First Light Asset Management, LLC
Long book
$1.12B
Q1 2026
Positions
35
Top-10 weight
60%
concentration
Last quarter
+38.8%
SPY +14.8%
Turnover
30%
of book per quarter
Strategy in plain words
auto-generated from filingsFirst Light Asset Management, LLC is a concentrated fundamental stock-picker, specialised in healthcare (84% of the long book), running a $1.12B US long book across 35 positions.
The portfolio is concentrated: the top 10 names carry 60% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: AXOGEN INC, PALVELLA THERAPEUTICS INC, NEOGENOMICS INC, SI-BONE INC, CENTESSA PHARMACEUTICALS-ADR.
Over the last 9 quarters its long book ran on average 0.3pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-4.6%
Q2 2024
+12.1%
Q3 2024
-13.1%
Q4 2024
-16.9%
Q1 2025
-4.0%
Q2 2025
+10.2%
Q3 2025
+28.8%
Q4 2025
-13.5%
Q1 2026
+38.8%
Sector allocation
Healthcare 84%
Services media 7%
Technology 6%
Other 4%
Long book by quarter
What does First Light own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AXGN AXOGEN INC | Healthcare | 4.0M | $132.6M | 11.9% | -23.5% |
| PVLA PALVELLA THERAPEUTICS INC | Healthcare | 980.8K | $122.3M | 11.0% | +38.3% |
| NEO NEOGENOMICS INC | Services media | 9.7M | $72.2M | 6.5% | -3.0% |
| SIBN SI-BONE INC | Healthcare | 5.4M | $67.6M | 6.1% | +6.4% |
| APGE APOGEE THERAPEUTICS INC | Healthcare | 576.7K | $48.5M | 4.3% | +102.4% |
| AMLX AMYLYX PHARMACEUTICALS INC | Healthcare | 3.2M | $44.3M | 4.0% | -4.9% |
| TWST TWIST BIOSCIENCE CORP | Healthcare | 878.8K | $41.8M | 3.7% | -23.0% |
| CRNX CRINETICS PHARMACEUTICALS IN | Healthcare | 1.1M | $39.6M | 3.5% | -8.8% |
| MASS 908 DEVICES INC | Other | 6.1M | $37.2M | 3.3% | +25.6% |
| NPCE NEUROPACE INC | Healthcare | 2.5M | $32.3M | 2.9% | +82.3% |
| EWTX EDGEWISE THERAPEUTICS INC | Healthcare | 1.0M | $31.6M | 2.8% | -36.3% |
| ANAB ANAPTYSBIO INC | Healthcare | 565.4K | $31.4M | 2.8% | -12.5% |
| SLP SIMULATIONS PLUS INC | Technology | 2.6M | $31.1M | 2.8% | +33.7% |
| GH GUARDANT HEALTH INC | Healthcare | 280.3K | $25.9M | 2.3% | -4.9% |
| TNDM TANDEM DIABETES CARE INC | Healthcare | 1.3M | $25.2M | 2.3% | +20.7% |
| ATRC ATRICURE INC | Healthcare | 729.5K | $20.8M | 1.9% | -37.9% |
| TLSI TRISALUS LIFE SCIENCES INC | Healthcare | 5.1M | $20.3M | 1.8% | New |
| TECX TECTONIC THERAPEUTIC INC | Healthcare | 647.7K | $20.0M | 1.8% | New |
| IRTC IRHYTHM HOLDINGS INC | Healthcare | 168.1K | $19.8M | 1.8% | +9.3% |
| SEPN SEPTERNA INC | Healthcare | 732.9K | $17.6M | 1.6% | +18.0% |
| ESTA ESTABLISHMENT LABS HOLDINGS | Healthcare | 307.7K | $17.5M | 1.6% | -17.5% |
| HCAT HEALTH CATALYST INC | Technology | 12.9M | $16.4M | 1.5% | -0.2% |
| OMCL OMNICELL INC | Technology | 489.8K | $16.4M | 1.5% | New |
| KRMD KORU MEDICAL SYSTEMS INC | Healthcare | 3.8M | $16.3M | 1.5% | -10.5% |
| WGS GENEDX HOLDINGS CORP | Healthcare | 242.9K | $15.6M | 1.4% | New |
| WVE WAVE LIFE SCIENCES LTD | Healthcare | 1.8M | $13.4M | 1.2% | -0.5% |
| VERA VERA THERAPEUTICS INC | Healthcare | 313.9K | $12.6M | 1.1% | -63.9% |
| MDXG MIMEDX GROUP INC | Healthcare | 2.8M | $11.2M | 1.0% | -6.5% |
| BFLY BUTTERFLY NETWORK INC | Healthcare | 2.7M | $10.7M | 1.0% | -5.4% |
| SGP SPYGLASS PHARMA INC | Healthcare | 375.0K | $9.7M | 0.9% | New |
| ORGO ORGANOGENESIS HOLDINGS INC | Healthcare | 3.5M | $8.3M | 0.7% | -9.4% |
| PCVX VAXCYTE INC | Healthcare | 141.8K | $8.2M | 0.7% | New |
| ELVN ENLIVEN THERAPEUTICS INC | Healthcare | 201.9K | $7.9M | 0.7% | New |
| RYTM RHYTHM PHARMACEUTICALS INC | Healthcare | 87.2K | $7.6M | 0.7% | -70.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 35 | $1.12B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 33 | $1.31B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 41 | $1.06B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 38 | $771.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 37 | $875.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 36 | $1.05B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 38 | $1.20B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 44 | $1.14B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 50 | $1.31B | canonical | SEC ↗ |