Turtle Creek Asset Management Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Turtle Creek Asset Management Inc. reported 38 stock positions worth $3.6 billion. Its top holding was Celanese (CE) at 7.2% of the portfolio, followed by Middleby (MIDD, 6.3%) and Ats (ATS, 5.8%). Compared with Q4 2024, it added to 23 and reduced 14. The biggest buy was Tfi International (TFII, shares +110%) and the biggest sale Ss&c Technologies (SSNC, shares −47%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001484148
- Portfolio Value
- $3.6B (Q1 2025)
- SEC Filing
- 0000950123-25-005402 ↗ filed May 15, 2025
Holdings Value
Holdings 38 stocks · $3.6B
| CE Celanese Corp. | 7.19% | 4,505,365 | $255.8M | Add +28.5% |
| MIDD Middleby Corp. | 6.26% | 1,465,207 | $222.7M | Reduce -21.5% |
| ATS Ats Corp. | 5.82% | 8,301,528 | $207.0M | Reduce -0.4% |
| BC Brunswick Corp. | 5.70% | 3,765,617 | $202.8M | Add +27.0% |
| KMX Carmax Inc. | 5.70% | 2,602,250 | $202.8M | Add +0.5% |
| BFH Bread Financial Holdings Inc. | 5.64% | 4,004,747 | $200.6M | Add +7.0% |
| BERY Berry Global Group Inc. | 4.67% | 2,381,600 | $166.3M | Reduce -8.9% |
| CIGI Colliers Intl GR-Subord Vot | 4.45% | 1,303,883 | $158.2M | Add +1.5% |
| TFII Tfi International Inc. | 4.45% | 2,041,178 | $158.1M | Add +110.1% |
| IR Ingersoll-Rand Inc. | 4.23% | 1,881,619 | $150.6M | Add +8.9% |
| FND Floor & Decor Holdings Inc. Class A | 4.02% | 1,777,356 | $143.0M | Add +29.6% |
| SCI Service Corp. International | 3.66% | 1,623,179 | $130.2M | Reduce -2.6% |
| OTEX Open Text Corp. | 3.64% | 5,120,053 | $129.3M | Reduce -4.6% |
| KNSL Kinsale Capital Group Inc. | 3.57% | 260,873 | $127.0M | Add +6.6% |
| DOO BRP Inc./Ca- Sub Voting | 3.44% | 3,616,521 | $122.3M | Add +21.7% |
| BWA Borgwarner Inc. | 3.38% | 4,199,489 | $120.3M | Add +3.0% |
| WSC Willscot Holdings Corp. | 3.25% | 4,157,442 | $115.6M | Add +15.7% |
| CVS CVS Health Corp. | 3.24% | 1,698,441 | $115.1M | Reduce -13.0% |
| VNT Vontier Corp. | 2.61% | 2,822,866 | $92.7M | Add +10.1% |
| MGA Magna International Inc. | 2.58% | 2,701,152 | $91.8M | Add +18.2% |
| JELD Jeld-Wen Holding Inc. | 2.57% | 15,329,275 | $91.5M | Add +3.3% |
| SSNC Ss&c Technologies Holdings | 2.44% | 1,039,174 | $86.8M | Reduce -46.8% |
| EEFT Euronet Worldwide Inc. | 2.23% | 741,149 | $79.2M | Reduce -9.5% |
| GIL Gildan Activewear Inc. | 2.16% | 1,739,830 | $76.9M | Reduce -33.2% |
| ECPG Encore Capital Group Inc. | 2.07% | 2,145,105 | $73.5M | Add +4.3% |
| CCOI Cogent Communications Holdin | 0.28% | 161,577 | $9.9M | Add +29.1% |
| KNX Knight-Swift Transportation | 0.21% | 173,263 | $7.5M | Reduce -27.8% |
| PATK Patrick Industries Inc. | 0.18% | 74,700 | $6.3M | Add +9.7% |
| MAGN Magnera Corp. | 0.16% | 314,733 | $5.7M | Reduce -45.0% |
| BLDR Builders Firstsource Inc. | 0.12% | 32,940 | $4.1M | Add +72.1% |
