TURTLE CREEK ASSET MANAGEMENT INC. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EEFT	EURONET WORLDWIDE INC	1,274,846 (+33.4%)	$97,029 (+15.7%)	4.3%	$99.04	-21.3%	COM	298736109
KNSL	KINSALE CAPITAL GROUP INC	278,670 (+23.3%)	$108,993 (+13.4%)	4.8%	$436.35	-6.6%	COM	49714P108
ITT	ITT INC	33,264 (+26.7%)	$5,772 (+22.9%)	0.3%	$150.16	+19.3%	COM	45073V108
SYF	SYNCHRONY FINANCIAL	32,940 (+31.8%)	$2,748 (+54.8%)	0.1%	$60.40	+26.3%	COM	87165B103
TNC	TENNANT CO	9,800 (+84.9%)	$722 (+68.1%)	0.0%	$79.00	-3.5%	COM	880345103
BLDR	BUILDERS FIRSTSOURCE INC.	67,640 (+19.6%)	$6,959 (+1.5%)	0.3%	$128.52	-12.6%	COM	12008R107
DCBO	DOCEBO INC	15,300 (+57.7%)	$340 (+28.1%)	0.0%	$30.85	-22.6%	COM	25609L105
PNTG	PENNANT GROUP	13,000 (+8.3%)	$366 (+20.9%)	0.0%	$24.97	+6.5%	COM	70805E109
CLW	CLEARWATER PAPER CORP	12,700 (+4.1%)	$221 (-12.7%)	0.0%	$34.13	-46.0%	COM	18538R103

Exited Positions (4)

KMX CARMAX INC 5.3%

Value ($000) $121,484 Shares 2,707,477 Est. Cost $78.16 Unrealized -48.8%

ARCB ARCBEST CORP 1.7%

Value ($000) $39,508 Shares 565,450 Est. Cost $74.93 Unrealized -5.2%

MAGN MAGNERA CORPORATION 0.2%

Value ($000) $3,689 Shares 314,733 Est. Cost $20.46 Unrealized -43.4%

— LULU S FASHION LOUNGE 0.0%

Value ($000) $17 Shares 3,668 Est. Cost $2.45 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KMX	CARMAX INC	2,707,477	$121,484	5.3%	$78.16	-48.8%	—	143130102
ARCB	ARCBEST CORP	565,450	$39,508	1.7%	$74.93	-5.2%	—	03937C105
MAGN	MAGNERA CORPORATION	314,733	$3,689	0.2%	$20.46	-43.4%	—	55939A107
—	LULU S FASHION LOUNGE	3,668	$17	0.0%	$2.45	—	—	55003A108

Decreased Positions (25)

CE CELANESE 4.0%

Value ($000) $91,179 (-57.6%) Shares 2,156,540 (-57.8%) Est. Cost $85.51 Unrealized -52.3%

BC BRUNSWICK CORP 3.6%

Value ($000) $81,417 (-56.0%) Shares 1,096,673 (-62.5%) Est. Cost $74.48 Unrealized -9.3%

CCOI COGENT COMMUNICATIONS HOLDINGS 3.8%

Value ($000) $87,034 (-50.7%) Shares 4,036,847 (-12.3%) Est. Cost $46.53 Unrealized -36.6%

FISV FISERV INC 0.7%

Value ($000) $16,625 (-83.4%) Shares 247,501 (-68.2%) Est. Cost $143.31 Unrealized -41.5%

WSC WILLSCOT HOLDINGS 5.1%

Value ($000) $116,444 (-36.8%) Shares 6,183,962 (-29.2%) Est. Cost $31.38 Unrealized -35.7%

DOO BRP INC. 2.3%

Value ($000) $52,189 (-50.0%) Shares 737,546 (-57.1%) Est. Cost $58.48 Unrealized +16.2%

FND FLOOR & DECOR 5.2%

Value ($000) $118,476 (-25.4%) Shares 1,945,733 (-9.7%) Est. Cost $85.05 Unrealized -23.8%

MGA MAGNA INTERNATIONAL INC 2.5%

Value ($000) $56,437 (-38.9%) Shares 1,058,852 (-45.7%) Est. Cost $47.27 Unrealized +3.4%

