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

Group 1 - Turtle Creek Asset Management's portfolio showed a 0.4% increase in net asset value for Q3 2025, underperforming compared to the S&P MidCap 400 index's 7.7% increase and the S&P/TSX Completion index's 16.3% gain [1] - The Turtle Creek Synthetic PE Fund increased by 1.4%, while the Turtle Creek United States Equity Fund decreased by 1.0%, and the Turtle Creek Canadian Equity Fund increased by 7.8% during the same period [1] - The investor letter emphasizes the firm's belief in the portfolio's compelling opportunities despite a highly valued market environment [1] Group 2 - BRP Inc. (NASDAQ:DOOO) was highlighted as a significant stock, with a one-month return of -3.48% and a 52-week gain of 34.92% [2] - As of November 12, 2025, BRP Inc. shares closed at $64.81, with a market capitalization of $4.733 billion [2] - The firm noted that BRP Inc. experienced a short-term negative impact on unit price after being added to the portfolio, despite a recovery in share price to around $95 [3] Group 3 - The investment strategy involves adding companies when they are attractively valued, often after a share price decline, as demonstrated by BRP Inc.'s fluctuating share price [3] - The firm has a history of purchasing additional shares at lower prices, which can initially lead to negative contributions to unit price performance [3] - The approach of buying and holding is expected to yield positive returns over time, as seen with BRP Inc. [3]