First Light Asset Management, Llc
- Regulatory AUM
- $1.4B
- Discretionary
- $1.4B
- Clients
- 861
- Avg AUM / client
- $1.6M
- Accounts
- 861
- Employees
- 14
AUM over time
Annual snapshots from Form ADV filings · as of Mar 24, 2026
Investments (13F portfolio — 35 positions, $1,115,876,336)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Axogen Inc | Common Stocks | $132,611,704 | 4,002,768 | 11.9% | 9.42% |
| 2 | Palvella Therapeutics Inc | Common Stocks | $122,251,485 | 980,758 | 11.0% | 8.69% |
| 3 | Neogenomics Inc | Common Stocks | $72,196,437 | 9,729,978 | 6.47% | 5.13% |
| 4 | Si Bone Inc | Common Stocks | $67,610,790 | 5,353,190 | 6.06% | 4.8% |
| 5 | Centessa Pharmaceuticals Limited | Common Stocks | $62,002,563 | 1,560,991 | 5.56% | 4.41% |
| 6 | Apogee Therapeutics Inc | Common Stocks | $48,539,492 | 576,684 | 4.35% | 3.45% |
| 7 | Amylyx Pharmaceuticals Inc | Common Stocks | $44,349,966 | 3,190,645 | 3.97% | 3.15% |
| 8 | Twist Bioscience Corporation | Common Stocks | $41,762,857 | 878,848 | 3.74% | 2.97% |
| 9 | Crinetics Pharmaceuticals Inc | Common Stocks | $39,576,814 | 1,089,670 | 3.55% | 2.81% |
| 10 | 908 Devices Inc | Common Stocks | $37,164,086 | 6,072,563 | 3.33% | 2.64% |
| 11 | Neuropace Inc | Common Stocks | $32,348,553 | 2,459,966 | 2.9% | 2.3% |
| 12 | Edgewise Therapeutics Inc | Common Stocks | $31,558,149 | 1,001,846 | 2.83% | 2.24% |
| 13 | Anaptys Bio Inc | Common Stocks | $31,358,803 | 565,431 | 2.81% | 2.23% |
| 14 | Simulations Plus Inc | Common Stocks | $31,119,968 | 2,632,823 | 2.79% | 2.21% |
| 15 | Guardant Health | Common Stocks | $25,891,219 | 280,299 | 2.32% | 1.84% |
| 16 | Tandem Diabetes Care Inc | Common Stocks | $25,203,087 | 1,314,715 | 2.26% | 1.79% |
| 17 | Atricure Inc | Common Stocks | $20,813,234 | 729,521 | 1.87% | 1.48% |
| 18 | Trisalus Life Sciences Inc | Common Stocks | $20,267,308 | 5,066,827 | 1.82% | 1.44% |
| 19 | Tectonic Therapeutics Inc | Common Stocks | $20,021,736 | 647,743 | 1.79% | 1.42% |
| 20 | Irhythm Technologies | Common Stocks | $19,841,050 | 168,116 | 1.78% | 1.41% |
| 21 | Septerna Inc | Common Stocks | $17,610,626 | 732,860 | 1.58% | 1.25% |
| 22 | Establishment Labs Holdings | Common Stocks | $17,473,364 | 307,738 | 1.57% | 1.24% |
| 23 | Health Catalyst Inc | Common Stocks | $16,355,949 | 12,878,700 | 1.47% | 1.16% |
| 24 | Omnicell Inc | Common Stocks | $16,351,059 | 489,846 | 1.47% | 1.16% |
| 25 | Koru Medical Systems Inc | Common Stocks | $16,279,402 | 3,768,380 | 1.46% | 1.16% |
Top 25 of 35 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 167 | $41.3M | 2.94% |
| High net worth individuals | 659 | $355M | 25.2% |
| Pooled investment vehicles (non-investment companies) | 5 | $975M | 69.3% |
| Pension and profit sharing plans | 5 | $5.6M | 0.4% |
| Charitable organizations | 7 | $4.1M | 0.29% |
| Corporations and other businesses | 18 | $26.5M | 1.88% |
Private funds (3)
Reported in Form ADV Section 7.B.(1), filing of Dec 2024 · $759M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| First Light Focus Fund, Lp master | Hedge Fund | Delaware | $477M | 82 |
| First Light Prism Fund, Lp master | Hedge Fund | Delaware | $178M | 62 |
| First Light Focus (Qp) Fund, Lp | Hedge Fund | Delaware | $104M | 15 |
People (3)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Mathew Paul Arens | Managing Member, Ceo, & Senior Portfolio Manager | Sep 2013 (13y) | 50% – 75% | |
| Brett Thomas Johnson | Senior Research Analyst & Founding Principal | CFA | Feb 2014 (12y) | 5% – 10% |
| Peterson, Kurt, Terry | Chief Financial Officer & Chief Compliance Officer | Mar 2023 (3y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Mathew Arens 2021 Irrevocable Trust | Member | Dec 2021 | A | 25% – 50% |
| First Trust Company, Llc | Trustee | Oct 2021 | B | GP / trustee / elected manager of Mathew Arens 2021 Irrevocable Trust (indirect) |
Undisclosed: 0% – 20% of the firm is not attributable from the filed Schedule A bands.
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (3, $759M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| First Light Focus Fund, Lp | Hedge Fund | $477M | $1.0M | 82 |
| First Light Prism Fund, Lp | Hedge Fund | $178M | $1.0M | 62 |
| First Light Focus (Qp) Fund, Lp | Hedge Fund | $104M | $1.0M | 15 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/24/2026 | 1.88 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- RBC $303M (22% of AUM) Mar 2026
- Charles Schwab & Co. $56.3M (4% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 24, 2026.
View current Form ADV (SEC/IAPD) ↗