Turtle Creek Asset Management Inc.

Turtle Creek Asset Management's 39-stock, high-conviction book grew 17.6% to $2.67 billion this quarter, driven by two extraordinary scale-ups. Fiserv, the payments-processing company, went from a rounding-error stub (0.7% of assets, 247,501 shares) to the fund's fourth-largest position (5.5%, 2.6 million shares) — a 968% increase in share count worth $130.9 million, the single largest dollar move anywhere in the filing. Medpace, the clinical-research organization, saw an even larger percentage jump: shares rose 4,742%, from 2,800 to 135,570 (+$63.5 million), taking it from effectively nothing to a top-20 position. Colliers International, the commercial real estate services firm, also doubled in share count (+101%, +$55.1 million) and is now the fund's second-largest holding. Turtle Creek also added a large new position in Sunbelt Rentals ($143.3 million, immediately the fifth-largest holding) and rebuilt Pennant Group into a meaningful ~$48 million stake from a negligible prior position. Funding these builds required broad selling elsewhere: Middleby Corp was cut 16% (-$41.0 million), BRP was cut 68% (-$35.3 million), Encore Capital Group was cut 60% (-$25.5 million), and six other positions — TFI International, Brunswick, Magna, Gildan, ATS Corp, and Ingersoll Rand — were each trimmed between 13% and 43%.