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SCC

Second Curve Capital Portfolio holdings

AUM $93.1M
1-Year Est. Return 66.93%
This Fund
S&P 500
This Quarter Est. Return
+11.14%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$247M
AUM Growth
-$25.6M
Cap. Flow
-$45.3M
Cap. Flow %
-18.36%
Top 10 Hldgs %
76.25%
Holding
28
New
3
Increased
9
Reduced
10
Closed
3

Top Buys

Rank Stock Value
1
NWHM
THE NEW HOME COMPANY INC.
NWHM
+$3.35M
2
SFBS
ServisFirst Bancshares
SFBS
+$1.91M
3
CASH icon
Pathward Financial
CASH
+$1.27M
4
SGM
Stonegate Mortgage Corporation
SGM
+$1.1M
5
FAC
First Acceptance Corp.
FAC
+$652K

Top Sells

Rank Stock Value
1
ONIT
Onity Group
ONIT
+$14.4M
2
NEWS
NewStar Financial, Inc.
NEWS
+$12.6M
3
TBBK icon
The Bancorp
TBBK
+$6.08M
4
TREE icon
LendingTree
TREE
+$5.97M
5
OFG icon
OFG Bancorp
OFG
+$4.56M

Sector Composition

Rank Sector Weight
1 Financials 71.31%
2 Consumer Discretionary 14.71%
3 Miscellaneous 10.17%
4 Industrials 2.82%
5 Real Estate 1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HTH icon
26
Hilltop Holdings
HTH
$2.25B
– –
-30,000
Closed -$602K
ONIT
27
Onity Group
ONIT
$296M
– –
-36,773
Closed -$14.4M
FSGI
28
DELISTED
FIRST SECURITY GROUP, INC.
FSGI
– –
-97,253
Closed -$193K
1
2

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Second Curve Capital's Q4 2014 Portfolio in Review

As of Q4 2014, Second Curve Capital held 28 positions worth $247M, down 9.4% from $272M the previous quarter. Its ten largest holdings account for 76% of the portfolio.

Second Curve Capital withdrew a net $45.3M in Q4 2014, closing 3 positions and reducing 10 holdings. Its most notable exit was Onity Group, an estimated $14.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 71% of assets, down from 72% a quarter earlier, followed by Consumer Discretionary and Miscellaneous.

Against the trend, Second Curve Capital opened a new position in PRA Group worth $406K.

  • Second Curve Capital's largest Q4 2014 buy was PRA Group: 7,000 shares worth $406K.
  • Second Curve Capital added most to THE NEW HOME COMPANY INC. in Q4 2014, an estimated $3.35M increase.
  • Second Curve Capital's biggest Q4 2014 reduction was NewStar Financial, Inc., cutting an estimated $12.6M.
  • Second Curve Capital fully exited Onity Group in Q4 2014, selling an estimated $14.4M.
  • Second Curve Capital's ten largest holdings make up 76% of its $247M portfolio in Q4 2014.
  • Second Curve Capital opened 3 new positions and closed 3 in Q4 2014.
  • Second Curve Capital's portfolio value fell 9.4% quarter-over-quarter to $247M.

Based on Second Curve Capital's 13F filing for Q4 2014, filed 13 Feb 2015.