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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
-14.38%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$222M
AUM Growth
-$60M
(-21%)
Cap. Flow
-$18.1M
Cap. Flow
% of AUM
-8.17%
Top 10 Holdings %
Top 10 Hldgs %
77.82%
Holding
28
New
2
Increased
10
Reduced
7
Closed
6
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SGM
Stonegate Mortgage Corporation
SGM
|
+$3.62M |
| 2 |
NWHM
THE NEW HOME COMPANY INC.
NWHM
|
+$3.6M |
| 3 |
TSC
TriState Capital Holdings, Inc.
TSC
|
+$2.95M |
| 4 |
NEWS
NewStar Financial, Inc.
NEWS
|
+$2.33M |
| 5 |
FFWM
First Foundation Inc
FFWM
|
+$1.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
LendingTree
TREE
|
+$14.8M |
| 2 |
WLH
WILLIAM LYON HOMES
WLH
|
+$7.91M |
| 3 |
Beazer Homes USA
BZH
|
+$4.18M |
| 4 |
RESI
Front Yard Residential Corporation Common Stock
RESI
|
+$2.79M |
| 5 |
SFBS
ServisFirst Bancshares
SFBS
|
+$2.27M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 74.03% |
| 2 | Consumer Discretionary | 14.91% |
| 3 | Miscellaneous | 9.29% |
| 4 | Industrials | 1.78% |
| 5 | Real Estate | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Pathward Financial
CASH
$1.73B
| $23.4M | 10.56% |
1,682,382
-65,658
| -4% | -$1M |
|
|
NEWS
2
DELISTED
NewStar Financial, Inc.
NEWS
| $20.6M | 9.3% |
2,514,734
+216,000
| +9% | +$2.33M |
|
3
Regional Management Corp
RM
$311M
| $18.4M | 8.31% |
1,188,411
-89,861
| -7% | -$1.53M |
|
4
The Bancorp
TBBK
$2.73B
| $18.4M | 8.29% |
2,412,703
-7,000
| -0.3% | -$58.4K |
|
|
NWHM
5
DELISTED
THE NEW HOME COMPANY INC.
NWHM
| $18M | 8.1% |
1,388,001
+235,639
| +20% | +$3.6M |
|
|
BAC.WS.A
6
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $17.4M | 7.84% |
3,033,343
+68,000
| +2% | +$441K |
|
|
TSC
7
DELISTED
TriState Capital Holdings, Inc.
TSC
| $16.9M | 7.6% |
1,352,397
+233,400
| +21% | +$2.95M |
|
|
SFBS
8
ServisFirst Bancshares
SFBS
$4.72B
| $14.7M | 6.64% |
1,418,320
-232,800
| -14% | -$2.27M |
|
9
Consumer Portfolio Services
CPSS
$203M
| $12.5M | 5.65% |
2,515,963
+90,000
| +4% | +$516K |
|
|
SGM
10
DELISTED
Stonegate Mortgage Corporation
SGM
| $12.3M | 5.53% |
1,726,265
+431,716
| +33% | +$3.62M |
|
|
FAC
11
DELISTED
First Acceptance Corp.
FAC
| $11M | 4.95% |
4,082,757
+413,000
| +11% | +$1.22M |
|
|
WLH
12
DELISTED
WILLIAM LYON HOMES
WLH
| $9.61M | 4.33% |
466,603
-332,400
| -42% | -$7.91M |
|
13
OFG Bancorp
OFG
$2.25B
| $8.18M | 3.69% |
936,600
+172,000
| +22% | +$1.48M |
|
|
14
Beazer Homes USA
BZH
$887M
| $5.47M | 2.47% |
410,586
-240,000
| -37% | -$4.18M |
|
|
FMD
15
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
| $3.95M | 1.78% |
1,147,161
| – | – |
|
16
QCR Holdings
QCRH
$1.68B
| $3.16M | 1.43% |
144,632
+56,000
| +63% | +$1.21M |
|
|
ZIONW
17
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
| $2.75M | 1.24% |
763,425
+3,200
| +0.4% | +$14.3K |
|
18
First United
FUNC
$286M
| $2.31M | 1.04% |
282,086
| – | – |
|
|
FFWM
19
DELISTED
First Foundation Inc
FFWM
| $1.91M | 0.86% |
+167,456
| New | +$1.8M |
|
20
Citigroup
C
$231B
| $397K | 0.18% |
8,000
-7,000
| -47% | -$382K |
|
|
BAC.WS.B
21
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
| $208K | 0.09% |
741,000
| – | – |
|
22
Genworth Financial
GNW
$3.91B
| – | – |
-150,000
| Closed | -$1.14M |
|
23
JPMorgan Chase
JPM
$953B
| – | – |
-10,000
| Closed | -$678K |
|
|
24
LendingTree
TREE
$398M
| – | – |
-188,304
| Closed | -$14.8M |
|
|
RATE
25
DELISTED
Bankrate Inc
RATE
| – | – |
-45,000
| Closed | -$472K |
|
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Second Curve Capital's Q3 2015 Portfolio in Review
As of Q3 2015, Second Curve Capital held 28 positions worth $222M, down 21% from $282M the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Second Curve Capital withdrew a net $18.1M in Q3 2015, closing 6 positions and reducing 7 holdings. Its most notable exit was LendingTree, an estimated $14.8M position sold in full.
By sector, the portfolio is most concentrated in Financials at 74% 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 First Foundation Inc worth $1.91M.
- Second Curve Capital's largest Q3 2015 buy was First Foundation Inc: 167,456 shares worth $1.91M.
- Second Curve Capital added most to Stonegate Mortgage Corporation in Q3 2015, an estimated $3.62M increase.
- Second Curve Capital's biggest Q3 2015 reduction was WILLIAM LYON HOMES, cutting an estimated $7.91M.
- Second Curve Capital fully exited LendingTree in Q3 2015, selling an estimated $14.8M.
- Second Curve Capital's ten largest holdings make up 78% of its $222M portfolio in Q3 2015.
- Second Curve Capital opened 2 new positions and closed 6 in Q3 2015.
- Second Curve Capital's portfolio value fell 21% quarter-over-quarter to $222M.
Based on Second Curve Capital's 13F filing for Q3 2015, filed 13 Nov 2015.