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FTM

First Turn Management Portfolio holdings

AUM $935M
1-Year Est. Return 298.58%
This Fund
S&P 500
This Quarter Est. Return
+26.73%
1 Year Est. Return
+298.58%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$935M
AUM Growth
+$39.6M
Cap. Flow
-$96.5M
Cap. Flow %
-10.33%
Top 10 Hldgs %
53.58%
Holding
38
New
5
Increased
14
Reduced
11
Closed
7

Top Buys

Rank Stock Value
1
PCVX icon
Vaxcyte
PCVX
+$24.1M
2
CYTK icon
Cytokinetics
CYTK
+$17.5M
3
INBX icon
Inhibrx
INBX
+$16.5M
4
ELVN icon
Enliven Therapeutics
ELVN
+$14M
5
RYTM icon
Rhythm Pharmaceuticals
RYTM
+$13.9M

Top Sells

Rank Stock Value
1
NUVL
Nuvalent
NUVL
+$37M
2
APGE icon
Apogee Therapeutics
APGE
+$33.8M
3
IDYA icon
IDEAYA Biosciences
IDYA
+$29.1M
4
MIRM icon
Mirum Pharmaceuticals
MIRM
+$18.3M
5
FULC icon
Fulcrum Therapeutics
FULC
+$17.3M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RVMD icon
1
Revolution Medicines
RVMD
$44.9B
$77.8M 8.32%
415,307
-53,069
-11% -$7.75M
ABVX
2
Abivax
ABVX
$9.95B
$65.3M 6.98%
489,889
+24,020
+5% +$2.72M
AXSM icon
3
Axsome Therapeutics
AXSM
$10.8B
$53.5M 5.72%
218,415
+29,643
+16% +$6.43M
ELVN icon
4
Enliven Therapeutics
ELVN
$4.36B
$48.4M 5.18%
954,360
+330,521
+53% +$14M
BBIO icon
5
BridgeBio Pharma
BBIO
$14.6B
$47.2M 5.05%
633,364
-62,354
-9% -$4.37M
ROIV icon
6
Roivant Sciences
ROIV
$24.8B
$47.1M 5.04%
1,331,066
+140,948
+12% +$4.17M
UTHR icon
7
United Therapeutics
UTHR
$21B
$46M 4.92%
84,932
-19,794
-19% -$11.1M
CYTK icon
8
Cytokinetics
CYTK
$10.2B
$44.9M 4.81%
527,412
+243,712
+86% +$17.5M
XENE icon
9
Xenon Pharmaceuticals
XENE
$5.81B
$36.2M 3.88%
600,200
-186,644
-24% -$10.4M
CELC icon
10
Celcuity
CELC
$4.67B
$34.4M 3.68%
329,101
+118,523
+56% +$13.7M
VRDN icon
11
Viridian Therapeutics
VRDN
$2.59B
$30.7M 3.28%
1,670,000
+758,663
+83% +$12.2M
INSM icon
12
Insmed
INSM
$27.7B
$28.1M 3.01%
263,851
+15,376
+6% +$1.86M
QURE icon
13
uniQure
QURE
$3.11B
$28M 3%
608,925
-6,564
-1% -$172K
ASND icon
14
Ascendis Pharma A/S
ASND
$17.5B
$28M 2.99%
104,877
+28,577
+37% +$6.68M
PRAX icon
15
Praxis Precision Medicines
PRAX
$9.9B
$28M 2.99%
83,528
+41,087
+97% +$13M
DNTH icon
16
Dianthus Therapeutics
DNTH
$6.01B
$27.9M 2.98%
285,771
+64,850
+29% +$5.66M
PCVX icon
17
Vaxcyte
PCVX
$9.11B
$25.8M 2.76%
+443,836
New +$24.1M
MIRM icon
18
Mirum Pharmaceuticals
MIRM
$6.2B
$25.5M 2.73%
218,051
-182,413
-46% -$18.3M
PVLA
19
Palvella Therapeutics
PVLA
$2.26B
$23.9M 2.56%
156,450
+8,357
+6% +$1.01M
COGT icon
20
Cogent Biosciences
COGT
$6.06B
$23.3M 2.49%
602,281
-345,058
-36% -$12.1M
ERAS icon
21
Erasca
ERAS
$5.68B
$22.4M 2.39%
1,221,721
+354,082
+41% +$5.06M
ORIC icon
22
Oric Pharmaceuticals
ORIC
$1.32B
$21.8M 2.34%
2,017,284
– –
NAMS icon
23
NewAmsterdam Pharma
NAMS
$3.06B
$19.7M 2.11%
582,497
+24,161
+4% +$796K
APGE icon
24
Apogee Therapeutics
APGE
$18.4M 1.97%
138,822
-374,948
-73% -$33.8M
RYTM icon
25
Rhythm Pharmaceuticals
RYTM
$7.14B
$17.1M 1.83%
+154,018
New +$13.9M
1
2

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First Turn Management's Q2 2026 Portfolio in Review

As of Q2 2026, First Turn Management held 38 positions worth $935M, up 4.4% from $895M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

First Turn Management withdrew a net $96.5M in Q2 2026, closing 7 positions and reducing 11 holdings. Its most notable exit was IDEAYA Biosciences, an estimated $29.1M position sold in full.

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

Against the trend, First Turn Management opened a new position in Vaxcyte worth $25.8M.

  • First Turn Management's largest Q2 2026 buy was Vaxcyte: 443,836 shares worth $25.8M.
  • First Turn Management added most to Cytokinetics in Q2 2026, an estimated $17.5M increase.
  • First Turn Management's biggest Q2 2026 reduction was Nuvalent, cutting an estimated $37M.
  • First Turn Management fully exited IDEAYA Biosciences in Q2 2026, selling an estimated $29.1M.
  • First Turn Management's ten largest holdings make up 54% of its $935M portfolio in Q2 2026.
  • First Turn Management opened 5 new positions and closed 7 in Q2 2026.
  • First Turn Management's portfolio value rose 4.4% quarter-over-quarter to $935M.

Based on First Turn Management's 13F filing for Q2 2026, filed 14 Aug 2026.