SEC 13F Intelligence

Managers / Q4 2022 · view latest →

First Light Asset Management, LLC

CIK 0001600004 · 3300 EDINBOROUGH WAY, SUITE 201, EDINA, MN, 55435 · 952-831-6500

Reported Value
$1.1B
Q4 2022
Positions
74
Filings on Record
30
2019–present window
Filed
Feb 14, 2023
original filing

Summary

First Light Asset Management, LLC reported $1.1B in U.S.-listed holdings across 74 positions for Q4 2022.

Its largest position, MODNEUR, represents 8.6% of the portfolio.

Compared with Q3 2022, the fund opened 23 new positions and exited 20.

Portfolio Metrics

Turnover
+12.6%
vs prior filed quarter
Top-10 Concentration
+53.1%
share of reported value
Largest Position
+8.6%
Model N
New / Exited
23 / 20
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $627MQ4 ’18Q1 ’19: $770MQ2 ’19: $720MQ3 ’19: $662MQ4 ’19: $782MQ4 ’19Q1 ’20: $586MQ2 ’20: $858MQ3 ’20: $976MQ4 ’20: $1.4BQ4 ’20Q1 ’21: $1.5BQ2 ’21: $1.7BQ3 ’21: $1.5BQ4 ’21: $1.4BQ4 ’21Q1 ’22: $1.1BQ2 ’22: $859MQ3 ’22: $988MQ4 ’22: $1.1BQ4 ’22Q1 ’23: $1.1BQ2 ’23: $1.3BQ3 ’23: $1.1BQ4 ’23: $1.2BQ4 ’23Q1 ’24: $1.3BQ2 ’24: $1.1BQ3 ’24: $1.2BQ4 ’24: $1.0BQ4 ’24Q1 ’25: $876MQ2 ’25: $771MQ3 ’25: $1.1BQ4 ’25: $1.3BQ4 ’25Q1 ’26: $1.1Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 82.0%Other: 15.2%ADR: 2.8%ETP: 0.1%
  • Common Stock · 82.0% · $883M
  • Other · 15.2% · $163M
  • ADR · 2.8% · $30M
  • ETP · 0.1% · $734,087

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
HORIZON PHARMA PLCNEW+137.1K137.1K+$16M$16M
REPHUSDSOCIETAL CDMO INCNEW+8.57M8.57M+$13M$13M
GHGUARDANT HEALTHNEW+204.8K204.8K+$6M$6M
ISHARES RUSSELL 2000 GROWTH ETFNEW+3.4K3.4K+$734,087$734,087
CNCCENTENE CORPORATIONNEW+5.5K5.5K+$452,777$452,777
IARTINTEGRA LIFESCIENCES HOLDINGS CORPNEW+7.3K7.3K+$407,124$407,124
SNNSMITH & NEPHEW PLC SPONSORED ADRNEW+15.1K15.1K+$406,335$406,335
ENOVENOVIS CORPNEW+7.2K7.2K+$385,505$385,505

