SEC 13F Intelligence

Managers / Q4 2025 · view latest →

FirstWave Capital Management LLC

CIK 0002093108 · 80 SW 8TH STREET, SUITE 2100, MIAMI, FL, 33130 · 786-348-2330

Reported Value
$168M
Q4 2025
Positions
73
Filings on Record
2
2019–present window
Filed
Feb 13, 2026
original filing

Summary

Firstwave Capital Management LLC reported $168M in U.S.-listed holdings across 73 positions for Q4 2025.

Its largest position, TMDX, represents 5.4% of the portfolio.

Portfolio Metrics

Top-10 Concentration
+36.8%
share of reported value
Largest Position
+5.4%
Transmedics

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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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 ’25: $168MQ4 ’25Q1 ’26: $94MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 90.1%ADR: 4.3%Other: 4.1%ETP: 1.4%
  • Common Stock · 90.1% · $152M
  • ADR · 4.3% · $7M
  • Other · 4.1% · $7M
  • ETP · 1.4% · $2M

Quarter-over-Quarter Changes full breakdown →

IssuerMoveShare ΔShares nowValue ΔValue now
TMDXTRANSMEDICS GROUP INCNEW+74.6K74.6K+$9M$9M
NBISNEBIUS GROUP N.V.NEW+85.9K85.9K+$7M$7M
CPNGCOUPANG INCNEW+285.5K285.5K+$7M$7M
HIMSHIMS & HERS HEALTH INCNEW+187.7K187.7K+$6M$6M
IRENIREN LIMITEDNEW+160.9K160.9K+$6M$6M
RDDTREDDIT INCNEW+25.4K25.4K+$6M$6M
APPAPPLOVIN CORPNEW+8.3K8.3K+$6M$6M
FOURSHIFT4 PMTS INCNEW+82.9K82.9K+$5M$5M

