How we have done

Since Turtle Creek began on November 1, 1998, an investment of $1,000 has grown to over $22,0001, a greater than 22 fold increase and a compound annual increase of 26%. This is in stark contrast to the broader market where the S&P 500 Total Return Index in C$ (which includes dividends) has been flat over this period.

A different way to look at Turtle Creek's1 results is to measure investment performance over a reasonable period of time at various entry points.  We do this by calculating returns over three year rolling periods (i.e., Oct 31/98 to Oct 31/01, Nov 30/98 to Nov 30/01, . . .).  We chose three years because that is the point at which the market starts to cross from being a "voting machine" to that of a "weighing machine" (i.e. it is the minimum period by which to properly measure investment performance).  Turtle Creek has outperformed the market (the S&P 500 Total Return Index in C$) 92% of the time and has had negative three year returns only 11% of the time. In comparison, the market has had negative three year returns 61% of the time.

Distribution of Annualized 3 Year Returns
(from founding in 1998 to present)

1. Turtle Creek's performance is of Turtle Creek Investment Fund ("TCIF") to November 1, 2008 and Turtle Creek Equity Fund thereafter and is net of all fees, carried interest, and expenses. TCIF is closed to new investors. Since Turtle Creek Equity Fund maintains an almost identical portfolio with that of TCIF (with the exception of TCIF's private company investments), historical performance for TCIF has been combined with that of Turtle Creek Equity Fund. There were no private investments in TCIF before 2003 and, in aggregate, the private investments had no material impact on TCIF's returns to November 1, 2008. TCIF has had a lower carried interest than Turtle Creek Equity Fund (details available upon request). As at April 30, 2012.