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Second Curve Capital adds digital lender to portfolio in Q2'18

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Second Curve Capital adds digital lender to portfolio in Q2'18

Second-quarter activity at financial services hedge fund Second Curve Capital LLC included one entry and three exits.

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The lone second-quarter initiation was CURO Group Holdings Corp. The digital lender completed an initial public offering in December 2017, and the stock rose 89% year-to-date through Aug. 14. Second Curve's stake was worth $1.6 million at the end of June.

The three disclosed exits were Charles Schwab Corp., Moline, Ill.-based QCR Holdings Inc. and First Acceptance Corp., the latter of which announced in March it was delisting from the NYSE. First Acceptance was deleted from the List of Section 13F Securities for the second quarter as reported by the SEC.

Tom Brown founded Second Curve in 2000. Previously, he worked at Julian Robertson Jr.'s Tiger Management Corp. and was a sell-side bank analyst for several years.

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As of June 30, Second Curve held 16 common stock stakes worth an aggregate of $245.5 million, according to the most recent Form 13F. The previous quarter's totals were 18 common stock holdings valued at an aggregate of $244.5 million.

The share amounts of the fund's largest holding, Sioux Falls, S.D.-based Meta Financial Group Inc., and the third-largest holding, Pittsburgh-based TriState Capital Holdings Inc., increased by less than 2% during the quarter. Second Curve cut its second-largest position, Wilmington, Del.-based The Bancorp Inc., by 10%.

On the other hand, Second Curve pumped up its stake in Montebello, N.Y.-based Sterling Bancorp by more than 430%. The regional bank was a top performer in the second quarter, with year-over-year normalized EPS growth of 51.5%.

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Click here for a template that allows users to analyze Second Curve's common stock holdings as of June 30, 2018.

Click here to view Second Curve's current common stock holdings.

Company filings including the 13F can be found through the filings archive tab on a company's briefing book page.