First Light Asset Management, LLC
Filing Date
Global Rank
#1,404
/ 8,232
▲ 437
Top Industry
Biotechnology
39.8%
3Y Alpha vs SPY
-20.3%
Period ended 2 months ago
Filed May 15, 2026 · 30d
24 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+1.5%
SPY
+76.3%
Annualised alpha
-20.3%
Max drawdown
−44.2%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
35 positions · as of Mar 31, 2026 · Δ vs Sep 30, 2025Top Position
11.9%
+0.5 pts
Top 5
40.9%
+2.3 pts
Top 10
59.9%
+2.6 pts
HHI
520
Diversified+22
Portfolio Trend
24 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Healthcare | 100.0% | $1,115,876,318 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
10 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| MASS | 908 Devices Inc. | +3,562,067 | 6,072,563 | $37,164,085 | |
| SIBN | SI-BONE, Inc. | +3,435,287 | 5,353,190 | $67,610,789 | |
| SLP | Simulations Plus, Inc. | +1,865,063 | 2,632,823 | $31,119,967 | |
| BFLY | Butterfly Network, Inc. | +1,532,169 | 2,660,167 | $10,747,074 | |
| NPCE | NeuroPace Inc | +1,099,895 | 2,459,966 | $32,348,552 | |
| TECX | Tectonic Therapeutic, Inc. | +445,350 | 647,743 | $20,021,736 | |
| PVLA | Palvella Therapeutics, Inc. | +439,214 | 980,758 | $122,251,484 | |
| CRNX | Crinetics Pharmaceuticals, Inc. | +148,154 | 1,089,670 | $39,576,814 | |
| IRTC | iRhythm Holdings, Inc. | +13,017 | 168,116 | $19,841,050 | |
| GH | Guardant Health, Inc. | +298 | 280,299 | $25,891,218 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
15 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| ORGO | Organogenesis Holdings Inc. | −3,999,378 | 3,498,533 | $8,291,523 | |
| CNTA | Centessa Pharmaceuticals plc | −2,074,825 | 1,560,991 | $62,002,562 | |
| AXGN | Axogen, Inc. | −1,802,962 | 4,002,768 | $132,611,703 | |
| MDXG | Mimedx Group, Inc. | −810,060 | 2,842,892 | $11,229,423 | |
| KRMD | KORU Medical Systems, Inc. | −759,357 | 3,768,380 | $16,279,401 | |
| HCAT | Health Catalyst, Inc. | −557,520 | 12,878,700 | $16,355,949 | |
| ANAB | Anaptysbio, Inc | −424,730 | 565,431 | $31,358,803 | |
| EWTX | Edgewise Therapeutics, Inc. | −413,148 | 1,001,846 | $31,558,149 | |
| TWST | Twist Bioscience Corp | −316,035 | 878,848 | $41,762,856 | |
| NEO | Neogenomics Inc | −197,291 | 9,729,978 | $72,196,436 | |
| VERA | Vera Therapeutics, Inc. | −193,191 | 313,906 | $12,628,438 | |
| AMLX | Amylyx Pharmaceuticals, Inc. | −165,237 | 3,190,645 | $44,349,965 | |
| ATRC | AtriCure, Inc. | −160,841 | 729,521 | $20,813,234 | |
| ESTA | Establishment Labs Holdings Inc. | −110,620 | 307,738 | $17,473,363 | |
| RYTM | Rhythm Pharmaceuticals, Inc. | −93,303 | 87,181 | $7,582,131 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
10 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| APGE | Apogee Therapeutics, Inc. | 576,684 | $48,539,492 | |
| TNDM | Tandem Diabetes Care Inc | 1,314,715 | $25,203,086 | |
| TLSI | TriSalus Life Sciences, Inc. | 5,066,827 | $20,267,308 | |
| SEPN | Septerna, Inc. | 732,860 | $17,610,625 | |
| OMCL | Omnicell, Inc. | 489,846 | $16,351,059 | |
| WGS | GeneDx Holdings Corp. | 242,927 | $15,600,771 | |
| WVE | Wave Life Sciences Ltd. | 1,843,968 | $13,368,768 | |
| SGP | SpyGlass Pharma, Inc. | 375,000 | $9,716,250 | |
| PCVX | Vaxcyte, Inc. | 141,784 | $8,239,068 | |
| ELVN | Enliven Therapeutics, Inc. | 201,867 | $7,913,186 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
12 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| LENZ | LENZ Therapeutics, Inc. | 693,044 | $32,281,989 | |
| ADMA | Adma Biologics, Inc. | 1,069,233 | $15,674,955 | |
| IRON | Disc Medicine, Inc. | 231,186 | $15,276,770 | |
| CAI | Caris Life Sciences, Inc. | 403,924 | $12,218,701 | |
| RARE | Ultragenyx Pharmaceutical Inc. | 285,699 | $8,593,825 | |
| ABVX | Abivax S.A. | 95,955 | $8,146,579 | |
| RGEN | Repligen Corp | 41,427 | $5,537,547 | |
| GPCR | Structure Therapeutics Inc. | 197,350 | $5,525,800 | |
| MDGL | Madrigal Pharmaceuticals, Inc. | 11,539 | $5,292,477 | |
| EVH | Evolent Health, Inc. | 545,282 | $4,613,085 | |
| ALHC | Alignment Healthcare, Inc. | 203,138 | $3,544,758 | |
| RDNT | RadNet, Inc. | 42,280 | $3,222,158 | |
| No positions match the current search. | ||||
35 positions ·
$1,115,876,318 total
· as of Mar 31, 2026
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| AXGN |
Axogen, Inc.
