Turtle Creek Asset Management Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Turtle Creek Asset Management Inc. reported 41 stock positions worth $3.4 billion. Its top holding was Ats (ATS) at 7.0% of the portfolio, followed by Celanese (CE, 6.8%) and Bread Financial (BFH, 6.0%). Compared with Q1 2025, it opened 4 new positions, sold out of 1, added to 12 and reduced 22. The biggest buy was Cogent Communications Holdin (CCOI, shares +1628%) and the biggest sale an exit from Berry Global (BERY).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001484148
- Portfolio Value
- $3.4B (Q2 2025)
- SEC Filing
- 0000950123-25-007962 ↗ filed Aug 14, 2025
Holdings Value
Holdings 41 stocks · $3.4B
| ATS Ats Corp. | 7.02% | 7,590,538 | $242.0M | Reduce -8.6% |
| CE Celanese Corp. | 6.79% | 4,227,765 | $233.9M | Reduce -6.2% |
| BFH Bread Financial Holdings Inc. | 5.96% | 3,594,596 | $205.3M | Reduce -10.2% |
| MIDD Middleby Corp. | 5.86% | 1,402,760 | $202.0M | Reduce -4.3% |
| BC Brunswick Corp. | 5.73% | 3,574,617 | $197.5M | Reduce -5.1% |
| KMX Carmax Inc. | 5.25% | 2,690,850 | $180.9M | Add +3.4% |
| TFII Tfi International Inc. | 5.02% | 1,929,978 | $173.1M | Reduce -5.5% |
| FND Floor & Decor Holdings Inc. Class A | 4.98% | 2,257,799 | $171.5M | Add +27.0% |
| CIGI Colliers Intl GR-Subord Vot | 4.74% | 1,250,533 | $163.2M | Reduce -4.1% |
| IR Ingersoll-Rand Inc. | 4.43% | 1,834,176 | $152.6M | Reduce -2.5% |
| DOO BRP Inc./Ca- Sub Voting | 4.20% | 2,986,371 | $144.7M | Reduce -17.4% |
| WSC Willscot Holdings Corp. | 4.04% | 5,084,997 | $139.3M | Add +22.3% |
| CCOI Cogent Communications Holdin | 3.91% | 2,792,711 | $134.6M | Add +1628.4% |
| BWA Borgwarner Inc. | 3.48% | 3,578,489 | $119.8M | Reduce -14.8% |
| SCI Service Corp. International | 3.21% | 1,359,695 | $110.7M | Reduce -16.2% |
| MGA Magna International Inc. | 2.87% | 2,556,802 | $98.7M | Reduce -5.3% |
| KNSL Kinsale Capital Group Inc. | 2.81% | 200,254 | $96.9M | Reduce -23.2% |
| VNT Vontier Corp. | 2.71% | 2,525,469 | $93.2M | Reduce -10.5% |
| OTEX Open Text Corp. | 2.67% | 3,154,503 | $92.1M | Reduce -38.4% |
| SSNC Ss&c Technologies Holdings | 2.39% | 996,043 | $82.5M | Reduce -4.2% |
| ECPG Encore Capital Group Inc. | 2.29% | 2,039,490 | $78.9M | Reduce -4.9% |
| GIL Gildan Activewear Inc. | 2.27% | 1,590,755 | $78.3M | Reduce -8.6% |
| AMCR Amcor PLC | 2.24% | 8,400,523 | $77.2M | New |
| EEFT Euronet Worldwide Inc. | 2.08% | 705,670 | $71.5M | Reduce -4.8% |
| JELD Jeld-Wen Holding Inc. | 1.85% | 16,217,610 | $63.6M | Add +5.8% |
| BLDR Builders Firstsource Inc. | 0.23% | 66,590 | $7.8M | Add +102.2% |
| PATK Patrick Industries Inc. | 0.21% | 78,700 | $7.3M | Add +5.3% |
| KNX Knight-Swift Transportation | 0.21% | 163,513 | $7.2M | Reduce -5.6% |
| ITT Itt Inc. | 0.14% | 31,564 | $5.0M | New |
| MAGN Magnera Corp. | 0.11% | 314,733 | $3.8M | No change |
| MEDP Medpace Holdings Inc. | 0.10% | 11,000 | $3.5M | New |
| SYF Synchrony Financial | 0.06% | 28,600 | $1.9M | New |
