Andrew Brenton - Turtle Creek Asset Management Investment Strategy (Sep 30, 2025)


As of Sep 30, 2025, the Turtle Creek Asset Management portfolio managed by Andrew Brenton demonstrates a sophisticated investment approach with 47 positions and an average holding period of 869 quarters. The strategy focuses on Basic Materials, Communication Services, Consumer Cyclical, Financial Services, Healthcare, Industrials, Real Estate, Technology sectors with a typical position size of 3.1% of the portfolio.


The portfolio's risk management approach includes a maximum position size of 3.08% and sector diversification of 8%, exemplified by the case study of CELANESE (CE). This strategic framework provides insights into Andrew Brenton's investment philosophy, risk management practices, and long-term value creation approach.

Investment Strategy Metrics

Key metrics revealing investment style, risk management, and performance characteristics

MetricValueCategoryDescription
Holding Period2.4 yearsStyleAverage duration positions are maintained
Position Count47StyleNumber of active positions in portfolio
Position Size3.1%RiskTypical allocation per position
Win Rate50.6%PerformancePercentage of profitable positions
Average Return51.1%PerformanceMean return across positions
Sharpe Ratio0.12PerformanceReturn per unit of risk taken

Investment Case Study: CELANESE (CE)

9/30/2022 - 12/25/2025

Performance Metrics

Total Return: 123,906.10%

Holding Period: 1182 days

Max Position Size: $255,769,571.00

Position Weight: 3.77%

Key Events

9/30/2022: ENTRY(601,350.00 shares) @ $0.09
12/31/2022: INCREASE(56,750.00 shares) @ $102.24
3/31/2023: INCREASE(85,256.00 shares) @ $108.89
6/30/2023: INCREASE(5,300.00 shares) @ $115.80
9/30/2023: INCREASE(1,800.00 shares) @ $125.52
12/31/2023: DECREASE(-170,600.00 shares) @ $155.37
3/31/2024: DECREASE(-51,900.00 shares) @ $171.86
6/30/2024: INCREASE(113,900.00 shares) @ $134.89
9/30/2024: INCREASE(314,250.00 shares) @ $135.96
12/31/2024: INCREASE(2,550,334.00 shares) @ $69.21
3/31/2025: INCREASE(998,925.00 shares) @ $56.77
6/30/2025: DECREASE(-277,600.00 shares) @ $55.33
9/30/2025: INCREASE(887,600.00 shares) @ $42.08

Investment Thesis

Entry Context: Initial position established based on fundamental analysis

Sector Conditions: Favorable market conditions in the sector

Risk Factors:
  • Market volatility
  • Sector-specific risks

Key Learnings

  • Position sizing is critical for portfolio management
  • Important to monitor sector exposure

Sector Allocations