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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 | |
|---|---|---|---|---|---|---|
1
Insmed
INSM
$23.5B
| $30.6M | 6.18% |
401,629
-45,351
| -10% | -$3.47M |
|
|
VRNA
2
DELISTED
Verona Pharma
VRNA
| $27.6M | 5.57% |
435,385
-206,516
| -32% | -$12.4M |
|
3
argenx
ARGX
$54.7B
| $24.8M | 5% |
41,911
-1,167
| -3% | -$737K |
|
|
NUVL
4
DELISTED
Nuvalent
NUVL
| $23.5M | 4.75% |
331,927
+22,406
| +7% | +$1.75M |
|
5
Xenon Pharmaceuticals
XENE
$6.45B
| $22.9M | 4.62% |
683,451
-1,535
| -0.2% | -$58.3K |
|
6
BridgeBio Pharma
BBIO
$16.1B
| $22.7M | 4.58% |
656,699
+204,409
| +45% | +$6.89M |
|
7
Mirum Pharmaceuticals
MIRM
$7.14B
| $22.7M | 4.57% |
503,014
-3,894
| -0.8% | -$184K |
|
8
Natera
NTRA
$38.3B
| $19.8M | 3.99% |
139,942
+40,783
| +41% | +$6.56M |
|
|
MRUS
9
DELISTED
Merus
MRUS
| $19.5M | 3.94% |
463,960
+178,801
| +63% | +$7.8M |
|
|
10
Boston Scientific
BSX
$64.2B
| $18M | 3.62% |
+178,156
| New | +$17.9M |
|
11
Ascendis Pharma A/S
ASND
$16.7B
| $17.7M | 3.56% |
113,278
+25,474
| +29% | +$3.64M |
|
|
12
TG Therapeutics
TGTX
$8.26B
| $15.8M | 3.18% |
+400,644
| New | +$13.5M |
|
13
Vera Therapeutics
VERA
$2.67B
| $15M | 3.02% |
623,612
+158,805
| +34% | +$5.1M |
|
14
Axsome Therapeutics
AXSM
$12.2B
| $13.8M | 2.78% |
118,179
-73,967
| -38% | -$8.43M |
|
|
15
Guardant Health
GH
$20.2B
| $13.5M | 2.71% |
+315,737
| New | +$13.6M |
|
|
SWTX
16
DELISTED
SpringWorks Therapeutics
SWTX
| $13.4M | 2.71% |
+304,076
| New | +$14M |
|
17
Glaukos
GKOS
$8.99B
| $13.4M | 2.7% |
136,241
+40,144
| +42% | +$5.35M |
|
|
EXAS
18
DELISTED
Exact Sciences
EXAS
| $13M | 2.63% |
300,909
-8,981
| -3% | -$455K |
|
|
19
Insulet
PODD
$11.3B
| $13M | 2.61% |
+49,350
| New | +$13.4M |
|
20
Revolution Medicines
RVMD
$39B
| $12M | 2.42% |
340,109
-63,806
| -16% | -$2.59M |
|
21
Janux Therapeutics
JANX
$992M
| $11.6M | 2.34% |
430,163
+46,561
| +12% | +$1.76M |
|
22
Oric Pharmaceuticals
ORIC
$1.12B
| $11.3M | 2.28% |
2,027,430
+576,393
| +40% | +$5.04M |
|
23
ADMA Biologics
ADMA
$1.99B
| $11.2M | 2.27% |
566,945
-117,285
| -17% | -$2.03M |
|
24
Intuitive Surgical
ISRG
$124B
| $10.9M | 2.21% |
22,109
-12,923
| -37% | -$7.15M |
|
25
Enliven Therapeutics
ELVN
$3.88B
| $10.5M | 2.12% |
535,092
| – | – |
|
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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.