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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
Cap. Flow
+$20.2M
Cap. Flow %
2.31%
Top 10 Hldgs %
47.26%
Holding
41
New
12
Increased
8
Reduced
10
Closed
8

Top Buys

Rank Stock Value
1
GH icon
Guardant Health
GH
+$24.3M
2
COGT icon
Cogent Biosciences
COGT
+$23.2M
3
IDYA icon
IDEAYA Biosciences
IDYA
+$23.1M
4
TERN
Terns Pharmaceuticals
TERN
+$20.2M
5
FULC icon
Fulcrum Therapeutics
FULC
+$19.3M

Top Sells

Rank Stock Value
1
MRUS
Merus
MRUS
+$35M
2
ACLX
Arcellx
ACLX
+$25.8M
3
NBIX icon
Neurocrine Biosciences
NBIX
+$25.5M
4
IRON icon
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
ABVX
1
Abivax
ABVX
$11.5B
$51.4M 5.87%
381,233
+89,413
+31% +$9.76M
RVMD icon
2
Revolution Medicines
RVMD
$38.4B
$50.8M 5.81%
638,385
-4,665
-0.7% -$306K
INSM icon
3
Insmed
INSM
$23.2B
$46M 5.26%
264,293
-55,480
-17% -$10.1M
BBIO icon
4
BridgeBio Pharma
BBIO
$15.8B
$45.5M 5.2%
595,473
+5,744
+1% +$377K
MIRM icon
5
Mirum Pharmaceuticals
MIRM
$7.11B
$38M 4.35%
481,564
-89,005
-16% -$6.39M
AXSM icon
6
Axsome Therapeutics
AXSM
$11.4B
$37.8M 4.32%
206,921
+54,307
+36% +$7.58M
NUVL
7
DELISTED
Nuvalent
NUVL
$37.1M 4.24%
368,697
-26,057
-7% -$2.57M
XENE icon
8
Xenon Pharmaceuticals
XENE
$6.38B
$35.8M 4.1%
799,743
– –
APGE icon
9
Apogee Therapeutics
APGE
$10.1B
$35.8M 4.1%
474,839
+72,028
+18% +$4.54M
TERN
10
DELISTED
Terns Pharmaceuticals
TERN
$35.2M 4.03%
+872,049
New +$20.2M
NAMS icon
11
NewAmsterdam Pharma
NAMS
$3.47B
$31.3M 3.58%
893,473
+176,502
+25% +$6.42M
UTHR icon
12
United Therapeutics
UTHR
$22.5B
$31M 3.54%
63,580
-21,738
-25% -$10.1M
VERA icon
13
Vera Therapeutics
VERA
$2.66B
$30.5M 3.48%
601,774
+247,245
+70% +$8.78M
COGT icon
14
Cogent Biosciences
COGT
$6.54B
$29.3M 3.35%
+824,283
New +$23.2M
ASND icon
15
Ascendis Pharma A/S
ASND
$16.5B
$28.1M 3.21%
131,808
-14,483
-10% -$2.99M
GH icon
16
Guardant Health
GH
$19.6B
$27.7M 3.17%
+271,685
New +$24.3M
ROIV icon
17
Roivant Sciences
ROIV
$24.5B
$25.8M 2.94%
1,186,817
+227,114
+24% +$4.48M
IDYA icon
18
IDEAYA Biosciences
IDYA
$3.41B
$25M 2.86%
+723,653
New +$23.1M
VRDN icon
19
Viridian Therapeutics
VRDN
$2.05B
$21.5M 2.46%
+690,528
New +$18.9M
FULC icon
20
Fulcrum Therapeutics
FULC
$241M
$21.4M 2.45%
+1,892,683
New +$19.3M
CYTK icon
21
Cytokinetics
CYTK
$10.7B
$20.7M 2.36%
325,668
+70,873
+28% +$4.41M
SRRK icon
22
Scholar Rock
SRRK
$6.07B
$20.3M 2.31%
+459,727
New +$17.2M
ARGX icon
23
argenx
ARGX
$52.9B
$19.6M 2.23%
23,256
-15,511
-40% -$13.3M
NTRA icon
24
Natera
NTRA
$37.6B
$18.5M 2.12%
80,875
– –
ORIC icon
25
Oric Pharmaceuticals
ORIC
$1.08B
$16.4M 1.88%
2,010,307
-149,167
-7% -$1.72M
1
2

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SI
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GEM
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BFFIM
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SFM
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JIR
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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.