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 compared to the S&P MidCap 400 index's 7.7% and the S&P/TSX Completion index's 16.3% gains [1] - The letter highlights Bread Financial Holdings, Inc. (NYSE:BFH) as a notable investment, showcasing its strong one-month return of 7.05% and a 52-week gain of 13.63% [2] 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] Company Focus: Bread Financial Holdings, Inc. - Bread Financial Holdings, Inc. provides white-labeled credit cards and 'buy now, pay later' lending solutions, serving major brand partners in North America [3] - The company reported revenue of $971 million in the third quarter of 2025, maintaining its position among hedge funds with 30 portfolios holding its stock [4] - Despite its potential, the company is not considered among the top 30 most popular stocks among hedge funds, and the firm believes certain AI stocks may offer better investment opportunities [4]