First Light Asset Management, LLC logo

First Light Asset Management, LLC Portfolio Analytics

Investment Analysis & Holdings Breakdown

Comprehensive portfolio analytics for First Light Asset Management, LLC with $1.1B in long positions as of Q3 2025, 77% allocated to Healthcare, and 55% concentrated in top 10 positions.

Portfolio Value
$1.1B
Top 10 Concentration
55%
Top Sector
Healthcare (77%)
US Exposure
96%
Market Cap Focus
Small Cap
Countries
3

Composition Analysis

Portfolio breakdown by sector, industry, and market capitalization

Sector Allocation

Healthcare: 77.20%Healthcare
Healthcare
77.20%

Industry Breakdown

7 industries across all sectors

Biotechnology: 30.43%BiotechnologyMedical - Devices: 20.90%Medical - DevicesMedical - Diagnostics & Research: 12.35%Medical - Diagnostics & ResearchMedical - Healthcare Information Services: 5.14%Medical - Instruments & Supplies: 5.12%Drug Manufacturers - Specialty & Generic: 2.98%Medical - Healthcare Plans: 0.33%
Biotechnology
Healthcare
30.43%
Medical - Devices
Healthcare
20.90%
Medical - Diagnostics & Research
Healthcare
12.35%
Medical - Healthcare Information Services
Healthcare
5.14%
Medical - Instruments & Supplies
Healthcare
5.12%
Drug Manufacturers - Specialty & Generic
Healthcare
2.98%
Medical - Healthcare Plans
Healthcare
0.33%

Filter by Sector

Select a sector to filter industries

Market Cap Distribution

Large Cap ($10B - $200B): 0.50%Mid Cap ($2B - $10B): 19.10%Mid Cap ($2B - $10B)Small Cap ($300M - $2B): 64.14%Small Cap ($300M - $2B)Micro Cap ($50M - $300M): 5.54%Nano Cap (< $50M): 1.12%N/A (ETF or Unknown): 9.60%N/A (ETF or Unknown)
Large Cap ($10B - $200B)
0.50%
Mid Cap ($2B - $10B)
19.10%
Small Cap ($300M - $2B)
64.14%
Micro Cap ($50M - $300M)
5.54%
Nano Cap (< $50M)
1.12%
N/A (ETF or Unknown)
9.60%

Portfolio Concentration

Top 10 Holdings %
54.86%
Top 20 Holdings %
80.1%
Top 50 Holdings %
100.0%
Top 100 Holdings %
100.0%

Geographic Exposure

Portfolio breakdown by country of incorporation

Domestic (US)
96.39%
International
3.61%
Countries
3
Largest Int'l Market
Netherlands - 1.99%
United States of America
96.39% ($1.0B)
39 holdings
Netherlands
1.99% ($21.1M)
1 holdings
Costa Rica
1.62% ($17.1M)
1 holdings

Holding Behavior

Investment patterns and position management analysis

Portfolio Stability & Commitment

Avg. Top 10
11.8 quarters
Avg. Top 20
10.6 quarters
Avg. All Positions
7.7 quarters
Median Holding Period
3 quarters
Persistence Rate
36.59%
Persistent Holdings Weight
48.05%
Persistent Positions
15
Longest Held
AtriCure, Inc. logo
AtriCure, Inc.ATRC - 47 quarters

Position Sizing & Influence

Current Quarter

Avg. New Position
1.92%
Avg. Position Weight
2.44%
Largest Position
Axogen, Inc. Common Stock logo
Axogen, Inc. Common StockAXGN - 9.76%
Largest Ownership Stake
Health Catalyst, Inc Common Stock logo
Health Catalyst, Inc Common StockHCAT - 19.09%
Avg. Ownership Stake
5.27%
Ownership Stake >5%
7
Ownership Stake >1%
22

Historical (Since Q4 2013)

Avg. New Position
1.86%
Avg. Ownership Stake
3.33%
Largest Position
Aptose Biosciences, Inc. logo
Aptose Biosciences, Inc.APTO - 87.67% (Q1 2021)
Largest Ownership Stake
Health Catalyst, Inc Common Stock logo
Health Catalyst, Inc Common StockHCAT - 19.09% (Q3 2025)

Portfolio Turnover

Current Quarter

Turnover Ratio
23.0%
Value Traded
$244.20M
Positions Added
9
Positions Exited
6

Historical (Since Q4 2013)

Avg. Turnover Ratio
21.1%
Avg. Positions Added
7
Avg. Positions Exited
7
Highest Turnover
223.8%
Q4 2021
Lowest Turnover
3.5%
Q3 2021

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