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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
-0.21%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$253M
AUM Growth
+$6.54M
(+2.7%)
Cap. Flow
+$11.4M
Cap. Flow
% of AUM
4.5%
Top 10 Holdings %
Top 10 Hldgs %
72.73%
Holding
28
New
3
Increased
13
Reduced
4
Closed
4
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSC
TriState Capital Holdings, Inc.
TSC
|
+$4.69M |
| 2 |
OFG Bancorp
OFG
|
+$3.9M |
| 3 |
Pathward Financial
CASH
|
+$3.11M |
| 4 |
SGM
Stonegate Mortgage Corporation
SGM
|
+$3.03M |
| 5 |
WLH
WILLIAM LYON HOMES
WLH
|
+$2.69M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NEWS
NewStar Financial, Inc.
NEWS
|
+$8.72M |
| 2 |
First Bancorp
FBP
|
+$3.97M |
| 3 |
LendingTree
TREE
|
+$2.91M |
| 4 |
Regional Management Corp
RM
|
+$582K |
| 5 |
PRA Group
PRAA
|
+$406K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 68.94% |
| 2 | Consumer Discretionary | 18.3% |
| 3 | Miscellaneous | 8.48% |
| 4 | Industrials | 2.87% |
| 5 | Real Estate | 1.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
NEWS
1
DELISTED
NewStar Financial, Inc.
NEWS
| $24.7M | 9.77% |
2,109,214
-808,900
| -28% | -$8.72M |
|
|
2
Pathward Financial
CASH
$1.73B
| $20.9M | 8.27% |
1,581,588
+263,106
| +20% | +$3.11M |
|
3
The Bancorp
TBBK
$2.73B
| $20.8M | 8.22% |
2,304,803
+100,800
| +5% | +$918K |
|
|
4
Regional Management Corp
RM
$311M
| $18.7M | 7.38% |
1,266,683
-37,837
| -3% | -$582K |
|
|
WLH
5
DELISTED
WILLIAM LYON HOMES
WLH
| $18.7M | 7.38% |
724,003
+124,703
| +21% | +$2.69M |
|
|
BAC.WS.A
6
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $18.2M | 7.18% |
3,099,255
+41,800
| +1% | +$252K |
|
|
7
LendingTree
TREE
$398M
| $16.6M | 6.57% |
297,004
-60,987
| -17% | -$2.91M |
|
8
Consumer Portfolio Services
CPSS
$203M
| $16.3M | 6.46% |
2,338,743
+250,000
| +12% | +$1.68M |
|
|
NWHM
9
DELISTED
THE NEW HOME COMPANY INC.
NWHM
| $16.2M | 6.4% |
1,015,402
+79,600
| +9% | +$1.14M |
|
|
SGM
10
DELISTED
Stonegate Mortgage Corporation
SGM
| $12.9M | 5.1% |
1,194,033
+287,590
| +32% | +$3.03M |
|
|
11
OFG Bancorp
OFG
$2.25B
| $11.8M | 4.67% |
724,600
+233,400
| +48% | +$3.9M |
|
12
Beazer Homes USA
BZH
$887M
| $11.5M | 4.52% |
646,586
+100,000
| +18% | +$1.7M |
|
|
SFBS
13
ServisFirst Bancshares
SFBS
$4.72B
| $8.66M | 3.42% |
1,050,588
+338,832
| +48% | +$2.67M |
|
|
FAC
14
DELISTED
First Acceptance Corp.
FAC
| $8.59M | 3.39% |
3,550,759
+325,952
| +10% | +$782K |
|
|
FMD
15
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
| $7.28M | 2.87% |
1,168,161
| – | – |
|
|
16
First Bancorp
FBP
$4.35B
| $5.33M | 2.1% |
859,500
-653,000
| -43% | -$3.97M |
|
|
TSC
17
DELISTED
TriState Capital Holdings, Inc.
TSC
| $4.92M | 1.94% |
+469,544
| New | +$4.69M |
|
|
RESI
18
DELISTED
Front Yard Residential Corporation Common Stock
RESI
| $3.55M | 1.4% |
170,311
+43,311
| +34% | +$838K |
|
|
ZIONW
19
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
| $2.9M | 1.15% |
756,225
+5,000
| +0.7% | +$17.4K |
|
20
First United
FUNC
$286M
| $2.62M | 1.03% |
286,086
| – | – |
|
21
Toronto Dominion Bank
TD
$199B
| $857K | 0.34% |
+20,000
| New | +$859K |
|
|
BAC.WS.B
22
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
| $385K | 0.15% |
741,000
| – | – |
|
|
SIVB
23
DELISTED
SVB Financial Group
SIVB
| $381K | 0.15% |
+3,000
| New | +$358K |
|
24
Bank of America
BAC
$438B
| $308K | 0.12% |
20,000
| – | – |
|
25
Citigroup
C
$231B
| – | – |
-5,000
| Closed | -$271K |
|
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Second Curve Capital's Q1 2015 Portfolio in Review
As of Q1 2015, Second Curve Capital held 28 positions worth $253M, up 2.7% from $247M the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Second Curve Capital deployed $11.4M of net new capital in Q1 2015, opening 3 new positions and adding to 13 existing holdings. Its largest new stake was TriState Capital Holdings, Inc.: 469,544 shares worth $4.92M.
By sector, the portfolio is most concentrated in Financials at 69% of assets, down from 71% a quarter earlier, followed by Consumer Discretionary and Miscellaneous.
On the sell side, the largest reduction was NewStar Financial, Inc., an estimated $8.72M trimmed.
- Second Curve Capital's largest Q1 2015 buy was TriState Capital Holdings, Inc.: 469,544 shares worth $4.92M.
- Second Curve Capital added most to OFG Bancorp in Q1 2015, an estimated $3.9M increase.
- Second Curve Capital's biggest Q1 2015 reduction was NewStar Financial, Inc., cutting an estimated $8.72M.
- Second Curve Capital fully exited PRA Group in Q1 2015, selling an estimated $406K.
- Second Curve Capital's ten largest holdings make up 73% of its $253M portfolio in Q1 2015.
- Second Curve Capital opened 3 new positions and closed 4 in Q1 2015.
- Second Curve Capital's portfolio value rose 2.7% quarter-over-quarter to $253M.
Based on Second Curve Capital's 13F filing for Q1 2015, filed 13 May 2015.