Turtle Creek Asset Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Turtle Creek Asset Management Inc. reported 41 stock positions worth $3.3 billion. Its top holding was Celanese (CE) at 6.5% of the portfolio, followed by Middleby (MIDD, 5.9%) and Brunswick (BC, 5.6%). Compared with Q2 2025, it opened 4 new positions, sold out of 4, added to 13 and reduced 23. The biggest buy was a new position in Fiserv (FISV) and the biggest sale Open Text (OTEX, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001484148
- Portfolio Value
- $3.3B (Q3 2025)
- SEC Filing
- 0001193125-25-281378 ↗ filed Nov 14, 2025
Holdings Value
Holdings 41 stocks · $3.3B
| CE Celanese Corp. | 6.50% | 5,115,365 | $215.3M | Add +21.0% |
| MIDD Middleby Corp. | 5.86% | 1,461,810 | $194.3M | Add +4.2% |
| BC Brunswick Corp. | 5.58% | 2,926,223 | $185.1M | Reduce -18.1% |
| WSC Willscot Holdings Corp. | 5.56% | 8,730,347 | $184.3M | Add +71.7% |
| BFH Bread Financial Holdings Inc. | 5.53% | 3,283,546 | $183.1M | Reduce -8.7% |
| ATS Ats Corp. | 5.51% | 6,973,010 | $182.7M | Reduce -8.1% |
| CCOI Cogent Communications Holdin | 5.33% | 4,603,933 | $176.6M | Add +64.9% |
| TFII Tfi International Inc. | 4.84% | 1,820,727 | $160.3M | Reduce -5.7% |
| FND Floor & Decor Holdings Inc. Class A | 4.79% | 2,155,011 | $158.8M | Reduce -4.5% |
| IR Ingersoll-Rand Inc. | 4.49% | 1,798,850 | $148.6M | Reduce -1.9% |
| CIGI Colliers Intl GR-Subord Vot | 3.85% | 816,133 | $127.5M | Reduce -34.7% |
| KMX Carmax Inc. | 3.67% | 2,707,477 | $121.5M | Add +0.6% |
| SCI Service Corp. International | 3.35% | 1,332,045 | $110.9M | Reduce -2.0% |
| DOO BRP Inc./Ca- Sub Voting | 3.15% | 1,717,746 | $104.4M | Reduce -42.5% |
| FISV Fiserv Inc. | 3.03% | 777,450 | $100.2M | New |
| KNSL Kinsale Capital Group Inc. | 2.90% | 225,920 | $96.1M | Add +12.8% |
| WEX Wex Inc. | 2.82% | 592,200 | $93.3M | New |
| MGA Magna International Inc. | 2.79% | 1,949,952 | $92.4M | Reduce -23.7% |
| GIL Gildan Activewear Inc. | 2.57% | 1,474,955 | $85.3M | Reduce -7.3% |
| EEFT Euronet Worldwide Inc. | 2.53% | 955,346 | $83.9M | Add +35.4% |
| JELD Jeld-Wen Holding Inc. | 2.46% | 16,625,557 | $81.6M | Add +2.5% |
| SSNC Ss&c Technologies Holdings | 2.46% | 918,149 | $81.5M | Reduce -7.8% |
| ECPG Encore Capital Group Inc. | 2.45% | 1,947,490 | $81.3M | Reduce -4.5% |
| ENSG The Ensign Group Inc. | 2.38% | 456,332 | $78.8M | New |
| VNT Vontier Corp. | 2.29% | 1,804,022 | $75.7M | Reduce -28.6% |
| ARCB Arcbest Corp. | 1.19% | 565,450 | $39.5M | New |
| BWA Borgwarner Inc. | 1.05% | 792,686 | $34.8M | Reduce -77.8% |
| BLDR Builders Firstsource Inc. | 0.21% | 56,540 | $6.9M | Reduce -15.1% |
| KNX Knight-Swift Transportation | 0.21% | 173,213 | $6.8M | Add +5.9% |
| PATK Patrick Industries Inc. | 0.15% | 47,450 | $4.9M | Reduce -39.7% |
| ITT Itt Inc. | 0.14% | 26,264 | $4.7M | Reduce -16.8% |
| MAGN Magnera Corp. | 0.11% | 314,733 | $3.7M | No change |
| MEDP Medpace Holdings Inc. | 0.07% | 4,800 | $2.5M | Reduce -56.4% |
| OTEX Open Text Corp. | 0.06% | 53,160 | $2.0M | Reduce -98.3% |
| SYF Synchrony Financial | 0.05% | 24,990 | $1.8M | Reduce -12.6% |
