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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 | |
|---|---|---|---|---|---|---|
1
Axogen
AXGN
$2.1B
| $171M | 13.1% |
5,233,326
-572,404
| -10% | -$14.1M |
|
2
NeoGenomics
NEO
$1.81B
| $118M | 9.02% |
10,035,063
+107,794
| +1% | +$1.16M |
|
|
3
SI-BONE Inc
SIBN
$737M
| $99.2M | 7.59% |
5,032,904
+3,115,001
| +162% | +$54.1M |
|
|
PVLA
4
Palvella Therapeutics
PVLA
$1.98B
| $74.2M | 5.67% |
709,141
+167,597
| +31% | +$14.3M |
|
|
CNTA
5
DELISTED
Centessa Pharmaceuticals
CNTA
| $57M | 4.36% |
2,278,940
-1,356,876
| -37% | -$34.4M |
|
6
Crinetics Pharmaceuticals
CRNX
$8.86B
| $55.6M | 4.25% |
1,194,263
+252,747
| +27% | +$11.3M |
|
7
AtriCure
ATRC
$1.77B
| $46.5M | 3.56% |
1,175,445
+285,083
| +32% | +$10.5M |
|
8
Vera Therapeutics
VERA
$2.54B
| $44M | 3.37% |
869,676
+362,579
| +72% | +$12.9M |
|
|
9
Disc Medicine
IRON
$2.83B
| $41.5M | 3.18% |
523,167
+291,981
| +126% | +$24.7M |
|
10
Amylyx Pharmaceuticals
AMLX
$2.05B
| $40.5M | 3.1% |
3,355,539
-343
| -0% | -$4.66K |
|
11
Edgewise Therapeutics
EWTX
$4.39B
| $39.1M | 2.99% |
1,573,701
+158,707
| +11% | +$3.19M |
|
|
12
Madrigal Pharmaceuticals
MDGL
$12.6B
| $38.9M | 2.98% |
66,831
+55,292
| +479% | +$28.2M |
|
13
Twist Bioscience
TWST
$5.62B
| $36.2M | 2.77% |
1,140,771
-54,112
| -5% | -$1.69M |
|
|
14
Simulations Plus
SLP
$371M
| $35.9M | 2.74% |
1,968,917
+1,201,157
| +156% | +$21.1M |
|
15
Rhythm Pharmaceuticals
RYTM
$7B
| $31.7M | 2.42% |
295,844
+115,360
| +64% | +$12.2M |
|
16
Wave Life Sciences
WVE
$1.12B
| $31.5M | 2.41% |
+1,853,851
| New | +$18.8M |
|
17
AnaptysBio
ANAB
$1.6B
| $31.3M | 2.4% |
646,238
-343,923
| -35% | -$13.4M |
|
18
Health Catalyst
HCAT
$154M
| $30.9M | 2.36% |
12,910,941
-525,279
| -4% | -$1.44M |
|
19
Guardant Health
GH
$19.5B
| $30.1M | 2.3% |
294,751
+14,750
| +5% | +$1.32M |
|
20
iRhythm Holdings
IRTC
$3.59B
| $27.3M | 2.09% |
153,871
-1,228
| -0.8% | -$218K |
|
21
Establishment Labs
ESTA
$2.72B
| $27.2M | 2.08% |
373,082
-45,276
| -11% | -$2.73M |
|
22
908 Devices
MASS
$293M
| $25.4M | 1.94% |
4,836,186
+2,325,690
| +93% | +$16.3M |
|
23
KORU Medical Systems
KRMD
$176M
| $24.5M | 1.87% |
4,210,512
-317,225
| -7% | -$1.52M |
|
|
24
Tandem Diabetes Care
TNDM
$1.17B
| $23.9M | 1.83% |
+1,089,493
| New | +$19.7M |
|
25
Apogee Therapeutics
APGE
$10.2B
| $21.5M | 1.64% |
+284,991
| New | +$18M |
|
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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.