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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
-4.73%
1 Year Est. Return
+66.93%
3 Year Est. Return
+159.53%
5 Year Est. Return
+126.53%
10 Year Est. Return
–
AUM
$229M
AUM Growth
-$30.8M
(-12%)
Cap. Flow
-$13.3M
Cap. Flow
% of AUM
-5.83%
Top 10 Holdings %
Top 10 Hldgs %
80.08%
Holding
20
New
2
Increased
6
Reduced
11
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CURO
CURO Group Holdings Corp.
CURO
|
+$16M |
| 2 |
SBNY
Signature Bank
SBNY
|
+$4.71M |
| 3 |
Encore Capital Group
ECPG
|
+$4.55M |
| 4 |
STL
Sterling Bancorp
STL
|
+$1.59M |
| 5 |
Banc of California
BANC
|
+$591K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
OneMain Financial
OMF
|
+$9.13M |
| 2 |
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
|
+$9M |
| 3 |
Regional Management Corp
RM
|
+$7.3M |
| 4 |
The Bancorp
TBBK
|
+$7.09M |
| 5 |
TRTN
Triton International Limited
TRTN
|
+$4.94M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 79.33% |
| 2 | Consumer Discretionary | 13.78% |
| 3 | Industrials | 5.04% |
| 4 | Miscellaneous | 1.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
TSC
1
DELISTED
TriState Capital Holdings, Inc.
TSC
| $28.6M | 12.49% |
1,036,278
+20,000
| +2% | +$571K |
|
2
Pathward Financial
CASH
$1.73B
| $24.1M | 10.54% |
875,931
-18,465
| -2% | -$553K |
|
|
3
Banc of California
BANC
$3B
| $19.8M | 8.66% |
1,050,000
+30,000
| +3% | +$591K |
|
|
CURO
4
DELISTED
CURO Group Holdings Corp.
CURO
| $18.8M | 8.2% |
621,582
+556,582
| +856% | +$16M |
|
|
5
The Bancorp
TBBK
$2.73B
| $18.4M | 8.03% |
1,918,377
-701,073
| -27% | -$7.09M |
|
|
NWHM
6
DELISTED
THE NEW HOME COMPANY INC.
NWHM
| $16.6M | 7.26% |
2,064,059
+20,000
| +1% | +$183K |
|
|
7
Encore Capital Group
ECPG
$2.06B
| $15.8M | 6.89% |
440,000
+120,000
| +38% | +$4.55M |
|
|
WLH
8
DELISTED
WILLIAM LYON HOMES
WLH
| $14.9M | 6.52% |
939,326
-30,000
| -3% | -$624K |
|
|
9
OneMain Financial
OMF
$7.44B
| $14.8M | 6.45% |
439,703
-260,700
| -37% | -$9.13M |
|
|
TRTN
10
DELISTED
Triton International Limited
TRTN
| $11.5M | 5.04% |
347,008
-140,000
| -29% | -$4.94M |
|
|
11
Regional Management Corp
RM
$311M
| $11M | 4.8% |
381,158
-219,400
| -37% | -$7.3M |
|
12
Capital One
COF
$135B
| $8.63M | 3.77% |
90,900
-10,000
| -10% | -$973K |
|
13
Consumer Portfolio Services
CPSS
$203M
| $7.64M | 3.34% |
2,065,474
-15,000
| -0.7% | -$55.2K |
|
|
STL
14
DELISTED
Sterling Bancorp
STL
| $6.21M | 2.71% |
282,200
+70,000
| +33% | +$1.59M |
|
|
SBNY
15
DELISTED
Signature Bank
SBNY
| $4.59M | 2.01% |
+40,000
| New | +$4.71M |
|
|
ZIONW
16
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
| $4.24M | 1.85% |
236,752
-30,000
| -11% | -$612K |
|
17
Medallion Financial
MFIN
$281M
| $1.75M | 0.76% |
263,413
-271,587
| -51% | -$1.6M |
|
18
Live Oak Bancshares
LOB
$1.83B
| $1.1M | 0.48% |
41,200
-5,000
| -11% | -$150K |
|
|
FBC
19
DELISTED
Flagstar Bancorp, Inc. New
FBC
| $472K | 0.21% |
+15,000
| New | +$501K |
|
|
BAC.WS.A
20
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| – | – |
-551,523
| Closed | -$9M |
|
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Second Curve Capital's Q3 2018 Portfolio in Review
As of Q3 2018, Second Curve Capital held 20 positions worth $229M, down 12% from $260M the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Second Curve Capital withdrew a net $13.3M in Q3 2018, closing 1 position and reducing 11 holdings. Its most notable exit was Bank Of America Corporation Ws A, an estimated $9M position sold in full.
By sector, the portfolio is most concentrated in Financials at 79% of assets, up from 72% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Second Curve Capital opened a new position in Signature Bank worth $4.59M.
- Second Curve Capital's largest Q3 2018 buy was Signature Bank: 40,000 shares worth $4.59M.
- Second Curve Capital added most to CURO Group Holdings Corp. in Q3 2018, an estimated $16M increase.
- Second Curve Capital's biggest Q3 2018 reduction was OneMain Financial, cutting an estimated $9.13M.
- Second Curve Capital fully exited Bank Of America Corporation Ws A in Q3 2018, selling an estimated $9M.
- Second Curve Capital's ten largest holdings make up 80% of its $229M portfolio in Q3 2018.
- Second Curve Capital opened 2 new positions and closed 1 in Q3 2018.
- Second Curve Capital's portfolio value fell 12% quarter-over-quarter to $229M.
Based on Second Curve Capital's 13F filing for Q3 2018, filed 14 Nov 2018.