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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
Cap. Flow
+$21.4M
Cap. Flow %
3.22%
Top 10 Hldgs %
51.54%
Holding
42
New
7
Increased
17
Reduced
5
Closed
13

Top Buys

Rank Stock Value
1
UTHR icon
United Therapeutics
UTHR
+$28.7M
2
NBIX icon
Neurocrine Biosciences
NBIX
+$24.6M
3
ABVX
Abivax
ABVX
+$17.9M
4
MLTX icon
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
ISRG icon
Intuitive Surgical
ISRG
+$17.6M
3
PODD icon
Insulet
PODD
+$16.2M
4
TGTX icon
TG Therapeutics
TGTX
+$16.1M
5
GH icon
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
INSM icon
1
Insmed
INSM
$23.2B
$46.1M 6.91%
319,773
-52,899
-14% -$6.48M
MIRM icon
2
Mirum Pharmaceuticals
MIRM
$7.11B
$41.8M 6.28%
570,569
+43,029
+8% +$2.74M
UTHR icon
3
United Therapeutics
UTHR
$26.4B
$35.8M 5.37%
+85,318
New +$28.7M
MRUS
4
DELISTED
Merus
MRUS
$35M 5.26%
372,022
+79,058
+27% +$5.15M
NUVL
5
DELISTED
Nuvalent
NUVL
$34.1M 5.13%
394,754
+73,956
+23% +$5.85M
XENE icon
6
Xenon Pharmaceuticals
XENE
$6.38B
$32.1M 4.82%
799,743
+139,126
+21% +$4.9M
BBIO icon
7
BridgeBio Pharma
BBIO
$15.8B
$30.6M 4.6%
589,729
+38,045
+7% +$1.86M
RVMD icon
8
Revolution Medicines
RVMD
$38.4B
$30M 4.51%
643,050
+227,459
+55% +$8.91M
ASND icon
9
Ascendis Pharma A/S
ASND
$16.5B
$29.1M 4.37%
146,291
+11,604
+9% +$2.16M
ARGX icon
10
argenx
ARGX
$52.9B
$28.6M 4.29%
38,767
-5,186
-12% -$3.42M
IRON icon
11
Disc Medicine
IRON
$2.84B
$26.3M 3.95%
397,693
+98,229
+33% +$5.84M
ORIC icon
12
Oric Pharmaceuticals
ORIC
$1.08B
$25.9M 3.89%
2,159,474
+149,551
+7% +$1.57M
ACLX
13
DELISTED
Arcellx
ACLX
$25.8M 3.87%
313,733
+98,510
+46% +$7.09M
NBIX icon
14
Neurocrine Biosciences
NBIX
$17.4B
$25.5M 3.83%
+181,897
New +$24.6M
ABVX
15
Abivax
ABVX
$11.5B
$24.8M 3.72%
+291,820
New +$17.9M
NAMS icon
16
NewAmsterdam Pharma
NAMS
$3.47B
$20.4M 3.06%
716,971
+195,874
+38% +$4.7M
AKRO
17
DELISTED
Akero Therapeutics
AKRO
$18.9M 2.83%
397,010
+282,456
+247% +$13.7M
AXSM icon
18
Axsome Therapeutics
AXSM
$11.4B
$18.5M 2.78%
152,614
+8,214
+6% +$925K
ELVN icon
19
Enliven Therapeutics
ELVN
$3.69B
$16M 2.41%
783,411
+273,424
+54% +$5.51M
APGE icon
20
Apogee Therapeutics
APGE
$10.1B
$16M 2.4%
402,811
+91,321
+29% +$3.49M
KYMR icon
21
Kymera Therapeutics
KYMR
$9.14B
$15.7M 2.36%
+277,726
New +$12.5M
JANX icon
22
Janux Therapeutics
JANX
$979M
$15.6M 2.35%
639,699
+192,279
+43% +$4.68M
ROIV icon
23
Roivant Sciences
ROIV
$24.5B
$14.5M 2.18%
+959,703
New +$11.9M
CYTK icon
24
Cytokinetics
CYTK
$10.7B
$14M 2.1%
+254,795
New +$10.5M
NTRA icon
25
Natera
NTRA
$37.6B
$13M 1.95%
80,875
-37,255
-32% -$5.89M
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 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.