FSI Group LLC exited a dozen holdings in the second quarter of 2017, according to its latest 13-F filing. Three of the four largest exits by portfolio value at March 31 were specialty lenders: CIT Group Inc., Synchrony Financial and Sallie Mae.
Brothers John and Steven Stein established FSI Group, an alternative investment manager in the financial services space, in 1995.
The fund decreased its stake by 37.3% in JPMorgan Chase & Co. during the second quarter. The banking giant had been a new stake in the FSI portfolio last quarter.
FSI Group also shrunk its stake in Athene Holding Ltd. by 30.4%. Last quarter, FSI Group had boosted its stake in the insurance underwriter by 76.9%.
On the flip side, the most notable second-quarter position increase was on FB Financial Corp. FSI Group upped its stake in the Nashville, Tenn.-based bank by 85.0%. Through June 30, the stock was up 90.5% from its IPO in September 2016.
The total value of FSI Group's financial institution holdings stood at $180.9 million at June 30, down from $198.8 million at March 31. The only disclosed holdings outside the financial sector were Howard Hughes Corp. and Leucadia National Corp. Weston, Fla.-based FCB Financial Holdings Inc. remained the top holding, valued at $43.0 million at June 30.
The next-largest holdings are merger targets. Charlotte, N.C.-based Capital Bank Financial Corp. is being acquired by Memphis, Tenn.-based First Horizon National Corp. while Pompano Beach, Fla.-based Stonegate Bank is merging into Conway, Ark.-based Home BancShares Inc.
FSI Group initiated seven new positions during the quarter, the three largest of which were Santa Ana, Calif.-based Banc of California Inc., New York-based Signature Bank and Novato, Calif.-based Bank of Marin Bancorp.
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