creek Asset Management Inc.
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 20 quarters, returned +3.7% per quarter — versus +1.7% per quarter from simply owning every 13F stock. It beat that baseline in only 60.0% of quarters (excess t = 0.05, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 40 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| BFH | $373M | | ADD |
| CE | $302M | | ADD |
| ATS | $293M | | ADD |
| CIGI | $259M | | ADD |
| FND | $236M | | ADD |
| EEFT | $204M | | ADD |
| IR | $184M | | ADD |
| FISV | $159M | | ADD |
| CCOI | $155M | | ADD |
| SUNB | $143M | | NEW |
| KNSL | $141M | | ADD |
| WSC | $137M | | ADD |
| BC | $133M | | ADD |
| MIDD | $125M | | TRIM |
| ENSG | $118M | | ADD |
| TFII | $118M | | TRIM |
| GIL | $104M | | ADD |
| WEX | $102M | | ADD |
| SCI | $96M | | ADD |
| ECPG | $92M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.