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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
+14.87%
1 Year Est. Return
+261.28%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$536M
AUM Growth
+$40M
Cap. Flow
-$19.2M
Cap. Flow %
-3.57%
Top 10 Hldgs %
46.73%
Holding
42
New
7
Increased
14
Reduced
14
Closed
7

Top Buys

Rank Stock Value
1
IRON icon
Disc Medicine
IRON
+$14.1M
2
ACLX
Arcellx
ACLX
+$13.4M
3
ADMA icon
ADMA Biologics
ADMA
+$10.7M
4
NAMS icon
NewAmsterdam Pharma
NAMS
+$9.5M
5
ISRG icon
Intuitive Surgical
ISRG
+$5.33M

Top Sells

Rank Stock Value
1
SWTX
SpringWorks Therapeutics
SWTX
+$13.4M
2
GKOS icon
Glaukos
GKOS
+$13.4M
3
EXAS
Exact Sciences
EXAS
+$13M
4
PCVX icon
Vaxcyte
PCVX
+$10.5M
5
VRNA
Verona Pharma
VRNA
+$9.28M

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
$37.5M 7%
372,672
-28,957
-7% -$2.21M
VRNA
2
DELISTED
Verona Pharma
VRNA
$29.3M 5.47%
309,988
-125,397
-29% -$9.28M
MIRM icon
3
Mirum Pharmaceuticals
MIRM
$7.11B
$26.8M 5.01%
527,540
+24,526
+5% +$1.09M
NUVL
4
DELISTED
Nuvalent
NUVL
$24.5M 4.57%
320,798
-11,129
-3% -$814K
ARGX icon
5
argenx
ARGX
$52.9B
$24.2M 4.52%
43,953
+2,042
+5% +$1.19M
BBIO icon
6
BridgeBio Pharma
BBIO
$15.8B
$23.8M 4.44%
551,684
-105,015
-16% -$3.82M
ASND icon
7
Ascendis Pharma A/S
ASND
$16.5B
$23.2M 4.34%
134,687
+21,409
+19% +$3.49M
XENE icon
8
Xenon Pharmaceuticals
XENE
$6.38B
$20.7M 3.86%
660,617
-22,834
-3% -$745K
ORIC icon
9
Oric Pharmaceuticals
ORIC
$1.08B
$20.4M 3.81%
2,009,923
-17,507
-0.9% -$118K
NTRA icon
10
Natera
NTRA
$37.6B
$20M 3.72%
118,130
-21,812
-16% -$3.4M
ADMA icon
11
ADMA Biologics
ADMA
$2.03B
$19.9M 3.71%
1,092,361
+525,416
+93% +$10.7M
ISRG icon
12
Intuitive Surgical
ISRG
$125B
$17.6M 3.28%
32,305
+10,196
+46% +$5.33M
PODD icon
13
Insulet
PODD
$11.6B
$16.2M 3.01%
51,408
+2,058
+4% +$594K
TGTX icon
14
TG Therapeutics
TGTX
$8.26B
$16.1M 3.01%
447,884
+47,240
+12% +$1.76M
IRON icon
15
Disc Medicine
IRON
$2.84B
$15.9M 2.96%
+299,464
New +$14.1M
GH icon
16
Guardant Health
GH
$19.6B
$15.7M 2.93%
302,307
-13,430
-4% -$600K
MRUS
17
DELISTED
Merus
MRUS
$15.4M 2.87%
292,964
-170,996
-37% -$8.04M
RVMD icon
18
Revolution Medicines
RVMD
$38.4B
$15.3M 2.85%
415,591
+75,482
+22% +$2.9M
AXSM icon
19
Axsome Therapeutics
AXSM
$11.4B
$15.1M 2.81%
144,400
+26,221
+22% +$2.78M
BSX icon
20
Boston Scientific
BSX
$65.1B
$14.9M 2.78%
138,834
-39,322
-22% -$3.98M
ACLX
21
DELISTED
Arcellx
ACLX
$14.2M 2.64%
+215,223
New +$13.4M
APGE icon
22
Apogee Therapeutics
APGE
$10.1B
$13.5M 2.52%
311,490
+81,815
+36% +$3.11M
RDNT icon
23
RadNet
RDNT
$4.77B
$11.3M 2.1%
197,759
+40,144
+25% +$2.2M
JANX icon
24
Janux Therapeutics
JANX
$979M
$10.3M 1.93%
447,420
+17,257
+4% +$455K
ELVN icon
25
Enliven Therapeutics
ELVN
$3.69B
$10.2M 1.91%
509,987
-25,105
-5% -$475K
1
2

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IWP
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SI
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GEM
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BFFIM
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WP
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SFM
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JIR
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First Turn Management's Q2 2025 Portfolio in Review

As of Q2 2025, First Turn Management held 42 positions worth $536M, up 8.1% from $496M the previous quarter. Its ten largest holdings account for 47% of the portfolio.

First Turn Management withdrew a net $19.2M in Q2 2025, closing 7 positions and reducing 14 holdings. Its most notable exit was SpringWorks Therapeutics, an estimated $13.4M 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 Disc Medicine worth $15.9M.

  • First Turn Management's largest Q2 2025 buy was Disc Medicine: 299,464 shares worth $15.9M.
  • First Turn Management added most to ADMA Biologics in Q2 2025, an estimated $10.7M increase.
  • First Turn Management's biggest Q2 2025 reduction was Verona Pharma, cutting an estimated $9.28M.
  • First Turn Management fully exited SpringWorks Therapeutics in Q2 2025, selling an estimated $13.4M.
  • First Turn Management's ten largest holdings make up 47% of its $536M portfolio in Q2 2025.
  • First Turn Management opened 7 new positions and closed 7 in Q2 2025.
  • First Turn Management's portfolio value rose 8.1% quarter-over-quarter to $536M.

Based on First Turn Management's 13F filing for Q2 2025, filed 14 Aug 2025.