Stocks/Funds/CIK 2093108

FirstWave Capital Management LLC

microcap filer
Quarterly 13F filings · Latest period 2026-03-31 · CIK 2093108
Assets
$94M
Holdings
26
Lifetime alpha vs market
-43.06% annual
Average hold time
0.5 yr
median 0.5 yr

Quarterly history

Cum return -17% vs S&P -4% · α -13% lifetimeAUM $94M · peak $168MFlow $-46M (-27%)2025-122026-03
AUM ($B)fundS&P 500(gap = α)/ Flow in/out

Behavior signals (lifetime)

Dip response
+8.89%
adds when stocks drop
when a holding falls −10%+
Middle response
-23.16%
baseline attrition
Rally response
-44.22%
trims into rallies
when a holding rises +10%+

Top positions · 26

Ticker$ value% portYoYHold time
TMDXTransMedics Group, Inc.$12M13.2%0.5 yr
YNDXYandex N.V.$9M9.9%0.5 yr
APPAppLovin Corporation$8M8.4%0.5 yr
RDDTReddit, Inc.$7M7.8%0.5 yr
HIMSHims & Hers Health, Inc.$5M5.8%0.5 yr
CPNGCoupang, Inc.$5M5.6%0.5 yr
HROWHarrow Health, Inc.$5M5.4%0.5 yr
CRDOCredo Technology Group H$5M4.9%0.5 yr
MELIMercadoLibre, Inc.$5M4.8%0.5 yr
NUNu Holdings Ltd.$4M4.4%0.5 yr
IRENIREN Limited$4M4.3%0.5 yr
SESea Limited$3M3.3%0.5 yr
ALABAstera Labs, Inc. Common$3M3.2%0.5 yr
MPMP Materials Corp.$2M2.6%0.5 yr
PRCTPROCEPT BioRobotics Corp$2M2.1%0.5 yr

Portfolio composition (YoY)

Industry mix
Internet Content & Information17.7%$17M
Medical - Devices16.3%$15M
Specialty Retail13.8%$13M
Software - Application8.4%$8M
Communication Equipment7.5%$7M
Financial - Capital Markets6.8%$6M
Semiconductors6.1%$6M
Medical - Equipment & Services5.8%$5M
Drug Manufacturers - Specialty & Generic5.4%$5M
Banks - Diversified4.4%$4M
Country
US65.4%
RU9.9%
KR5.6%
UY4.8%
BR4.4%
AU4.3%
SG3.3%
CH2.1%
Top 5: 45.0% · Top 10: 70.3% · Top 25: 99.2%

Winners

TickerPrev $PnLYoY %

Losers

TickerPrev $PnLYoY %

Top buys this quarter · 14

TMDX TransMedics Group, Inc.+$5M
APP AppLovin Corporation+$5M
RDDT Reddit, Inc.+$4M
MELI MercadoLibre, Inc.+$2M
NU Nu Holdings Ltd.+$2M
HROW Harrow Health, Inc.+$2M
AAOI Applied Optoelectronics, Inc.new+$2M
HOOD Robinhood Markets, Inc.new+$2M
HIMS Hims & Hers Health, Inc.+$5M
CRDO Credo Technology Group Holding+$5M

Top sells this quarter · 15

FOUR Shift4 Payments, Inc.exit$4M
AXTI AXT, Inc.exit$3M
CLPT ClearPoint Neuro, Inc.$2M
ZETA Zeta Global Holdings Corp.exit$2M
CELH Celsius Holdings, Inc.$2M
MKSI MKS Inc.exit$2M
ASX ASE Technology Holding Co., Ltexit$2M
AMBA Ambarella, Inc.exit$2M
FIX Comfort Systems USA, Inc.exit$2M
RKT Rocket Companies, Inc.exit$2M

Quarterly history (TTM returns)

PeriodAUM# PosReturn (1yr)SPY (1yr)Alpha (1yr)Flow
2026-03-31$94M26-16.93%-4.37%-12.56%-0.05B
2025-12-31$168M73