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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
+1.73%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$249M
AUM Growth
-$29.8M
(-11%)
Cap. Flow
-$33.6M
Cap. Flow
% of AUM
-13.47%
Top 10 Holdings %
Top 10 Hldgs %
80.67%
Holding
28
New
2
Increased
4
Reduced
14
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Pathward Financial
CASH
|
+$8.94M |
| 2 |
Regional Management Corp
RM
|
+$5.94M |
| 3 |
NWHM
THE NEW HOME COMPANY INC.
NWHM
|
+$1.28M |
| 4 |
Live Oak Bancshares
LOB
|
+$818K |
| 5 |
Banc of California
BANC
|
+$690K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TRTN
Triton International Limited
TRTN
|
+$10.9M |
| 2 |
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
|
+$7.8M |
| 3 |
Capital One
COF
|
+$6.49M |
| 4 |
OneMain Financial
OMF
|
+$5.39M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$4.87M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 75.14% |
| 2 | Consumer Discretionary | 15.06% |
| 3 | Industrials | 0.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Pathward Financial
CASH
$1.81B
| $33.3M | 13.33% |
1,272,396
+346,200
| +37% | +$8.94M |
|
|
TSC
2
DELISTED
TriState Capital Holdings, Inc.
TSC
| $28.8M | 11.55% |
1,258,322
-135,000
| -10% | -$3.04M |
|
3
The Bancorp
TBBK
$2.79B
| $27.6M | 11.07% |
3,339,770
-257,000
| -7% | -$1.99M |
|
|
NWHM
4
DELISTED
THE NEW HOME COMPANY INC.
NWHM
| $22.3M | 8.92% |
1,994,059
+118,000
| +6% | +$1.28M |
|
|
5
OneMain Financial
OMF
$6.85B
| $17.9M | 7.17% |
633,953
-201,000
| -24% | -$5.39M |
|
|
NEWS
6
DELISTED
NewStar Financial, Inc.
NEWS
| $15.8M | 6.33% |
1,345,349
-53,100
| -4% | -$580K |
|
|
7
Regional Management Corp
RM
$388M
| $15.3M | 6.14% |
633,034
+255,000
| +67% | +$5.94M |
|
|
WLH
8
DELISTED
WILLIAM LYON HOMES
WLH
| $15.3M | 6.13% |
665,500
-112,000
| -14% | -$2.61M |
|
9
Encore Capital Group
ECPG
$1.9B
| $13.5M | 5.42% |
305,000
-115,000
| -27% | -$4.66M |
|
|
BAC.WS.A
10
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $11.5M | 4.6% |
866,144
-650,000
| -43% | -$7.8M |
|
|
ZIONW
11
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
| $10.7M | 4.3% |
706,652
-115,000
| -14% | -$1.49M |
|
12
Consumer Portfolio Services
CPSS
$207M
| $10.3M | 4.11% |
2,249,884
-30,000
| -1% | -$128K |
|
|
13
Capital One
COF
$124B
| $6.97M | 2.8% |
82,350
-78,701
| -49% | -$6.49M |
|
|
FAC
14
DELISTED
First Acceptance Corp.
FAC
| $4.39M | 1.76% |
4,100,754
| – | – |
|
15
First United
FUNC
$288M
| $3.81M | 1.53% |
228,882
-5,000
| -2% | -$76.2K |
|
16
QCR Holdings
QCRH
$1.66B
| $3.37M | 1.35% |
74,136
-25,000
| -25% | -$1.13M |
|
|
TRTN
17
DELISTED
Triton International Limited
TRTN
| $1.6M | 0.64% |
48,008
-315,604
| -87% | -$10.9M |
|
|
SCHW
18
Charles Schwab
SCHW
$177B
| $1.56M | 0.63% |
35,667
-117,254
| -77% | -$4.87M |
|
|
19
Live Oak Bancshares
LOB
$1.97B
| $1.29M | 0.52% |
55,000
+35,000
| +175% | +$818K |
|
20
Citigroup
C
$221B
| $1.09M | 0.44% |
15,000
| – | – |
|
21
Bank of America
BAC
$435B
| $1.01M | 0.41% |
40,000
| – | – |
|
|
22
Banc of California
BANC
$3.32B
| $726K | 0.29% |
+35,000
| New | +$690K |
|
|
BAC.WS.B
23
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
| $345K | 0.14% |
441,000
| – | – |
|
24
PayPal
PYPL
$49.6B
| $320K | 0.13% |
+5,000
| New | +$300K |
|
|
OPB
25
DELISTED
Opus Bank Common Stock
OPB
| $240K | 0.1% |
10,000
| – | – |
|
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Second Curve Capital's Q3 2017 Portfolio in Review
As of Q3 2017, Second Curve Capital held 28 positions worth $249M, down 11% from $279M the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Second Curve Capital withdrew a net $33.6M in Q3 2017, closing 1 position and reducing 14 holdings. Its most notable exit was Affiliated Managers Group, an estimated $442K position sold in full.
By sector, the portfolio is most concentrated in Financials at 75% of assets, up from 71% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Second Curve Capital opened a new position in Banc of California worth $726K.
- Second Curve Capital's largest Q3 2017 buy was Banc of California: 35,000 shares worth $726K.
- Second Curve Capital added most to Pathward Financial in Q3 2017, an estimated $8.94M increase.
- Second Curve Capital's biggest Q3 2017 reduction was Triton International Limited, cutting an estimated $10.9M.
- Second Curve Capital fully exited Affiliated Managers Group in Q3 2017, selling an estimated $442K.
- Second Curve Capital's ten largest holdings make up 81% of its $249M portfolio in Q3 2017.
- Second Curve Capital opened 2 new positions and closed 1 in Q3 2017.
- Second Curve Capital's portfolio value fell 11% quarter-over-quarter to $249M.
Based on Second Curve Capital's 13F filing for Q3 2017, filed 14 Nov 2017.