Turtle Creek Asset Management Inc.

Bought Sunbelt Rentals, trimmed Middleby. Portfolio up 73% to $3.9B.

$3.9B portfolio40 holdingstop 10 = 59%filed 2026-05-15

1BFHBread Financial Holdings I9.50%
$372.6M - 5.0M shares+2.4M
2CECelanese7.69%
$301.9M - 4.6M shares+2.4M
3ATSAts Corp7.46%
$292.9M - 10.4M shares+4.7M
4CIGIColliers International Gro6.61%
$259.4M - 2.4M shares+1.6M
5FNDFloor & Decor6.01%
$235.7M - 4.6M shares+2.7M
6EEFTEuronet Worldwide Inc5.21%
$204.5M - 3.1M shares+1.8M
7IRIngersoll-rand Inc4.69%
$184.1M - 2.3M shares+767K
8FISVFiserv Inc4.04%
$158.6M - 2.8M shares+2.6M
9CCOICogent Communications Hold3.96%
$155.5M - 8.3M shares+4.2M
10SUNBSunbelt Rentals Holdings I3.65%
$143.3M - 2.2M sharesNEW
11KNSLKinsale Capital Group Inc3.58%
$140.5M - 411K shares+133K
12WSCWillscot Holdings3.48%
$136.6M - 7.9M shares+1.7M
13BCBrunswick Corp3.40%
$133.4M - 1.8M shares+736K
14MIDDMiddleby Corp3.19%
$125.1M - 944K shares-173K
15ENSGEnsign Group Inc3.01%
$118.3M - 587K shares+250K
16TFIITfi International Inc3.00%
$117.6M - 1.1M shares-292K
17GILGildan Activewear Inc2.65%
$104.1M - 1.9M shares+783K
18WEXWex Inc2.61%
$102.4M - 669K shares+247K
19SCIService Corp International2.44%
$95.8M - 1.2M shares+124K
20ECPGEncore Capital Group Inc2.36%
$92.4M - 1.3M shares+348K
21SSNCSS&C Technologies Holdings1.99%
$78.1M - 1.2M shares+347K
22VNTVontier1.91%
$75.0M - 2.1M shares+314K
23DOOBRP Inc.1.72%
$67.4M - 938K shares+201K
24MEDPMedpace Hldgs Inc1.66%
$65.1M - 136K shares+133K
25PNTGPennant Group1.23%
$48.2M - 1.6M sharesNEW
26MGAMagna International Inc0.85%
$33.5M - 600K shares-459K
27BWABorgwarner Inc0.55%
$21.6M - 397K shares-25K
28JELDJeld-wen Holdings Inc0.53%
$20.6M - 16.6M shares-
29BLDRBuilders Firstsource Inc.0.34%
$13.4M - 163K shares+95K
30ITTItt Inc0.16%
$6.4M - 34K shares+500
31BCOBrink's Company0.15%
$5.8M - 56K shares+25K
32PATKPatrick Industries Inc0.12%
$4.6M - 42K shares-4K
33KNXKnight-swift Transportatio0.07%
$2.7M - 47K shares-17K
34FSVFirstservice Corp0.04%
$1.7M - 12K sharesNEW
35SYFSynchrony Financial0.04%
$1.6M - 24K shares-9K
36WFGWest Fraser Timber Co. LTD0.02%
$898K - 14K shares-2K
37TNCTennant Co0.02%
$863K - 13K shares+3K
38DCBODocebo Inc0.02%
$638K - 37K shares+21K
39OTEXOpen Text Corp0.02%
$592K - 27K shares-3K
40CLWClearwater Paper Corp0.01%
$413K - 29K shares+16K

#	Stock
1	BFHBread Financial Holdings I	9.50%	$372.6M	5.0M	+2.4M
2	CECelanese	7.69%	$301.9M	4.6M	+2.4M
3	ATSAts Corp	7.46%	$292.9M	10.4M	+4.7M
4	CIGIColliers International Gro	6.61%	$259.4M	2.4M	+1.6M
5	FNDFloor & Decor	6.01%	$235.7M	4.6M	+2.7M
6	EEFTEuronet Worldwide Inc	5.21%	$204.5M	3.1M	+1.8M
7	IRIngersoll-rand Inc	4.69%	$184.1M	2.3M	+767K
8	FISVFiserv Inc	4.04%	$158.6M	2.8M	+2.6M
9	CCOICogent Communications Hold	3.96%	$155.5M	8.3M	+4.2M
10	SUNBSunbelt Rentals Holdings I	3.65%	$143.3M	2.2M	NEW
11	KNSLKinsale Capital Group Inc	3.58%	$140.5M	411K	+133K
12	WSCWillscot Holdings	3.48%	$136.6M	7.9M	+1.7M
13	BCBrunswick Corp	3.40%	$133.4M	1.8M	+736K
14	MIDDMiddleby Corp	3.19%	$125.1M	944K	-173K
15	ENSGEnsign Group Inc	3.01%	$118.3M	587K	+250K
16	TFIITfi International Inc	3.00%	$117.6M	1.1M	-292K
17	GILGildan Activewear Inc	2.65%	$104.1M	1.9M	+783K
18	WEXWex Inc	2.61%	$102.4M	669K	+247K
19	SCIService Corp International	2.44%	$95.8M	1.2M	+124K
20	ECPGEncore Capital Group Inc	2.36%	$92.4M	1.3M	+348K
21	SSNCSS&C Technologies Holdings	1.99%	$78.1M	1.2M	+347K
22	VNTVontier	1.91%	$75.0M	2.1M	+314K
23	DOOBRP Inc.	1.72%	$67.4M	938K	+201K
24	MEDPMedpace Hldgs Inc	1.66%	$65.1M	136K	+133K
25	PNTGPennant Group	1.23%	$48.2M	1.6M	NEW
26	MGAMagna International Inc	0.85%	$33.5M	600K	-459K
27	BWABorgwarner Inc	0.55%	$21.6M	397K	-25K
28	JELDJeld-wen Holdings Inc	0.53%	$20.6M	16.6M	-
29	BLDRBuilders Firstsource Inc.	0.34%	$13.4M	163K	+95K
30	ITTItt Inc	0.16%	$6.4M	34K	+500
31	BCOBrink's Company	0.15%	$5.8M	56K	+25K
32	PATKPatrick Industries Inc	0.12%	$4.6M	42K	-4K
33	KNXKnight-swift Transportatio	0.07%	$2.7M	47K	-17K
34	FSVFirstservice Corp	0.04%	$1.7M	12K	NEW
35	SYFSynchrony Financial	0.04%	$1.6M	24K	-9K
36	WFGWest Fraser Timber Co. LTD	0.02%	$898K	14K	-2K
37	TNCTennant Co	0.02%	$863K	13K	+3K
38	DCBODocebo Inc	0.02%	$638K	37K	+21K
39	OTEXOpen Text Corp	0.02%	$592K	27K	-3K
40	CLWClearwater Paper Corp	0.01%	$413K	29K	+16K

What a 13F does not show

Filed up to 45 days after the quarter ends, so this is Q1 2026, not today. US-listed shares and some options only. No short bets, cash, bonds, or foreign listings.