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Turtle Creek Webinar

  • Turtle Creek Webinar Recording

Overview

Turtle Creek is a concentrated long only North American mid-cap Investment Manager founded by three partners that previously ran the private equity arm of the Bank of Nova Scotia and left because they saw an opportunity to take their private equity approach and improve on it in public markets. Turtle Creek’s public equity strategy began in November 1998. $1 invested at that time has increased to $79.57, a compound annual return of 21%*. Their returns have been earned through what they believe is a rigorous, repeatable investment approach focused on minimizing risk.
Turtle Creek is where the founding partners have all of their investable wealth; and they are the largest investors. They believe this strong alignment mitigates concerns as to conflicts of interest and lack of focus and attention from one’s wealth manager. In essence, they believe it reduces a number of the risks in choosing a manager and allows clients to focus on a more limited set of criteria, such as: is the manager capable, experienced and hard working. Rest assured, they are all of the above.

Thesis

Our background, skill-set, temperament and approach differentiate us from other investment managers.  Our investment process starts by choosing what we believe are the right companies to own – well run businesses with strong management teams that drive shareholder value higher over time. We then spend considerable time and effort formulating and maintaining a view of each company’s Business Value.  Our optimal portfolio is diversified over 25-30 companies in largely unrelated industries with the size of each holding determined by many factors, with the dominant factor being our forecast of a holding’s long term expected return. Changes to our portfolio over time are primarily driven by our response to changes in traded prices. For us, risk is not short-term price volatility but rather the chance of permanently losing money.
We did not set out to earn high returns; rather, we are focused on minimizing risk by owning investments that we believe have limited downside, or a strong ‘margin of safety.  We believe that it is possible to both protect your capital and earn superior returns – it is not an either/or proposition.

Webinar Recording

The Team

The Turtle Creek investment team consists of twelve members, led by the three founding partners, Andrew Brenton, Jeff Cole and Jeff Hebel. Turtle Creek draws upon the private equity backgrounds of the Partners, who have worked together continuously for over 25 years.  We believe our approach to investing is unique partly because of our backgrounds – we have the perspective that comes from having been, for many years, deeply involved with companies, either as board members or as trusted advisors.

Structure of the Offering and Additional Information

At Turtle Creek we manage three private placement mutual funds that seek to provide long term capital growth by investing in the equity of approximately 25-30 mid-cap sized public companies with headquarters in specific geographies.  Turtle Creek Equity Fund (TCEF) is our “go anywhere” founders fund (although limited to North America thus far).  In 2016 we established Turtle Creek Canadian Equity Fund (TCCF) and in 2017 we launched Turtle Creek U.S. Equity Fund (TCUS).
Minimum Investment: $25,000
Liquidity: Monthly
RRSP Eligible: Yes
*Past performance does not guarantee future results.