Turtle Creek Asset Management’s Views on BRP (DOOO)

2 days ago 2

Soumya Eswaran

Thu, November 13, 2025 astatine 8:36 AM CST 3 min read

Turtle Creek Asset Management, an concern absorption company, has released its third-quarter 2025 capitalist letter. A transcript of the missive tin beryllium downloaded here. The steadfast believes that the portfolio offered a compelling accidental successful a highly valued marketplace environment. The nett plus worth of the Turtle Creek Equity Fund accrued by 0.4% successful the 3rd quarter, lagging down the S&P MidCap 400 index’s 7.7% summation and the S&P/TSX Completion index’s 16.3% gain. Turtle Creek Synthetic PE Fund accrued 1.4%, Turtle Creek United States Equity Fund decreased 1.0% and Turtle Creek Canadian Equity Fund accrued 7.8% during the aforesaid period. In addition, delight cheque the fund’s apical 5 holdings to cognize its champion picks successful 2025.

In its third-quarter 2025 capitalist letter, Turtle Creek Asset Management highlighted stocks specified arsenic BRP Inc. (NASDAQ:DOOO). BRP Inc. (NASDAQ:DOOO) is simply a powersports vehicles and marine products manufacturer. The one-month instrumentality of BRP Inc. (NASDAQ:DOOO) was -3.48%, and its shares gained 34.92% of their worth implicit the past 52 weeks. On November 12, 2025, BRP Inc. (NASDAQ:DOOO) banal closed astatine $64.81 per share, with a marketplace capitalization of $4.733 billion.

Turtle Creek Asset Management stated the pursuing regarding BRP Inc. (NASDAQ:DOOO) successful its 3rd 4th 2025 capitalist letter:

"BRP Inc. (NASDAQ:DOOO (formerly known arsenic Bombardier Recreational Products) provides an illustration of a abbreviated word antagonistic interaction connected our portion terms aft adding a caller holding. We had owned BRP for 5 years successful Turtle Creek Canadian Equity Fund, but it had ne'er made it into the flagship fund. Early successful 2024, aft the stock terms declined into the mid-$80s, we judged it was charismatic capable to beryllium added. While the stock terms fluctuated implicit the adjacent 18 months, including a mates of times trading supra $100 per share, by the mediate of 2025 the stock terms had declined into the mid-$40s, and we had, of course, added to our presumption arsenic the terms declined. As of this writing, the stock terms has recovered to astir $95, supra wherever we initiated the position. So now, a bargain and clasp is modestly affirmative portion our returns are higher owing to our activity. And yet, until precise recently, BRP was a antagonistic contributor to our portion terms show that was exacerbated by our acquisition of much shares astatine little and little prices. This is emblematic for us. Remember, our attack involves adding companies erstwhile they are attractively valued – which often means aft a stock terms decline. Many times (although not always) the stock terms continues to diminution and, arsenic with BRP, we acquisition further shares."