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FTM

First Turn Management Portfolio holdings

AUM $895M
1-Year Est. Return 261.28%
This Fund
S&P 500
This Quarter Est. Return
+17.62%
1 Year Est. Return
+261.28%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$895M
AUM Growth
+$19.9M
Cap. Flow
-$21M
Cap. Flow %
-2.35%
Top 10 Hldgs %
50.52%
Holding
38
New
5
Increased
17
Reduced
11
Closed
5

Top Buys

Rank Stock Value
1
CELC icon
Celcuity
CELC
+$23M
2
UTHR icon
United Therapeutics
UTHR
+$20.5M
3
ELVN icon
Enliven Therapeutics
ELVN
+$17.3M
4
PVLA
Palvella Therapeutics
PVLA
+$15.4M
5
DNTH icon
Dianthus Therapeutics
DNTH
+$12.8M

Top Sells

Rank Stock Value
1
GH icon
Guardant Health
GH
+$27.7M
2
TERN
Terns Pharmaceuticals
TERN
+$22.4M
3
ARGX icon
argenx
ARGX
+$19.6M
4
RVMD icon
Revolution Medicines
RVMD
+$17.2M
5
RYTM icon
Rhythm Pharmaceuticals
RYTM
+$15.7M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UTHR icon
1
United Therapeutics
UTHR
$22.7B
$62.1M 6.94%
104,726
+41,146
+65% +$20.5M
ABVX
2
Abivax
ABVX
$11.9B
$51.9M 5.8%
465,869
+84,636
+22% +$10M
BBIO icon
3
BridgeBio Pharma
BBIO
$15.9B
$51.7M 5.77%
695,718
+100,245
+17% +$7.27M
XENE icon
4
Xenon Pharmaceuticals
XENE
$6.6B
$45.8M 5.11%
786,844
-12,899
-2% -$594K
RVMD icon
5
Revolution Medicines
RVMD
$39.6B
$45.5M 5.09%
468,376
-170,009
-27% -$17.2M
APGE icon
6
Apogee Therapeutics
APGE
$10.1B
$43.2M 4.83%
513,770
+38,931
+8% +$2.83M
INSM icon
7
Insmed
INSM
$23.5B
$40.6M 4.54%
248,475
-15,818
-6% -$2.43M
NUVL
8
DELISTED
Nuvalent
NUVL
$37.9M 4.24%
370,344
+1,647
+0.4% +$168K
MIRM icon
9
Mirum Pharmaceuticals
MIRM
$7.25B
$37M 4.13%
400,464
-81,100
-17% -$7.63M
COGT icon
10
Cogent Biosciences
COGT
$6.68B
$36.5M 4.07%
947,339
+123,056
+15% +$4.54M
ROIV icon
11
Roivant Sciences
ROIV
$24.8B
$33M 3.68%
1,190,118
+3,301
+0.3% +$84.8K
AXSM icon
12
Axsome Therapeutics
AXSM
$11.8B
$31.9M 3.56%
188,772
-18,149
-9% -$3.13M
IDYA icon
13
IDEAYA Biosciences
IDYA
$3.47B
$29.1M 3.25%
873,838
+150,185
+21% +$5.04M
ORIC icon
14
Oric Pharmaceuticals
ORIC
$1.11B
$25.6M 2.86%
2,017,284
+6,977
+0.3% +$79.2K
ELVN icon
15
Enliven Therapeutics
ELVN
$3.8B
$24.5M 2.73%
+623,839
New +$17.3M
CELC icon
16
Celcuity
CELC
$4.31B
$24M 2.69%
+210,578
New +$23M
SRRK icon
17
Scholar Rock
SRRK
$6.33B
$21.9M 2.45%
446,390
-13,337
-3% -$598K
KYMR icon
18
Kymera Therapeutics
KYMR
$9.52B
$21.2M 2.37%
254,672
+48,227
+23% +$3.82M
CYTK icon
19
Cytokinetics
CYTK
$10.9B
$18.7M 2.09%
283,700
-41,968
-13% -$2.67M
DNTH icon
20
Dianthus Therapeutics
DNTH
$5.77B
$18.5M 2.07%
+220,921
New +$12.8M
PVLA
21
Palvella Therapeutics
PVLA
$2.26B
$18.5M 2.06%
+148,093
New +$15.4M
NAMS icon
22
NewAmsterdam Pharma
NAMS
$3.7B
$17.9M 2%
558,336
-335,137
-38% -$10.9M
VRDN icon
23
Viridian Therapeutics
VRDN
$1.99B
$17.8M 1.99%
911,337
+220,809
+32% +$6.56M
ASND icon
24
Ascendis Pharma A/S
ASND
$17.1B
$17.5M 1.95%
76,300
-55,508
-42% -$12.4M
FULC icon
25
Fulcrum Therapeutics
FULC
$243M
$17.3M 1.93%
2,256,109
+363,426
+19% +$3.37M
1
2

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BFFIM
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First Turn Management's Q1 2026 Portfolio in Review

As of Q1 2026, First Turn Management held 38 positions worth $895M, up 2.3% from $875M the previous quarter. Its ten largest holdings account for 51% of the portfolio.

First Turn Management's Q1 2026 filing shows 5 new, 17 increased, 11 reduced and 5 closed positions. Its largest new stake was Celcuity: 210,578 shares worth $24M. The largest sale was Guardant Health, an estimated $27.7M.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, unchanged from a quarter earlier.

  • First Turn Management's largest Q1 2026 buy was Celcuity: 210,578 shares worth $24M.
  • First Turn Management added most to United Therapeutics in Q1 2026, an estimated $20.5M increase.
  • First Turn Management's biggest Q1 2026 reduction was Terns Pharmaceuticals, cutting an estimated $22.4M.
  • First Turn Management fully exited Guardant Health in Q1 2026, selling an estimated $27.7M.
  • First Turn Management's ten largest holdings make up 51% of its $895M portfolio in Q1 2026.
  • First Turn Management opened 5 new positions and closed 5 in Q1 2026.
  • First Turn Management's portfolio value rose 2.3% quarter-over-quarter to $895M.

Based on First Turn Management's 13F filing for Q1 2026, filed 15 May 2026.