Turtle Creek Asset Management’s Views on BRP (DOOO)

Turtle Creek Asset Management, an investment management company, has released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The firm believes that the portfolio offered a compelling opportunity in a highly valued market environment. The net asset value of the Turtle Creek Equity Fund increased by 0.4% in the third quarter, lagging behind the S&P MidCap 400 index’s 7.7% increase and the S&P/TSX Completion index’s 16.3% gain. Turtle Creek Synthetic PE Fund increased 1.4%, Turtle Creek United States Equity Fund decreased 1.0% and Turtle Creek Canadian Equity Fund increased 7.8% during the same period. In addition, please check the fund’s top five holdings to know its best picks in 2025.

In its third-quarter 2025 investor letter, Turtle Creek Asset Management highlighted stocks such as BRP Inc. (NASDAQ:DOOO). BRP Inc. (NASDAQ:DOOO) is a powersports vehicles and marine products manufacturer. The one-month return of BRP Inc. (NASDAQ:DOOO) was -3.48%, and its shares gained 34.92% of their value over the last 52 weeks. On November 12, 2025, BRP Inc. (NASDAQ:DOOO) stock closed at $64.81 per share, with a market capitalization of $4.733 billion.

Turtle Creek Asset Management stated the following regarding BRP Inc. (NASDAQ:DOOO) in its third quarter 2025 investor letter:

“BRP Inc. (NASDAQ:DOOO (formerly known as Bombardier Recreational Products) provides an example of a short term negative impact on our unit price after adding a new holding. We had owned BRP for five years in Turtle Creek Canadian Equity Fund, but it had never made it into the flagship fund. Early in 2024, after the share price declined into the mid-$80s, we judged it was attractive enough to be added. While the share price fluctuated over the next 18 months, including a couple of times trading above $100 per share, by the middle of 2025 the share price had declined into the mid-$40s, and we had, of course, added to our position as the price declined. As of this writing, the share price has recovered to around $95, above where we initiated the position. So now, a buy and hold is modestly positive while our returns are higher owing to our activity. And yet, until very recently, BRP was a negative contributor to our unit price performance that was exacerbated by our purchase of more shares at lower and lower prices. This is typical for us. Remember, our approach involves adding companies when they are attractively valued – which often means after a share price decline. Many times (although not always) the share price continues to decline and, as with BRP, we purchase additional shares.”

In another article, we covered BRP Inc. (NASDAQ:DOOO) and shared a bullish thesis on the company. In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.