PB INVESTMENT PARTNERS, L.P.

2. Key Holdings

The portfolio is dominated by three core positions, which together constitute roughly 67% of the total assets.

• Capital One Financial (COF): This is the largest holding, comprising 26.30% of the portfolio ($32.79M). A 154K-share position suggests a strong bullish outlook on the consumer credit and banking sector, likely anticipating benefits from interest rate environments or operational synergies (such as the proposed Discover acquisition, though context-specific).
• Hilton Grand Vacations (HGV): Representing 23.18% ($28.90M), this is the second-largest position. The firm increased its stake here by 13.3% during the quarter, signaling confidence in the consumer discretionary and travel/luxury timeshare sectors.
• Apollo Global Management (APO): Accounting for 17.50% ($21.82M), this position reinforces the fund's heavy tilt toward financial services, specifically alternative asset management, which often performs well in volatile or high-rate environments.