ASHTY - Turtle Creek Q4 2024 Manager Commentary

2025-03-10 14:25:00 ET

Summary

• The fourth quarter capped off a relatively tepid year for Turtle Creek, at least in terms of the share prices of our companies.
• The largest positive contributor in our flagship fund, both for the quarter and full year, was our investment in Bread Financial.
• For the year, the four new positions discussed above contributed, in aggregate, a modestly positive amount to the unit price of TCEF.
• During the quarter, the net asset value of the Turtle Creek Equity Fund declined by 2.7%.

The most significant event during the fourth quarter was the election of Donald J. Trump as President of the United States. His election will undoubtedly have an impact on our portfolio companies – but we think it will be a net positive since his push for deregulation and lower corporate taxes will more than offset the relatively minor impact of potential tariffs on our holdings. We’ll touch on this in more detail throughout the commentary including our take on tariffs on Canada and Mexico....

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