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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
-0.83%
1 Year Est. Return
+261.28%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$558M
AUM Growth
-$73.3M
Cap. Flow
-$37.5M
Cap. Flow %
-6.71%
Top 10 Hldgs %
44.81%
Holding
45
New
7
Increased
11
Reduced
13
Closed
9

Top Buys

Rank Stock Value
1
RVMD icon
Revolution Medicines
RVMD
+$20.4M
2
JANX icon
Janux Therapeutics
JANX
+$20.3M
3
EXAS
Exact Sciences
EXAS
+$19.3M
4
XENE icon
Xenon Pharmaceuticals
XENE
+$14.9M
5
APGE icon
Apogee Therapeutics
APGE
+$12.9M

Top Sells

Rank Stock Value
1
TMDX icon
Transmedics
TMDX
+$17.9M
2
VRTX icon
Vertex Pharmaceuticals
VRTX
+$16.4M
3
ESTA icon
Establishment Labs
ESTA
+$15.4M
4
RGEN icon
Repligen
RGEN
+$13.2M
5
SNDX icon
Syndax Pharmaceuticals
SNDX
+$12.8M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INSM icon
1
Insmed
INSM
$23.2B
$30.9M 5.53%
446,980
+90,529
+25% +$6.52M
VRNA
2
DELISTED
Verona Pharma
VRNA
$29.8M 5.34%
641,901
+68,973
+12% +$2.59M
XENE icon
3
Xenon Pharmaceuticals
XENE
$6.38B
$26.9M 4.81%
684,986
+359,768
+111% +$14.9M
ARGX icon
4
argenx
ARGX
$52.9B
$26.5M 4.75%
43,078
-11,362
-21% -$6.66M
ITCI
5
DELISTED
Intra-Cellular Therapies Inc.
ITCI
$24.6M 4.4%
294,414
+39,614
+16% +$3.26M
NUVL
6
DELISTED
Nuvalent
NUVL
$24.2M 4.34%
309,521
-49,593
-14% -$4.63M
CRNX icon
7
Crinetics Pharmaceuticals
CRNX
$8.88B
$23.2M 4.15%
453,376
+100,000
+28% +$5.59M
PCVX icon
8
Vaxcyte
PCVX
$8.01B
$22.7M 4.06%
276,905
+64,920
+31% +$6.45M
MIRM icon
9
Mirum Pharmaceuticals
MIRM
$7.11B
$21M 3.75%
506,908
-140,703
-22% -$5.86M
JANX icon
10
Janux Therapeutics
JANX
$979M
$20.5M 3.68%
+383,602
New +$20.3M
VERA icon
11
Vera Therapeutics
VERA
$2.66B
$19.7M 3.52%
464,807
+138,313
+42% +$6.12M
ISRG icon
12
Intuitive Surgical
ISRG
$125B
$18.3M 3.28%
35,032
+4,778
+16% +$2.49M
RVMD icon
13
Revolution Medicines
RVMD
$38.4B
$17.7M 3.16%
+403,915
New +$20.4M
EXAS
14
DELISTED
Exact Sciences
EXAS
$17.4M 3.12%
+309,890
New +$19.3M
AXSM icon
15
Axsome Therapeutics
AXSM
$11.4B
$16.3M 2.91%
192,146
-63,148
-25% -$5.81M
NTRA icon
16
Natera
NTRA
$37.6B
$15.7M 2.81%
99,159
-56,491
-36% -$8.23M
GKOS icon
17
Glaukos
GKOS
$9.13B
$14.4M 2.58%
96,097
– –
GERN icon
18
Geron
GERN
$924M
$13.8M 2.47%
3,893,327
+768,360
+25% +$3.07M
BBIO icon
19
BridgeBio Pharma
BBIO
$15.8B
$12.4M 2.22%
452,290
+52,509
+13% +$1.36M
ASND icon
20
Ascendis Pharma A/S
ASND
$16.5B
$12.1M 2.17%
87,804
-62,789
-42% -$8.26M
HQY icon
21
HealthEquity
HQY
$8.27B
$12.1M 2.16%
+125,867
New +$11.7M
ELVN icon
22
Enliven Therapeutics
ELVN
$3.69B
$12M 2.16%
535,092
– –
DAWN
23
DELISTED
Day One Biopharmaceuticals
DAWN
$12M 2.15%
947,878
– –
MRUS
24
DELISTED
Merus
MRUS
$12M 2.15%
285,159
-22,855
-7% -$1.1M
ADMA icon
25
ADMA Biologics
ADMA
$2.03B
$11.7M 2.1%
684,230
+19,245
+3% +$362K
1
2

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First Turn Management's Q4 2024 Portfolio in Review

As of Q4 2024, First Turn Management held 45 positions worth $558M, down 12% from $632M the previous quarter. Its ten largest holdings account for 45% of the portfolio.

First Turn Management withdrew a net $37.5M in Q4 2024, closing 9 positions and reducing 13 holdings. Its most notable exit was Transmedics, an estimated $17.9M 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 Revolution Medicines worth $17.7M.

  • First Turn Management's largest Q4 2024 buy was Revolution Medicines: 403,915 shares worth $17.7M.
  • First Turn Management added most to Xenon Pharmaceuticals in Q4 2024, an estimated $14.9M increase.
  • First Turn Management's biggest Q4 2024 reduction was Syndax Pharmaceuticals, cutting an estimated $12.8M.
  • First Turn Management fully exited Transmedics in Q4 2024, selling an estimated $17.9M.
  • First Turn Management's ten largest holdings make up 45% of its $558M portfolio in Q4 2024.
  • First Turn Management opened 7 new positions and closed 9 in Q4 2024.
  • First Turn Management's portfolio value fell 12% quarter-over-quarter to $558M.

Based on First Turn Management's 13F filing for Q4 2024, filed 14 Feb 2025.