Schedule 13G/A: Turtle Creek Reports 16.6M JELD Shares, 19.5% Ownership

Rhea-AI Filing Summary

Turtle Creek Asset Management Inc. reports beneficial ownership of 16,625,557 shares of JELD-WEN Holding, Inc. common stock, representing 19.5% of the class. The Schedule 13G/A filing lists Turtle Creek as an investment advisor organized in Canada and states the shares are held for the benefit of mutual fund unit holders it manages. The filing confirms sole voting and dispositive power over the reported shares and includes a certification that the holdings were acquired in the ordinary course of business and not to influence control of the issuer.

Positive

• Material disclosure of a large 19.5% beneficial ownership, increasing transparency for investors
• Clear classification as an investment adviser with sole voting and dispositive power over the reported shares
• Certification that holdings were acquired in the ordinary course and not to influence control of the issuer

Negative

• None.

Insights

Financial Analyst

TL;DR Large passive stake disclosed: 19.5% ownership by an investment adviser could affect liquidity and shareholder dynamics.

Turtle Creek's reported 19.5% stake is material and must be considered when assessing shareholder structure and potential activism risk, even though the filer states the position is held in the ordinary course and not to influence control. The filing shows sole voting and dispositive power for 16,625,557 shares, which means Turtle Creek can vote these shares on corporate matters. No changes to holdings timing or intent beyond ordinary-course certification are provided.

Corporate Governance Expert

TL;DR Disclosure of a near-20% holder is material for governance monitoring but the filing asserts passive intent.

The Schedule 13G/A classifies Turtle Creek as an investment adviser and includes the required certification of non-control intent. For governance teams, a 19.5% beneficial owner with sole voting power is significant: it can influence votes by virtue of voting ability even if the filer disclaims an intent to change control. The filing does not indicate any agreement with other investors or plans that would alter this assessment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

JELD-WEN Holding, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

47580P103

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 47580P103

1

Names of Reporting Persons

Turtle Creek Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 16,625,557.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 16,625,557.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,625,557.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.5 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: JELD-WEN Holding, Inc.
(b)	Address of issuer's principal executive offices: 2645 Silver Crescent Drive, Charlotte, North Carolina, 28273
Item 2.
(a)	Name of person filing: This statement on Schedule 13G is being filed by Turtle Creek Asset Management Inc. ("Turtle Creek").
(b)	Address or principal business office or, if none, residence: Scotia Plaza, 40 King Street West, Suite 5100, Toronto, Ontario M5H 3Y2 Canada
(c)	Citizenship: Canada
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 47580P103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Investment advisor
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page.
(b)	Percent of class: See the response(s) to Item 11 on the attached cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page.
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page.
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page.
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Turtle Creek holds the shares of Common Stock reported herein for the benefit of unit holders of mutual funds managed by Turtle Creek, none of whom is known to Turtle Creek to have an interest of more than 5 percent of the class.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to investment fund managers and portfolio managers registered with the Ontario Securities Commission is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Turtle Creek Asset Management Inc.

Signature:	/s/ Meaghan Einav
Name/Title:	Meaghan Einav, Chief Compliance Officer
Date:	08/14/2025

FAQ

How many JELD (JELD) shares does Turtle Creek Asset Management report owning?

Turtle Creek reports beneficial ownership of 16,625,557 shares of JELD-WEN Holding, Inc. common stock.

What percentage of JELD does Turtle Creek own according to this filing?

The filing states Turtle Creek owns 19.5% of the outstanding class of common stock.

Does Turtle Creek claim voting or dispositive power over the JELD shares?

Yes. Turtle Creek reports sole voting power and sole dispositive power for 16,625,557 shares.

Is Turtle Creek filing as an activist seeking control of JELD?

No. The Schedule 13G/A includes a certification that the shares are held in the ordinary course of business and not to change or influence control of the issuer.

On whose behalf are the JELD shares held?

The filing states the shares are held for the benefit of unit holders of mutual funds managed by Turtle Creek; no individual fundholders with >5% are identified.