Latest First Turn Management, LLC Stock Portfolio

$895Million | No. of Holdings #33

First Turn Management, LLC Performance

2026 Q1+2.05%

YTD+2.05%

2025+40.85%

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

On 2026-05-15, the fund reported it's updated stock portfolio. In the 13F Holdings report, First Turn Management, LLC reported an equity portfolio of $895.1 Millions as of 31 Mar, 2026. <br><br> The top stock holdings of First Turn Management, LLC are UTHR, , BBIO. The fund has invested 6.9% of it's portfolio in UNITED THERAPEUTICS CORP DEL and 5.8% of portfolio in ABIVAX SA. <br><br> The fund managers got completely rid off GUARDANT HEALTH INC (GH), ARGENX SE (ARGX) and RHYTHM PHARMACEUTICALS INC (RYTM) stocks. They significantly reduced their stock positions in TERNS PHARMACEUTICALS INC (TERN), ASCENDIS PHARMA A/S (ASND) and NEWAMSTERDAM PHARMA COMPANY (NAMS). First Turn Management, LLC opened new stock positions in ENLIVEN THERAPEUTICS INC, CELCUITY INC (CELC) and ERASCA INC (ERAS). The fund showed a lot of confidence in some stocks as they added substantially to UNIQURE NV (QURE), UNITED THERAPEUTICS CORP DEL (UTHR) and VIRIDIAN THERAPEUTICS INC (VRDN).

First Turn Management, LLC Equity Portfolio Value

Last Reported on: 15 May, 2026

$895Million

as of May 15, 2026

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

Our best estimate is that First Turn Management, LLC made a return of 2.05% in the last quarter. In trailing 12 months, it's portfolio return was 54.55%.

Performance
S&P 500

New Buys

Ticker	$ Bought
enliven therapeutics inc	24,454,500
celcuity inc	24,035,400
dianthus therapeutics inc	18,539,700
palvella therapeutics inc ne	18,459,800
erasca inc	14,038,400

New stocks bought by First Turn Management, LLC

Additions

Ticker	% Inc.
uniqure nv	91.35
united therapeutics corp del	64.72
viridian therapeutics inc	31.98
olema pharmaceuticals inc	24.44
kymera therapeutics inc	23.36
abivax sa	22.2
ideaya biosciences inc	20.75
moonlake immunotherapeutics	20.15

Additions to existing portfolio by First Turn Management, LLC

Reductions

Ticker	% Reduced
terns pharmaceuticals inc	-62.54
ascendis pharma a/s	-42.11
newamsterdam pharma company	-37.51
vera therapeutics inc	-29.87
revolution medicines inc	-26.63
mirum pharmaceuticals inc	-16.84
cytokinetics inc	-12.89
axsome therapeutics inc.	-8.77

First Turn Management, LLC reduced stake in above stock

Sold off

Ticker	$ Sold
arcus biosciences inc	-13,467,300
guardant health inc	-27,749,900
disc medicine inc	-12,166,100
rhythm pharmaceuticals inc	-15,660,300
argenx se	-19,557,100

First Turn Management, LLC got rid off the above stocks

Sector Distribution

First Turn Management, LLC has about 78.6% of it's holdings in Healthcare sector.

Healthcare
Others

Sector	%
Healthcare	78.6
Others	21.4

Market Cap. Distribution

First Turn Management, LLC has about 27.8% of it's portfolio invested in the large-cap and mega-cap stocks.

MID-CAP
LARGE-CAP
UNALLOCATED
SMALL-CAP

Category	%
MID-CAP	42.9
LARGE-CAP	27.8
UNALLOCATED	21.4
SMALL-CAP	7.9

Stocks belong to which Index?

About 55.8% of the stocks held by First Turn Management, LLC either belong to S&P 500 or RUSSELL 2000 index.

RUSSELL 2000
Others

Index	%
RUSSELL 2000	55.8
Others	44.2

Top 5 Winners (%)		%
ORIC	oric pharmaceuticals inc	54.7 %
MLTX	moonlake immunotherapeutics	36.7 %
XENE	xenon pharmaceuticals inc	29.5 %
ROIV	roivant sciences ltd	27.6 %
TERN	terns pharmaceuticals inc	21.0 %

Top 5 Winners ($)		$
XENE	xenon pharmaceuticals inc	10.6 M
RVMD	revolution medicines inc	9.7 M
ORIC	oric pharmaceuticals inc	9.0 M
UTHR	united therapeutics corp del	8.9 M
TERN	terns pharmaceuticals inc	7.4 M

Top 5 Losers (%)		%
OLMA	olema pharmaceuticals inc	-37.9 %
VRDN	viridian therapeutics inc	-34.2 %
FULC	fulcrum therapeutics inc	-30.4 %
QURE	uniqure nv	-26.1 %
VERA	vera therapeutics inc	-17.5 %

Top 5 Losers ($)		$
	abivax sa	-10.0 M
VRDN	viridian therapeutics inc	-9.3 M
FULC	fulcrum therapeutics inc	-7.6 M
OLMA	olema pharmaceuticals inc	-7.0 M
VERA	vera therapeutics inc	-5.3 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 33 stocks in it's portfolio. About 50.5% of the portfolio is in top 10 stocks. proved to be the most loss making stock for the portfolio. XENE was the most profitable stock for First Turn Management, LLC last quarter.