WEX WEX INC 2.8%

Value ($000) $62,931 (-32.5%) Shares 422,412 (-28.7%) Est. Cost $165.40 Unrealized -8.9%

SCI SERVICE CORP INTERNATIONAL 3.6%

Value ($000) $80,882 (-27.0%) Shares 1,037,345 (-22.1%) Est. Cost $52.46 Unrealized +52.5%

ECPG ENCORE CAPITAL GROUP INC 2.3%

Value ($000) $52,752 (-35.1%) Shares 970,593 (-50.2%) Est. Cost $44.50 Unrealized +8.3%

MIDD MIDDLEBY CORP 7.3%

Value ($000) $166,063 (-14.5%) Shares 1,116,989 (-23.6%) Est. Cost $116.87 Unrealized +12.3%

IR INGERSOLL-RAND INC 5.3%

Value ($000) $121,240 (-18.4%) Shares 1,530,417 (-14.9%) Est. Cost $44.37 Unrealized +77.9%

ATS ATS CORP 6.8%

Value ($000) $155,382 (-14.9%) Shares 5,642,052 (-19.1%) Est. Cost $34.93 Unrealized -23.5%

ENSG ENSIGN GROUP INC 2.6%

Value ($000) $58,718 (-25.5%) Shares 337,070 (-26.1%) Est. Cost $159.32 Unrealized +12.7%

TFII TFI INTERNATIONAL INC 6.3%

Value ($000) $142,131 (-11.4%) Shares 1,375,242 (-24.5%) Est. Cost $92.45 Unrealized +0.7%

GIL GILDAN ACTIVEWEAR INC 3.0%

Value ($000) $67,904 (-20.3%) Shares 1,087,155 (-26.3%) Est. Cost $23.62 Unrealized +151.7%

BWA BORGWARNER INC 0.8%

Value ($000) $19,020 (-45.4%) Shares 422,098 (-46.8%) Est. Cost $31.83 Unrealized +37.2%

SSNC SS&C TECHNOLOGIES HOLDINGS INC 3.1%

Value ($000) $70,683 (-13.3%) Shares 808,549 (-11.9%) Est. Cost $49.32 Unrealized +72.9%

BFH BREAD FINANCIAL HOLDINGS INC 8.3%

Value ($000) $188,883 (+3.1%) Shares 2,551,432 (-22.3%) Est. Cost $50.13 Unrealized +31.0%

KNX KNIGHT-SWIFT TRANSPORTATION 0.1%

Value ($000) $3,331 (-51.3%) Shares 63,713 (-63.2%) Est. Cost $49.70 Unrealized -5.9%

OTEX OPEN TEXT CORP 0.0%

Value ($000) $958 (-51.8%) Shares 29,410 (-44.7%) Est. Cost $30.99 Unrealized +14.3%

MEDP MEDPACE HLDGS INC 0.1%

Value ($000) $1,573 (-36.3%) Shares 2,800 (-41.7%) Est. Cost $300.23 Unrealized +89.1%

WFG WEST FRASER TIMBER CO. LTD. 0.0%

Value ($000) $944 (-20.0%) Shares 15,450 (-11.0%) Est. Cost $82.30 Unrealized -24.0%

