Andrew Brenton - Turtle Creek Asset Management 13F Activity & Position Changes (Q1 2025)

According to the SEC 13F filed on May 15, 2025, the Turtle Creek Asset Management portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2025, the filing reported:

New Buys - None reported

Increases - Brunswick Corporation, Bread Financial Holdings, Inc., Builders FirstSource, Inc., BorgWarner Inc., Cogent Communications Holdings,, and 18 more

Reductions - Magnera, ATS Corporation, Berry Global Group, Inc., CVS Health Corporation, Euronet Worldwide, Inc., and 9 more

Complete Exits - None reported

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2025	55939A107 Magnera	Magnera	Sell	-257,854	-45.0%	$5.72M	314,733
Q1 2025	ATS ATS Corporation	ATS Corporation	Sell	-37,045	-0.4%	$206.96M	8,301,528
Q1 2025	BC Brunswick Corporation	Brunswick Corporation	Buy	+800,157	+27.0%	$202.78M	3,765,617
Q1 2025	BERY Berry Global Group, Inc.	Berry Global Group, Inc.	Sell	-234,249	-9.0%	$166.26M	2,381,600
Q1 2025	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+263,753	+7.1%	$200.56M	4,004,747
Q1 2025	BLDR Builders FirstSource, Inc.	Builders FirstSource, Inc.	Buy	+13,800	+72.1%	$4.12M	32,940
Q1 2025	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+120,709	+3.0%	$120.32M	4,199,489
Q1 2025	CCOI Cogent Communications Holdings,	Cogent Communications Holdings,	Buy	+36,377	+29.1%	$9.91M	161,577
Q1 2025	CE Celanese Corporation	Celanese Corporation	Buy	+998,925	+28.5%	$255.77M	4,505,365
Q1 2025	CIGI Colliers International Group In	Colliers International Group In	Buy	+19,160	+1.5%	$158.16M	1,303,883
Q1 2025	CLW Clearwater Paper Corporation	Clearwater Paper Corporation	Buy	+500	+5.4%	$246.09K	9,700
Q1 2025	CVS CVS Health Corporation	CVS Health Corporation	Sell	-254,550	-13.0%	$115.07M	1,698,441
Q1 2025	DCBO Docebo Inc.	Docebo Inc.	Buy	+2,400	+72.7%	$163.65K	5,700
Q1 2025	DOOO BRP Inc.	BRP Inc.	Buy	+645,841	+21.7%	$122.27M	3,616,521
Q1 2025	ECPG Encore Capital Group Inc	Encore Capital Group Inc	Buy	+87,962	+4.3%	$73.53M	2,145,105
Q1 2025	EEFT Euronet Worldwide, Inc.	Euronet Worldwide, Inc.	Sell	-78,008	-9.5%	$79.19M	741,149
Q1 2025	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Buy	+405,673	+29.6%	$143.02M	1,777,356
Q1 2025	GIL Gildan Activewear, Inc.	Gildan Activewear, Inc.	Sell	-865,650	-33.2%	$76.94M	1,739,830
Q1 2025	IR Ingersoll Rand Inc.	Ingersoll Rand Inc.	Buy	+153,203	+8.9%	$150.59M	1,881,619
Q1 2025	JELD JELD-WEN Holding, Inc.	JELD-WEN Holding, Inc.	Buy	+486,355	+3.3%	$91.52M	15,329,275
Q1 2025	KMX CarMax Inc	CarMax Inc	Buy	+12,179	+0.5%	$202.77M	2,602,250
Q1 2025	KNSL Kinsale Capital Group, Inc.	Kinsale Capital Group, Inc.	Buy	+16,050	+6.6%	$126.97M	260,873
Q1 2025	KNX Knight-Swift Transportation Hol	Knight-Swift Transportation Hol	Sell	-66,800	-27.8%	$7.54M	173,263
Q1 2025	MGA Magna International, Inc.	Magna International, Inc.	Buy	+416,774	+18.2%	$91.81M	2,701,152
Q1 2025	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-401,152	-21.5%	$222.68M	1,465,207
Q1 2025	OTEX Open Text Corporation	Open Text Corporation	Sell	-246,650	-4.6%	$129.33M	5,120,053
Q1 2025	PATK Patrick Industries, Inc.	Patrick Industries, Inc.	Buy	+6,600	+9.7%	$6.32M	74,700
Q1 2025	PHIN PHINIA Inc.	PHINIA Inc.	Buy	+300	+20.0%	$76.37K	1,800
Q1 2025	PNTG The Pennant Group, Inc.	The Pennant Group, Inc.	Buy	+6,500	+260.0%	$226.35K	9,000
Q1 2025	SCI Service Corporation Internation	Service Corporation Internation	Sell	-43,968	-2.6%	$130.18M	1,623,179

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