Turtle Creek Asset Management Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Turtle Creek Asset Management Inc. reported 38 stock positions worth $2.3 billion. Its top holding was Bread Financial (BFH) at 8.3% of the portfolio, followed by Middleby (MIDD, 7.3%) and Ats (ATS, 6.8%). Compared with Q3 2025, it opened 1 new position, sold out of 4, added to 9 and reduced 27. The biggest buy was Kinsale Capital (KNSL, shares +23%) and the biggest sale an exit from Carmax (KMX).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001484148
- Portfolio Value
- $2.3B (Q4 2025)
- SEC Filing
- 0001193125-26-049757 ↗ filed Feb 13, 2026
Holdings Value
Holdings 38 stocks · $2.3B
| BFH Bread Financial Holdings Inc. | 8.31% | 2,551,432 | $188.9M | Reduce -22.3% |
| MIDD Middleby Corp. | 7.31% | 1,116,989 | $166.1M | Reduce -23.6% |
| ATS Ats Corp. | 6.84% | 5,642,052 | $155.4M | Reduce -19.1% |
| TFII Tfi International Inc. | 6.25% | 1,375,242 | $142.1M | Reduce -24.5% |
| IR Ingersoll-Rand Inc. | 5.34% | 1,530,417 | $121.2M | Reduce -14.9% |
| CIGI Colliers Intl GR-Subord Vot | 5.26% | 813,241 | $119.6M | Reduce -0.3% |
| FND Floor & Decor Holdings Inc. Class A | 5.21% | 1,945,733 | $118.5M | Reduce -9.7% |
| WSC Willscot Holdings Corp. | 5.12% | 6,183,962 | $116.4M | Reduce -29.2% |
| KNSL Kinsale Capital Group Inc. | 4.80% | 278,670 | $109.0M | Add +23.4% |
| EEFT Euronet Worldwide Inc. | 4.27% | 1,274,846 | $97.0M | Add +33.4% |
| CE Celanese Corp. | 4.01% | 2,156,540 | $91.2M | Reduce -57.8% |
| CCOI Cogent Communications Holdin | 3.83% | 4,036,847 | $87.0M | Reduce -12.3% |
| BC Brunswick Corp. | 3.58% | 1,096,673 | $81.4M | Reduce -62.5% |
| SCI Service Corp. International | 3.56% | 1,037,345 | $80.9M | Reduce -22.1% |
| SSNC Ss&c Technologies Holdings | 3.11% | 808,549 | $70.7M | Reduce -11.9% |
| GIL Gildan Activewear Inc. | 2.99% | 1,087,155 | $67.9M | Reduce -26.3% |
| VNT Vontier Corp. | 2.95% | 1,800,404 | $66.9M | Reduce -0.2% |
| WEX Wex Inc. | 2.77% | 422,412 | $62.9M | Reduce -28.7% |
| ENSG The Ensign Group Inc. | 2.58% | 337,070 | $58.7M | Reduce -26.1% |
| MGA Magna International Inc. | 2.48% | 1,058,852 | $56.4M | Reduce -45.7% |
| ECPG Encore Capital Group Inc. | 2.32% | 970,593 | $52.8M | Reduce -50.2% |
| DOO BRP Inc./Ca- Sub Voting | 2.30% | 737,546 | $52.2M | Reduce -57.1% |
| JELD Jeld-Wen Holding Inc. | 1.80% | 16,625,557 | $40.9M | No change |
| BWA Borgwarner Inc. | 0.84% | 422,098 | $19.0M | Reduce -46.8% |
| FISV Fiserv Inc. | 0.73% | 247,501 | $16.6M | Reduce -68.2% |
| BLDR Builders Firstsource Inc. | 0.31% | 67,640 | $7.0M | Add +19.6% |
| ITT Itt Inc. | 0.25% | 33,264 | $5.8M | Add +26.6% |
| PATK Patrick Industries Inc. | 0.22% | 46,250 | $5.0M | Reduce -2.5% |
| BCO The Brink's Co. | 0.16% | 30,400 | $3.5M | New |
| KNX Knight-Swift Transportation | 0.15% | 63,713 | $3.3M | Reduce -63.2% |
| SYF Synchrony Financial | 0.12% | 32,940 | $2.7M | Add +31.8% |
| MEDP Medpace Holdings Inc. | 0.07% | 2,800 | $1.6M | Reduce -41.7% |
