First Light Asset Management, LLC

CIK 0001600004 · Q2 2026

13F Equity AUM

$1.6B

+47.4% QoQ

Positions

-4 QoQ

AUM Rank

#2,599

Top 21%

Skill Alpha (FF)

+13.4%/yr^ns

No Clear Edge

Rank #268 · Top 3%

vs S&P +6.3%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 41.3%Top 10: 60.7%Top 20: 87.3%

NEO10.9%

SIBN8.1%

AXGN7.7%

APGE7.5%

PVLA7.2%

TWST4.5%

ELVN4.2%

GH4.0%

MASS3.3%

AMLX3.3%

Others (21)39.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare100.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 31Median: 2.70%Avg: 3.23%

0–0.5%

0(0.0%)

0.5–1%

4(3.3%)

1–3%

13(23.4%)

3–5%

9(32.0%)

5%+

5(41.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 31vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New2Increased17Decreased12Exited6

New Positions

TRVI2.4%

+2.1M

TCMD0.8%

+463K

Increased

SIBN8.1%

+2.8M(+52%)

NEO10.9%

+2.5M(+26%)

TNDM3.1%

+2.1M(+157%)

TLSI1.8%

+1.5M(+29%)

ELVN4.2%

+1.2M(+574%)

WGS3.3%

+541K(+223%)

NPCE2.8%

+401K(+16%)

APGE7.5%

+354K(+61%)

CRNX3.1%

+271K(+25%)

SEPN2.0%

+230K(+31%)

Decreased

AXGN7.7%

-1,254,407(-31%)

KRMD0.9%

-380,478(-10%)

PVLA7.2%

-208,857(-21%)

AMLX3.3%

-167,389(-5%)

ATRC1.0%

-161,683(-22%)

TWST4.5%

-150,915(-17%)

HCAT1.6%

-67,839(-1%)

ESTA1.3%

-61,161(-20%)

OMCL1.1%

-37,522(-8%)

BFLY1.4%

-17,763(-1%)

Exited

-1,560,991

-1,843,968

-313,906

-2,842,892

SPYGLASS PHARMA INC

-375,000

ORGO

-3,498,533

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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