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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
-9.62%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$272M
AUM Growth
-$61.2M
Cap. Flow
-$22.4M
Cap. Flow %
-8.22%
Top 10 Hldgs %
76.24%
Holding
28
New
2
Increased
10
Reduced
9
Closed
3

Top Buys

Rank Stock Value
1
NWHM
THE NEW HOME COMPANY INC.
NWHM
+$5.75M
2
CPSS icon
Consumer Portfolio Services
CPSS
+$3.75M
3
SGM
Stonegate Mortgage Corporation
SGM
+$3.17M
4
TBBK icon
The Bancorp
TBBK
+$2.81M
5
SFBS
ServisFirst Bancshares
SFBS
+$1.81M

Top Sells

Rank Stock Value
1
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
+$17.7M
2
SBCF icon
Seacoast Banking Corp of Florida
SBCF
+$12.3M
3
OFG icon
OFG Bancorp
OFG
+$3.92M
4
WLH
WILLIAM LYON HOMES
WLH
+$3.73M
5
FSGI
FIRST SECURITY GROUP, INC.
FSGI
+$3.22M

Sector Composition

Rank Sector Weight
1 Financials 72.26%
2 Consumer Discretionary 13.17%
3 Miscellaneous 11.78%
4 Real Estate 1.6%
5 Industrials 1.19%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NEWS
1
DELISTED
NewStar Financial, Inc.
NEWS
$44.5M 16.34%
3,958,289
+13,123
+0.3% +$155K
BAC.WS.A
2
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$27.4M 10.06%
3,650,963
-2,492,765
-41% -$17.7M
TBBK icon
3
The Bancorp
TBBK
$2.73B
$24.5M 9%
2,851,995
+285,000
+11% +$2.81M
RM icon
4
Regional Management Corp
RM
$311M
$22.7M 8.32%
1,261,906
-7,054
-0.6% -$118K
TREE icon
5
LendingTree
TREE
$398M
$18M 6.62%
502,130
-58,233
-10% -$1.69M
WLH
6
DELISTED
WILLIAM LYON HOMES
WLH
$16.3M 6%
738,800
-143,200
-16% -$3.73M
ONIT
7
Onity Group
ONIT
$296M
$14.4M 5.3%
36,773
+400
+1% +$181K
CASH icon
8
Pathward Financial
CASH
$1.73B
$14.2M 5.23%
1,212,237
+106,641
+10% +$1.33M
CPSS icon
9
Consumer Portfolio Services
CPSS
$203M
$13.7M 5.03%
2,138,538
+520,000
+32% +$3.75M
OFG icon
10
OFG Bancorp
OFG
$2.25B
$11.8M 4.34%
788,000
-240,000
-23% -$3.92M
SGM
11
DELISTED
Stonegate Mortgage Corporation
SGM
$10.6M 3.91%
818,943
+228,943
+39% +$3.17M
BZH icon
12
Beazer Homes USA
BZH
$887M
$10.1M 3.7%
600,886
+65,000
+12% +$1.19M
NWHM
13
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$9.45M 3.47%
700,042
+421,342
+151% +$5.75M
FBP icon
14
First Bancorp
FBP
$4.35B
$8.12M 2.98%
1,710,000
-40,000
-2% -$206K
FAC
15
DELISTED
First Acceptance Corp.
FAC
$7.38M 2.71%
2,962,740
+278,209
+10% +$693K
RESI
16
DELISTED
Front Yard Residential Corporation Common Stock
RESI
$4.37M 1.6%
182,000
-5,000
-3% -$124K
ZIONW
17
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
$3.78M 1.39%
741,225
-53,675
-7% -$279K
SFBS
18
ServisFirst Bancshares
SFBS
$4.72B
$3.31M 1.21%
459,048
+249,048
+119% +$1.81M
FMD
19
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
$3.23M 1.19%
1,138,161
– –
FUNC icon
20
First United
FUNC
$286M
$2.23M 0.82%
281,086
– –
BAC.WS.B
21
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
$711K 0.26%
741,000
– –
HTH icon
22
Hilltop Holdings
HTH
$2.25B
$602K 0.22%
+30,000
New +$621K
BAC icon
23
Bank of America
BAC
$438B
$341K 0.13%
+20,000
New +$318K
C icon
24
Citigroup
C
$231B
$259K 0.1%
5,000
– –
FSGI
25
DELISTED
FIRST SECURITY GROUP, INC.
FSGI
$193K 0.07%
97,253
-1,607,452
-94% -$3.22M
1
2

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Second Curve Capital's Q3 2014 Portfolio in Review

As of Q3 2014, Second Curve Capital held 28 positions worth $272M, down 18% from $333M the previous quarter. Its ten largest holdings account for 76% of the portfolio.

Second Curve Capital withdrew a net $22.4M in Q3 2014, closing 3 positions and reducing 9 holdings. Its most notable exit was Seacoast Banking Corp of Florida, an estimated $12.3M position sold in full.

By sector, the portfolio is most concentrated in Financials at 72% of assets, up from 69% a quarter earlier, followed by Consumer Discretionary and Miscellaneous.

Against the trend, Second Curve Capital opened a new position in Hilltop Holdings worth $602K.

  • Second Curve Capital's largest Q3 2014 buy was Hilltop Holdings: 30,000 shares worth $602K.
  • Second Curve Capital added most to THE NEW HOME COMPANY INC. in Q3 2014, an estimated $5.75M increase.
  • Second Curve Capital's biggest Q3 2014 reduction was Bank Of America Corporation Ws A, cutting an estimated $17.7M.
  • Second Curve Capital fully exited Seacoast Banking Corp of Florida in Q3 2014, selling an estimated $12.3M.
  • Second Curve Capital's ten largest holdings make up 76% of its $272M portfolio in Q3 2014.
  • Second Curve Capital opened 2 new positions and closed 3 in Q3 2014.
  • Second Curve Capital's portfolio value fell 18% quarter-over-quarter to $272M.

Based on Second Curve Capital's 13F filing for Q3 2014, filed 13 Nov 2014.