2025 Q4 Quarterly Commentary

Disclosures

Return Information Sources: Turtle Creek Asset Management Inc. (“TCAM” or the “Manager”), Bloomberg.

This information is for informational purposes only. Nothing contained herein should be construed as an offer, solicitation, or recommendation to buy or sell any investment or security, or to provide an investment strategy. The information may not be relied upon as the basis for making any purchase, sale or investment decision and is not legal, tax or accounting advice or an investment recommendation. Investment products managed by TCAM are available only to investors who meet certain eligibility and/or minimum purchase requirements and only in certain jurisdictions.

Past performance must never be construed as investment advice or a prediction of future performance. We have expressed our own views and opinions in this document, and these may change without notice. They are not intended as investment advice or a forecast of future events and may differ from others in the industry. All statements, other than statements of historical fact, that address activities, events or developments that we believe, expect or anticipate will or may occur in the future (including, without limitation, statements regarding any objectives and strategies of a fund or outlooks for the portfolio companies) are forward-looking statements. These forward-looking statements reflect our current expectations, assumptions or beliefs based on information currently available. Forward-looking statements are inherently uncertain and subject to a number of risks that may cause the actual results of any of our funds (each a “Fund”) to differ materially from those described in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, a Fund. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in U.S. government policies, volatility in financial markets, fluctuations in currency exchange rates and interest rates, tax consequences, changes in applicable laws and other risks associated with investing in securities and those factors discussed under the section in the applicable offering memorandum of a Fund entitled “Certain Risk Factors”. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, we disclaim any intention or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although we believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed thereon.

Certain economic and market information herein has been sourced from third parties believed to be reliable but has not been independently verified. The Manager and its affiliates accept no liability for the accuracy, reliability, or completeness of such information.

Endnotes (refer to accompanying PDF)

1. Turtle Creek’s performance, from November 1, 1998 until November 1, 2008, reflects the performance of Turtle Creek Investment Fund (created in September 2000) Class A Series 1 Units and the performance of its predecessor structures (collectively “TCIF”), and Turtle Creek Equity Fund (“TCEF” or the “Fund”) Class I Series 1.0 Units thereafter. Since TCEF and TCIF maintained substantially similar portfolios (with the exception of TCIF’s private company investments), historical performance for TCIF has been combined with that of TCEF. There were no private investments in TCIF before 2003 and, in aggregate, the private investments had a minimal impact on TCIF’s returns to November 1, 2008. TCIF’s fee and carried interest allocation structure did not apply prior to September 1, 2003 and, thereafter is not the same as the structure used for TCEF (details are available upon request). As well, the Class I Series 1.0 units were not created until July 31, 2010, the performance information shown is net of expenses and has been adjusted pro forma to be net of management fees and carried interest allocations charged to the Class I Series 1.0 units. 
2. A company’s intrinsic value or Business Value represents our best estimate of the present value of such company’s future cash flows and is necessarily comprised of many assumptions, the use of which includes a number of risks and uncertainties that may cause actual values to differ from our estimate. A Fund’s Business Value is calculated using our estimate of Business Value for each company, weighted based on the portfolio’s holdings. 
3. Michael Green, Simplify Asset Management Inc. 
4. Compustat, FactSet, IBES, Goldman Sachs Global Investment Research. TCAM. As at December 31, 2025. See note 6 for additional details. 
5. Based on the change in net asset value of the Fund’s Class I Series 1.0 Units. 
6. The S&P/TSX Completion and S&P MidCap 400 are total return indices. The S&P/TSX Completion (formerly called the S&P/TSX MidCap) is a Canadian index that is comprised of the constituents of the S&P/TSX Composite Index that are not in the S&P/TSX 60. The S&P/TSX 60 is a Canadian index that is comprised of the largest companies within the S&P/TSX Composite index. The S&P MidCap 400 index is a stock market index from S&P Dow Jones Indices which aims to serve as an indicator of U.S. mid-cap equities. It covers nearly 7% of the total US stock market. The S&P 500 is a stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States. Comparisons to certain indices and benchmarks are provided for illustrative purposes only and are intended to indicate broad market performance and characteristics. Comparisons to indices and benchmarks are limited in part because indices and benchmarks are not managed and do not charge fees or expenses. The Fund may underperform or outperform an index or benchmark for many reasons. 
7. Holdings that constitute less than 0.25% of the Net Assets of TCEF are not included in the number of holdings. Similarly, holdings that constitute less than 0.1% of the Net Assets of TC SPEF, TCCF and TCUS are not included in the number of holdings.