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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
+62.66%
1 Year Est. Return
+261.28%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$875M
AUM Growth
+$209M
(+31%)
Cap. Flow
+$20.2M
Cap. Flow
% of AUM
2.31%
Top 10 Holdings %
Top 10 Hldgs %
47.26%
Holding
41
New
12
Increased
8
Reduced
10
Closed
8
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Guardant Health
GH
|
+$24.3M |
| 2 |
Cogent Biosciences
COGT
|
+$23.2M |
| 3 |
IDEAYA Biosciences
IDYA
|
+$23.1M |
| 4 |
TERN
Terns Pharmaceuticals
TERN
|
+$20.2M |
| 5 |
Fulcrum Therapeutics
FULC
|
+$19.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MRUS
Merus
MRUS
|
+$35M |
| 2 |
ACLX
Arcellx
ACLX
|
+$25.8M |
| 3 |
Neurocrine Biosciences
NBIX
|
+$25.5M |
| 4 |
Disc Medicine
IRON
|
+$20.7M |
| 5 |
AKRO
Akero Therapeutics
AKRO
|
+$18.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 100% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Kymera Therapeutics
KYMR
$9.1B
| $16.1M | 1.84% |
206,445
-71,281
| -26% | -$4.81M |
|
27
Rhythm Pharmaceuticals
RYTM
$7B
| $15.7M | 1.79% |
+146,303
| New | +$15.5M |
|
28
Olema Pharmaceuticals
OLMA
$1.02B
| $15.4M | 1.76% |
+617,714
| New | +$11M |
|
29
Arcus Biosciences
RCUS
$3.57B
| $13.5M | 1.54% |
+565,142
| New | +$11.5M |
|
|
30
Disc Medicine
IRON
$2.83B
| $12.2M | 1.39% |
153,206
-244,487
| -61% | -$20.7M |
|
31
Praxis Precision Medicines
PRAX
$9.07B
| $10.5M | 1.2% |
+35,749
| New | +$6.66M |
|
32
uniQure
QURE
$2.68B
| $7.7M | 0.88% |
+321,655
| New | +$12.4M |
|
33
MoonLake Immunotherapeutics
MLTX
$1.59B
| $3.46M | 0.4% |
262,643
| – | – |
|
|
ACLX
34
DELISTED
Arcellx
ACLX
| – | – |
-313,733
| Closed | -$25.8M |
|
35
ADMA Biologics
ADMA
$1.92B
| – | – |
-808,673
| Closed | -$11.9M |
|
|
AKRO
36
DELISTED
Akero Therapeutics
AKRO
| – | – |
-397,010
| Closed | -$18.9M |
|
37
Enliven Therapeutics
ELVN
$3.78B
| – | – |
-783,411
| Closed | -$16M |
|
38
Harrow
HROW
$1.43B
| – | – |
-160,234
| Closed | -$7.72M |
|
39
Janux Therapeutics
JANX
$935M
| – | – |
-639,699
| Closed | -$15.6M |
|
|
MRUS
40
DELISTED
Merus
MRUS
| – | – |
-372,022
| Closed | -$35M |
|
|
41
Neurocrine Biosciences
NBIX
$17.7B
| – | – |
-181,897
| Closed | -$25.5M |
|
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First Turn Management's Q4 2025 Portfolio in Review
As of Q4 2025, First Turn Management held 41 positions worth $875M, up 31% from $666M the previous quarter. Its ten largest holdings account for 47% of the portfolio.
First Turn Management's Q4 2025 filing shows 12 new, 8 increased, 10 reduced and 8 closed positions. Its largest new stake was Guardant Health: 271,685 shares worth $27.7M. The largest sale was Merus, an estimated $35M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, unchanged from a quarter earlier.
- First Turn Management's largest Q4 2025 buy was Guardant Health: 271,685 shares worth $27.7M.
- First Turn Management added most to Abivax in Q4 2025, an estimated $9.76M increase.
- First Turn Management's biggest Q4 2025 reduction was Disc Medicine, cutting an estimated $20.7M.
- First Turn Management fully exited Merus in Q4 2025, selling an estimated $35M.
- First Turn Management's ten largest holdings make up 47% of its $875M portfolio in Q4 2025.
- First Turn Management opened 12 new positions and closed 8 in Q4 2025.
- First Turn Management's portfolio value rose 31% quarter-over-quarter to $875M.
Based on First Turn Management's 13F filing for Q4 2025, filed 13 Feb 2026.