Healthcare
|
Reduced | 4,002,768 | $132,611,703 | 11.88% | |
| PVLA |
Palvella Therapeutics, Inc.
Healthcare
|
Added | 980,758 | $122,251,484 | 10.96% | |
| NEO |
Neogenomics Inc
Healthcare
|
Reduced | 9,729,978 | $72,196,436 | 6.47% | |
| SIBN |
SI-BONE, Inc.
Healthcare
|
Added | 5,353,190 | $67,610,789 | 6.06% | |
| CNTA |
Centessa Pharmaceuticals plc
Healthcare
|
Reduced | 1,560,991 | $62,002,562 | 5.56% | |
| APGE |
Apogee Therapeutics, Inc.
Healthcare
|
NEW | 576,684 | $48,539,492 | 4.35% | |
| AMLX |
Amylyx Pharmaceuticals, Inc.
Healthcare
|
Reduced | 3,190,645 | $44,349,965 | 3.97% | |
| TWST |
Twist Bioscience Corp
Healthcare
|
Reduced | 878,848 | $41,762,856 | 3.74% | |
| CRNX |
Crinetics Pharmaceuticals, Inc.
Healthcare
|
Added | 1,089,670 | $39,576,814 | 3.55% | |
| MASS |
908 Devices Inc.
Healthcare
|
Added | 6,072,563 | $37,164,085 | 3.33% | |
| NPCE |
NeuroPace Inc
Healthcare
|
Added | 2,459,966 | $32,348,552 | 2.90% | |
| EWTX |
Edgewise Therapeutics, Inc.
Healthcare
|
Reduced | 1,001,846 | $31,558,149 | 2.83% | |
| ANAB |
Anaptysbio, Inc
Healthcare
|
Reduced | 565,431 | $31,358,803 | 2.81% | |
| SLP |
Simulations Plus, Inc.
Healthcare
|
Added | 2,632,823 | $31,119,967 | 2.79% | |
| GH |
Guardant Health, Inc.
Healthcare
|
Added | 280,299 | $25,891,218 | 2.32% | |
| TNDM |
Tandem Diabetes Care Inc
Healthcare
|
NEW | 1,314,715 | $25,203,086 | 2.26% | |
| ATRC |
AtriCure, Inc.
Healthcare
|
Reduced | 729,521 | $20,813,234 | 1.87% | |
| TLSI |
TriSalus Life Sciences, Inc.
Healthcare
|
NEW | 5,066,827 | $20,267,308 | 1.82% | |
| TECX |
Tectonic Therapeutic, Inc.
Healthcare
|
Added | 647,743 | $20,021,736 | 1.79% | |
| IRTC |
iRhythm Holdings, Inc.
Healthcare
|
Added | 168,116 | $19,841,050 | 1.78% | |
| SEPN |
Septerna, Inc.
Healthcare
|
NEW | 732,860 | $17,610,625 | 1.58% | |
| ESTA |
Establishment Labs Holdings Inc.
Healthcare
|
Reduced | 307,738 | $17,473,363 | 1.57% | |
| HCAT |
Health Catalyst, Inc.
Healthcare
|
Reduced | 12,878,700 | $16,355,949 | 1.47% | |
| OMCL |
Omnicell, Inc.
Healthcare
|
NEW | 489,846 | $16,351,059 | 1.47% | |
| KRMD |
KORU Medical Systems, Inc.
Healthcare
|
Reduced | 3,768,380 | $16,279,401 | 1.46% | |
| WGS |
GeneDx Holdings Corp.
Healthcare
|
NEW | 242,927 | $15,600,771 | 1.40% | |
| WVE |
Wave Life Sciences Ltd.
Healthcare
|
NEW | 1,843,968 | $13,368,768 | 1.20% | |
| VERA |
Vera Therapeutics, Inc.
Healthcare
|
Reduced | 313,906 | $12,628,438 | 1.13% | |
| MDXG |
Mimedx Group, Inc.
Healthcare
|
Reduced | 2,842,892 | $11,229,423 | 1.01% | |
| BFLY |
Butterfly Network, Inc.
Healthcare
|
Added | 2,660,167 | $10,747,074 | 0.96% | |
| SGP |
SpyGlass Pharma, Inc.
Healthcare
|
NEW | 375,000 | $9,716,250 | 0.87% | |
| ORGO |
Organogenesis Holdings Inc.
Healthcare
|
Reduced | 3,498,533 | $8,291,523 | 0.74% | |
| PCVX |
Vaxcyte, Inc.
Healthcare
|
NEW | 141,784 | $8,239,068 | 0.74% | |
| ELVN |
Enliven Therapeutics, Inc.
Healthcare
|
NEW | 201,867 | $7,913,186 | 0.71% | |
| RYTM |
Rhythm Pharmaceuticals, Inc.
Healthcare
|
Reduced | 87,181 | $7,582,131 | 0.68% |