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2022

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MODNEURMODEL N INChistory →Common Stocks8.59%$93M2.28M
2PROTHENA CORPORATION PLCCommon Stocks8.59%$93M1.54M
3RETAEURREATA PHARMACEUTICALS INChistory →Common Stocks7.27%$78M2.06M
4ATRCATRICURE INChistory →Common Stocks5.98%$64M1.45M
5SPNEUSDSEASPINE HOLDINGS CORPhistory →Common Stocks5.33%$57M6.88M
6HALOHALOZYME THERAPEUTICS INChistory →Common Stocks4.88%$53M923.1K
7KRYSKRYSTAL BIOTECH INChistory →Common Stocks3.48%$38M473.7K
8ATECALPHATEC HOLDINGS INChistory →Common Stocks3.35%$36M2.93M
9KARUNA THERAPEUTICS INCCommon Stocks3.00%$32M164.6K
10SIBNSI-BONE INChistory →Common Stocks2.66%$29M2.11M
11KROSKEROS THERAPEUTICS INChistory →Common Stocks2.64%$28M592.4K
12PFMTUSDPERFORMANT FINANCIAL CORPORATIONhistory →Common Stocks2.48%$27M7.39M
13TNDMTANDEM DIABETES CARE INChistory →Common Stocks2.45%$26M586.1K
14CUTREURCUTERA INChistory →Common Stocks2.33%$25M567.1K
15NEONEOGENOMICS INChistory →Common Stocks2.30%$25M2.68M
16CRNXCRINETICS PHARMACEUTICALS INChistory →Common Stocks2.26%$24M1.33M
17AXGNAXOGEN INChistory →Common Stocks2.20%$24M2.37M
18FNAUSDPARAGON 28 INChistory →Common Stocks2.19%$24M1.24M
19KRMDKORU MEDICAL SYSTEMS INChistory →Common Stocks2.10%$23M6.34M
20BCYCBICYCLE THERAPEUTICS PLChistory →Common Stocks1.91%$21M696.4K
21PLRXPLIANT THERAPEUTICS INChistory →Common Stocks1.90%$20M1.06M
22AXNX*AXONICS MODULATION TECHNOLOGIEShistory →Common Stocks1.80%$19M310.4K
23BLUBELLUS HEALTH INChistory →Common Stocks1.80%$19M2.36M
24OMCLOMNICELL INChistory →Common Stocks1.61%$17M344.2K
25TMDXTRANSMEDICS GROUP INChistory →Common Stocks1.52%$16M265.1K
26HORIZON PHARMA PLCCommon Stocks1.45%$16M137.1K
27IM8NINSMED INChistory →Common Stocks1.39%$15M749.0K
28REPHUSDSOCIETAL CDMO INChistory →Common Stocks1.19%$13M8.57M
29BMRNBIOMARIN PHARMACEUTICAL INChistory →Common Stocks1.16%$13M120.9K
30HCATHEALTH CATALYST INChistory →Common Stocks1.15%$12M1.16M
31KIDSORTHOPEDIATRICS CORPhistory →Common Stocks1.12%$12M302.7K
32SONENDO INCCommon Stocks1.10%$12M4.19M
33RAREULTRAGENYX PHARMACEUTICAL INChistory →Common Stocks1.01%$11M234.3K
34MXCTGBXMAXCYTE INCCommon Stocks0.69%$7M1.37M
35PFEPFIZER INCCommon Stocks0.67%$7M141.8K
36GMABGENMAB ASCommon Stocks0.63%$7M160.3K
37OPRXOPTIMIZERX CORPCommon Stocks0.56%$6M361.3K
38ABCAM PLCCommon Stocks0.55%$6M379.6K
39GHGUARDANT HEALTHCommon Stocks0.52%$6M204.8K
40CSTLCASTLE BIOSCIENCES INCCommon Stocks0.35%$4M161.6K
41BVSBIOVENTUS INCCommon Stocks0.33%$4M1.38M
42AKUMIN INCCommon Stocks0.24%$3M3.56M
43MIROMATRIX MEDICAL INCCommon Stocks0.15%$2M534.7K
44SLPSIMULATIONS PLUS INCCommon Stocks0.12%$1M35.8K
45ISHARES RUSSELL 2000 GROWTH ETFCommon Stocks0.07%$734,0873.4K
46HUMHUMANA INCCommon Stocks0.04%$454,825888
47ELVELEVANCE HEALTH INCCommon Stocks0.04%$454,491886
48CNCCENTENE CORPORATIONCommon Stocks0.04%$452,7775.5K
49IARTINTEGRA LIFESCIENCES HOLDINGS CORPCommon Stocks0.04%$407,1247.3K
50SNNSMITH & NEPHEW PLC SPONSORED ADRCommon Stocks0.04%$406,33515.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$1.1B35May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.3B33Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.1B41Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$771M38Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$876M37May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.0B36Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$1.2B38Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$1.1B44Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$1.3B50May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.2B75Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$1.1B75Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$1.3B79Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.1B74May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$1.1B74Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$988M71Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$859M71Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.1B75May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.4B79Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.5B83Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.7B79Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$1.5B77May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.4B74Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$976M60Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$858M60Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$586M64May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$782M69Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$662M71Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$720M73Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$770M63May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$627M59Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.