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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
-0.25%
1 Year Est. Return
+261.28%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$496M
AUM Growth
-$62.3M
(-11%)
Cap. Flow
-$21.6M
Cap. Flow
% of AUM
-4.35%
Top 10 Holdings %
Top 10 Hldgs %
46.81%
Holding
44
New
8
Increased
12
Reduced
13
Closed
9
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Boston Scientific
BSX
|
+$17.9M |
| 2 |
SWTX
SpringWorks Therapeutics
SWTX
|
+$14M |
| 3 |
Guardant Health
GH
|
+$13.6M |
| 4 |
TG Therapeutics
TGTX
|
+$13.5M |
| 5 |
Insulet
PODD
|
+$13.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ITCI
Intra-Cellular Therapies Inc.
ITCI
|
+$24.6M |
| 2 |
Crinetics Pharmaceuticals
CRNX
|
+$23.2M |
| 3 |
Geron
GERN
|
+$13.8M |
| 4 |
VRNA
Verona Pharma
VRNA
|
+$12.4M |
| 5 |
DAWN
Day One Biopharmaceuticals
DAWN
|
+$12M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 100% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Vaxcyte
PCVX
$7.89B
| $10.5M | 2.11% |
276,905
| – | – |
|
27
Apogee Therapeutics
APGE
$10.2B
| $8.58M | 1.73% |
229,675
-23,050
| -9% | -$891K |
|
28
ARS Pharmaceuticals
SPRY
$590M
| $8.42M | 1.7% |
669,010
+75,719
| +13% | +$911K |
|
|
BPMC
29
DELISTED
Blueprint Medicines
BPMC
| $8.15M | 1.64% |
92,033
+24,890
| +37% | +$2.43M |
|
30
RadNet
RDNT
$4.84B
| $7.84M | 1.58% |
+157,615
| New | +$9.32M |
|
31
HealthEquity
HQY
$7.91B
| $7.42M | 1.5% |
83,966
-41,901
| -33% | -$4.3M |
|
32
MoonLake Immunotherapeutics
MLTX
$1.59B
| $7M | 1.41% |
+179,196
| New | +$7.72M |
|
33
Harrow
HROW
$1.43B
| $5.02M | 1.01% |
188,829
-116,045
| -38% | -$3.47M |
|
34
Praxis Precision Medicines
PRAX
$9.07B
| $2.72M | 0.55% |
71,775
+26,239
| +58% | +$1.64M |
|
|
SLNO
35
DELISTED
Soleno Therapeutics
SLNO
| $2.08M | 0.42% |
+29,115
| New | +$1.42M |
|
|
ACLX
36
DELISTED
Arcellx
ACLX
| – | – |
-152,356
| Closed | -$11.7M |
|
37
Biohaven
BHVN
$2.16B
| – | – |
-262,442
| Closed | -$9.8M |
|
38
CorMedix
CRMD
$617M
| – | – |
-1,021,421
| Closed | -$8.27M |
|
|
39
Crinetics Pharmaceuticals
CRNX
$8.86B
| – | – |
-453,376
| Closed | -$23.2M |
|
|
DAWN
40
DELISTED
Day One Biopharmaceuticals
DAWN
| – | – |
-947,878
| Closed | -$12M |
|
|
41
Geron
GERN
$911M
| – | – |
-3,893,327
| Closed | -$13.8M |
|
42
Syndax Pharmaceuticals
SNDX
$1.84B
| – | – |
-441,587
| Closed | -$5.84M |
|
|
BCAX
43
Bicara Therapeutics
BCAX
$1.78B
| – | – |
-346,170
| Closed | -$6.03M |
|
|
ITCI
44
DELISTED
Intra-Cellular Therapies Inc.
ITCI
| – | – |
-294,414
| Closed | -$24.6M |
|
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First Turn Management's Q1 2025 Portfolio in Review
As of Q1 2025, First Turn Management held 44 positions worth $496M, down 11% from $558M the previous quarter. Its ten largest holdings account for 47% of the portfolio.
First Turn Management withdrew a net $21.6M in Q1 2025, closing 9 positions and reducing 13 holdings. Its most notable exit was Intra-Cellular Therapies Inc., an estimated $24.6M 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 Boston Scientific worth $18M.
- First Turn Management's largest Q1 2025 buy was Boston Scientific: 178,156 shares worth $18M.
- First Turn Management added most to Merus in Q1 2025, an estimated $7.8M increase.
- First Turn Management's biggest Q1 2025 reduction was Verona Pharma, cutting an estimated $12.4M.
- First Turn Management fully exited Intra-Cellular Therapies Inc. in Q1 2025, selling an estimated $24.6M.
- First Turn Management's ten largest holdings make up 47% of its $496M portfolio in Q1 2025.
- First Turn Management opened 8 new positions and closed 9 in Q1 2025.
- First Turn Management's portfolio value fell 11% quarter-over-quarter to $496M.
Based on First Turn Management's 13F filing for Q1 2025, filed 15 May 2025.