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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
-7.51%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$166M
AUM Growth
-$38.9M
Cap. Flow
-$22.5M
Cap. Flow %
-13.56%
Top 10 Hldgs %
85.52%
Holding
25
New
3
Increased
8
Reduced
9
Closed
3

Top Buys

Rank Stock Value
1
OMF icon
OneMain Financial
OMF
+$4.05M
2
WLH
WILLIAM LYON HOMES
WLH
+$3.24M
3
TAL
TAL INTERNATIONAL GROUP, INC.
TAL
+$961K
4
AMG icon
Affiliated Managers Group
AMG
+$488K
5
SGM
Stonegate Mortgage Corporation
SGM
+$480K

Top Sells

Rank Stock Value
1
SFBS
ServisFirst Bancshares
SFBS
+$8.75M
2
CASH icon
Pathward Financial
CASH
+$7.43M
3
OFG icon
OFG Bancorp
OFG
+$3.52M
4
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
+$3.15M
5
RM icon
Regional Management Corp
RM
+$2.83M

Sector Composition

Rank Sector Weight
1 Financials 75.71%
2 Consumer Discretionary 14.02%
3 Miscellaneous 6.87%
4 Industrials 3.4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NEWS
1
DELISTED
NewStar Financial, Inc.
NEWS
$23.2M 13.97%
2,649,562
+56,828
+2% +$427K
RM icon
2
Regional Management Corp
RM
$311M
$18M 10.84%
1,051,557
-194,000
-16% -$2.83M
TSC
3
DELISTED
TriState Capital Holdings, Inc.
TSC
$17.8M 10.74%
1,414,443
-75,517
-5% -$925K
NWHM
4
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$15.5M 9.36%
1,266,301
-92,000
-7% -$926K
CASH icon
5
Pathward Financial
CASH
$1.73B
$14.9M 9%
982,386
-538,464
-35% -$7.43M
TBBK icon
6
The Bancorp
TBBK
$2.73B
$13.3M 8.04%
2,332,095
+8,392
+0.4% +$41.9K
SGM
7
DELISTED
Stonegate Mortgage Corporation
SGM
$12.2M 7.34%
2,123,009
+107,629
+5% +$480K
CPSS icon
8
Consumer Portfolio Services
CPSS
$203M
$10.8M 6.51%
2,554,588
+33,625
+1% +$144K
BAC.WS.A
9
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$8.37M 5.04%
2,151,361
-774,982
-26% -$3.15M
WLH
10
DELISTED
WILLIAM LYON HOMES
WLH
$7.74M 4.66%
534,000
+273,668
+105% +$3.24M
FAC
11
DELISTED
First Acceptance Corp.
FAC
$7.39M 4.45%
4,103,754
-53
-0% -$112
FMD
12
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
$4.4M 2.65%
1,158,161
+11,000
+1% +$41.7K
OMF icon
13
OneMain Financial
OMF
$7.44B
$4.1M 2.47%
+149,631
New +$4.05M
ZIONW
14
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
$2.6M 1.56%
1,095,439
+66,500
+6% +$132K
QCRH icon
15
QCR Holdings
QCRH
$1.68B
$1.64M 0.99%
68,712
-94,780
-58% -$2.15M
FUNC icon
16
First United
FUNC
$286M
$1.4M 0.85%
128,114
-153,972
-55% -$1.59M
TAL
17
DELISTED
TAL INTERNATIONAL GROUP, INC.
TAL
$1.24M 0.74%
+80,000
New +$961K
AMG icon
18
Affiliated Managers Group
AMG
$9.57B
$568K 0.34%
+3,500
New +$488K
BAC.WS.B
19
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
$148K 0.09%
741,000
– –
BAC icon
20
Bank of America
BAC
$438B
$135K 0.08%
10,000
– –
OFG icon
21
OFG Bancorp
OFG
$2.25B
$126K 0.08%
18,000
-575,773
-97% -$3.52M
BZH icon
22
Beazer Homes USA
BZH
$887M
– –
-50,434
Closed -$579K
C icon
23
Citigroup
C
$231B
– –
-13,000
Closed -$673K
SFBS
24
ServisFirst Bancshares
SFBS
$4.72B
– –
-736,568
Closed -$8.75M

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Second Curve Capital's Q1 2016 Portfolio in Review

As of Q1 2016, Second Curve Capital held 25 positions worth $166M, down 19% from $205M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Second Curve Capital withdrew a net $22.5M in Q1 2016, closing 3 positions and reducing 9 holdings. Its most notable exit was ServisFirst Bancshares, an estimated $8.75M position sold in full.

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

Against the trend, Second Curve Capital opened a new position in OneMain Financial worth $4.1M.

  • Second Curve Capital's largest Q1 2016 buy was OneMain Financial: 149,631 shares worth $4.1M.
  • Second Curve Capital added most to WILLIAM LYON HOMES in Q1 2016, an estimated $3.24M increase.
  • Second Curve Capital's biggest Q1 2016 reduction was Pathward Financial, cutting an estimated $7.43M.
  • Second Curve Capital fully exited ServisFirst Bancshares in Q1 2016, selling an estimated $8.75M.
  • Second Curve Capital's ten largest holdings make up 86% of its $166M portfolio in Q1 2016.
  • Second Curve Capital opened 3 new positions and closed 3 in Q1 2016.
  • Second Curve Capital's portfolio value fell 19% quarter-over-quarter to $166M.

Based on Second Curve Capital's 13F filing for Q1 2016, filed 12 May 2016.