Turtle Creek 2017 Letter To Unitholders

Summary

• Includes detailed analysis of Turtle Creek's positions in BWA, TFIFF, HMCBF.
• 2017 was an eventful year at Turtle Creek. At the end of January, we closed our main fund to net new capital. In April, we launched a new fund focused exclusively on U.S. companies.
• Rather than focusing on the calendar year in isolation, we stress the longer term. Even in years of significant outperformance, much more important than any one year are five-year, ten-year and fifteen-year compound annual returns. For the Founders Fund these are 18.5%, 16.7% and 15.6%, respectively.