FC
FirstWave Capital Management LLC Investment Portfolio (Q2 2026) — 13F Stock Holdings
FirstWave Capital Management LLCCIK: 0002093108
Diversified strategyHigh-turnover traderMomentum follower
Total reported value
$226.6M
Reporting period: 2026-06-30 · Number of holdings: 63
FirstWave Capital Management LLC disclosed 63 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $226.6M and a quarterly turnover rate of 95.9%.
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Personality snowflake
- Concentration
- 11.93
- Portfolio Stability
- 95.95
- Momentum
- 100
- Sector conviction
- 96.53
- Diversification
- 100
- Sizing Uniformity
- 90.55
FirstWave Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.030 — mathematically equivalent to about 34 equally-sized positions, well below its 63 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.94), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.2 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim TMDX
+53.9% $348.7K
Trim CPNG
-71.7% -$3.9M
Trim NBIS
-50.1% $3.1M
Trim APP
+27.9% $5.2M
Sold out H5919C104
Add AAOI
+199.6% $7.0M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RDDT | Reddit Inc-cl A | Stock-Comm Services | 5.93% | -1.80% | +43.23% | |
| 2 | APP | Applovin Corp-class A | Stock-Tech | 5.78% | -2.63% | +27.94% | |
| 3 | TMDX | Transmedics Group Inc | Stock-Healthcare | 5.61% | -7.52% | +53.89% | |
| 4 | NBIS | Nebius Group N.V. | Stock-Other | 5.44% | -4.42% | -50.06% | |
| 5 | HIMS | Hims & Hers Health Inc | Stock-Healthcare | 5.20% | -0.54% | +30.64% | |
| 6 | CRDO | Credo Technology Group Holding Ltd | Stock-Tech | 4.90% | +0.04% | -16.12% | |
| 7 | HROW | Harrow Inc | Stock-Other | 3.97% | -1.42% | +47.29% | |
| 8 | AAOI | Applied Optoelectronics Inc | Stock-Tech | 3.81% | +2.06% | +199.56% | |
| 9 | MELI | Mercadolibre Inc | Stock-Consumer Disc | 3.33% | -1.50% | +69.32% | |
| 10 | NU | Nu Holdings Ltd. | Stock-Financials | 3.06% | -1.37% | +78.89% | |
| 11 | IREN | IREN Limited | Stock-Other | 2.49% | -1.83% | +4.08% | |
| 12 | MU | Micron Technology Inc | Stock-Tech | 2.35% | +1.24% | +48.63% | |
| 13 | ALAB | Astera Labs Inc | Stock-Tech | 2.33% | -0.85% | -59.86% | |
| 14 | FPS | Forgent Power Solutions Inc | Stock-Other | 1.91% | +1.91% | NEW | |
| 15 | SE | Sea Ltd-adr | Stock-Comm Services | 1.91% | -1.41% | +19.52% | |
| 16 | ✓ | Stock-Other | 1.62% | +1.62% | NEW | ||
| 17 | SHAZ | Sharonai Holdings Inc | Stock-Other | 1.56% | +1.56% | NEW | |
| 18 | MP | Mp Materials CORP | Stock-Materials | 1.52% | -1.03% | +23.81% | |
| 19 | ✓ | Stock-Other | 1.52% | +1.52% | NEW | ||
| 20 | ZETA | Zeta Global Holdings Corp-a | Stock-Tech | 1.47% | +1.47% | NEW | |
| 21 | PRCT | Procept Biorobotics CORP | Stock-Other | 1.44% | -0.70% | +79.75% | |
| 22 | OUST | Ouster Inc | Stock-Other | 1.27% | +1.27% | NEW | |
| 23 | NVDA | Nvidia CORP | Stock-Tech | 1.23% | +1.23% | NEW | |
| 24 | ONDS | Ondas Inc | Stock-Tech | 1.20% | -0.33% | +107.50% | |
| 25 | RBRK | Rubrik Inc-a | Stock-Tech | 1.20% | +1.20% | NEW | |
| 26 | AXON | Axon Enterprise Inc | Stock-Industrials | 1.12% | +1.12% | NEW | |
| 27 | BE | Bloom Energy Corp- A | Stock-Industrials | 1.11% | +1.11% | NEW | |
| 28 | CIFR | Cipher Digital Inc | Stock-Tech | 1.06% | +1.06% | NEW | |
| 29 | LITE | Lumentum Holdings Inc | Stock-Tech | 1.04% | -0.01% | +93.98% | |
| 30 | CRWV | Coreweave Inc-cl A | Stock-Tech | 1.03% | +1.03% | NEW | |
| 31 | PL | Planet Labs Pbc | Stock-Industrials | 0.96% | +0.96% | NEW | |
| 32 | MDB | Mongodb Inc | Stock-Tech | 0.94% | +0.94% | NEW | |
| 33 | COHR | Coherent CORP | Stock-Tech | 0.92% | -0.02% | +42.66% | |
