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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
-5.21%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$129M
AUM Growth
-$36.6M
(-22%)
Cap. Flow
-$25.9M
Cap. Flow
% of AUM
-20.02%
Top 10 Holdings %
Top 10 Hldgs %
90.5%
Holding
22
New
–
Increased
6
Reduced
10
Closed
5
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
|
+$1.25M |
| 2 |
QCR Holdings
QCRH
|
+$323K |
| 3 |
ZIONW
Zions Bancorporation N.A. Warrants
ZIONW
|
+$103K |
| 4 |
First United
FUNC
|
+$16K |
| 5 |
FAC
First Acceptance Corp.
FAC
|
+$3.23K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NEWS
NewStar Financial, Inc.
NEWS
|
+$8.67M |
| 2 |
FMD
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
|
+$4.4M |
| 3 |
Pathward Financial
CASH
|
+$4.25M |
| 4 |
OneMain Financial
OMF
|
+$4.1M |
| 5 |
The Bancorp
TBBK
|
+$1.31M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 75.42% |
| 2 | Consumer Discretionary | 15.77% |
| 3 | Miscellaneous | 8.81% |
| 4 | Industrials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
TSC
1
DELISTED
TriState Capital Holdings, Inc.
TSC
| $18.3M | 14.13% |
1,330,512
-83,931
| -6% | -$1.09M |
|
2
Regional Management Corp
RM
$311M
| $14.8M | 11.44% |
1,009,218
-42,339
| -4% | -$695K |
|
|
NEWS
3
DELISTED
NewStar Financial, Inc.
NEWS
| $14.1M | 10.91% |
1,675,062
-974,500
| -37% | -$8.67M |
|
|
4
The Bancorp
TBBK
$2.73B
| $12.7M | 9.84% |
2,114,381
-217,714
| -9% | -$1.31M |
|
|
5
Pathward Financial
CASH
$1.73B
| $12.3M | 9.49% |
722,430
-259,956
| -26% | -$4.25M |
|
|
NWHM
6
DELISTED
THE NEW HOME COMPANY INC.
NWHM
| $11.9M | 9.23% |
1,251,381
-14,920
| -1% | -$157K |
|
7
Consumer Portfolio Services
CPSS
$203M
| $8.92M | 6.9% |
2,366,384
-188,204
| -7% | -$739K |
|
|
BAC.WS.A
8
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $8.62M | 6.66% |
2,475,822
+324,461
| +15% | +$1.25M |
|
|
WLH
9
DELISTED
WILLIAM LYON HOMES
WLH
| $8.45M | 6.54% |
524,200
-9,800
| -2% | -$150K |
|
|
SGM
10
DELISTED
Stonegate Mortgage Corporation
SGM
| $6.92M | 5.35% |
2,058,911
-64,098
| -3% | -$295K |
|
|
FAC
11
DELISTED
First Acceptance Corp.
FAC
| $5.75M | 4.45% |
4,105,754
+2,000
| +0% | +$3.23K |
|
|
ZIONW
12
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
| $2.45M | 1.9% |
1,134,539
+39,100
| +4% | +$103K |
|
|
13
QCR Holdings
QCRH
$1.68B
| $2.21M | 1.71% |
81,171
+12,459
| +18% | +$323K |
|
|
14
First United
FUNC
$286M
| $1.27M | 0.99% |
129,614
+1,500
| +1% | +$16K |
|
15
Affiliated Managers Group
AMG
$9.57B
| $282K | 0.22% |
2,000
-1,500
| -43% | -$246K |
|
|
BAC.WS.B
16
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
| $58K | 0.04% |
741,000
| – | – |
|
17
Bank of America
BAC
$438B
| – | – |
-10,000
| Closed | -$135K |
|
18
OFG Bancorp
OFG
$2.25B
| – | – |
-18,000
| Closed | -$126K |
|
|
19
OneMain Financial
OMF
$7.44B
| – | – |
-149,631
| Closed | -$4.1M |
|
|
FMD
20
DELISTED
FIRST MARBLEHEAD CORP COM STK NEW (DE)
FMD
| – | – |
-1,158,161
| Closed | -$4.4M |
|
|
TAL
21
DELISTED
TAL INTERNATIONAL GROUP, INC.
TAL
| – | – |
-80,000
| Closed | -$1.24M |
|
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Second Curve Capital's Q2 2016 Portfolio in Review
As of Q2 2016, Second Curve Capital held 22 positions worth $129M, down 22% from $166M the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Second Curve Capital withdrew a net $25.9M in Q2 2016, closing 5 positions and reducing 10 holdings. Its most notable exit was FIRST MARBLEHEAD CORP COM STK NEW (DE), an estimated $4.4M position sold in full.
By sector, the portfolio is most concentrated in Financials at 75% of assets, down from 76% a quarter earlier, followed by Consumer Discretionary and Miscellaneous.
Against the trend, Second Curve Capital added an estimated $1.25M to Bank Of America Corporation Ws A.
- Second Curve Capital added most to Bank Of America Corporation Ws A in Q2 2016, an estimated $1.25M increase.
- Second Curve Capital's biggest Q2 2016 reduction was NewStar Financial, Inc., cutting an estimated $8.67M.
- Second Curve Capital fully exited FIRST MARBLEHEAD CORP COM STK NEW (DE) in Q2 2016, selling an estimated $4.4M.
- Second Curve Capital's ten largest holdings make up 90% of its $129M portfolio in Q2 2016.
- Second Curve Capital opened 0 new positions and closed 5 in Q2 2016.
- Second Curve Capital's portfolio value fell 22% quarter-over-quarter to $129M.
Based on Second Curve Capital's 13F filing for Q2 2016, filed 5 Aug 2016.