Baypointe Partners LLC

2. Key Holdings The portfolio is dominated by high-quality, large-cap companies with strong competitive advantages, specifically in the payments and luxury retail sectors.

• Mastercard (MA) and Visa (V): These are the two largest positions, representing 17.72% and 17.01% of the portfolio, respectively. With a combined value exceeding $32.5 million, Baypointe has placed a massive double-down bet on the global payments infrastructure. The significant increases in share counts (29k for MA, 47k for V) indicate a strong belief in the secular growth of digital payments.
• BJ’s Wholesale Club Holdings (BJ): Accounting for 17.43% of the portfolio ($16.32M), this is the firm's second-largest holding. The substantial increase of 337.5% suggests a pivot toward the consumer discretionary value segment, likely viewing BJ’s as a beneficiary of consumer trading-down behavior or operational efficiency.
• RH (Restoration Hardware): Representing 16.27% of the portfolio, RH is a major conviction play. The position was increased by 400%, adding $12.40 million in value. This indicates the firm views the luxury housing/recovery play as undervalued or poised for a significant turnaround.
• D.R. Horton (DHI): As the top industrial holding (10.56%), DHI reinforces the firm's exposure to the US housing market. The increase of nearly 300% complements the RH position, creating a barbell strategy across the housing sector—from homebuilding to high-end furnishing.