High Concentration in Financial Services: Turtle Creek's March 2026 Portfolio Analysis

Andrew Brenton, managing assets at Turtle Creek Asset Management, has curated a portfolio as of March 31, 2026, characterized by significant concentration in specific sectors and holdings. The analysis focuses on the top holdings and sector allocations within this portfolio.

Top Holdings by Value

The portfolio's largest individual positions, based on stock value, are:

• BREAD FINANCIAL HOLDINGS INC (BFH) - Financial Services, comprising 9.5% of the portfolio.
• CELANESE (CE) - Basic Materials, making up 7.69%.
• ATS CORP (ATS) - Industrials, accounting for 7.46%.
• COLLIERS INTERNATIONAL GROUP INC (CIGI) - Real Estate, representing 6.61%.
• FLOOR & DECOR (FND) - Consumer Cyclical, constituting 6.01%.
• EURONET WORLDWIDE INC (EEFT) - Technology, making up 5.21%.
• INGERSOLL-RAND INC (IR) - Industrials, accounting for 4.69%.
• FISERV INC (FI) - Technology, representing 4.04%.
• COGENT COMMUNICATIONS HOLDINGS (CCOI) - Communication Services, constituting 3.96%.
• KINSALE CAPITAL GROUP INC (KNSL) - Financial Services, making up 3.58%.

High Sector Concentration

The portfolio exhibits a notable concentration in the Financial Services sector, driven primarily by BREAD FINANCIAL HOLDINGS INC (BFH), which alone accounts for nearly 10% of the portfolio. KINSALE CAPITAL GROUP INC (KNSL) further adds to this allocation. This sector allocation, while significant, is balanced somewhat by substantial investments in other sectors.

Recent Changes in Holdings

Several holdings within the portfolio have seen significant changes recently:

• EURONET WORLDWIDE INC (EEFT) Technology saw a massive 141.64% increase in shares.
• FISERV INC (FI) Technology experienced an enormous 1048.24% jump in shares.
• CELANESE (CE) Basic Materials increased its share count by 112.83%.
• ATS CORP (ATS) Industrials saw an 84.08% rise in shares.
• COLLIERS INTERNATIONAL GROUP INC (CIGI) Real Estate increased its position by 198.4%.
• BREAD FINANCIAL HOLDINGS INC (BFH) Financial Services increased by 95.01%.
• KINSALE CAPITAL GROUP INC (KNSL) Financial Services increased by 47.57%.
• COGENT COMMUNICATIONS HOLDINGS (CCOI) Communication Services increased by 104.44%.

Investment Strategy Focus

The portfolio's strategy appears to favor established sectors like Financial Services and Industrials, given their combined allocation exceeding 16%. There is a clear emphasis on Technology and Real Estate, with Technology alone accounting for nearly 9.25% (EEFT + FI). The significant recent inflows into several Technology (EEFT, FI), Real Estate (CIGI), and Financial Services (BFH, KNSL) holdings suggest a strategy focused on capitalizing on growth opportunities in these areas, potentially through selective concentration.