| 34 | DDOG | Datadog Inc - Class A | Stock-Tech | 0.92% | +0.92% | NEW | |
| 35 | CLPT | Clearpoint Neuro Inc | Stock-Other | 0.91% | -0.02% | +20.62% | |
| 36 | AMD | Advanced Micro Devices | Stock-Tech | 0.89% | +0.89% | NEW | |
| 37 | ASTS | Ast Spacemobile Inc | Stock-Tech | 0.86% | +0.86% | NEW | |
| 38 | ZS | Zscaler Inc | Stock-Tech | 0.83% | +0.83% | NEW | |
| 39 | RKLB | Rocket Lab CORP | Stock-Industrials | 0.83% | +0.83% | NEW | |
| 40 | GLW | Corning Inc | Stock-Tech | 0.80% | +0.80% | NEW | |
| 41 | MGM | Mgm Resorts International | Stock-Consumer Disc | 0.80% | +0.80% | NEW | |
| 42 | INTC | Intel CORP | Stock-Tech | 0.80% | +0.80% | NEW | |
| 43 | FLNC | Fluence Energy Inc | Stock-Other | 0.78% | +0.78% | NEW | |
| 44 | DXYZ | Destiny Tech100 Inc | Stock-Other | 0.76% | +0.76% | NEW | |
| 45 | LPTH | Lightpath Technologies Inc-a | Stock-Other | 0.75% | +0.75% | NEW | |
| 46 | NUAI | New Era Energy & Digital Inc | Stock-Other | 0.71% | +0.71% | NEW | |
| 47 | LEN | Lennar Corp-a | Stock-Consumer Disc | 0.65% | +0.65% | NEW | |
| 48 | KEEL | Keel Infrastructure CORP | Stock-Other | 0.65% | +0.65% | NEW | |
| 49 | QCOM | Qualcomm Inc | Stock-Tech | 0.64% | +0.64% | NEW | |
| 50 | IBM | Intl Business Machines CORP | Stock-Tech | 0.64% | +0.64% | NEW |
1–50 of 63
Portfolio Performance
Performance for Q3 2026
-1.1%
Performance Last 4 Quarters
-3%
- Stdev
- +26.4%
- Beta
- -1.08
- Alpha
- +23.6%
- Max Drawdown
- -15.1%
- Annualized Perf
- -5.8%
- Batting Avg vs S&P
- +50%
- Sortino
- -0.16
- Stutzer
- -0.04
- Treynor
- +0.03
- Sterling
- —
- Calmar
- -0.39
- Information Ratio
- -0.65
- Tracking Error
- +42.3%
- Stdev Down
- +18.5%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.09
- Sharpe
- -0.12
- Stdev Sectors
- +15.7%
- Skewness
- -0.24
- Kurtosis
- -0.86
- Upside Potential
- +1.73
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Holding changes this quarter
FirstWave Capital Management LLC's most significant position changes for 2026-06-30: New buy: Forgent Power Solutions Inc (FPS); New buy: ; New buy: Sharonai Holdings Inc (SHAZ); New buy: ; New buy: Zeta Global Holdings Corp-a (ZETA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AAOI | Applied Optoelectronics Inc | +2.1% | +199.56% | Add |
| 2 | FPS | Forgent Power Solutions Inc | +1.9% | NEW | New buy |
| 3 | ✓ | +1.6% | NEW | New buy | |
| 4 | SHAZ | Sharonai Holdings Inc | +1.6% | NEW | New buy |
| 5 | ✓ | +1.5% | NEW | New buy | |
| 6 | ZETA | Zeta Global Holdings Corp-a | +1.5% | NEW | New buy |
| 7 | OUST | Ouster Inc | +1.3% | NEW | New buy |
| 8 | MU | Micron Technology Inc | +1.2% | +48.63% | Add |
| 9 | NVDA | Nvidia CORP | +1.2% | NEW | New buy |
| 10 | RBRK | Rubrik Inc-a | +1.2% | NEW | New buy |
| 11 | AXON | Axon Enterprise Inc | +1.1% | NEW | New buy |
| 12 | BE | Bloom Energy Corp- A | +1.1% | NEW | New buy |
| 13 | CIFR | Cipher Digital Inc | +1.1% | NEW | New buy |
| 14 | CRWV | Coreweave Inc-cl A | +1% | NEW | New buy |
| 15 | PL | Planet Labs Pbc | +1% | NEW | New buy |
| 16 | MDB | Mongodb Inc | +0.9% | NEW | New buy |
| 17 | DDOG | Datadog Inc - Class A | +0.9% | NEW | New buy |
| 18 | AMD | Advanced Micro Devices | +0.9% | NEW | New buy |
| 19 | ASTS | Ast Spacemobile Inc | +0.9% | NEW | New buy |
| 20 | ZS | Zscaler Inc | +0.8% | NEW | New buy |
| 21 | RKLB | Rocket Lab CORP | +0.8% | NEW | New buy |
| 22 | GLW | Corning Inc | +0.8% | NEW | New buy |
| 23 | MGM | Mgm Resorts International | +0.8% | NEW | New buy |
| 24 | INTC | Intel CORP | +0.8% | NEW | New buy |
| 25 | FLNC | Fluence Energy Inc | +0.8% | NEW | New buy |
| 26 | DXYZ | Destiny Tech100 Inc | +0.8% | NEW | New buy |
