Latest First Turn Management, LLC Stock Portfolio

First Turn Management, LLC Performance:

2025 Q3: 15.75%YTD: 19.41%2024: -0.74%

Performance for 2025 Q3 is 15.75%, and YTD is 19.41%, and 2024 is -0.74%.

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 $666 Millions as of 30 Sep, 2025.

The top stock holdings of First Turn Management, LLC are INSM, MIRM, UTHR. The fund has invested 6.9% of it's portfolio in INSMED INC and 6.3% of portfolio in MIRUM PHARMACEUTICALS INC.

The fund managers got completely rid off VERONA PHARMA PLC (VRNA), INTUITIVE SURGICAL INC (ISRG) and INSULET CORP (PODD) stocks. They significantly reduced their stock positions in NATERA INC (NTRA), HARROW INC (HROW) and ADMA BIOLOGICS INC (ADMA). First Turn Management, LLC opened new stock positions in UNITED THERAPEUTICS CORP DEL (UTHR), NEUROCRINE BIOSCIENCES INC (NBIX) and ABIVAX SA. The fund showed a lot of confidence in some stocks as they added substantially to AKERO THERAPEUTICS INC (AKRO), REVOLUTION MEDICINES INC (RVMD) and ENLIVEN THERAPEUTICS INC.

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

Our best estimate is that First Turn Management, LLC made a return of 15.75% in the last quarter. In trailing 12 months, it's portfolio return was 14.27%.

New Buys

Ticker	$ Bought
united therapeutics corp del	35,766,200
neurocrine biosciences inc	25,534,700
abivax sa	24,775,500
kymera therapeutics inc	15,719,300
roivant sciences ltd	14,520,300
cytokinetics inc	14,003,500
moonlake immunotherapeutics	1,883,150

New stocks bought by First Turn Management, LLC

Additions

Ticker	% Inc.
akero therapeutics inc	246
revolution medicines inc	54.73
enliven therapeutics inc	53.61
arcellx inc	45.77
janux therapeutics inc	42.98
newamsterdam pharma company	37.59
disc medicine inc	32.8
apogee therapeutics inc	29.32

Additions to existing portfolio by First Turn Management, LLC

Reductions

Ticker	% Reduced
natera inc	-31.54
harrow inc	-29.96
adma biologics inc	-25.97
insmed inc	-14.19
argenx se	-11.8

First Turn Management, LLC reduced stake in above stock

Sold off

Ticker	$ Sold
ars pharmaceuticals inc	-7,956,380
tg therapeutics inc	-16,119,300
verona pharma plc	-29,318,700
guardant health inc	-15,732,100
kalvista pharmaceuticals inc	-2,420,830
radnet inc	-11,254,500
beta bionics inc	-2,288,740
boston scientific corp	-14,912,200

First Turn Management, LLC got rid off the above stocks

Sector Distribution

First Turn Management, LLC has about 78.9% of it's holdings in Healthcare sector.

Sector	%
Healthcare	78.9
Others	21.1

Market Cap. Distribution

First Turn Management, LLC has about 18.1% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
MID-CAP	43.6
UNALLOCATED	24.2
LARGE-CAP	18.1
SMALL-CAP	14.2

Stocks belong to which Index?

About 52.1% of the stocks held by First Turn Management, LLC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
RUSSELL 2000	52.1
Others	47.9

Top 5 Winners (%)		%
MRUS	merus n v	65.1 %
HROW	harrow inc	49.1 %
NAMS	newamsterdam pharma company	45.7 %
MIRM	mirum pharmaceuticals inc	41.7 %
INSM	insmed inc	40.0 %

Top 5 Winners ($)		$
INSM	insmed inc	15.0 M
MRUS	merus n v	13.8 M
MIRM	mirum pharmaceuticals inc	12.3 M
	argenx se	7.7 M
XENE	xenon pharmaceuticals inc	6.5 M

Top 5 Losers (%)		%
ADMA	adma biologics inc	-17.0 %
	apogee therapeutics inc	-7.6 %
AKRO	akero therapeutics inc	-7.4 %
NTRA	natera inc	-4.0 %

Top 5 Losers ($)		$
ADMA	adma biologics inc	-3.4 M
AKRO	akero therapeutics inc	-1.5 M
	apogee therapeutics inc	-1.3 M
NTRA	natera inc	-0.8 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 29 stocks in it's portfolio. About 51.5% of the portfolio is in top 10 stocks. ADMA proved to be the most loss making stock for the portfolio. INSM was the most profitable stock for First Turn Management, LLC last quarter.

Last Reported on: 14 Nov, 2025

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ACLX	arcellx inc	3.87	313,733	25,757,500	added	45.77

ADMA	adma biologics inc	1.78	808,673	11,855,100	reduced	-25.97

AKRO	akero therapeutics inc	2.83	397,010	18,850,000	added	246

ALNY	alnylam pharmaceuticals inc	0.00	0.00	0.00	sold off	-100

AXSM	axsome therapeutics inc	2.78	152,614	18,535,000	added	5.69

BBIO	bridgebio pharma inc	4.60	589,729	30,630,500	added	6.9

BSX	boston scientific corp	0.00	0.00	0.00	sold off	-100

CYTK	cytokinetics inc	2.10	254,795	14,003,500	new

GH	guardant health inc	0.00	0.00	0.00	sold off	-100

HQY	healthequity inc	0.00	0.00	0.00	sold off	-100

HROW	harrow inc	1.16	160,234	7,720,070	reduced	-29.96

INSM	insmed inc	6.92	319,773	46,050,500	reduced	-14.19

ISRG	intuitive surgical inc	0.00	0.00	0.00	sold off	-100

JANX	janux therapeutics inc	2.35	639,699	15,634,200	added	42.98

KALV	kalvista pharmaceuticals inc	0.00	0.00	0.00	sold off	-100

KYMR	kymera therapeutics inc	2.36	277,726	15,719,300	new

MIRM	mirum pharmaceuticals inc	6.28	570,569	41,828,400	added	8.16

MLTX	moonlake immunotherapeutics	0.28	262,643	1,883,150	new

MRUS	merus n v	5.26	372,022	35,025,900	added	26.99

NAMS	newamsterdam pharma company	3.06	716,971	20,390,700	added	37.59