13F
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First Light Asset Management, LLC

13F equity value
$1.1B
Positions
35
Top 10 concentration
59.9%
Quarters / total new picks
30 / 148
13F equity value over time
$0M$833M$2B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 30 quarters, returned -2.1% per quarter — versus +3.0% per quarter from simply owning every 13F stock. It beat that baseline in only 40.0% of quarters (excess t = -1.65, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-6.6%
t-stat
-1.65
Quarterly win rate
40%
Annualized excess
-24.3%
$1 → follow vs universe
$0.34 vs $2.16
Cumulative return: $1 invested in new picks vs universe
1.00 20180630: universe 0.92120180930: universe 0.96320181231: universe 0.95320190331: universe 0.93720190630: universe 1.00720190930: universe 1.08320191231: universe 0.87320200331: universe 1.05320200630: universe 1.16320200930: universe 1.42720201231: universe 1.49220210331: universe 1.50520210630: universe 1.62520210930: universe 1.45920211231: universe 1.24220220331: universe 1.33320220930: universe 1.43220221231: universe 1.33020230331: universe 1.40120230630: universe 1.35120230930: universe 1.53420231231: universe 1.60220240331: universe 1.63820240630: universe 1.78720240930: universe 1.77220241231: universe 1.65420250331: universe 1.80320250630: universe 1.85920250930: universe 2.09120251231: universe 2.163 20180630: follow 0.88920180930: follow 0.89220181231: follow 0.72520190331: follow 0.71820190630: follow 0.65220190930: follow 0.88020191231: follow 0.89120200331: follow 0.87520200630: follow 0.99120200930: follow 1.27220201231: follow 1.34920210331: follow 1.35320210630: follow 1.23620210930: follow 1.15220211231: follow 0.82320220331: follow 0.81220220930: follow 0.93320221231: follow 0.94420230331: follow 0.85020230630: follow 0.52420230930: follow 0.69920231231: follow 0.72520240331: follow 0.82520240630: follow 0.63120240930: follow 0.62020241231: follow 0.46320250331: follow 0.37020250630: follow 0.40520250930: follow 0.35520251231: follow 0.338 0.31 1.32 2.34 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 35 · 2026 Q1

Ticker Value Weight QoQ
AXGN $133M
11.9%
TRIM
PVLA $122M
11.0%
ADD
NEO $72M
6.5%
TRIM
SIBN $68M
6.1%
ADD
CNTA $62M
5.6%
TRIM
APGE $49M
4.3%
ADD
AMLX $44M
4.0%
TRIM
TWST $42M
3.7%
TRIM
CRNX $40M
3.5%
TRIM
MASS $37M
3.3%
ADD
NPCE $32M
2.9%
ADD
EWTX $32M
2.8%
TRIM
ANAB $31M
2.8%
TRIM
SLP $31M
2.8%
ADD
GH $26M
2.3%
TRIM
TNDM $25M
2.3%
ADD
ATRC $21M
1.9%
TRIM
TLSI $20M
1.8%
NEW
TECX $20M
1.8%
NEW
IRTC $20M
1.8%
ADD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

ELVNOMCLPCVXTECXTLSIWGS

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.