PATK PATRICK INDUSTRIES INC 0.2%

Value ($000) $5,015 (+2.2%) Shares 46,250 (-2.5%) Est. Cost $84.50 Unrealized +23.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CE	CELANESE	2,156,540 (-57.8%)	$91,179 (-57.6%)	4.0%	$85.51	-52.3%	COM	150870103
BC	BRUNSWICK CORP	1,096,673 (-62.5%)	$81,417 (-56.0%)	3.6%	$74.48	-9.3%	COM	117043109
CCOI	COGENT COMMUNICATIONS HOLDINGS	4,036,847 (-12.3%)	$87,034 (-50.7%)	3.8%	$46.53	-36.6%	COM	19239V302
FISV	FISERV INC	247,501 (-68.2%)	$16,625 (-83.4%)	0.7%	$143.31	-41.5%	COM	337738108
WSC	WILLSCOT HOLDINGS	6,183,962 (-29.2%)	$116,444 (-36.8%)	5.1%	$31.38	-35.7%	COM	971378104
DOO	BRP INC.	737,546 (-57.1%)	$52,189 (-50.0%)	2.3%	$58.48	+16.2%	COM	05577W200
FND	FLOOR & DECOR	1,945,733 (-9.7%)	$118,476 (-25.4%)	5.2%	$85.05	-23.8%	COM	339750101
MGA	MAGNA INTERNATIONAL INC	1,058,852 (-45.7%)	$56,437 (-38.9%)	2.5%	$47.27	+3.4%	COM	559222401
WEX	WEX INC	422,412 (-28.7%)	$62,931 (-32.5%)	2.8%	$165.40	-8.9%	COM	96208T104
SCI	SERVICE CORP INTERNATIONAL	1,037,345 (-22.1%)	$80,882 (-27.0%)	3.6%	$52.46	+52.5%	COM	817565104
ECPG	ENCORE CAPITAL GROUP INC	970,593 (-50.2%)	$52,752 (-35.1%)	2.3%	$44.50	+8.3%	COM	292554102
MIDD	MIDDLEBY CORP	1,116,989 (-23.6%)	$166,063 (-14.5%)	7.3%	$116.87	+12.3%	COM	596278101
IR	INGERSOLL-RAND INC	1,530,417 (-14.9%)	$121,240 (-18.4%)	5.3%	$44.37	+77.9%	COM	45687V106
ATS	ATS CORP	5,642,052 (-19.1%)	$155,382 (-14.9%)	6.8%	$34.93	-23.5%	COM	00217Y104
ENSG	ENSIGN GROUP INC	337,070 (-26.1%)	$58,718 (-25.5%)	2.6%	$159.32	+12.7%	COM	29358P101
TFII	TFI INTERNATIONAL INC	1,375,242 (-24.5%)	$142,131 (-11.4%)	6.3%	$92.45	+0.7%	COM	87241L109
GIL	GILDAN ACTIVEWEAR INC	1,087,155 (-26.3%)	$67,904 (-20.3%)	3.0%	$23.62	+151.7%	COM	375916103
BWA	BORGWARNER INC	422,098 (-46.8%)	$19,020 (-45.4%)	0.8%	$31.83	+37.2%	COM	099724106
SSNC	SS&C TECHNOLOGIES HOLDINGS INC	808,549 (-11.9%)	$70,683 (-13.3%)	3.1%	$49.32	+72.9%	COM	78467J100
BFH	BREAD FINANCIAL HOLDINGS INC	2,551,432 (-22.3%)	$188,883 (+3.1%)	8.3%	$50.13	+31.0%	COM	018581108
KNX	KNIGHT-SWIFT TRANSPORTATION	63,713 (-63.2%)	$3,331 (-51.3%)	0.1%	$49.70	-5.9%	COM	499049104
OTEX	OPEN TEXT CORP	29,410 (-44.7%)	$958 (-51.8%)	0.0%	$30.99	+14.3%	COM	683715106
MEDP	MEDPACE HLDGS INC	2,800 (-41.7%)	$1,573 (-36.3%)	0.1%	$300.23	+89.1%	COM	58506Q109
WFG	WEST FRASER TIMBER CO. LTD.	15,450 (-11.0%)	$944 (-20.0%)	0.0%	$82.30	-24.0%	COM	952845105
PATK	PATRICK INDUSTRIES INC	46,250 (-2.5%)	$5,015 (+2.2%)	0.2%	$84.50	+23.8%	COM	703343103

Unchanged Positions (3)

JELD JELD-WEN HOLDINGS INC 1.8%

Value ($000) $40,899 Shares 16,625,557 Est. Cost $21.41 Unrealized -84.7%

VNT VONTIER 2.9%

Value ($000) $66,939 Shares 1,800,404 Est. Cost $28.18 Unrealized +35.8%

CIGI COLLIERS INTERNATIONAL GROUP INC 5.3%

Value ($000) $119,555 Shares 813,241 Est. Cost $107.11 Unrealized +40.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JELD	JELD-WEN HOLDINGS INC	16,625,557	$40,899	1.8%	$21.41	-84.7%	COM	47580P103
VNT	VONTIER	1,800,404	$66,939	2.9%	$28.18	+35.8%	COM	928881101
CIGI	COLLIERS INTERNATIONAL GROUP INC	813,241	$119,555	5.3%	$107.11	+40.2%	COM	194693107