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Second Curve jumps back into financial stocks in Q1'19

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Second Curve jumps back into financial stocks in Q1'19

New York-based Second Curve Capital LLC bulked up its financial stock investments in the first quarter after cutting its exposure by more than half in the fourth quarter of 2018, according to the firm's latest Form 13F filing.

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The hedge fund manager only sold off one position in the first quarter, a $504,000 stake in Medallion Financial Corp., but added six new investments. The largest addition was a $4.6 million stake in Troy, Mich.-based Flagstar Bancorp Inc.

Pittsburgh-based TriState Capital Holdings Inc. remained Second Curve's single-largest position at $16.0 million, even as the firm sold off 8.2% of its stake in the bank.

Second Curve remained bullish on CURO Group Holdings Corp. and continued adding to its position in the short-term lender, increasing its stake by 69.2%. The hedge fund also significantly juiced its positions in Signature Bank, Sterling Bancorp and Triton International Ltd. during the quarter.

Tom Brown founded Second Curve in 2000. Previously, he worked at Julian Robertson Jr.'s Tiger Management Corp.

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