Analyzing First Light Asset Management's Q3 vs. Q4 2022 Fund Holdings

Investors and market watchers always want to know where the smart money is going. One resource for this type of information is the 13F filing, which institutional investors with more than $100 million in assets under management must file with the Securities and Exchange Commission (SEC) each quarter. The filing discloses the institution's holdings of publicly traded securities, giving insight into the investment manager's strategy and current positioning. One firm whose 13F filings investors might be watching is First Light Asset Management, LLC. Today we will analyze their Q3 vs. Q4 2022 holdings.

In the Q3 13F filing for First Light Asset Management, LLC, the firm reported a total value of $1,486,579,000 in assets under management, with 29 total holdings. By Q4 2022, the firm's total value of assets under management had increased to $1,813,901,000, with 30 total holdings. Let's take a closer look at some significant individual holdings that intrigued us.

#1 Retra pharmaceuticals, INC

First Light Asset Management increased its holding in Retra Pharmaceuticals from 1,054,985 shares in Q3 to 2,062,453 shares in Q4 — a 95% increase. The value of the position grew from $26,512,000 in Q3 to $78,352,000 in Q4, a 195% increase. This kind of massive increase in value is not unusual for pharma and biotech stocks, which have historically been volatile.

#2 Performant Financial Corporation

First Light Asset Management saw its holding in Performant Financial Corporation increase almost 50% from 5,020,107 shares in Q3 to 7,387,280 shares in Q4. The value of the position grew from $9,287,000 in Q3 to $26,668,000 in Q4, an increase of 187%. Performant Financial Corporation is a unique holding in the firm's portfolio since it operates in the financial and business services industry. We will keep an eye to understand the conviction behind this choice.

#3 Urban Edge Properties

Urban Edge Properties is a real estate investment trust (REIT) stock, and First Light Asset Management saw its total shares decrease from 5,939,499 in Q3, dropping to 0 shares in Q4. This is a notable change since REITs usually are seen as long-term investments. We'll watch keenly how First Light chooses to deploy this capital.

#4 Bellus Health INC

First Light Asset Management made a slight adjustment in its holdings in Biotech/Biomedical firm Bellus Health INC. Their total shares dropped from 2,381,857 in Q3 to 2,356,950 in Q4 - a 1% decrease. The value of the position dropped from $25,152,000 in Q3 to $19,374,000 in Q4 - a 23% decrease.

#5 United Therapeutics Corp DEL

First Light Asset Management significantly reduced its position in United Therapeutics Corp Del, which saw the total shares they held decrease from 2,466 to 1,345 - a 45% decrease. The value of this position shrank from $516,000 in Q3 to $374,000 in Q4 - a 27% decrease.

Overall, First Light Asset Management's Q3 vs. Q4 13F filing shows just how active they were this quarter with several notable moves in their portfolio. It will be insightful to see which direction and moves they decide to make next.