Andrew Brenton - Turtle Creek Asset Management 13F Activity & Position Changes (Q4 2025)

As of Dec 31, 2025, the Turtle Creek Asset Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 13, 2026. 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 Q4 2025, the filing reported:

New Buys - Brinks Company (The)

Increases - Builders FirstSource, Inc., Clearwater Paper Corporation, Docebo Inc., Euronet Worldwide, Inc., ITT Inc., and 4 more

Reductions - ATS Corporation, Brunswick Corporation, Bread Financial Holdings, Inc., BorgWarner Inc., Cogent Communications Holdings,, and 22 more

Complete Exits - Magnera, ArcBest Corporation, CarMax Inc, Lulu's Fashion Lounge Holdings,

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
Q4 2025	55939A107 Magnera	Magnera	Sell - Position Exit	-314,733	-100.0%	$0.00	-
Q4 2025	ARCB ArcBest Corporation	ArcBest Corporation	Sell - Position Exit	-565,450	-100.0%	$0.00	-
Q4 2025	ATS ATS Corporation	ATS Corporation	Sell	-1,330,958	-19.1%	$155.38M	5,642,052
Q4 2025	BC Brunswick Corporation	Brunswick Corporation	Sell	-1,829,550	-62.5%	$81.42M	1,096,673
Q4 2025	BCO Brinks Company (The)	Brinks Company (The)	Buy - Position Entry	+30,400	-	$3.55M	30,400
Q4 2025	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Sell	-732,114	-22.3%	$188.88M	2,551,432
Q4 2025	BLDR Builders FirstSource, Inc.	Builders FirstSource, Inc.	Buy	+11,100	+19.6%	$6.96M	67,640
Q4 2025	BWA BorgWarner Inc.	BorgWarner Inc.	Sell	-370,588	-46.8%	$19.02M	422,098
Q4 2025	CCOI Cogent Communications Holdings,	Cogent Communications Holdings,	Sell	-567,086	-12.3%	$87.03M	4,036,847
Q4 2025	CE Celanese Corporation	Celanese Corporation	Sell	-2,958,825	-57.8%	$91.18M	2,156,540
Q4 2025	CIGI Colliers International Group In	Colliers International Group In	Sell	-2,892	-0.4%	$119.55M	813,241
Q4 2025	CLW Clearwater Paper Corporation	Clearwater Paper Corporation	Buy	+500	+4.1%	$220.98K	12,700
Q4 2025	DCBO Docebo Inc.	Docebo Inc.	Buy	+5,600	+57.7%	$339.66K	15,300
Q4 2025	DOOO BRP Inc.	BRP Inc.	Sell	-980,200	-57.1%	$52.19M	737,546
Q4 2025	ECPG Encore Capital Group Inc	Encore Capital Group Inc	Sell	-976,897	-50.2%	$52.75M	970,593
Q4 2025	EEFT Euronet Worldwide, Inc.	Euronet Worldwide, Inc.	Buy	+319,500	+33.4%	$97.03M	1,274,846
Q4 2025	ENSG The Ensign Group, Inc.	The Ensign Group, Inc.	Sell	-119,262	-26.1%	$58.72M	337,070
Q4 2025	FI Fiserv, Inc.	Fiserv, Inc.	Sell	-529,949	-68.2%	$16.62M	247,501
Q4 2025	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Sell	-209,278	-9.7%	$118.48M	1,945,733
Q4 2025	GIL Gildan Activewear, Inc.	Gildan Activewear, Inc.	Sell	-387,800	-26.3%	$67.90M	1,087,155
Q4 2025	IR Ingersoll Rand Inc.	Ingersoll Rand Inc.	Sell	-268,433	-14.9%	$121.24M	1,530,417
Q4 2025	ITT ITT Inc.	ITT Inc.	Buy	+7,000	+26.7%	$5.77M	33,264
Q4 2025	KMX CarMax Inc	CarMax Inc	Sell - Position Exit	-2,707,477	-100.0%	$0.00	-
Q4 2025	KNSL Kinsale Capital Group, Inc.	Kinsale Capital Group, Inc.	Buy	+52,750	+23.3%	$108.99M	278,670
Q4 2025	KNX Knight-Swift Transportation Hol	Knight-Swift Transportation Hol	Sell	-109,500	-63.2%	$3.33M	63,713
Q4 2025	LVLU Lulu's Fashion Lounge Holdings,	Lulu's Fashion Lounge Holdings,	Sell - Position Exit	-3,668	-100.0%	$0.00	-
Q4 2025	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-2,000	-41.7%	$1.57M	2,800
Q4 2025	MGA Magna International, Inc.	Magna International, Inc.	Sell	-891,100	-45.7%	$56.44M	1,058,852
Q4 2025	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-344,821	-23.6%	$166.06M	1,116,989
Q4 2025	OTEX Open Text Corporation	Open Text Corporation	Sell	-23,750	-44.7%	$958.18K	29,410

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