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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
-2.91%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$430M
AUM Growth
-$51.4M
Cap. Flow
-$26.9M
Cap. Flow %
-6.24%
Top 10 Hldgs %
78.49%
Holding
31
New
2
Increased
15
Reduced
5
Closed
6

Top Buys

Rank Stock Value
1
ONIT
Onity Group
ONIT
+$9.26M
2
CASH icon
Pathward Financial
CASH
+$6.97M
3
BZH icon
Beazer Homes USA
BZH
+$5.74M
4
RM icon
Regional Management Corp
RM
+$4.25M
5
JPM.WS
JPMorgan Chase
JPM.WS
+$3.29M

Top Sells

Rank Stock Value
1
EVER
Everbank Financial Corp
EVER
+$23.7M
2
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
+$15.8M
3
PRAA icon
PRA Group
PRAA
+$7.4M
4
TREE icon
LendingTree
TREE
+$6.89M
5
TBBK icon
The Bancorp
TBBK
+$4.3M

Sector Composition

Rank Sector Weight
1 Financials 68.99%
2 Consumer Discretionary 12.02%
3 Industrials 1.58%
4 Real Estate 1.51%
5 Technology 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NEWS
1
DELISTED
NewStar Financial, Inc.
NEWS
$68.5M 15.92%
4,941,011
– –
BAC.WS.A
2
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$55.4M 12.87%
6,737,728
-2,125,646
-24% -$15.8M
TBBK icon
3
The Bancorp
TBBK
$2.79B
$47.7M 11.08%
2,535,109
-227,575
-8% -$4.3M
WLH
4
DELISTED
WILLIAM LYON HOMES
WLH
$36.3M 8.43%
1,313,000
+32,000
+2% +$843K
ONIT
5
Onity Group
ONIT
$333M
$29.2M 6.79%
49,707
+14,267
+40% +$9.26M
RM icon
6
Regional Management Corp
RM
$384M
$26.8M 6.23%
1,085,960
+135,729
+14% +$4.25M
TREE icon
7
LendingTree
TREE
$544M
$22.5M 5.24%
725,894
-211,418
-23% -$6.89M
OFG icon
8
OFG Bancorp
OFG
$2.21B
$20.8M 4.83%
1,208,000
+65,000
+6% +$1.04M
C icon
9
Citigroup
C
$222B
$15.3M 3.55%
321,268
+45,000
+16% +$2.24M
SBCF icon
10
Seacoast Banking Corp of Florida
SBCF
$3.26B
$15.3M 3.55%
1,388,587
-233,656
-14% -$2.66M
BZH icon
11
Beazer Homes USA
BZH
$907M
$14.2M 3.3%
707,886
+262,886
+59% +$5.74M
CASH icon
12
Pathward Financial
CASH
$1.81B
$14.2M 3.3%
948,297
+498,330
+111% +$6.97M
FBP icon
13
First Bancorp
FBP
$4.4B
$9.49M 2.21%
1,745,000
+180,000
+12% +$954K
OMF icon
14
OneMain Financial
OMF
$6.9B
$8.05M 1.87%
320,000
+20,000
+7% +$516K
CPSS icon
15
Consumer Portfolio Services
CPSS
$205M
$7.34M 1.71%
1,073,538
+263,687
+33% +$2.14M
FMD
16
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
$6.78M 1.58%
1,123,161
+10,000
+0.9% +$65.8K
RESI
17
DELISTED
Front Yard Residential Corporation Common Stock
RESI
$6.5M 1.51%
206,000
+60,000
+41% +$1.81M
ZIONW
18
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
$5.16M 1.2%
800,000
+15,000
+2% +$95K
FAC
19
DELISTED
First Acceptance Corp.
FAC
$5.07M 1.18%
2,034,094
+656,924
+48% +$1.69M
SIVB
20
DELISTED
SVB Financial Group
SIVB
$4.51M 1.05%
35,000
-25,000
-42% -$2.92M
FSGI
21
DELISTED
FIRST SECURITY GROUP, INC.
FSGI
$3.65M 0.85%
1,754,705
– –
JPM.WS
22
DELISTED
JPMorgan Chase
JPM.WS
$3.54M 0.82%
+175,000
New +$3.29M
FUNC icon
23
First United
FUNC
$288M
$2.14M 0.5%
281,086
+7,671
+3% +$61.3K
MTH icon
24
Meritage Homes
MTH
$4.87B
$1.26M 0.29%
+60,000
New +$1.37M
BAC.WS.B
25
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
$668K 0.16%
741,000
– –
1
2

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Second Curve Capital's Q1 2014 Portfolio in Review

As of Q1 2014, Second Curve Capital held 31 positions worth $430M, down 11% from $482M the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Second Curve Capital withdrew a net $26.9M in Q1 2014, closing 6 positions and reducing 5 holdings. Its most notable exit was Everbank Financial Corp, an estimated $23.7M position sold in full.

By sector, the portfolio is most concentrated in Financials at 69% of assets, down from 70% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Second Curve Capital opened a new position in JPMorgan Chase worth $3.54M.

  • Second Curve Capital's largest Q1 2014 buy was JPMorgan Chase: 175,000 shares worth $3.54M.
  • Second Curve Capital added most to Onity Group in Q1 2014, an estimated $9.26M increase.
  • Second Curve Capital's biggest Q1 2014 reduction was Bank Of America Corporation Ws A, cutting an estimated $15.8M.
  • Second Curve Capital fully exited Everbank Financial Corp in Q1 2014, selling an estimated $23.7M.
  • Second Curve Capital's ten largest holdings make up 78% of its $430M portfolio in Q1 2014.
  • Second Curve Capital opened 2 new positions and closed 6 in Q1 2014.
  • Second Curve Capital's portfolio value fell 11% quarter-over-quarter to $430M.

Based on Second Curve Capital's 13F filing for Q1 2014, filed 13 May 2014.