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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
+64.39%
1 Year Est. Return
+261.28%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$666M
AUM Growth
+$130M
(+24%)
Cap. Flow
+$21.4M
Cap. Flow
% of AUM
3.22%
Top 10 Holdings %
Top 10 Hldgs %
51.54%
Holding
42
New
7
Increased
17
Reduced
5
Closed
13
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
United Therapeutics
UTHR
|
+$28.7M |
| 2 |
Neurocrine Biosciences
NBIX
|
+$24.6M |
| 3 |
ABVX
Abivax
ABVX
|
+$17.9M |
| 4 |
MoonLake Immunotherapeutics
MLTX
|
+$13.7M |
| 5 |
AKRO
Akero Therapeutics
AKRO
|
+$13.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VRNA
Verona Pharma
VRNA
|
+$29.3M |
| 2 |
Intuitive Surgical
ISRG
|
+$17.6M |
| 3 |
Insulet
PODD
|
+$16.2M |
| 4 |
TG Therapeutics
TGTX
|
+$16.1M |
| 5 |
Guardant Health
GH
|
+$15.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 100% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
ADMA Biologics
ADMA
$1.92B
| $11.9M | 1.78% |
808,673
-283,688
| -26% | -$4.86M |
|
27
Vera Therapeutics
VERA
$2.54B
| $10.3M | 1.55% |
354,529
+44,863
| +14% | +$1.04M |
|
28
Harrow
HROW
$1.43B
| $7.72M | 1.16% |
160,234
-68,527
| -30% | -$2.58M |
|
|
29
MoonLake Immunotherapeutics
MLTX
$1.59B
| $1.88M | 0.28% |
+262,643
| New | +$13.7M |
|
30
Alnylam Pharmaceuticals
ALNY
$36.3B
| – | – |
-17,879
| Closed | -$5.83M |
|
31
Boston Scientific
BSX
$65.8B
| – | – |
-138,834
| Closed | -$14.9M |
|
|
32
Guardant Health
GH
$19.5B
| – | – |
-302,307
| Closed | -$15.7M |
|
33
HealthEquity
HQY
$7.91B
| – | – |
-80,880
| Closed | -$8.47M |
|
|
34
Intuitive Surgical
ISRG
$121B
| – | – |
-32,305
| Closed | -$17.6M |
|
|
KALV
35
DELISTED
KalVista Pharmaceuticals
KALV
| – | – |
-214,138
| Closed | -$2.42M |
|
|
36
Insulet
PODD
$11.3B
| – | – |
-51,408
| Closed | -$16.2M |
|
37
RadNet
RDNT
$4.84B
| – | – |
-197,759
| Closed | -$11.3M |
|
|
SLNO
38
DELISTED
Soleno Therapeutics
SLNO
| – | – |
-86,332
| Closed | -$7.23M |
|
39
ARS Pharmaceuticals
SPRY
$590M
| – | – |
-455,953
| Closed | -$7.96M |
|
|
40
TG Therapeutics
TGTX
$8.58B
| – | – |
-447,884
| Closed | -$16.1M |
|
|
VRNA
41
DELISTED
Verona Pharma
VRNA
| – | – |
-309,988
| Closed | -$29.3M |
|
|
BBNX
42
Beta Bionics
BBNX
$706M
| – | – |
-157,194
| Closed | -$2.29M |
|
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First Turn Management's Q3 2025 Portfolio in Review
As of Q3 2025, First Turn Management held 42 positions worth $666M, up 24% from $536M the previous quarter. Its ten largest holdings account for 52% of the portfolio.
First Turn Management deployed $21.4M of net new capital in Q3 2025, opening 7 new positions and adding to 17 existing holdings. Its largest new stake was United Therapeutics: 85,318 shares worth $35.8M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, unchanged from a quarter earlier.
On the sell side, the largest reduction was Insmed, an estimated $6.48M trimmed.
- First Turn Management's largest Q3 2025 buy was United Therapeutics: 85,318 shares worth $35.8M.
- First Turn Management added most to Akero Therapeutics in Q3 2025, an estimated $13.7M increase.
- First Turn Management's biggest Q3 2025 reduction was Insmed, cutting an estimated $6.48M.
- First Turn Management fully exited Verona Pharma in Q3 2025, selling an estimated $29.3M.
- First Turn Management's ten largest holdings make up 52% of its $666M portfolio in Q3 2025.
- First Turn Management opened 7 new positions and closed 13 in Q3 2025.
- First Turn Management's portfolio value rose 24% quarter-over-quarter to $666M.
Based on First Turn Management's 13F filing for Q3 2025, filed 14 Nov 2025.