# SECOND CURVE CAPITAL LLC

> Institutional holdings reported to the SEC as of Q4 2021 on Form 13F. CIK 1136704. Source: https://holderbook.com/funds/1136704-second-curve-capital-llc/

- Reported value: $93.1M
- Positions: 26
- Weight of the ten largest: 63.7%
- Filed: 2022-02-11

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| CURO GROUP HOLDINGS CORP | [CUROQ](https://holderbook.com/stocks/CUROQ/) | $9.8M | 614,125 | 10.6% | 13 |
| MVB FINL CORP | [MVBF](https://holderbook.com/stocks/MVBF/) | $6.7M | 162,403 | 7.2% | 11 |
| ALLY FINL INC | [ALLY](https://holderbook.com/stocks/ALLY/) | $6.5M | 135,650 | 6.9% | 7 |
| COASTAL FINL CORP WA | [CCB](https://holderbook.com/stocks/CCB/) | $5.8M | 113,753 | 6.2% | 2 |
| ENOVA INTL INC | [ENVA](https://holderbook.com/stocks/ENVA/) | $5.3M | 130,000 | 5.7% | 4 |
| ENCORE CAP GROUP INC | [ECPG](https://holderbook.com/stocks/ECPG/) | $5.2M | 83,042 | 5.5% | 13 |
| PATHWARD FINANCIAL INC | [CASH](https://holderbook.com/stocks/CASH/) | $5.1M | 85,837 | 5.5% | 5 |
| BANCORP INC DEL | [TBBK](https://holderbook.com/stocks/TBBK/) | $5.1M | 201,074 | 5.5% | 13 |
| ONEMAIN HLDGS INC | [OMF](https://holderbook.com/stocks/OMF/) | $5.0M | 100,089 | 5.4% | 6 |
| VERITEX HLDGS INC | [VBTX](https://holderbook.com/stocks/VBTX/) | $4.8M | 121,178 | 5.2% | 4 |
| TRIUMPH FINANCIAL INC | [TFIN](https://holderbook.com/stocks/TFIN/) | $4.7M | 39,752 | 5.1% | 6 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $4.5M | 31,019 | 4.8% | 5 |
| METROPOLITAN BK HLDG CORP | [MCB](https://holderbook.com/stocks/MCB/) | $4.0M | 37,600 | 4.3% | 1 |
| ATLANTICUS HOLDINGS CORP | [ATLC](https://holderbook.com/stocks/ATLC/) | $3.5M | 49,000 | 3.8% | 1 |
| CONNECTONE BANCORP INC | [CNOB](https://holderbook.com/stocks/CNOB/) | $2.9M | 90,000 | 3.2% | 3 |
| QCR HLDGS INC | [QCRH](https://holderbook.com/stocks/QCRH/) | $2.5M | 45,000 | 2.7% | 3 |
| SVB FINANCIAL GROUP | [SIVB](https://holderbook.com/stocks/SIVB/) | $2.4M | 3,500 | 2.6% | 3 |
| REGIONAL MGMT CORP | [RM](https://holderbook.com/stocks/RM/) | $1.6M | 27,403 | 1.7% | 7 |
| I3 VERTICALS INC | [IIIV](https://holderbook.com/stocks/IIIV/) | $1.4M | 60,000 | 1.5% | 4 |
| SIGNATURE BANK | [SBNY](https://holderbook.com/stocks/SBNY/) | $1.1M | 3,500 | 1.2% | 1 |
| AXOS FINANCIAL INC | [AX](https://holderbook.com/stocks/AX/) | $1.1M | 20,000 | 1.2% | 1 |
| FIRST WESTN FINL INC | [MYFW](https://holderbook.com/stocks/MYFW/) | $1.1M | 36,818 | 1.2% | 2 |
| FIRST INTERNET BANCORP | [INBK](https://holderbook.com/stocks/INBK/) | $941.0K | 20,000 | 1.0% | 1 |
| FIRST BK WILLIAMSTOWN NEW JE | [FRBA](https://holderbook.com/stocks/FRBA/) | $871.0K | 60,000 | 0.9% | 1 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $604.0K | 10,000 | 0.6% | 1 |
| CAPITAL BANCORP INC MD | [CBNK](https://holderbook.com/stocks/CBNK/) | $472.0K | 18,000 | 0.5% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2021 | +3.6% | +10.7% | -7.0% | 100% |
| Q3 2021 | +5.1% | +0.3% | +4.8% | 100% |
| Q2 2021 | +9.4% | +8.0% | +1.4% | 100% |
| Q1 2021 | +28.6% | +6.0% | +22.6% | 100% |
| Q4 2020 | +52.0% | +11.6% | +40.4% | 100% |
| Q3 2020 | -1.7% | +8.6% | -10.3% | 100% |
| Q2 2020 | +47.0% | +19.6% | +27.3% | 100% |
| Q1 2020 | -50.4% | -19.9% | -30.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2021 | $93.1M | 26 |
| Q3 2021 | $80.6M | 23 |
| Q2 2021 | $78.4M | 20 |
| Q1 2021 | $71.0M | 19 |
| Q4 2020 | $48.0M | 16 |
| Q3 2020 | $25.7M | 13 |
| Q2 2020 | $20.5M | 11 |
| Q1 2020 | $12.0M | 9 |
| Q4 2019 | $188.5M | 17 |
| Q3 2019 | $163.5M | 22 |
| Q2 2019 | $145.6M | 21 |
| Q1 2019 | $131.2M | 19 |