FirstWave Capital Management LLC
Long book
$93.7M
Q1 2026
Positions
26
Top-10 weight
70%
concentration
Last quarter
+40.8%
SPY +14.8%
Turnover
73%
of book per quarter
Strategy in plain words
auto-generated from filingsFirstWave Capital Management LLC is a concentrated fundamental stock-picker, running a $93.7M US long book across 26 positions.
The portfolio is concentrated: the top 10 names carry 70% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: TRANSMEDICS GROUP INC, NEBIUS GROUP NV, APPLOVIN CORP-CLASS A, REDDIT INC-CL A, HIMS & HERS HEALTH INC.
We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2025
-17.1%
Q1 2026
+40.8%
Sector allocation
Technology 41%
Healthcare 28%
Financials 13%
Consumer discretionary 6%
Services media 5%
Other 3%
Materials 3%
Consumer staples 1%
Long book by quarter
What does FirstWave Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TMDX TRANSMEDICS GROUP INC | Healthcare | 124.3K | $12.4M | 13.2% | +66.7% |
| NBIS NEBIUS GROUP NV | Technology | 89.4K | $9.3M | 9.9% | +4.1% |
| APP APPLOVIN CORP-CLASS A | Technology | 19.9K | $7.9M | 8.4% | +138.5% |
| RDDT REDDIT INC-CL A | Technology | 54.0K | $7.3M | 7.8% | +112.8% |
| HIMS HIMS & HERS HEALTH INC | Healthcare | 260.2K | $5.4M | 5.8% | +38.7% |
| CPNG COUPANG INC | Consumer discretionary | 280.4K | $5.3M | 5.6% | -1.8% |
| HROW HARROW INC | Healthcare | 143.9K | $5.1M | 5.4% | +53.2% |
| CRDO CREDO TECHNOLOGY GROUP HOLDI | Technology | 48.7K | $4.6M | 4.9% | +41.5% |
| MELI MERCADOLIBRE INC | Services media | 2.6K | $4.5M | 4.8% | +114.1% |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 289.8K | $4.2M | 4.4% | +82.8% |
| IREN IREN LTD | Financials | 118.6K | $4.1M | 4.3% | -26.3% |
| ALAB ASTERA LABS INC | Technology | 27.3K | $3.0M | 3.2% | -8.9% |
| MP MP MATERIALS CORP | Materials | 49.7K | $2.4M | 2.6% | -14.9% |
| PRCT PROCEPT BIOROBOTICS CORP | Healthcare | 80.3K | $2.0M | 2.1% | -32.8% |
| ONON ON HOLDING AG-CLASS A | Other | 58.7K | $2.0M | 2.1% | -38.7% |
| AAOI APPLIED OPTOELECTRONICS INC | Technology | 19.5K | $1.6M | 1.8% | New |
| HOOD ROBINHOOD MARKETS INC - A | Financials | 22.6K | $1.6M | 1.7% | New |
| ONDS ONDAS INC | Technology | 159.1K | $1.4M | 1.5% | -25.7% |
| CELH CELSIUS HOLDINGS INC | Consumer staples | 32.9K | $1.2M | 1.2% | -67.3% |
| MU MICRON TECHNOLOGY INC | Technology | 3.1K | $1.0M | 1.1% | New |
| LITE LUMENTUM HOLDINGS INC | Technology | 1.4K | $992K | 1.1% | -56.4% |
| SOFI SOFI TECHNOLOGIES INC | Financials | 55.8K | $887K | 0.9% | New |
| COHR COHERENT CORP | Other | 3.7K | $886K | 0.9% | New |
| CLPT CLEARPOINT NEURO INC | Healthcare | 95.8K | $872K | 0.9% | -73.6% |
| CRCL CIRCLE INTERNET GROUP INC | Financials | 8.1K | $770K | 0.8% | -27.9% |
13F filing history
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