Turtle Creek Asset Management Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Turtle Creek Asset Management Inc. reported 38 stock positions worth $3.8 billion. Its top holding was Ats (ATS) at 6.6% of the portfolio, followed by Middleby (MIDD, 6.6%) and Celanese (CE, 6.3%). Compared with Q3 2024, it opened 3 new positions, sold out of 3, added to 15 and reduced 19. The biggest buy was Celanese (CE, shares +267%) and the biggest sale Berry Global (BERY, shares −33%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001484148
- Portfolio Value
- $3.8B (Q4 2024)
- SEC Filing
- 0000950123-25-002213 ↗ filed Feb 14, 2025
Holdings Value
Holdings 38 stocks · $3.8B
| ATS Ats Corp. | 6.61% | 8,338,573 | $254.2M | Reduce -6.4% |
| MIDD Middleby Corp. | 6.57% | 1,866,359 | $252.8M | Add +2.9% |
| CE Celanese Corp. | 6.31% | 3,506,440 | $242.7M | Add +266.7% |
| BFH Bread Financial Holdings Inc. | 5.94% | 3,740,994 | $228.4M | Reduce -18.4% |
| KMX Carmax Inc. | 5.51% | 2,590,071 | $211.8M | Add +2.3% |
| BC Brunswick Corp. | 4.99% | 2,965,460 | $191.8M | Add +19.7% |
| CIGI Colliers Intl GR-Subord Vot | 4.54% | 1,284,723 | $174.7M | Reduce -3.3% |
| BERY Berry Global Group Inc. | 4.40% | 2,615,849 | $169.2M | Reduce -33.2% |
| IR Ingersoll-Rand Inc. | 4.07% | 1,728,416 | $156.4M | Reduce -2.0% |
| OTEX Open Text Corp. | 3.95% | 5,366,703 | $152.0M | Add +2.1% |
| DOO BRP Inc./Ca- Sub Voting | 3.93% | 2,970,680 | $151.1M | Add +29.0% |
| SSNC Ss&c Technologies Holdings | 3.85% | 1,953,588 | $148.0M | Reduce -7.0% |
| FND Floor & Decor Holdings Inc. Class A | 3.56% | 1,371,683 | $136.8M | Add +14.7% |
| SCI Service Corp. International | 3.46% | 1,667,147 | $133.1M | Reduce -15.2% |
| TFII Tfi International Inc. | 3.41% | 971,426 | $131.2M | Reduce -2.7% |
| BWA Borgwarner Inc. | 3.37% | 4,078,780 | $129.7M | Add +7.0% |
| GIL Gildan Activewear Inc. | 3.19% | 2,605,480 | $122.6M | Reduce -17.1% |
| JELD Jeld-Wen Holding Inc. | 3.16% | 14,842,920 | $121.6M | Add +7.2% |
| WSC Willscot Holdings Corp. | 3.13% | 3,594,848 | $120.2M | Add +23.9% |
| KNSL Kinsale Capital Group Inc. | 2.96% | 244,823 | $113.9M | Reduce -6.3% |
| ECPG Encore Capital Group Inc. | 2.56% | 2,057,143 | $98.3M | Reduce -1.7% |
| MGA Magna International Inc. | 2.48% | 2,284,378 | $95.5M | Reduce -11.9% |
| VNT Vontier Corp. | 2.43% | 2,564,237 | $93.5M | Reduce -17.9% |
| CVS CVS Health Corp. | 2.28% | 1,952,991 | $87.7M | Reduce -6.9% |
| EEFT Euronet Worldwide Inc. | 2.19% | 819,157 | $84.2M | Reduce -4.4% |
| KNX Knight-Swift Transportation | 0.33% | 240,063 | $12.7M | Reduce -7.6% |
| MAGN Magnera Corp. | 0.27% | 572,587 | $10.4M | New |
| CCOI Cogent Communications Holdin | 0.25% | 125,200 | $9.6M | New |
| PATK Patrick Industries Inc. | 0.15% | 68,100 | $5.7M | Add +9.4% |
| BLDR Builders Firstsource Inc. | 0.07% | 19,140 | $2.7M | Add +44.6% |
| WFG West Fraser Timber Co. Ltd. | 0.04% | 18,350 | $1.6M | Reduce -4.2% |
| SEE Sealed Air Corp. | 0.04% | 42,040 | $1.4M | Reduce -76.3% |
| CLW Clearwater Paper Corp. | 0.01% | 9,200 | $274K | Add +12.2% |
| TNC Tennant Co. | 0.01% | 3,200 | $261K | New |
| DCBO Docebo Inc. | 0.00% | 3,300 | $148K | Add +6.5% |
