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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
+8.32%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$482M
AUM Growth
+$36.2M
Cap. Flow
+$8.45M
Cap. Flow %
1.76%
Top 10 Hldgs %
78.67%
Holding
34
New
4
Increased
10
Reduced
11
Closed
5

Top Buys

Rank Stock Value
1
RM icon
Regional Management Corp
RM
+$15M
2
OMF icon
OneMain Financial
OMF
+$6.41M
3
WLH
WILLIAM LYON HOMES
WLH
+$5.97M
4
SIVB
SVB Financial Group
SIVB
+$5.87M
5
CPSS icon
Consumer Portfolio Services
CPSS
+$5.83M

Top Sells

Rank Stock Value
1
SNBC
Sun Bancorp Inc
SNBC
+$13.4M
2
UCB
United Community Banks
UCB
+$10.6M
3
C icon
Citigroup
C
+$5.57M
4
PRS
PRIMUS GUARANTY LTD
PRS
+$3.23M
5
OFG icon
OFG Bancorp
OFG
+$2.75M

Sector Composition

Rank Sector Weight
1 Financials 75.11%
2 Miscellaneous 13.89%
3 Consumer Discretionary 8.15%
4 Industrials 1.71%
5 Real Estate 0.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NEWS
1
DELISTED
NewStar Financial, Inc.
NEWS
$87.8M 18.23%
4,941,011
– –
BAC.WS.A
2
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$57.3M 11.91%
8,863,374
-410,027
-4% -$2.57M
TBBK icon
3
The Bancorp
TBBK
$2.73B
$49.5M 10.27%
2,762,684
-67,741
-2% -$1.19M
RM icon
4
Regional Management Corp
RM
$311M
$32.2M 6.69%
950,231
+459,249
+94% +$15M
TREE icon
5
LendingTree
TREE
$398M
$30.8M 6.39%
937,312
+87,020
+10% +$2.61M
ONIT
6
Onity Group
ONIT
$296M
$29.5M 6.12%
35,440
– –
WLH
7
DELISTED
WILLIAM LYON HOMES
WLH
$28.4M 5.89%
1,281,000
+275,000
+27% +$5.97M
EVER
8
DELISTED
Everbank Financial Corp
EVER
$23.7M 4.93%
1,294,520
-25,000
-2% -$401K
OFG icon
9
OFG Bancorp
OFG
$2.25B
$19.8M 4.12%
1,143,000
-170,000
-13% -$2.75M
SBCF icon
10
Seacoast Banking Corp of Florida
SBCF
$3.35B
$19.8M 4.11%
1,622,243
-167,998
-9% -$1.88M
C icon
11
Citigroup
C
$231B
$14.4M 2.99%
276,268
-110,000
-28% -$5.57M
BZH icon
12
Beazer Homes USA
BZH
$887M
$10.9M 2.26%
445,000
-50,000
-10% -$990K
FBP icon
13
First Bancorp
FBP
$4.35B
$9.69M 2.01%
1,565,000
-20,000
-1% -$115K
FMD
14
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
$8.23M 1.71%
1,113,161
+375,567
+51% +$3.04M
CPSS icon
15
Consumer Portfolio Services
CPSS
$203M
$7.61M 1.58%
+809,851
New +$5.83M
OMF icon
16
OneMain Financial
OMF
$7.44B
$7.58M 1.57%
+300,000
New +$6.41M
PRAA icon
17
PRA Group
PRAA
$716M
$7.4M 1.54%
140,000
+50,000
+56% +$2.84M
SIVB
18
DELISTED
SVB Financial Group
SIVB
$6.29M 1.31%
+60,000
New +$5.87M
CASH icon
19
Pathward Financial
CASH
$1.73B
$6.05M 1.26%
449,967
+399,834
+798% +$5.03M
ZIONW
20
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
$4.94M 1.03%
785,000
+5,000
+0.6% +$28.8K
RESI
21
DELISTED
Front Yard Residential Corporation Common Stock
RESI
$4.4M 0.91%
146,000
– –
FSGI
22
DELISTED
FIRST SECURITY GROUP, INC.
FSGI
$4.04M 0.84%
1,754,705
+55,527
+3% +$117K
FAC
23
DELISTED
First Acceptance Corp.
FAC
$3.13M 0.65%
1,377,170
+470,286
+52% +$830K
CCBG icon
24
Capital City Bank Group
CCBG
$887M
$3.1M 0.64%
263,657
-62,314
-19% -$747K
FUNC icon
25
First United
FUNC
$286M
$2.1M 0.44%
273,415
+58,320
+27% +$464K
1
2

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LMAM
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Second Curve Capital's Q4 2013 Portfolio in Review

As of Q4 2013, Second Curve Capital held 34 positions worth $482M, up 8.1% from $445M the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Second Curve Capital's Q4 2013 filing shows 4 new, 10 increased, 11 reduced and 5 closed positions. Its largest new stake was OneMain Financial: 300,000 shares worth $7.58M. The largest sale was Sun Bancorp Inc, an estimated $13.4M.

By sector, the portfolio is most concentrated in Financials at 75% of assets, down from 77% a quarter earlier, followed by Miscellaneous and Consumer Discretionary.

  • Second Curve Capital's largest Q4 2013 buy was OneMain Financial: 300,000 shares worth $7.58M.
  • Second Curve Capital added most to Regional Management Corp in Q4 2013, an estimated $15M increase.
  • Second Curve Capital's biggest Q4 2013 reduction was Sun Bancorp Inc, cutting an estimated $13.4M.
  • Second Curve Capital fully exited United Community Banks in Q4 2013, selling an estimated $10.6M.
  • Second Curve Capital's ten largest holdings make up 79% of its $482M portfolio in Q4 2013.
  • Second Curve Capital opened 4 new positions and closed 5 in Q4 2013.
  • Second Curve Capital's portfolio value rose 8.1% quarter-over-quarter to $482M.

Based on Second Curve Capital's 13F filing for Q4 2013, filed 12 Feb 2014.