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Highlights

  1. Who is Turtle Creek

    • Turtle Creek is a boutique investment firm that applies a private equity approach to identify and surface value in public companies. Turtle Creek is run by three Partners who collectively have 37 years of public and private equity investment experience and 23 years of investment banking experience in corporate finance and mergers and acquisitions. In aggregate, the Partners have filled 15 positions as directors on the boards of 13 different public and private companies.

  2. What Makes Turtle Creek Unique

    1. Length of Partnership

      • The Partners have worked together continuously for more than 15 years. Together, our Partners bring with them decades of combined experience as successful investors in public and private equity.

    2. Alignment of Interests

      • We partner with our clients to a degree that few other firms can match. The Partners have invested all of their liquid net worth in Turtle Creek Funds. Additionally, Turtle Creek Equity Fund offers an investor-friendly fee structure whereby fees are earned when we deliver positive performance.

    3. Private Equity Edge

      • Our background skill-set, and approach – spending our time on the right things – differentiates us from other investment managers. We enjoy the long and hard process of really understanding a company. We believe that our discipline and the depth of our analysis is rare.

    4. Focus on Intrinsic Value

      • Our background and approach allow us to have a superior understanding of a company’s intrinsic value. For us, intrinsic value is the value of all future net free cash flows of a company, discounted back to the present at a reasonable and consistent rate. Our intrinsic value estimate is meant to be a rough proxy for what a buyer would pay for 100% of a company – without access to ‘strategic’ value. Over the life of Turtle Creek a number of our holdings have been privatized at a level that is consistent with our intrinsic valuations.

    5. Reweighting - Price to Value Discipline

      • Having spent the time to understand the intrinsic value of each of our companies, we have the temperament and experience necessary to maintain and implement an independent view – this is critical to outperforming the market. We apply a price to value discipline – as traded prices change we reweight our portfolio towards those companies with relatively larger discounts to their intrinsic value and fund these purchases by selling down our positions that have smaller discounts to intrinsic value.

    6. Proven Results

      • Turtle Creek is dedicated to delivering attractive risk adjusted returns. Over our first eleven years, we have generated a compound annual return of over 25%.