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First Light Asset Management, LLC
Mathew P. Arens · Asset Manager · Growth
First Light Asset Management, LLC is a healthcare-focused investment firm founded in September 2013 by Mathew P. Arens. Based in Edina, Minnesota, the firm specializes in identifying growth-oriented opportunities within the healthcare and life sciences sectors, particularly among micro- to small/mid-cap companies. First Light employs a fundamental, bottom-up research process to invest in transformative medical devices, technologies, and innovations that aim to improve patient care or reduce costs. The firm primarily manages assets for institutional clients and high-net-worth individuals through separately managed accounts and private investment funds.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +102.9% |
| YTD return | +40.4% |
| Sharpe ratio | 3.57 |
| Win rate | 57% |
| AUM | $1.5B |
| Inception | Oct 1, 2025 |
| Updated | Aug 20, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.5B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | http://www.firstlightam.com |
Current Holdings
Updated on Aug 20, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| NEO | NeoGenomics Inc | 14.9% | +68.8% |
| AXGN | Axogen Inc | 10.8% | +89.5% |
| PVLA | Palvella Therapeutics, Inc | 10.4% | +28.8% |
| SIBN | Si-Bone Inc | 10.3% | +32.7% |
| TWST | Twist Bioscience Corp | 7.2% | +200.7% |
| CRNX | Crinetics Pharmaceuticals Inc | 6.3% | +91.6% |
| APGE | Apogee Therapeutics, Inc. Common Stock | 5.3% | +33.5% |
| AMLX | Amylyx Pharmaceuticals Inc | 4.7% | +152.6% |
| MASS | 908 Devices Inc | 4.2% | +38.5% |
| SLP | Simulations Plus Inc | 3.3% | +35.6% |
| GH | Guardant Health Inc | 3.0% | +104.1% |
| EWTX | Edgewise Therapeutics Inc | 2.9% | +122.0% |
| TLSI | TriSalus Life Sciences Inc. | 2.5% | +15.0% |
| NPCE | Neuropace Inc | 2.5% | -14.6% |
| SEPN | Septerna, Inc. Common Stock | 2.2% | +37.2% |
| ANAB | AnaptysBio Inc | 2.2% | +33.6% |
| ATRC | AtriCure Inc | 2.2% | +44.7% |
| TNDM | Tandem Diabetes Care Inc | 2.0% | +29.2% |
| ESTA | Establishment Labs Holdings Inc | 1.7% | +12.5% |
| HCAT | Health Catalyst Inc | 1.6% | -12.1% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 17, 2026 | BUY | NPCE | 2.4% → 2.5% |
| Aug 17, 2026 | BUY | AXGN | 10.2% → 10.8% |
| Aug 17, 2026 | BUY | TLSI | 2.5% → 2.5% |
| Aug 17, 2026 | SELL | ATRC | 2.1% → 2.2% |
| Aug 17, 2026 | SELL | APGE | 5.4% → 5.3% |
Investment Style Analysis
First Light Asset Management, LLC is widely recognized for employing a Growth strategy. As of Aug 20, 2026, the firm oversees approximately $1.5B in assets under management (AUM). The portfolio demonstrates a clear preference for the Medical Devices and Biotechnology sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 17, First Light Asset Management, LLC made a significant move by increasing exposure to NPCE. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
First Light’s investment philosophy is rooted in a fundamental, bottom-up approach to identifying healthcare companies with high growth potential and transformative technologies. The firm focuses on assessing the 'margin of safety' in prospective investments, viewing risk as the potential for permanent impairment of capital rather than market price volatility. By utilizing a probability-weighted approach to stock selection and maintaining disciplined portfolio construction, First Light aims to identify high-quality investment opportunities before they are recognized by the broader market, seeking to generate superior risk-adjusted returns.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with First Light Asset Management, LLC.
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Frequently asked questions
How is the simulated portfolio for First Light Asset Management, LLC constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is First Light Asset Management, LLC's largest holding?
As of the latest filing, First Light Asset Management, LLC's top position is NeoGenomics Inc (NEO), representing 14.9% of the portfolio. This reflects a high-conviction bet by the institution.
What is First Light Asset Management, LLC's historical performance and risk profile?
Our simulation indicates a total return of +102.9% with a win rate of 57%. Notably, the portfolio maintains a Sharpe Ratio of 3.57, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does First Light Asset Management, LLC primarily invest in?
First Light Asset Management, LLC has a strong preference for the Medical Devices sector, which makes up 34.0% of their disclosed assets. The portfolio also has exposure to Biotechnology, indicating a specific thematic focus.
Is First Light Asset Management, LLC's portfolio concentrated or diversified?
First Light Asset Management, LLC runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 36.0% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has First Light Asset Management, LLC performed in 2026?
Our AI-simulated model portfolio for First Light Asset Management, LLC tracks a Year-to-Date (YTD) return of +40.4%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Mathew P. Arens manage First Light Asset Management, LLC directly?
Yes, Mathew P. Arens serves as the key portfolio manager for First Light Asset Management, LLC, overseeing the investment strategy and final capital allocation decisions.