Turtle Creek Management, LLC has been in business since 2006. Our principal owner is TCTC Holdings, LLC, which is owned and controlled by Philip Kistler and Craig Knocke. We provide our clients with investment management services consisting primarily of discretionary portfolio management under which we determine and implement investment and reinvestment decisions on behalf of our clients primarily through the use of equity, fixed income and balanced (between equity securities such as stocks and fixed income securities such as municipal, corporate or government/federal agency bonds) strategies. Separately Managed Accounts We serve as investment manager to clients with respect to assets held in separately managed accounts (the “Accounts”) in accordance with the terms, conditions and limitations set forth in the applicable investment management agreement with each client. As part of these services, we (1) establish each client’s investment objectives after considering such factors as the client’s investment time horizon, liquidity needs and risk tolerance; (2) buy and sell portfolio securities on our clients’ behalf and, from time to time, reallocate the securities in our clients’ portfolios; and (3) periodically meet with our clients regarding their portfolio holdings and their holdings’ valuation, their transactions and their portfolio’s performance. The equity securities we select for our clients derive from our equity strategy which consists of a multi-capitalization approach. Within this diversified equity approach, we compose our equity choices based on a research and screening process.

Our services and processes are designed to determine and address each client’s specific investment needs and objectives through a series of meetings with that client designed to collect information as to his or her investment and financial circumstances and objectives, investment time horizon and risk tolerance. The client may also impose restrictions on our ability to implement particular types of investments on his or her behalf. We then prepare a written investment policy or guidelines for the client based upon the information. Trust Company In addition, we provide non-discretionary investment advisory services to Turtle Creek Trust Company, LTA, a state-chartered limited trust association regulated by the Texas Department of Banking and one of our affiliates (the “Trust Company”). Please refer to “Other Financial Industry Activities and Affiliations” below for more information regarding this relationship. We do not provide legal, tax or accounting advice or services. Also, clients should understand that, generally speaking, securities or other investments for which we provide advice are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other governmental agency and that we are not a trust or banking institution.
As of December 31, 2023, we had a total of approximately $3,541,418,573 in assets under management. We managed approximately $1,159,602,712 on a discretionary basis and approximately $2,381,815,861 on a non-discretionary basis.