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

Holdings — Q4 2025

73 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TMDXTRANSMEDICS GROUP INChistory →COM5.39%$9M74.6K
2NBISNEBIUS GROUP N.V.history →SHS CLASS A4.27%$7M85.9K
3CPNGCOUPANG INChistory →CL A4.00%$7M285.5K
4HIMSHIMS & HERS HEALTH INChistory →COM CL A3.62%$6M187.7K
5IRENIREN LIMITEDhistory →ORDINARY SHARES3.61%$6M160.9K
6RDDTREDDIT INChistory →CL A3.47%$6M25.4K
7APPAPPLOVIN CORPhistory →COM CL A3.34%$6M8.3K
8FOURSHIFT4 PMTS INChistory →CL A3.10%$5M82.9K
9SESEA LTDhistory →SPONSORD ADS3.00%$5M39.6K
10VS TRUST2X LONG VIX FUTU2.99%$5M881.1K
11ALABASTERA LABS INChistory →COM2.96%$5M30.0K
12CLPTCLEARPOINT NEURO INChistory →COM2.95%$5M363.4K
13CRDOCREDO TECHNOLOGY GROUP HOLDIhistory →ORDINARY SHARES2.94%$5M34.4K
14HROWHARROW INChistory →COM2.73%$5M94.0K
15CELHCELSIUS HLDGS INChistory →COM NEW2.73%$5M100.6K
16ONONON HLDG AGhistory →NAMEN AKT A2.64%$4M95.8K
17PRCTPROCEPT BIOROBOTICS CORPhistory →COM2.23%$4M119.5K
18ZETAZETA GLOBAL HOLDINGS CORPhistory →CL A1.83%$3M151.2K
19MPMP MATERIALS CORPhistory →COM CL A1.75%$3M58.4K
20NUNU HLDGS LTDhistory →ORD SHS CL A1.58%$3M158.5K
21ZSZSCALER INChistory →COM1.54%$3M11.6K
22MELIMERCADOLIBRE INChistory →COM1.47%$2M1.2K
23AMBAAMBARELLA INChistory →SHS1.39%$2M33.1K
24FTAIFTAI AVIATION LTDhistory →SHS1.33%$2M11.4K
25RKTROCKET COS INChistory →COM CL A1.32%$2M114.8K
26ONDSONDAS HLDGS INChistory →COM NEW1.24%$2M214.1K
27OSCROSCAR HEALTH INChistory →CL A1.12%$2M131.6K
28TET1 ENERGY INChistory →COM NEW1.03%$2M260.1K
29GLOBAL E ONLINE LTDSHS0.99%$2M42.2K
30RBRKRUBRIK INC.CL A0.98%$2M21.5K
31ROOTROOT INCCL A NEW0.97%$2M22.7K
32GOOGALPHABET INCCAP STK CL C0.82%$1M4.4K
33SETMSPROTT FDS TRSPROTT CRITICAL0.81%$1M47.0K
34ASXASE TECHNOLOGY HLDG CO LTDSPONSORED ADS0.81%$1M84.4K
35AVAVAEROVIRONMENT INCCOM0.80%$1M5.6K
36SEISOLARIS ENERGY INFRAS INCCOM CL A0.77%$1M28.2K
37MKSIMKS INC.COM0.76%$1M8.0K
38TEMTEMPUS AI INCCL A0.76%$1M21.6K
39LITELUMENTUM HLDGS INCCOM0.71%$1M3.2K
40DAVEDAVE INCCLASS A COM NEW0.70%$1M5.3K
41ACMRACM RESH INCCOM CL A0.69%$1M29.5K
42FIXCOMFORT SYS USA INCCOM0.68%$1M1.2K
43PLABPHOTRONICS INCCOM0.67%$1M35.5K
44CIFRCIPHER MINING INCCOM0.67%$1M76.1K
45MDBMONGODB INCCL A0.67%$1M2.7K
46EOSEEOS ENERGY ENTERPRISES INCCOM CL A0.66%$1M97.3K
47ATECALPHATEC HLDGS INCCOM NEW0.66%$1M52.7K
48FLNCFLUENCE ENERGY INCCOM CL A0.65%$1M55.3K
49CVNACARVANA COCL A0.65%$1M2.6K
50ASPNASPEN AEROGELS INCCOM0.63%$1M372.0K
51DLOCAL LTDCLASS A COM0.62%$1M73.6K
52TANINVESCO EXCH TRADED FD TR IISOLAR ETF0.61%$1M20.8K
53DDOGDATADOG INCCL A COM0.60%$1M7.4K
54GLXYGALAXY DIGITAL INC.CL A0.59%$986,12144.1K
55ORCLORACLE CORPCOM0.58%$974,5505.0K
56GTLBGITLAB INCCLASS A COM0.54%$917,19624.4K
57RMBSRAMBUS INC DELCOM0.54%$912,7439.9K
58IOTSAMSARA INCCOM CL A0.54%$911,56125.7K
59FIVERR INTL LTDORD SHS0.54%$909,33546.0K
60BABAALIBABA GROUP HLDG LTDSPONSORED ADS0.54%$906,5976.2K
61RBLXROBLOX CORPCL A0.54%$906,07711.2K
62TLNTALEN ENERGY CORPCOM0.54%$901,8652.4K
63CCJCAMECO CORPCOM0.53%$898,0669.8K
64CRCLCIRCLE INTERNET GROUP INCCOM CL A0.53%$888,39811.2K
65RIOTRIOT PLATFORMS INCCOM0.52%$872,07668.8K
66AMDADVANCED MICRO DEVICES INCCOM0.49%$825,8013.9K
67LACLITHIUM AMERS CORP NEWCOM SHS0.49%$820,116188.1K
68FCXFREEPORT-MCMORAN INCCL B0.47%$789,48015.5K
69ISRGINTUITIVE SURGICAL INCCOM NEW0.46%$782,7101.4K
70NOWSERVICENOW INCCOM0.46%$771,4655.0K
71DUOLDUOLINGO INCCL A COM0.45%$762,5484.3K
72AXTIAXT INCCOM0.43%$728,27844.5K
73CRMSALESFORCE INCCOM0.31%$522,4032.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$94M27May 12, 202613F-HRchanges · EDGAR ↗
Q4 2025$168M73Feb 13, 202613F-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 ↗.