Turtle Creek 2017 Letter To Unitholders
Mar. 05, 2018 9:45 AM ETBorgWarner Inc. (BWA), TFII, HMCBF, HCG:CA, TFII:CA4 Comments
- 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.
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