Overview
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.