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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
+2.02%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$205M
AUM Growth
-$17M
Cap. Flow
-$18.4M
Cap. Flow %
-9%
Top 10 Hldgs %
82.98%
Holding
23
New
1
Increased
9
Reduced
8
Closed
1

Top Buys

Rank Stock Value
1
TSC
TriState Capital Holdings, Inc.
TSC
+$1.76M
2
SGM
Stonegate Mortgage Corporation
SGM
+$1.64M
3
ZIONW
Zions Bancorporation N.A. Warrants
ZIONW
+$990K
4
RM icon
Regional Management Corp
RM
+$898K
5
NEWS
NewStar Financial, Inc.
NEWS
+$723K

Top Sells

Rank Stock Value
1
SFBS
ServisFirst Bancshares
SFBS
+$7.68M
2
BZH icon
Beazer Homes USA
BZH
+$4.93M
3
WLH
WILLIAM LYON HOMES
WLH
+$3.88M
4
OFG icon
OFG Bancorp
OFG
+$2.94M
5
CASH icon
Pathward Financial
CASH
+$2.35M

Sector Composition

Rank Sector Weight
1 Financials 76.43%
2 Consumer Discretionary 10.98%
3 Miscellaneous 10.24%
4 Industrials 2.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CASH icon
1
Pathward Financial
CASH
$1.73B
$23.3M 11.37%
1,520,850
-161,532
-10% -$2.35M
NEWS
2
DELISTED
NewStar Financial, Inc.
NEWS
$23.3M 11.37%
2,592,734
+78,000
+3% +$723K
TSC
3
DELISTED
TriState Capital Holdings, Inc.
TSC
$20.8M 10.18%
1,489,960
+137,563
+10% +$1.76M
RM icon
4
Regional Management Corp
RM
$311M
$19.3M 9.41%
1,245,557
+57,146
+5% +$898K
NWHM
5
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$17.6M 8.6%
1,358,301
-29,700
-2% -$407K
BAC.WS.A
6
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$17M 8.32%
2,926,343
-107,000
-4% -$648K
TBBK icon
7
The Bancorp
TBBK
$2.73B
$14.8M 7.23%
2,323,703
-89,000
-4% -$647K
CPSS icon
8
Consumer Portfolio Services
CPSS
$203M
$13.1M 6.39%
2,520,963
+5,000
+0.2% +$25.6K
SGM
9
DELISTED
Stonegate Mortgage Corporation
SGM
$11M 5.36%
2,015,380
+289,115
+17% +$1.64M
FAC
10
DELISTED
First Acceptance Corp.
FAC
$9.77M 4.77%
4,103,807
+21,050
+0.5% +$54.2K
SFBS
11
ServisFirst Bancshares
SFBS
$4.72B
$8.75M 4.27%
736,568
-681,752
-48% -$7.68M
FMD
12
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
$4.83M 2.36%
1,147,161
– –
OFG icon
13
OFG Bancorp
OFG
$2.25B
$4.35M 2.12%
593,773
-342,827
-37% -$2.94M
WLH
14
DELISTED
WILLIAM LYON HOMES
WLH
$4.29M 2.1%
260,332
-206,271
-44% -$3.88M
QCRH icon
15
QCR Holdings
QCRH
$1.68B
$3.97M 1.94%
163,492
+18,860
+13% +$439K
ZIONW
16
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
$3.49M 1.7%
1,028,939
+265,514
+35% +$990K
FUNC icon
17
First United
FUNC
$286M
$3.3M 1.61%
282,086
– –
C icon
18
Citigroup
C
$231B
$673K 0.33%
13,000
+5,000
+63% +$265K
BZH icon
19
Beazer Homes USA
BZH
$887M
$579K 0.28%
50,434
-360,152
-88% -$4.93M
BAC.WS.B
20
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
$200K 0.1%
741,000
– –
BAC icon
21
Bank of America
BAC
$438B
$168K 0.08%
+10,000
New +$169K
FFWM
22
DELISTED
First Foundation Inc
FFWM
– –
-167,456
Closed -$1.91M

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LMAM
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MCS
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BCM
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Second Curve Capital's Q4 2015 Portfolio in Review

As of Q4 2015, Second Curve Capital held 23 positions worth $205M, down 7.7% from $222M the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Second Curve Capital withdrew a net $18.4M in Q4 2015, closing 1 position and reducing 8 holdings. Its most notable exit was First Foundation Inc, an estimated $1.91M position sold in full.

By sector, the portfolio is most concentrated in Financials at 76% of assets, up from 74% a quarter earlier, followed by Consumer Discretionary and Miscellaneous.

Against the trend, Second Curve Capital opened a new position in Bank of America worth $168K.

  • Second Curve Capital's largest Q4 2015 buy was Bank of America: 10,000 shares worth $168K.
  • Second Curve Capital added most to TriState Capital Holdings, Inc. in Q4 2015, an estimated $1.76M increase.
  • Second Curve Capital's biggest Q4 2015 reduction was ServisFirst Bancshares, cutting an estimated $7.68M.
  • Second Curve Capital fully exited First Foundation Inc in Q4 2015, selling an estimated $1.91M.
  • Second Curve Capital's ten largest holdings make up 83% of its $205M portfolio in Q4 2015.
  • Second Curve Capital opened 1 new position and closed 1 in Q4 2015.
  • Second Curve Capital's portfolio value fell 7.7% quarter-over-quarter to $205M.

Based on Second Curve Capital's 13F filing for Q4 2015, filed 16 Feb 2016.