Latest First Turn Management, LLC Stock Portfolio

First Turn Management, LLC Performance:

2025 Q4: 17.95%YTD: 40.85%2024: -0.74%

Performance for 2025 Q4 is 17.95%, and YTD is 40.85%, and 2024 is -0.74%.

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

On 2026-02-13, the fund reported it's updated stock portfolio. In the 13F Holdings report, First Turn Management, LLC reported an equity portfolio of $875.2 Millions as of 31 Dec, 2025.

The top stock holdings of First Turn Management, LLC are , RVMD, INSM. The fund has invested 5.9% of it's portfolio in ABIVAX SA and 5.8% of portfolio in REVOLUTION MEDICINES INC.

The fund managers got completely rid off MERUS N V (MRUS), ARCELLX INC (ACLX) and NEUROCRINE BIOSCIENCES INC (NBIX) stocks. They significantly reduced their stock positions in DISC MEDICINE INC, ARGENX SE (ARGX) and KYMERA THERAPEUTICS INC (KYMR). First Turn Management, LLC opened new stock positions in TERNS PHARMACEUTICALS INC (TERN), COGENT BIOSCIENCES INC (COGT) and GUARDANT HEALTH INC (GH). The fund showed a lot of confidence in some stocks as they added substantially to VERA THERAPEUTICS INC (VERA), AXSOME THERAPEUTICS INC (AXSM) and ABIVAX SA.

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

Our best estimate is that First Turn Management, LLC made a return of 17.95% in the last quarter. In trailing 12 months, it's portfolio return was 40.85%.

Performance
S&P 500

New Buys

Ticker	$ Bought
terns pharmaceuticals inc	35,230,800
cogent biosciences inc	29,278,500
guardant health inc	27,749,900
ideaya biosciences inc	25,016,700
viridian therapeutics inc	21,489,200
fulcrum therapeutics inc	21,406,200
scholar rock hldg corp	20,251,000
rhythm pharmaceuticals inc	15,660,300

New stocks bought by First Turn Management, LLC

Additions

Ticker	% Inc.
vera therapeutics inc	69.74
axsome therapeutics inc	35.58
abivax sa	30.64
cytokinetics inc	27.82
newamsterdam pharma company	24.62
roivant sciences ltd	23.67
apogee therapeutics inc	17.88
bridgebio pharma inc	0.97

Additions to existing portfolio by First Turn Management, LLC

Reductions

Ticker	% Reduced
disc medicine inc	-61.48
argenx se	-40.01
kymera therapeutics inc	-25.67
united therapeutics corp del	-25.48
insmed inc	-17.35
mirum pharmaceuticals inc	-15.6
ascendis pharma a/s	-9.9
oric pharmaceuticals inc	-6.91

First Turn Management, LLC reduced stake in above stock

Sold off

Ticker	$ Sold
adma biologics inc	-11,855,100
enliven therapeutics inc	-16,036,400
janux therapeutics inc	-15,634,200
akero therapeutics inc	-18,850,000
merus n v	-35,025,900
arcellx inc	-25,757,500
neurocrine biosciences inc	-25,534,700
harrow inc	-7,720,070

First Turn Management, LLC got rid off the above stocks

Sector Distribution

First Turn Management, LLC has about 79.6% of it's holdings in Healthcare sector.

Sector	%
Healthcare	79.6
Others	20.4

Market Cap. Distribution

First Turn Management, LLC has about 28% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
MID-CAP	44.2
LARGE-CAP	28
UNALLOCATED	20.4
SMALL-CAP	7.4

Stocks belong to which Index?

About 62% of the stocks held by First Turn Management, LLC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
RUSSELL 2000	62
Others	38

Top 5 Winners (%)		%
MLTX	moonlake immunotherapeutics	83.8 %
	apogee therapeutics inc	77.8 %
RVMD	revolution medicines inc	70.3 %
VERA	vera therapeutics inc	51.2 %
	abivax sa	48.6 %

Top 5 Winners ($)		$
RVMD	revolution medicines inc	21.1 M
	abivax sa	16.8 M
	apogee therapeutics inc	15.7 M
BBIO	bridgebio pharma inc	14.5 M
AXSM	axsome therapeutics inc	11.0 M

Top 5 Losers (%)		%
ORIC	oric pharmaceuticals inc	-30.7 %

Top 5 Losers ($)		$
ORIC	oric pharmaceuticals inc	-8.0 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 47.3% of the portfolio is in top 10 stocks. ORIC proved to be the most loss making stock for the portfolio. RVMD was the most profitable stock for First Turn Management, LLC last quarter.

Last Reported on: 13 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ACLX	arcellx inc	0.00	0.00	0.00	sold off	-100

ADMA	adma biologics inc	0.00	0.00	0.00	sold off	-100

AKRO	akero therapeutics inc	0.00	0.00	0.00	sold off	-100

ARGX	argenx se	2.23	23,256	19,557,100	reduced	-40.01

ASND	ascendis pharma a/s	3.21	131,808	28,106,700	reduced	-9.9

AXSM	axsome therapeutics inc	4.32	206,921	37,792,100	added	35.58

BBIO	bridgebio pharma inc	5.20	595,473	45,547,700	added	0.97

COGT	cogent biosciences inc	3.35	824,283	29,278,500	new

CYTK	cytokinetics inc	2.36	325,668	20,692,900	added	27.82

FULC	fulcrum therapeutics inc	2.45	1,892,680	21,406,200	new

GH	guardant health inc	3.17	271,685	27,749,900	new

HROW	harrow inc	0.00	0.00	0.00	sold off	-100

IDYA	ideaya biosciences inc	2.86	723,653	25,016,700	new

INSM	insmed inc	5.26	264,293	45,997,600	reduced	-17.35

JANX	janux therapeutics inc	0.00	0.00	0.00	sold off	-100

KYMR	kymera therapeutics inc	1.83	206,445	16,063,500	reduced	-25.67

MIRM	mirum pharmaceuticals inc	4.35	481,564	38,038,700	reduced	-15.6

MLTX	moonlake immunotherapeutics	0.40	262,643	3,461,640	unchanged	0.00

MRUS	merus n v	0.00	0.00	0.00	sold off	-100

NAMS	newamsterdam pharma company	3.58	893,473	31,343,000	added	24.62