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FLAM
First Light Asset Management Portfolio holdings
AUM
$1.12B
1-Year Est. Return
114.45%
This Fund
S&P 500
This Quarter
Est. Return
+43.04%
1 Year Est. Return
+114.45%
3 Year Est. Return
+266.49%
5 Year Est. Return
+454.92%
10 Year Est. Return
+8,470.94%
AUM
$1.31B
AUM Growth
+$247M
(+23%)
Cap. Flow
-$43.7M
Cap. Flow
% of AUM
-3.34%
Top 10 Holdings %
Top 10 Hldgs %
57.19%
Holding
47
New
6
Increased
14
Reduced
13
Closed
14
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SI-BONE Inc
SIBN
|
+$54.1M |
| 2 |
Madrigal Pharmaceuticals
MDGL
|
+$28.2M |
| 3 |
Disc Medicine
IRON
|
+$24.7M |
| 4 |
Simulations Plus
SLP
|
+$21.1M |
| 5 |
Tandem Diabetes Care
TNDM
|
+$19.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PHLT
Performant Healthcare Inc
PHLT
|
+$90.6M |
| 2 |
CNTA
Centessa Pharmaceuticals
CNTA
|
+$34.4M |
| 3 |
LENZ
LENZ Therapeutics
LENZ
|
+$32.3M |
| 4 |
CDTX
Cidara Therapeutics
CDTX
|
+$28M |
| 5 |
MRUS
Merus
MRUS
|
+$21.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Neuropace
NPCE
$505M
| $20.8M | 1.59% |
1,349,482
-10,589
| -0.8% | -$142K |
|
27
MiMedx Group
MDXG
$626M
| $20.6M | 1.57% |
3,039,341
-613,611
| -17% | -$4.3M |
|
28
Organogenesis Holdings
ORGO
$308M
| $20M | 1.53% |
3,862,820
-3,635,091
| -48% | -$17.6M |
|
|
SEPN
29
Septerna Inc
SEPN
$1.49B
| $17.3M | 1.32% |
+620,811
| New | +$14.8M |
|
|
ABVX
30
Abivax
ABVX
$11B
| $12M | 0.91% |
88,674
-7,281
| -8% | -$794K |
|
31
Butterfly Network
BFLY
$1.72B
| $10.7M | 0.82% |
2,812,131
+1,684,133
| +149% | +$4.58M |
|
32
Dyne Therapeutics
DYN
$4.04B
| $3.04M | 0.23% |
+155,231
| New | +$2.94M |
|
33
iShares Russell 2000 Growth ETF
IWO
$14.5B
| $245K | 0.02% |
+760
| New | +$247K |
|
34
ADMA Biologics
ADMA
$1.92B
| – | – |
-1,069,233
| Closed | -$15.7M |
|
35
Alignment Healthcare
ALHC
$4.02B
| – | – |
-203,138
| Closed | -$3.54M |
|
|
CDTX
36
DELISTED
Cidara Therapeutics
CDTX
| – | – |
-292,657
| Closed | -$28M |
|
37
Evolent Health
EVH
$475M
| – | – |
-545,282
| Closed | -$4.61M |
|
38
Structure Therapeutics
GPCR
$3.49B
| – | – |
-197,350
| Closed | -$5.53M |
|
|
MRUS
39
DELISTED
Merus
MRUS
| – | – |
-224,080
| Closed | -$21.1M |
|
40
Ultragenyx Pharmaceutical
RARE
$2.65B
| – | – |
-285,699
| Closed | -$8.59M |
|
41
RadNet
RDNT
$4.84B
| – | – |
-42,280
| Closed | -$3.22M |
|
42
Repligen
RGEN
$7.44B
| – | – |
-41,427
| Closed | -$5.54M |
|
43
Senseonics Holdings Inc
SENS
$254M
| – | – |
-900,382
| Closed | -$7.85M |
|
|
LENZ
44
LENZ Therapeutics
LENZ
$172M
| – | – |
-693,044
| Closed | -$32.3M |
|
|
TECX
45
Tectonic Therapeutic
TECX
$573M
| – | – |
-202,393
| Closed | -$3.18M |
|
|
PHLT
46
DELISTED
Performant Healthcare Inc
PHLT
| – | – |
-11,718,612
| Closed | -$90.6M |
|
|
CAI
47
Caris Life Sciences
CAI
$4.39B
| – | – |
-403,924
| Closed | -$11.9M |
|
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First Light Asset Management's Q4 2025 Portfolio in Review
As of Q4 2025, First Light Asset Management held 47 positions worth $1.31B, up 23% from $1.06B the previous quarter. Its ten largest holdings account for 57% of the portfolio.
First Light Asset Management withdrew a net $43.7M in Q4 2025, closing 14 positions and reducing 13 holdings. Its most notable exit was Performant Healthcare Inc, an estimated $90.6M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier.
Against the trend, First Light Asset Management opened a new position in Tandem Diabetes Care worth $23.9M.
- First Light Asset Management's largest Q4 2025 buy was Tandem Diabetes Care: 1,089,493 shares worth $23.9M.
- First Light Asset Management added most to SI-BONE Inc in Q4 2025, an estimated $54.1M increase.
- First Light Asset Management's biggest Q4 2025 reduction was Centessa Pharmaceuticals, cutting an estimated $34.4M.
- First Light Asset Management fully exited Performant Healthcare Inc in Q4 2025, selling an estimated $90.6M.
- First Light Asset Management's ten largest holdings make up 57% of its $1.31B portfolio in Q4 2025.
- First Light Asset Management opened 6 new positions and closed 14 in Q4 2025.
- First Light Asset Management's portfolio value rose 23% quarter-over-quarter to $1.31B.
Based on First Light Asset Management's 13F filing for Q4 2025, filed 17 Feb 2026.