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%

Performance for 2026 Q1 is 2.05%, and YTD is 2.05%, and 2025 is 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.

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.

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

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.

Last Reported on: 15 May, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ARGX	argenx se	0.00	0.00	0.00	sold off	-100

ASND	ascendis pharma a/s	1.95	76,300	17,452,100	reduced	-42.11

AXSM	axsome therapeutics inc.	3.56	188,772	31,906,200	reduced	-8.77

BBIO	bridgebio pharma inc	5.77	695,718	51,664,000	added	16.83

CELC	celcuity inc	2.68	210,578	24,035,400	new

COGT	cogent biosciences inc	4.07	947,339	36,463,100	added	14.93

CYTK	cytokinetics inc	2.09	283,700	18,698,700	reduced	-12.89

ERAS	erasca inc	1.57	867,639	14,038,400	new

FULC	fulcrum therapeutics inc	1.93	2,256,110	17,304,400	added	19.2

GH	guardant health inc	0.00	0.00	0.00	sold off	-100

IDYA	ideaya biosciences inc	3.25	873,838	29,116,300	added	20.75

INSM	insmed inc	4.54	248,475	40,630,600	reduced	-5.99

KYMR	kymera therapeutics inc	2.37	254,672	21,211,600	added	23.36

MIRM	mirum pharmaceuticals inc	4.13	400,464	36,994,900	reduced	-16.84

MLTX	moonlake immunotherapeutics	0.66	315,563	5,882,090	added	20.15

NAMS	newamsterdam pharma company	2.00	558,336	17,872,300	reduced	-37.51

NTRA	natera inc	1.81	81,077	16,214,600	added	0.25

NUVL	nuvalent inc	4.24	370,344	37,941,700	added	0.45

OLMA	olema pharmaceuticals inc	1.28	768,662	11,460,800	added	24.44

ORIC	oric pharmaceuticals inc	2.86	2,017,280	25,559,000	added	0.35