| WFG West Fraser Timber Co. Ltd. | 0.04% | 17,350 | $1.2M | Add +0.6% |
| TNC Tennant Co. | 0.01% | 5,300 | $430K | Add +12.8% |
| PNTG The Pennant Group Inc. | 0.01% | 12,000 | $303K | Add +84.6% |
| DCBO Docebo Inc. | 0.01% | 9,700 | $265K | Reduce -4.9% |
| CLW Clearwater Paper Corp. | 0.01% | 12,200 | $253K | Add +14.0% |
| LVLU Lulu's Fashion Lounge Holdin | 0.00% | 3,668 | $17K | Reduce -93.3% |
Portfolio Sells Q2 2025 → Q3 2025
| OTEX Open Text Corp. | Reduce -98.3% | 0.06% | −2.61 |
| BWA Borgwarner Inc. | Reduce -77.8% | 1.05% | −2.43 |
| AMCR Amcor PLC | Sold out | 0.00% | −2.24 |
| ATS Ats Corp. | Reduce -8.1% | 5.51% | −1.51 |
| DOO BRP Inc./Ca- Sub Voting | Reduce -42.5% | 3.15% | −1.05 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -34.7% | 3.85% | −0.89 |
| BFH Bread Financial Holdings Inc. | Reduce -8.7% | 5.53% | −0.43 |
| VNT Vontier Corp. | Reduce -28.6% | 2.29% | −0.42 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -4.5% | 4.79% | −0.18 |
| TFII Tfi International Inc. | Reduce -5.7% | 4.84% | −0.18 |
| BC Brunswick Corp. | Reduce -18.1% | 5.58% | −0.15 |
| MGA Magna International Inc. | Reduce -23.7% | 2.79% | −0.08 |
| PATK Patrick Industries Inc. | Reduce -39.7% | 0.15% | −0.06 |
| SEE Sealed Air Corp. | Sold out | 0.00% | −0.03 |
| MEDP Medpace Holdings Inc. | Reduce -56.4% | 0.07% | −0.03 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.02 |
| BLDR Builders Firstsource Inc. | Reduce -15.1% | 0.21% | −0.02 |
| LVLU Lulu's Fashion Lounge Holdin | Reduce -93.3% | 0.00% | −0.01 |
| PHIN Phinia Inc. | Sold out | 0.00% | −0.00 |
| ITT Itt Inc. | Reduce -16.8% | 0.14% | −0.00 |
| SYF Synchrony Financial | Reduce -12.6% | 0.05% | −0.00 |
| DCBO Docebo Inc. | Reduce -4.9% | 0.01% | −0.00 |
| IR Ingersoll-Rand Inc. | Reduce -1.9% | 4.49% | +0.06 |
| SSNC Ss&c Technologies Holdings | Reduce -7.8% | 2.46% | +0.07 |
| SCI Service Corp. International | Reduce -2.0% | 3.35% | +0.13 |
| ECPG Encore Capital Group Inc. | Reduce -4.5% | 2.45% | +0.16 |
| GIL Gildan Activewear Inc. | Reduce -7.3% | 2.57% | +0.30 |
Portfolio Buys Q2 2025 → Q3 2025
| FISV Fiserv Inc. | New | 3.03% | +3.03 |
| WEX Wex Inc. | New | 2.82% | +2.82 |
| ENSG The Ensign Group Inc. | New | 2.38% | +2.38 |
| WSC Willscot Holdings Corp. | Add +71.7% | 5.56% | +1.52 |
| CCOI Cogent Communications Holdin | Add +64.9% | 5.33% | +1.42 |
| ARCB Arcbest Corp. | New | 1.19% | +1.19 |
| JELD Jeld-Wen Holding Inc. | Add +2.5% | 2.46% | +0.62 |
| EEFT Euronet Worldwide Inc. | Add +35.4% | 2.53% | +0.46 |
| KNSL Kinsale Capital Group Inc. | Add +12.8% | 2.90% | +0.09 |
| PNTG The Pennant Group Inc. | Add +84.6% | 0.01% | +0.00 |
| TNC Tennant Co. | Add +12.8% | 0.01% | +0.00 |
| MIDD Middleby Corp. | Add +4.2% | 5.86% | +0.00 |
| CLW Clearwater Paper Corp. | Add +14.0% | 0.01% | −0.00 |
| WFG West Fraser Timber Co. Ltd. | Add +0.6% | 0.04% | −0.00 |
| KNX Knight-Swift Transportation | Add +5.9% | 0.21% | −0.00 |
| CE Celanese Corp. | Add +21.0% | 6.50% | −0.29 |
| KMX Carmax Inc. | Add +0.6% | 3.67% | −1.58 |
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 |