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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
TERN
26
DELISTED
Terns Pharmaceuticals
TERN
$17.2M 1.92%
326,694
-545,355
-63% -$22.4M
VERA icon
27
Vera Therapeutics
VERA
$2.66B
$17M 1.9%
422,023
-179,751
-30% -$7.74M
NTRA icon
28
Natera
NTRA
$37.6B
$16.2M 1.81%
81,077
+202
+0.2% +$43.5K
ERAS icon
29
Erasca
ERAS
$6.53B
$14M 1.57%
+867,639
New +$10.3M
PRAX icon
30
Praxis Precision Medicines
PRAX
$8.49B
$13.7M 1.53%
42,441
+6,692
+19% +$2.07M
OLMA icon
31
Olema Pharmaceuticals
OLMA
$991M
$11.5M 1.28%
768,662
+150,948
+24% +$3.36M
QURE icon
32
uniQure
QURE
$2.73B
$10.1M 1.12%
615,489
+293,834
+91% +$5.95M
MLTX icon
33
MoonLake Immunotherapeutics
MLTX
$1.59B
$5.88M 0.66%
315,563
+52,920
+20% +$877K
ARGX icon
34
argenx
ARGX
$52.9B
– –
-23,256
Closed -$19.6M
GH icon
35
Guardant Health
GH
$19.6B
– –
-271,685
Closed -$27.7M
IRON icon
36
Disc Medicine
IRON
$2.84B
– –
-153,206
Closed -$12.2M
RCUS icon
37
Arcus Biosciences
RCUS
$3.54B
– –
-565,142
Closed -$13.5M
RYTM icon
38
Rhythm Pharmaceuticals
RYTM
$7.17B
– –
-146,303
Closed -$15.7M
1
2

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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.