$895.10MTotal Value

38.00Positions

15 May, 2026Last Reported

Current holdings of Current Stock Holdings of First Turn Management, LLC, last reported on 15 May, 2026. Select a row with a linked ticker to view its historical trend.
Holdingsorted ascending	% Portfolio	Shares Held	$ Value	% Change
ARGX Argenx Se Argenx Se ARGX First Turn Management, LLC's holding in Argenx Se over time	0%	0.00	$0.00 0%	decreased 100 percentsold off

ASND Ascendis Pharma A/S Ascendis Pharma A/S ASND First Turn Management, LLC's holding in Ascendis Pharma A/S over time	1.95%	76,300	$17.45M 1.95%	decreased 42.11 percentreduced

AXSM Axsome Therapeutics Inc. Axsome Therapeutics Inc.AXSM First Turn Management, LLC's holding in Axsome Therapeutics Inc. over time	3.56%	188,772	$31.91M 3.56%	decreased 8.77 percentreduced

BBIO Bridgebio Pharma Inc Bridgebio Pharma IncBBIO First Turn Management, LLC's holding in Bridgebio Pharma Inc over time	5.77%	695,718	$51.66M 5.77%	increased 16.83 percentadded

CELC Celcuity Inc Celcuity IncCELC First Turn Management, LLC's holding in Celcuity Inc over time	2.68%	210,578	$24.04M 2.68%	new position

COGT Cogent Biosciences Inc Cogent Biosciences IncCOGT First Turn Management, LLC's holding in Cogent Biosciences Inc over time	4.07%	947,339	$36.46M 4.07%	increased 14.93 percentadded

CYTK Cytokinetics Inc Cytokinetics IncCYTK First Turn Management, LLC's holding in Cytokinetics Inc over time	2.09%	283,700	$18.70M 2.09%	decreased 12.89 percentreduced

ERAS Erasca Inc Erasca IncERAS First Turn Management, LLC's holding in Erasca Inc over time	1.57%	867,639	$14.04M 1.57%	new position

FULC Fulcrum Therapeutics Inc Fulcrum Therapeutics IncFULC First Turn Management, LLC's holding in Fulcrum Therapeutics Inc over time	1.93%	2,256,110	$17.30M 1.93%	increased 19.2 percentadded

GH Guardant Health Inc Guardant Health IncGH First Turn Management, LLC's holding in Guardant Health Inc over time	0%	0.00	$0.00 0%	decreased 100 percentsold off

IDYA Ideaya Biosciences Inc Ideaya Biosciences IncIDYA First Turn Management, LLC's holding in Ideaya Biosciences Inc over time	3.25%	873,838	$29.12M 3.25%	increased 20.75 percentadded

INSM Insmed Inc Insmed IncINSM First Turn Management, LLC's holding in Insmed Inc over time	4.54%	248,475	$40.63M 4.54%	decreased 5.99 percentreduced

KYMR Kymera Therapeutics Inc Kymera Therapeutics IncKYMR First Turn Management, LLC's holding in Kymera Therapeutics Inc over time	2.37%	254,672	$21.21M 2.37%	increased 23.36 percentadded

MIRM Mirum Pharmaceuticals Inc Mirum Pharmaceuticals IncMIRM First Turn Management, LLC's holding in Mirum Pharmaceuticals Inc over time	4.13%	400,464	$36.99M 4.13%	decreased 16.84 percentreduced

MLTX Moonlake Immunotherapeutics Moonlake ImmunotherapeuticsMLTX First Turn Management, LLC's holding in Moonlake Immunotherapeutics over time	0.66%	315,563	$5.88M 0.66%	increased 20.15 percentadded

NAMS Newamsterdam Pharma Company Newamsterdam Pharma Company NAMS First Turn Management, LLC's holding in Newamsterdam Pharma Company over time	2%	558,336	$17.87M 2%	decreased 37.51 percentreduced

NTRA Natera Inc Natera IncNTRA First Turn Management, LLC's holding in Natera Inc over time	1.81%	81,077	$16.21M 1.81%	increased 0.25 percentadded

NUVL Nuvalent Inc Nuvalent IncNUVL First Turn Management, LLC's holding in Nuvalent Inc over time	4.24%	370,344	$37.94M 4.24%	increased 0.45 percentadded

OLMA Olema Pharmaceuticals Inc Olema Pharmaceuticals IncOLMA First Turn Management, LLC's holding in Olema Pharmaceuticals Inc over time	1.28%	768,662	$11.46M 1.28%	increased 24.44 percentadded

ORIC Oric Pharmaceuticals Inc Oric Pharmaceuticals IncORIC First Turn Management, LLC's holding in Oric Pharmaceuticals Inc over time	2.86%	2,017,280	$25.56M 2.86%	increased 0.35 percentadded