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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
-14.38%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$222M
AUM Growth
-$60M
Cap. Flow
-$18.1M
Cap. Flow %
-8.17%
Top 10 Hldgs %
77.82%
Holding
28
New
2
Increased
10
Reduced
7
Closed
6

Top Buys

1
SGM
Stonegate Mortgage Corporation
SGM
+$3.62M
2
NWHM
THE NEW HOME COMPANY INC.
NWHM
+$3.6M
3
TSC
TriState Capital Holdings, Inc.
TSC
+$2.95M
4
NEWS
NewStar Financial, Inc.
NEWS
+$2.33M
5
FFWM
First Foundation Inc
FFWM
+$1.8M

Top Sells

1
TREE icon
LendingTree
TREE
+$14.8M
2
WLH
WILLIAM LYON HOMES
WLH
+$7.91M
3
BZH icon
Beazer Homes USA
BZH
+$4.18M
4
RESI
Front Yard Residential Corporation Common Stock
RESI
+$2.79M
5
SFBS
ServisFirst Bancshares
SFBS
+$2.27M

Sector Composition

1 Financials 74.03%
2 Consumer Discretionary 14.91%
3 Industrials 1.78%
4 Real Estate 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SIVB
26
DELISTED
SVB Financial Group
SIVB
– –
-2,588
Closed -$373K
RESI
27
DELISTED
Front Yard Residential Corporation Common Stock
RESI
– –
-165,311
Closed -$2.79M
1
2

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Second Curve Capital's Q3 2015 Portfolio in Review

As of Q3 2015, Second Curve Capital held 28 positions worth $222M, down 21% from $282M the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Second Curve Capital withdrew a net $18.1M in Q3 2015, closing 6 positions and reducing 7 holdings. Its most notable exit was LendingTree, an estimated $14.8M position sold in full.

By sector, the portfolio is most concentrated in Financials at 74% of assets, up from 69% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Second Curve Capital opened a new position in First Foundation Inc worth $1.91M.

  • Second Curve Capital's largest Q3 2015 buy was First Foundation Inc: 167,456 shares worth $1.91M.
  • Second Curve Capital added most to Stonegate Mortgage Corporation in Q3 2015, an estimated $3.62M increase.
  • Second Curve Capital's biggest Q3 2015 reduction was WILLIAM LYON HOMES, cutting an estimated $7.91M.
  • Second Curve Capital fully exited LendingTree in Q3 2015, selling an estimated $14.8M.
  • Second Curve Capital's ten largest holdings make up 78% of its $222M portfolio in Q3 2015.
  • Second Curve Capital opened 2 new positions and closed 6 in Q3 2015.
  • Second Curve Capital's portfolio value fell 21% quarter-over-quarter to $222M.

Based on Second Curve Capital's 13F filing for Q3 2015, filed 13 Nov 2015.