CA - Turtle Creek Q4 2023 Quarterly Manager Commentary

2024-02-21 12:10:00 ET

Summary

• 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.
• During the quarter, the net asset value of the Turtle Creek Equity Fund (“TCEF”) increased 13.9%.
• We removed one company and made no additions, to end the quarter with 29 holdings. 67% of the portfolio was invested in U.S. companies and 33% in Canadian companies.

During the quarter we celebrated the 25th anniversary of Turtle Creek. We have seen a lot of different market environments over the years: the Dot Com Bubble and bust, a commodity super cycle in the mid 2000s, the Great Financial Crisis, a historically long bull market and, most recently, a global pandemic. Through all these environments, Turtle Creek has applied a consistent and rigorous investment strategy. To be sure, we have fine tuned and improved our strategy over the years, but the fundamental approach has never varied....

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