Latest First Turn Management, LLC Stock Portfolio

First Turn Management, LLC Performance:

2025 Q2: 11.57%YTD: 5.36%2024: 0.19%

Performance for 2025 Q2 is 11.57%, and YTD is 5.36%, and 2024 is 0.19%.

About First Turn Management, LLC and 13F Hedge Fund Stock Holdings

In it's latest 13F Holdings report, First Turn Management, LLC reported an equity portfolio of $536 Millions as of 30 Jun, 2025.

The top stock holdings of First Turn Management, LLC are INSM, VRNA, MIRM. The fund has invested 7% of it's portfolio in INSMED INC and 5.5% of portfolio in VERONA PHARMA PLC.

The fund managers got completely rid off SPRINGWORKS THERAPEUTICS INC (SWTX), GLAUKOS CORP (GKOS) and EXACT SCIENCES CORP (EXAS) stocks. They significantly reduced their stock positions in VERA THERAPEUTICS INC (VERA), MERUS N V (MRUS) and ARS PHARMACEUTICALS INC (SBTX). First Turn Management, LLC opened new stock positions in DISC MEDICINE INC, ARCELLX INC (ACLX) and NEWAMSTERDAM PHARMA COMPANY (NAMS). The fund showed a lot of confidence in some stocks as they added substantially to SOLENO THERAPEUTICS INC (SLNO), ADMA BIOLOGICS INC (ADMA) and INTUITIVE SURGICAL INC (ISRG).

First Turn Management, LLC Annual Return Estimates Vs S&P 500

Our best estimate is that First Turn Management, LLC made a return of 11.57% in the last quarter. In trailing 12 months, it's portfolio return was 5.99%.

New Buys

Ticker	$ Bought
disc medicine inc	15,859,600
arcellx inc	14,172,400
newamsterdam pharma company	9,437,070
akero therapeutics inc	6,112,600
alnylam pharmaceuticals inc	5,830,160
kalvista pharmaceuticals inc	2,420,830
beta bionics inc	2,288,740

New stocks bought by First Turn Management, LLC

Additions

Ticker	% Inc.
soleno therapeutics inc	196
adma biologics inc	92.67
intuitive surgical inc	46.12
apogee therapeutics inc	35.62
radnet inc	25.47
revolution medicines inc	22.19
axsome therapeutics inc	22.19
harrow inc	21.15

Additions to existing portfolio by First Turn Management, LLC

Reductions

Ticker	% Reduced
vera therapeutics inc	-50.34
merus n v	-36.86
ars pharmaceuticals inc	-31.85
verona pharma plc	-28.8
boston scientific corp	-22.07
bridgebio pharma inc	-15.99
natera inc	-15.59
insmed inc	-7.21

First Turn Management, LLC reduced stake in above stock

Sold off

Ticker	$ Sold
springworks therapeutics inc	-13,418,900
exact sciences corp	-13,026,400
vaxcyte inc	-10,455,900
moonlake immunotherapeutics	-7,001,190
glaukos corp	-13,408,800
blueprint medicines corp	-8,145,840
praxis precision medicines i	-2,718,120

First Turn Management, LLC got rid off the above stocks

Sector Distribution

First Turn Management, LLC has about 81.8% of it's holdings in Healthcare sector.

Sector	%
Healthcare	81.8
Others	16.7
	1.5

Market Cap. Distribution

First Turn Management, LLC has about 20.9% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
MID-CAP	46.1
LARGE-CAP	20.9
UNALLOCATED	18.4
SMALL-CAP	14.5

Stocks belong to which Index?

About 61.7% of the stocks held by First Turn Management, LLC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
RUSSELL 2000	52.6
Others	38.3
S&P 500	9.1

Top 5 Winners (%)		%
ORIC	oric pharmaceuticals inc	81.9 %
VRNA	verona pharma plc	49.0 %
INSM	insmed inc	31.9 %
MRUS	merus n v	25.0 %
BBIO	bridgebio pharma inc	24.9 %

Top 5 Winners ($)		$
VRNA	verona pharma plc	13.5 M
INSM	insmed inc	9.8 M
ORIC	oric pharmaceuticals inc	9.3 M
BBIO	bridgebio pharma inc	5.7 M
MRUS	merus n v	4.9 M

Top 5 Losers (%)		%
JANX	janux therapeutics inc	-14.0 %
AXSM	axsome therapeutics inc	-8.8 %
TGTX	tg therapeutics inc	-7.9 %
XENE	xenon pharmaceuticals inc	-6.7 %
ADMA	adma biologics inc	-4.4 %

Top 5 Losers ($)		$
JANX	janux therapeutics inc	-1.7 M
XENE	xenon pharmaceuticals inc	-1.5 M
AXSM	axsome therapeutics inc	-1.4 M
TGTX	tg therapeutics inc	-1.4 M
ADMA	adma biologics inc	-0.9 M

First Turn Management, LLC Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of First Turn Management, LLC

First Turn Management, LLC has 35 stocks in it's portfolio. About 46.7% of the portfolio is in top 10 stocks. JANX proved to be the most loss making stock for the portfolio. VRNA was the most profitable stock for First Turn Management, LLC last quarter.

Last Reported on: 14 Aug, 2025

	Ticker	Namesorted descending	% Portfolio	Shares Held	$ Value	Type	% Change
	INSM	insmed inc	7.00	372,672	37,505,700	reduced	-7.21
Historical Trend of INSMED INC Position Held By First Turn Management, LLC What % of Portfolio is INSM?: Number of INSM shares held: Change in No. of Shares Held:
	VRNA	verona pharma plc	5.47	309,988	29,318,700	reduced	-28.8

	MIRM	mirum pharmaceuticals inc	5.01	527,540	26,846,500	added	4.88

	NUVL	nuvalent inc	4.57	320,798	24,476,900	reduced	-3.35

		argenx se	4.52	43,953	24,227,800	added	4.87

	BBIO	bridgebio pharma inc	4.44	551,684	23,821,700	reduced	-15.99

		ascendis pharma a/s	4.34	134,687	23,247,000	added	18.9

	XENE	xenon pharmaceuticals inc	3.86	660,617	20,677,300	reduced	-3.34

	ORIC	oric pharmaceuticals inc	3.81	2,009,920	20,400,700	reduced	-0.86

	NTRA	natera inc	3.72	118,130	19,956,900	reduced	-15.59

	ADMA	adma biologics inc	3.71	1,092,360	19,891,900	added	92.67

	ISRG	intuitive surgical inc	3.28	32,305	17,554,900	added	46.12

	PODD	insulet corp	3.01	51,408	16,151,400	added	4.17

	TGTX	tg therapeutics inc	3.01	447,884	16,119,300	added	11.79

		disc medicine inc	2.96	299,464	15,859,600	new

	GH	guardant health inc	2.94	302,307	15,732,100	reduced	-4.25

	MRUS	merus n v	2.88	292,964	15,409,900	reduced	-36.86

	RVMD	revolution medicines inc	2.85	415,591	15,289,600	added	22.19

	AXSM	axsome therapeutics inc	2.81	144,400	15,073,900	added	22.19

	BSX	boston scientific corp	2.78	138,834	14,912,200	reduced	-22.07