Core Insights - Madison Small Cap Fund experienced a challenging third quarter in 2025, with a decline of 1.3% in its performance, significantly underperforming benchmarks due to stock selection and a speculative market environment [1] Company Performance - WillScot Holdings Corporation (NASDAQ:WSC) reported a one-month return of -29.46% and a 52-week loss of 56.34%, closing at $15.85 per share with a market capitalization of $2.886 billion as of November 20, 2025 [2] - In Q3 2025, WillScot Holdings Corporation generated revenue of $567 million, a decrease of $34 million compared to Q3 2024 [4] Investment Analysis - The underperformance of WillScot Holdings Corporation was attributed to challenging end markets, but the company has attractive unit economics and has reduced its share count from 230 million to 182 million over the past five years through share buybacks [3] - Madison Small Cap Fund reassessed the intrinsic value of WillScot Holdings Corporation at $46, based on conservative assumptions regarding market recovery and continued share buybacks, indicating a belief in the company's long-term potential despite current challenges [3]

Core Insights - Turtle Creek Asset Management's third-quarter 2025 investor letter indicates a challenging market environment, with the Turtle Creek Equity Fund's net asset value increasing by only 0.4%, underperforming the S&P MidCap 400 index's 7.7% and the S&P/TSX Completion index's 16.3% gains [1] - The firm highlights WillScot Holdings Corporation (NASDAQ:WSC) as a significant investment, despite its recent stock performance showing a one-month return of -17.69% and a 52-week loss of 48.00% [2][4] Fund Performance - 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 Turtle Creek Equity Fund's performance is notably below the broader market indices, indicating potential challenges in stock selection or market conditions [1] WillScot Holdings Corporation Overview - WillScot Holdings Corporation is recognized as the leading provider of turnkey space solutions in North America, offering modular offices, temporary classrooms, and portable storage containers [3] - The company has consolidated a previously fragmented industry, enhancing competitive behavior and achieving scale advantages that contribute to pricing power [3] - Despite being in a mature industry, WillScot is expected to continue growth through bolt-on acquisitions and expansion into adjacent offerings [3] Financial Performance of WillScot Holdings - In the third quarter of 2025, WillScot reported revenue of $567 million, reflecting a decrease of $34 million compared to the previous year [4] - The market capitalization of WillScot Holdings Corporation is reported at $3.31 billion, with shares closing at $18.19 on November 12, 2025 [2] Hedge Fund Interest - WillScot Holdings Corporation was held by 49 hedge fund portfolios at the end of the second quarter of 2025, an increase from 46 in the previous quarter [4]