| WFG West Fraser Timber Co. Ltd. | 0.03% | 16,050 | $1.2M | Reduce -12.5% |
| SEE Sealed Air Corp. | 0.03% | 32,040 | $926K | Reduce -23.8% |
| CLW Clearwater Paper Corp. | 0.01% | 9,700 | $246K | Add +5.4% |
| TNC Tennant Co. | 0.01% | 2,900 | $231K | Reduce -9.4% |
| PNTG The Pennant Group Inc. | 0.01% | 9,000 | $226K | Add +260.0% |
| DCBO Docebo Inc. | 0.00% | 5,700 | $164K | Add +72.7% |
| PHIN Phinia Inc. | 0.00% | 1,800 | $76K | Add +20.0% |
| LVLU Lulu's Fashion Lounge Holdin | 0.00% | 55,000 | $22K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| SSNC Ss&c Technologies Holdings | Reduce -46.8% | 2.44% | −1.41 |
| GIL Gildan Activewear Inc. | Reduce -33.2% | 2.16% | −1.02 |
| ATS Ats Corp. | Reduce -0.4% | 5.82% | −0.79 |
| OTEX Open Text Corp. | Reduce -4.6% | 3.64% | −0.32 |
| MIDD Middleby Corp. | Reduce -21.5% | 6.26% | −0.31 |
| KNX Knight-Swift Transportation | Reduce -27.8% | 0.21% | −0.12 |
| MAGN Magnera Corp. | Reduce -45.0% | 0.16% | −0.11 |
| SEE Sealed Air Corp. | Reduce -23.8% | 0.03% | −0.01 |
| WFG West Fraser Timber Co. Ltd. | Reduce -12.5% | 0.03% | −0.01 |
| TNC Tennant Co. | Reduce -9.4% | 0.01% | −0.00 |
| EEFT Euronet Worldwide Inc. | Reduce -9.5% | 2.23% | +0.04 |
| SCI Service Corp. International | Reduce -2.6% | 3.66% | +0.20 |
| BERY Berry Global Group Inc. | Reduce -8.9% | 4.67% | +0.28 |
| CVS CVS Health Corp. | Reduce -13.0% | 3.24% | +0.96 |
Portfolio Buys Q4 2024 → Q1 2025
| TFII Tfi International Inc. | Add +110.1% | 4.45% | +1.03 |
| CE Celanese Corp. | Add +28.5% | 7.19% | +0.88 |
| BC Brunswick Corp. | Add +27.0% | 5.70% | +0.71 |
| KNSL Kinsale Capital Group Inc. | Add +6.6% | 3.57% | +0.61 |
| FND Floor & Decor Holdings Inc. Class A | Add +29.6% | 4.02% | +0.47 |
| KMX Carmax Inc. | Add +0.5% | 5.70% | +0.20 |
| VNT Vontier Corp. | Add +10.1% | 2.61% | +0.18 |
| IR Ingersoll-Rand Inc. | Add +8.9% | 4.23% | +0.17 |
| WSC Willscot Holdings Corp. | Add +15.7% | 3.25% | +0.12 |
| MGA Magna International Inc. | Add +18.2% | 2.58% | +0.10 |
| BLDR Builders Firstsource Inc. | Add +72.1% | 0.12% | +0.04 |
| PATK Patrick Industries Inc. | Add +9.7% | 0.18% | +0.03 |
| CCOI Cogent Communications Holdin | Add +29.1% | 0.28% | +0.03 |
| BWA Borgwarner Inc. | Add +3.0% | 3.38% | +0.01 |
| PNTG The Pennant Group Inc. | Add +260.0% | 0.01% | +0.00 |
| DCBO Docebo Inc. | Add +72.7% | 0.00% | +0.00 |
| PHIN Phinia Inc. | Add +20.0% | 0.00% | +0.00 |
| CLW Clearwater Paper Corp. | Add +5.4% | 0.01% | −0.00 |
| CIGI Colliers Intl GR-Subord Vot | Add +1.5% | 4.45% | −0.09 |
| BFH Bread Financial Holdings Inc. | Add +7.0% | 5.64% | −0.30 |
| ECPG Encore Capital Group Inc. | Add +4.3% | 2.07% | −0.49 |
| DOO BRP Inc./Ca- Sub Voting | Add +21.7% | 3.44% | −0.49 |
| JELD Jeld-Wen Holding Inc. | Add +3.3% | 2.57% | −0.59 |
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 |