Turtle Creek Asset Management UCITS fund surpasses US$100m in AUM
The fund also has a new administrator, US Bank Global Fund Services (Ireland) and from March 10th there has been daily dealing.
Turtle Creek's North American mid-cap value strategy has a track record of over 25 years, and is both rigorous and repeatable. The UCITS fund portfolio targets to own shares in 30 companies between US$2 billion - US$20 billion at the time of purchase, and is constructed from the 100+ companies that the firm actively follows. It is managed according to the same cash flow based value investing strategy and continuous optimization process that has been successful for over 25 years.
Andrew Brenton, Turtle Creek's CEO, said: 'This is a very significant landmark in AUM to have reached for the UCITS fund, and is indicative of the importance to Turtle Creek of it. North American mid-caps represent excellent opportunities for European investors seeking quality companies that are underappreciated by the market and offer diversification beyond a highly concentrated U.S. large-cap market. The current environment means the portfolio is trading at a favorable discount to its intrinsic value, offering an attractive entry point.'
Michael Bowen, Senior Vice President, Global Head of Relationship Management, said: 'We think long-term value investing in North American equities with a well-considered, consistent and nuanced investment approach represents a primary portfolio building block. Given the current volatility and uncertainty in markets we believe allocators understand the importance of a very active approach to stock selection and portfolio optimization, and also appreciate why our mid-cap focus is particularly attractive in these circumstances.'
Turtle Creek was established in 1998 by Andrew Brenton, Jeffrey Cole and Jeffrey Hebel who have worked together continuously for over 30 years. Prior to Turtle Creek, they founded and ran the private equity investment subsidiary of The Bank of Nova Scotia. While successful at generating strong returns for the bank, they pivoted to public equity investing on account of routinely observing better run, profitable companies trading at irrational prices, and concluded that improved risk-adjusted-returns could be achieved. Today, Turtle Creek manages mid-cap public equity portfolios totalling more than US$4 billion. There is a 12 person investment team based in Toronto.
Turtle Creek's strategy has an open-ended, publicly available track record via a Canadian vehicle. The UCITS is very similar in overall exposure to the existing strategy. The UCITS Fund has been available for qualified investors in the UK, Switzerland, Luxembourg, Spain, the Netherlands, Germany, Austria and Poland, and Turtle Creek is actively considering registration in other jurisdictions.
About Turtle Creek Asset Management Inc.
Turtle Creek Asset Management Inc. was founded in 1998 by Andrew Brenton, Jeffrey Cole and Jeffrey Hebel. Based in Toronto, Turtle Creek is comprised of twelve investment team members and sixteen additional employees, offering a different kind of value investing focused on long-term capital growth for a clientele of high-net-worth families, institutions and wealth advisors.
For further information, please visit:https://www.turtlecreek.ca/https://funds.carnegroup.com/turtlecreekucitsicav
Contacts:
CDRChristen Thomson, Senior Counsel
Christen.Thomson@cdrconsultancy.comSign in to access your portfolio
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