MIDD - Turtle Creek Q1 2022 Manager Commentary

• Turtle Creek is an independent investment management firm focused on long-term capital growth for a clientele of high-net-worth individuals, families and institutions. We minimize risk through a deep and thorough understanding of each of our investments.
• The war’s impact on Ukraine’s industries and farmers, together with the West’s imposition of Russian sanctions, have triggered numerous commodity price dislocations.
• During the quarter, the net asset value of the Turtle Creek Equity Fund (“TCEF”) declined 10.4%.
• Turtle Creek United States Equity Fund (“TCUS”) declined 10.8% during the quarter.
• Turtle Creek CanadianEquity Fund (“TCCF”)declined 7.2% duringthe quarter.

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