Current news for this fund:

Second Curve Capital (various funds) - Subprime


Count of distinct funds: 4

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At least four funds managed by bullish subprimer Thomas Brown (prprietor of are in trouble:

Four funds in the Second Curve portfolio are down between 38 percent to 42 percent in the year through July, according to investors who have seen the numbers.

The results reflect the travails of investing in the now-battered subprime lending sector, where dozens of companies have faltered in recent months and some have failed.

Second Curve's portfolio included such stocks as Accredited Home Lenders, First Marblehead Corp. Primus Guaranty Corp. and Ocwen Financial Corp., according to a regulatory filing in May 2007. All those stocks have slumped amid a fallout in the subprime sector.


Brown's funds include Second Curve Opportunity Fund International, which is down about 40 percent in the year through July. That comes after a mega-performance last year, when it was up 53.6 percent.

The Second Curve Opportunity Fund LP is down some 42 percent through July 31, 2007, but was up 54.3 percent in 2006, according to investors.


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Important: This fund is on our list of hedge funds that are apparently ailing or which we think are worth watching for any other reason. Ailing funds haven't shut down, but they've suffered significant value declines and/or temporarily halted redemptions. Funds on watch may not even have unusual declines, but may be posted if it is felt there may be risk of developing a more serious condition eventually.