Andrew Brenton's March Portfolio: Heavy on Financials, Tech, and Real Estate

Portfolio Overview

As of March 31, 2026, Andrew Brenton's portfolio at Turtle Creek Asset Management is strategically concentrated in specific sectors, with a total value exceeding $3.7 billion. The holdings reflect a focus on companies within Financial Services, Real Estate, Technology, and Industrials, among others.

Top Holdings by Value

The portfolio's largest individual holding by value is BREAD Financial Holdings Inc. (BFH), representing approximately $372.6 million, or 9.5% of the total. This is followed by Celenese Corp. (CE) at $301.9 million (7.7%) and Colliers International Group Inc. (CIGI) at $259.4 million (6.6%).

• BREAD Financial Holdings Inc. (BFH): $372.6 million (9.5%)
• Celenese Corp. (CE): $301.9 million (7.7%)
• Colliers International Group Inc. (CIGI): $259.4 million (6.6%)
• Floor & Decor (FND): $235.7 million (6.0%)
• Euronet Worldwide Inc. (EEFT): $204.5 million (5.2%)

Concentrated Sectors

The portfolio exhibits significant concentration in the Financial Services sector, which includes BREAD Financial Holdings (9.5%) and Kinsale Capital Group (3.6%), totaling nearly 13% of the portfolio. Real Estate is another heavily represented sector with Colliers International (6.6%) and Floor & Decor (6.0%), combining for about 12.6% of assets. Technology is also prominent, holding companies like Euronet Worldwide (5.2%) and Fiserv (4.0%), representing roughly 9.2% of the portfolio. Industrials, with holdings like ATS Corp (7.5%) and Ingersoll-Rand (4.7%), accounts for about 12.2%.

Notable Changes

Several holdings show significant changes from the previous period:

• Cogent Communications Holdings (CCOI): Experienced a massive 104.44% increase in shares, indicating a substantial strategic addition.
• Kinsale Capital Group (KNSL): Saw a 47.57% increase in shares, suggesting continued confidence in the Financial Services sector.
• ATS Corp (ATS): Increased shares by 84.08%, reflecting strong growth focus within the Industrials sector.
• EEFT (Euronet Worldwide): Shares increased by 141.64%, highlighting a significant allocation to Technology.

Investment Strategy Analysis

The portfolio's strategy appears to favor sectors with potential for high growth and capital appreciation, such as Technology, Industrials, and Basic Materials. The significant allocation to Financial Services and Real Estate suggests a belief in the stability and potential upside of these traditional sectors, possibly seeking diversification or exposure to specific sub-sectors like REITs and financial institutions. The focus on companies with substantial share increases (like Cogent and EEFT) indicates a growth-oriented approach, while holdings like BREAD Financial and Kinsale Capital suggest exposure to the financial services industry itself. Overall, the portfolio seems to balance established sectors with growth potential, focusing on specific companies within these areas.