First Light Asset Management, LLC

This decrease in value is attributable to two factors: a substantial reduction in the number of holdings (from a higher implied count to 21) and the inherent volatility associated with the fund's specific focus. The portfolio is characterized by high conviction, with the top 10 positions accounting for approximately 79% of the total portfolio value. The fund appears to follow a specialized strategy, likely targeting small-to-mid-cap growth companies, with a heavy emphasis on the healthcare and biotechnology sectors. The "Unknown" sector classification, representing roughly 40% of the portfolio, likely consists of biotechnology or specialized technology firms that may not fit neatly into standard sector categorizations or are American Depositary Receipts (ADRs).

2. Key Holdings