Andrew Brenton - Turtle Creek Asset Management Investment Strategy (Dec 31, 2025)

As of Dec 31, 2025, the Turtle Creek Asset Management portfolio managed by Andrew Brenton demonstrates a sophisticated investment approach with 48 positions and an average holding period of 929 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 3.09% and sector diversification of 8%, exemplified by the case study of ALLIANCE DATA SYSTEMS CORP (BFH). This strategic framework provides insights into Andrew Brenton's investment philosophy, risk management practices, and long-term value creation approach.

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

Metric	Value	Category	Description
Holding Period	2.5 years	Style	Average duration positions are maintained
Position Count	48	Style	Number of active positions in portfolio
Position Size	3.1%	Risk	Typical allocation per position
Win Rate	48.3%	Performance	Percentage of profitable positions
Average Return	45.0%	Performance	Mean return across positions
Sharpe Ratio	0.11	Performance	Return per unit of risk taken

Investment Case Study: ALLIANCE DATA SYSTEMS CORP (BFH)

6/30/2017 - 3/26/2026

Total Return: 3,012.55%

Holding Period: 3191 days

Max Position Size: $121,876.00

Position Weight: 4.07%

6/30/2017: ENTRY(7,450.00 shares) @ $0.26

9/30/2017: INCREASE(251,800.00 shares) @ $0.22

12/31/2017: DECREASE(-24,300.00 shares) @ $0.25

3/31/2018: INCREASE(26,300.00 shares) @ $0.21

6/30/2018: DECREASE(-12,300.00 shares) @ $0.23

9/30/2018: DECREASE(-10,200.00 shares) @ $0.24

12/31/2018: INCREASE(9,300.00 shares) @ $0.15

3/31/2019: INCREASE(11,182.00 shares) @ $0.17

6/30/2019: INCREASE(51,100.00 shares) @ $0.14

9/30/2019: INCREASE(46,100.00 shares) @ $0.13

12/31/2019: INCREASE(102,100.00 shares) @ $0.11

3/31/2020: INCREASE(840,700.00 shares) @ $0.03

6/30/2020: INCREASE(86,900.00 shares) @ $0.05

9/30/2020: INCREASE(138,751.00 shares) @ $0.04

12/31/2020: DECREASE(-169,752.00 shares) @ $0.07

3/31/2021: DECREASE(-453,262.00 shares) @ $0.11

6/30/2021: INCREASE(19,850.00 shares) @ $0.10

9/30/2021: INCREASE(96,370.00 shares) @ $0.10

12/31/2021: INCREASE(812,699.00 shares) @ $0.07

Entry Context: Initial position established based on fundamental analysis

Sector Conditions: Favorable market conditions in the sector

Risk Factors: