Core Insights - The company is the largest temporary space provider in North America, offering turnkey space solutions across various markets including construction, education, and commercial applications [1] Company Overview - The company provides modular offices and on-site storage solutions, enabling customers to have the necessary space for as long as needed [1] - The business model focuses on a curated portfolio of value-added products and services, which enhances financial performance and increases returns on assets [1] - The solutions offered allow customers to become productive immediately upon starting their projects [1]

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]