| 27 | LPTH | Lightpath Technologies Inc-a | +0.8% | NEW | New buy |
| 28 | NUAI | New Era Energy & Digital Inc | +0.7% | NEW | New buy |
| 29 | LEN | Lennar Corp-a | +0.7% | NEW | New buy |
| 30 | KEEL | Keel Infrastructure CORP | +0.7% | NEW | New buy |
| 31 | QCOM | Qualcomm Inc | +0.6% | NEW | New buy |
| 32 | IBM | Intl Business Machines CORP | +0.6% | NEW | New buy |
| 33 | HLIT | Harmonic Inc | +0.6% | NEW | New buy |
| 34 | FSLY | Fastly Inc - Class A | +0.6% | NEW | New buy |
| 35 | MAGS | Roundhill Magnificent Seven | +0.6% | NEW | New buy |
| 36 | GLXY | Galaxy Digital Inc-a | +0.6% | NEW | New buy |
| 37 | ATEC | Alphatec Holdings Inc | +0.6% | NEW | New buy |
| 38 | TWLO | Twilio Inc - A | +0.6% | NEW | New buy |
| 39 | BFLY | Butterfly Network Inc | +0.5% | NEW | New buy |
| 40 | ✓ | Churchill Cap CORP Xi | +0.5% | NEW | New buy |
| 41 | CLSK | Cleanspark Inc | +0.5% | NEW | New buy |
| 42 | BMM | Blue Moon Metals Inc | +0.5% | NEW | New buy |
| 43 | CCJ | Cameco CORP | +0.4% | NEW | New buy |
| 44 | MTUM | Ishares Msci USA Momentum Fa | +0.1% | NEW | New buy |
| 45 | CRDO | Credo Technology Group Holding Ltd | 0% | -16.12% | Trim |
| 46 | LITE | Lumentum Holdings Inc | 0% | +93.98% | Add |
| 47 | COHR | Coherent CORP | 0% | +42.66% | Add |
| 48 | CLPT | Clearpoint Neuro Inc | 0% | +20.62% | Add |
| 49 | ONDS | Ondas Inc | -0.3% | +107.50% | Add |
| 50 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.4% | EXIT | Sold out |
1–50 of 69
Filing History
FAQ
What is FirstWave Capital Management LLC and what type of investor is it?
FirstWave Capital Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $226.6M, spread across 63 disclosed positions.
What are FirstWave Capital Management LLC's largest equity positions?
Based on the latest 13F filing, FirstWave Capital Management LLC's top holdings by market value are:
1. Reddit Inc-cl A (RDDT) — $13.4M (5.9%)
2. Applovin Corp-class A (APP) — $13.1M (5.8%)
3. Transmedics Group Inc (TMDX) — $12.7M (5.6%)
4. Nebius Group N.V. (NBIS) — $12.3M (5.4%)
5. Hims & Hers Health Inc (HIMS) — $11.8M (5.2%)
What changes did FirstWave Capital Management LLC make in its most recent portfolio filing?
In the latest reported quarter, FirstWave Capital Management LLC made 69 notable position adjustments: 42 new positions were initiated, 17 existing holdings were added to, 4 positions were partially reduced, and 6 were completely exited. The largest of these moves: New buy: Forgent Power Solutions Inc (FPS); New buy: ; New buy: Sharonai Holdings Inc (SHAZ); New buy: ; New buy: Zeta Global Holdings Corp-a (ZETA)
What sectors does FirstWave Capital Management LLC focus on?
FirstWave Capital Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 52.3%
• Health Care: 15.4%
• Communication Services: 11.1%
• Consumer Discretionary: 7.7%
• Industrials: 5.7%
• Financials: 5.0%
Investment Profile
FirstWave Capital Management LLC returned an annualized -5.8% over the trailing 6 months — outperforming the S&P 500 by 23.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of -1.08 (less volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 52.3% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 96 over the past 2 quarters — a shift toward more active trading.
It has added to its RDDT position over the past two quarters (+$7.6M, now $13.4M), while trimming CPNG over the same stretch (-$5.4M, still holding $1.4M).
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RC
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A(
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Developer Access
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