| WFG West Fraser Timber Co. Ltd. | 0.04% | 17,250 | $1.3M | Add +7.5% |
| SEE Sealed Air Corp. | 0.03% | 32,040 | $994K | No change |
| CVS CVS Health Corp. | 0.02% | 10,500 | $724K | Reduce -99.4% |
| TNC Tennant Co. | 0.01% | 4,700 | $364K | Add +62.1% |
| DCBO Docebo Inc. | 0.01% | 10,200 | $295K | Add +79.0% |
| CLW Clearwater Paper Corp. | 0.01% | 10,700 | $291K | Add +10.3% |
| LVLU Lulu's Fashion Lounge Holdin | 0.01% | 55,000 | $248K | No change |
| PNTG The Pennant Group Inc. | 0.01% | 6,500 | $194K | Reduce -27.8% |
| PHIN Phinia Inc. | 0.00% | 2,400 | $107K | Add +33.3% |
Portfolio Sells Q1 2025 → Q2 2025
| BERY Berry Global Group Inc. | Sold out | 0.00% | −4.67 |
| CVS CVS Health Corp. | Reduce -99.4% | 0.02% | −3.21 |
| OTEX Open Text Corp. | Reduce -38.4% | 2.67% | −0.96 |
| KNSL Kinsale Capital Group Inc. | Reduce -23.2% | 2.81% | −0.76 |
| SCI Service Corp. International | Reduce -16.2% | 3.21% | −0.45 |
| CE Celanese Corp. | Reduce -6.2% | 6.79% | −0.40 |
| MIDD Middleby Corp. | Reduce -4.3% | 5.86% | −0.40 |
| EEFT Euronet Worldwide Inc. | Reduce -4.8% | 2.08% | −0.15 |
| SSNC Ss&c Technologies Holdings | Reduce -4.2% | 2.39% | −0.05 |
| KNX Knight-Swift Transportation | Reduce -5.6% | 0.21% | −0.00 |
| PNTG The Pennant Group Inc. | Reduce -27.8% | 0.01% | −0.00 |
| BC Brunswick Corp. | Reduce -5.1% | 5.73% | +0.03 |
| BWA Borgwarner Inc. | Reduce -14.8% | 3.48% | +0.09 |
| VNT Vontier Corp. | Reduce -10.5% | 2.71% | +0.10 |
| GIL Gildan Activewear Inc. | Reduce -8.6% | 2.27% | +0.11 |
| IR Ingersoll-Rand Inc. | Reduce -2.5% | 4.43% | +0.19 |
| ECPG Encore Capital Group Inc. | Reduce -4.9% | 2.29% | +0.22 |
| MGA Magna International Inc. | Reduce -5.3% | 2.87% | +0.28 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -4.1% | 4.74% | +0.29 |
| BFH Bread Financial Holdings Inc. | Reduce -10.2% | 5.96% | +0.32 |
| TFII Tfi International Inc. | Reduce -5.5% | 5.02% | +0.58 |
| DOO BRP Inc./Ca- Sub Voting | Reduce -17.4% | 4.20% | +0.76 |
| ATS Ats Corp. | Reduce -8.6% | 7.02% | +1.21 |
Portfolio Buys Q1 2025 → Q2 2025
| CCOI Cogent Communications Holdin | Add +1628.4% | 3.91% | +3.63 |
| AMCR Amcor PLC | New | 2.24% | +2.24 |
| FND Floor & Decor Holdings Inc. Class A | Add +27.0% | 4.98% | +0.96 |
| WSC Willscot Holdings Corp. | Add +22.3% | 4.04% | +0.79 |
| ITT Itt Inc. | New | 0.14% | +0.14 |
| BLDR Builders Firstsource Inc. | Add +102.2% | 0.23% | +0.11 |
| MEDP Medpace Holdings Inc. | New | 0.10% | +0.10 |
| SYF Synchrony Financial | New | 0.06% | +0.06 |
| PATK Patrick Industries Inc. | Add +5.3% | 0.21% | +0.03 |
| TNC Tennant Co. | Add +62.1% | 0.01% | +0.00 |
| DCBO Docebo Inc. | Add +79.0% | 0.01% | +0.00 |
| WFG West Fraser Timber Co. Ltd. | Add +7.5% | 0.04% | +0.00 |
| CLW Clearwater Paper Corp. | Add +10.3% | 0.01% | +0.00 |
| PHIN Phinia Inc. | Add +33.3% | 0.00% | +0.00 |
| KMX Carmax Inc. | Add +3.4% | 5.25% | −0.45 |
| JELD Jeld-Wen Holding Inc. | Add +5.8% | 1.85% | −0.73 |
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 |