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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
-7.55%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$333M
AUM Growth
-$96.8M
Cap. Flow
-$57M
Cap. Flow %
-17.08%
Top 10 Hldgs %
77.14%
Holding
30
New
5
Increased
7
Reduced
12
Closed
4

Top Buys

Rank Stock Value
1
SGM
Stonegate Mortgage Corporation
SGM
+$8.21M
2
CPSS icon
Consumer Portfolio Services
CPSS
+$4.02M
3
NWHM
THE NEW HOME COMPANY INC.
NWHM
+$3.7M
4
RM icon
Regional Management Corp
RM
+$3.14M
5
CASH icon
Pathward Financial
CASH
+$2.07M

Top Sells

Rank Stock Value
1
C icon
Citigroup
C
+$15M
2
NEWS
NewStar Financial, Inc.
NEWS
+$12.7M
3
WLH
WILLIAM LYON HOMES
WLH
+$11.6M
4
OMF icon
OneMain Financial
OMF
+$8.05M
5
ONIT
Onity Group
ONIT
+$7.25M

Sector Composition

Rank Sector Weight
1 Financials 68.97%
2 Miscellaneous 15.17%
3 Consumer Discretionary 12.6%
4 Industrials 1.79%
5 Real Estate 1.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NEWS
1
DELISTED
NewStar Financial, Inc.
NEWS
$55.5M 16.64%
3,945,166
-995,845
-20% -$12.7M
BAC.WS.A
2
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$42.1M 12.64%
6,143,728
-594,000
-9% -$4.36M
TBBK icon
3
The Bancorp
TBBK
$2.73B
$30.6M 9.17%
2,566,995
+31,886
+1% +$496K
WLH
4
DELISTED
WILLIAM LYON HOMES
WLH
$26.8M 8.05%
882,000
-431,000
-33% -$11.6M
ONIT
5
Onity Group
ONIT
$296M
$20.2M 6.07%
36,373
-13,334
-27% -$7.25M
RM icon
6
Regional Management Corp
RM
$311M
$19.6M 5.89%
1,268,960
+183,000
+17% +$3.14M
OFG icon
7
OFG Bancorp
OFG
$2.25B
$18.9M 5.68%
1,028,000
-180,000
-15% -$3.19M
TREE icon
8
LendingTree
TREE
$398M
$16.3M 4.9%
560,363
-165,531
-23% -$4.51M
CASH icon
9
Pathward Financial
CASH
$1.73B
$14.7M 4.42%
1,105,596
+157,299
+17% +$2.07M
CPSS icon
10
Consumer Portfolio Services
CPSS
$203M
$12.3M 3.7%
1,618,538
+545,000
+51% +$4.02M
SBCF icon
11
Seacoast Banking Corp of Florida
SBCF
$3.35B
$12.3M 3.69%
1,132,087
-256,500
-18% -$2.73M
BZH icon
12
Beazer Homes USA
BZH
$887M
$11.2M 3.37%
535,886
-172,000
-24% -$3.34M
FBP icon
13
First Bancorp
FBP
$4.35B
$9.52M 2.86%
1,750,000
+5,000
+0.3% +$26.3K
SGM
14
DELISTED
Stonegate Mortgage Corporation
SGM
$8.23M 2.47%
+590,000
New +$8.21M
FAC
15
DELISTED
First Acceptance Corp.
FAC
$6.58M 1.97%
2,684,531
+650,437
+32% +$1.58M
FMD
16
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
$5.97M 1.79%
1,138,161
+15,000
+1% +$73.8K
RESI
17
DELISTED
Front Yard Residential Corporation Common Stock
RESI
$4.87M 1.46%
187,000
-19,000
-9% -$526K
ZIONW
18
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
$4.18M 1.25%
794,900
-5,100
-0.6% -$28.5K
NWHM
19
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$3.94M 1.18%
+278,700
New +$3.7M
FSGI
20
DELISTED
FIRST SECURITY GROUP, INC.
FSGI
$3.7M 1.11%
1,704,705
-50,000
-3% -$99.9K
FUNC icon
21
First United
FUNC
$286M
$2.46M 0.74%
281,086
– –
SFBS
22
ServisFirst Bancshares
SFBS
$4.72B
$1.51M 0.45%
+210,000
New +$1.51M
CACC icon
23
Credit Acceptance
CACC
$6.28B
$616K 0.18%
+5,000
New +$660K
BAC.WS.B
24
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
$556K 0.17%
741,000
– –
JPM icon
25
JPMorgan Chase
JPM
$953B
$288K 0.09%
+5,000
New +$281K
1
2

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Second Curve Capital's Q2 2014 Portfolio in Review

As of Q2 2014, Second Curve Capital held 30 positions worth $333M, down 22% from $430M the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Second Curve Capital withdrew a net $57M in Q2 2014, closing 4 positions and reducing 12 holdings. Its most notable exit was OneMain Financial, an estimated $8.05M position sold in full.

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

Against the trend, Second Curve Capital opened a new position in Stonegate Mortgage Corporation worth $8.23M.

  • Second Curve Capital's largest Q2 2014 buy was Stonegate Mortgage Corporation: 590,000 shares worth $8.23M.
  • Second Curve Capital added most to Consumer Portfolio Services in Q2 2014, an estimated $4.02M increase.
  • Second Curve Capital's biggest Q2 2014 reduction was Citigroup, cutting an estimated $15M.
  • Second Curve Capital fully exited OneMain Financial in Q2 2014, selling an estimated $8.05M.
  • Second Curve Capital's ten largest holdings make up 77% of its $333M portfolio in Q2 2014.
  • Second Curve Capital opened 5 new positions and closed 4 in Q2 2014.
  • Second Curve Capital's portfolio value fell 22% quarter-over-quarter to $333M.

Based on Second Curve Capital's 13F filing for Q2 2014, filed 13 Aug 2014.