| PHIN Phinia Inc. | 0.00% | 1,500 | $72K | Reduce -28.6% |
| PNTG The Pennant Group Inc. | 0.00% | 2,500 | $66K | Add +150.0% |
| LVLU Lulu's Fashion Lounge Holdin | 0.00% | 55,000 | $62K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| BERY Berry Global Group Inc. | Reduce -33.2% | 4.40% | −1.99 |
| URBN Urban Outfitters Inc. | Sold out | 0.00% | −1.38 |
| CVS CVS Health Corp. | Reduce -6.9% | 2.28% | −0.89 |
| GIL Gildan Activewear Inc. | Reduce -17.1% | 3.19% | −0.36 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -3.3% | 4.54% | −0.30 |
| SCI Service Corp. International | Reduce -15.2% | 3.46% | −0.26 |
| SEE Sealed Air Corp. | Reduce -76.3% | 0.04% | −0.12 |
| VNT Vontier Corp. | Reduce -17.9% | 2.43% | −0.10 |
| IR Ingersoll-Rand Inc. | Reduce -2.0% | 4.07% | −0.09 |
| RVLV Revolve Group Inc. Class A | Sold out | 0.00% | −0.07 |
| MGA Magna International Inc. | Reduce -11.9% | 2.48% | −0.07 |
| KNX Knight-Swift Transportation | Reduce -7.6% | 0.33% | −0.01 |
| WFG West Fraser Timber Co. Ltd. | Reduce -4.2% | 0.04% | −0.00 |
| AVNW Aviat Networks Inc. | Sold out | 0.00% | −0.00 |
| PHIN Phinia Inc. | Reduce -28.6% | 0.00% | −0.00 |
| KNSL Kinsale Capital Group Inc. | Reduce -6.3% | 2.96% | +0.04 |
| SSNC Ss&c Technologies Holdings | Reduce -7.0% | 3.85% | +0.11 |
| TFII Tfi International Inc. | Reduce -2.7% | 3.41% | +0.13 |
| EEFT Euronet Worldwide Inc. | Reduce -4.4% | 2.19% | +0.15 |
| ECPG Encore Capital Group Inc. | Reduce -1.7% | 2.56% | +0.18 |
| ATS Ats Corp. | Reduce -6.4% | 6.61% | +0.40 |
| BFH Bread Financial Holdings Inc. | Reduce -18.4% | 5.94% | +0.71 |
Portfolio Buys Q3 2024 → Q4 2024
| CE Celanese Corp. | Add +266.7% | 6.31% | +3.19 |
| KMX Carmax Inc. | Add +2.3% | 5.51% | +0.80 |
| DOO BRP Inc./Ca- Sub Voting | Add +29.0% | 3.93% | +0.64 |
| MIDD Middleby Corp. | Add +2.9% | 6.57% | +0.52 |
| WSC Willscot Holdings Corp. | Add +23.9% | 3.13% | +0.51 |
| MAGN Magnera Corp. | New | 0.27% | +0.27 |
| CCOI Cogent Communications Holdin | New | 0.25% | +0.25 |
| BWA Borgwarner Inc. | Add +7.0% | 3.37% | +0.05 |
| BLDR Builders Firstsource Inc. | Add +44.6% | 0.07% | +0.01 |
| TNC Tennant Co. | New | 0.01% | +0.01 |
| PATK Patrick Industries Inc. | Add +9.4% | 0.15% | +0.01 |
| BC Brunswick Corp. | Add +19.7% | 4.99% | +0.00 |
| CLW Clearwater Paper Corp. | Add +12.2% | 0.01% | +0.00 |
| PNTG The Pennant Group Inc. | Add +150.0% | 0.00% | +0.00 |
| DCBO Docebo Inc. | Add +6.5% | 0.00% | +0.00 |
| FND Floor & Decor Holdings Inc. Class A | Add +14.7% | 3.56% | −0.01 |
| OTEX Open Text Corp. | Add +2.1% | 3.95% | −0.25 |
| JELD Jeld-Wen Holding Inc. | Add +7.2% | 3.16% | −2.09 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 38 | $2.6B | FISV, CIGI, FND, BFH, KNSL |
| Q1 2026Amended | 39 | $2.7B | BFH, CIGI, CE, FISV, SUNB |
| Q4 2025 | 38 | $2.3B | BFH, MIDD, ATS, TFII, IR |
| Q3 2025 | 41 | $3.3B | CE, MIDD, BC, WSC, BFH |
| Q2 2025 | 41 | $3.4B | ATS, CE, BFH, MIDD, BC |
| Q1 2025 | 38 | $3.6B | CE, MIDD, ATS, BC, KMX |
| Q4 2024 | 38 | $3.8B | ATS, MIDD, CE, BFH, KMX |
| Q3 2024 | 38 | $4.2B | BERY, ATS, MIDD, JELD, BFH |
| Q2 2024 | 39 | $3.9B | BERY, MIDD, BFH, KMX, JELD |
| Q1 2024 | 40 | $4.1B | JELD, BERY, MIDD, KMX, BC |