| OTEX Open Text Corp. | 0.04% | 29,410 | $958K | Reduce -44.7% |
| WFG West Fraser Timber Co. Ltd. | 0.04% | 15,450 | $944K | Reduce -10.9% |
| TNC Tennant Co. | 0.03% | 9,800 | $722K | Add +84.9% |
| PNTG The Pennant Group Inc. | 0.02% | 13,000 | $366K | Add +8.3% |
| DCBO Docebo Inc. | 0.01% | 15,300 | $340K | Add +57.7% |
| CLW Clearwater Paper Corp. | 0.01% | 12,700 | $221K | Add +4.1% |
Portfolio Sells Q3 2025 → Q4 2025
| KMX Carmax Inc. | Sold out | 0.00% | −3.67 |
| CE Celanese Corp. | Reduce -57.8% | 4.01% | −2.48 |
| FISV Fiserv Inc. | Reduce -68.2% | 0.73% | −2.29 |
| BC Brunswick Corp. | Reduce -62.5% | 3.58% | −2.00 |
| CCOI Cogent Communications Holdin | Reduce -12.3% | 3.83% | −1.50 |
| ARCB Arcbest Corp. | Sold out | 0.00% | −1.19 |
| DOO BRP Inc./Ca- Sub Voting | Reduce -57.1% | 2.30% | −0.85 |
| WSC Willscot Holdings Corp. | Reduce -29.2% | 5.12% | −0.44 |
| MGA Magna International Inc. | Reduce -45.7% | 2.48% | −0.30 |
| BWA Borgwarner Inc. | Reduce -46.8% | 0.84% | −0.21 |
| ECPG Encore Capital Group Inc. | Reduce -50.2% | 2.32% | −0.13 |
| MAGN Magnera Corp. | Sold out | 0.00% | −0.11 |
| KNX Knight-Swift Transportation | Reduce -63.2% | 0.15% | −0.06 |
| WEX Wex Inc. | Reduce -28.7% | 2.77% | −0.05 |
| OTEX Open Text Corp. | Reduce -44.7% | 0.04% | −0.02 |
| MEDP Medpace Holdings Inc. | Reduce -41.7% | 0.07% | −0.01 |
| LVLU Lulu's Fashion Lounge Holdin | Sold out | 0.00% | −0.00 |
| WFG West Fraser Timber Co. Ltd. | Reduce -10.9% | 0.04% | +0.01 |
| PATK Patrick Industries Inc. | Reduce -2.5% | 0.22% | +0.07 |
| ENSG The Ensign Group Inc. | Reduce -26.1% | 2.58% | +0.20 |
| SCI Service Corp. International | Reduce -22.1% | 3.56% | +0.21 |
| GIL Gildan Activewear Inc. | Reduce -26.3% | 2.99% | +0.42 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -9.7% | 5.21% | +0.42 |
| SSNC Ss&c Technologies Holdings | Reduce -11.9% | 3.11% | +0.65 |
| VNT Vontier Corp. | Reduce -0.2% | 2.95% | +0.66 |
| IR Ingersoll-Rand Inc. | Reduce -14.9% | 5.34% | +0.85 |
| ATS Ats Corp. | Reduce -19.1% | 6.84% | +1.32 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -0.3% | 5.26% | +1.41 |
| TFII Tfi International Inc. | Reduce -24.5% | 6.25% | +1.42 |
| MIDD Middleby Corp. | Reduce -23.6% | 7.31% | +1.44 |
| BFH Bread Financial Holdings Inc. | Reduce -22.3% | 8.31% | +2.79 |
Portfolio Buys Q3 2025 → Q4 2025
| KNSL Kinsale Capital Group Inc. | Add +23.4% | 4.80% | +1.90 |
| EEFT Euronet Worldwide Inc. | Add +33.4% | 4.27% | +1.74 |
| BCO The Brink's Co. | New | 0.16% | +0.16 |
| ITT Itt Inc. | Add +26.6% | 0.25% | +0.11 |
| BLDR Builders Firstsource Inc. | Add +19.6% | 0.31% | +0.10 |
| SYF Synchrony Financial | Add +31.8% | 0.12% | +0.07 |
| TNC Tennant Co. | Add +84.9% | 0.03% | +0.02 |
| PNTG The Pennant Group Inc. | Add +8.3% | 0.02% | +0.01 |
| DCBO Docebo Inc. | Add +57.7% | 0.01% | +0.01 |
| CLW Clearwater Paper Corp. | Add +4.1% | 0.01% | +0.00 |
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 |