First Turn Management, LLC

CIK

1993440

Location

DEL MAR, CA

Portfolio Value

Small $895,098,761

Diversification

Diversified

Filing Date

Global Rank

#1,619 / 8,232 ▲ 156

Top Industry

Biotechnology 91.3%

3Y Alpha vs SPY

-13.3%

Period ended 2 months ago

Filed May 15, 2026 · 29d

10 quarters · since Dec 2023

Clone Performance

Feb 2024–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+16.2%

SPY

+52.9%

Annualised alpha

-13.3%

Max drawdown

−38.3%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

33 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

6.9%

+1.1 pts

Top 5

28.7%

+2.2 pts

Top 10

50.5%

+3.3 pts

HHI

381

Diversified+15

Portfolio Trend

10 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	100.0%	$895,098,761	33

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

17 positions

Ticker	Company	Δ Shares	Shares	Value
FULC	Fulcrum Therapeutics, Inc.	+363,426	2,256,109	$17,304,356
QURE	uniQure N.V.	+293,834	615,489	$10,063,245
VRDN	Viridian Therapeutics, Inc.DE	+220,809	911,337	$17,825,751
OLMA	Olema Pharmaceuticals, Inc.	+150,948	768,662	$11,460,750
IDYA	IDEAYA Biosciences, Inc.	+150,185	873,838	$29,116,282
COGT	Cogent Biosciences, Inc.	+123,056	947,339	$36,463,078
BBIO	BridgeBio Pharma, Inc.	+100,245	695,718	$51,664,018
ABVX	Abivax S.A.	+84,636	465,869	$51,874,513
MLTX	MoonLake Immunotherapeutics	+52,920	315,563	$5,882,094
KYMR	Kymera Therapeutics, Inc.	+48,227	254,672	$21,211,630
UTHR	UNITED THERAPEUTICS Corp	+41,146	104,726	$62,100,423
APGE	Apogee Therapeutics, Inc.	+38,931	513,770	$43,244,020
ORIC	Oric Pharmaceuticals, Inc.	+6,977	2,017,284	$25,558,988
PRAX	Praxis Precision Medicines, Inc.	+6,692	42,441	$13,674,065
ROIV	Roivant Sciences Ltd.	+3,301	1,190,118	$32,966,268
NUVL	Nuvalent, Inc.	+1,647	370,344	$37,941,742
NTRA	Natera, Inc.	+202	81,077	$16,214,589
No positions match the current search.

Trimmed

Positions the filer reduced

11 positions

Ticker	Company	Δ Shares	Shares	Value
TERN	Terns Pharmaceuticals, Inc.	−545,355	326,694	$17,223,307
NAMS	NewAmsterdam Pharma Co N.V.	−335,137	558,336	$17,872,335
VERA	Vera Therapeutics, Inc.	−179,751	422,023	$16,977,985
RVMD	Revolution Medicines, Inc.	−170,009	468,376	$45,549,566
MIRM	Mirum Pharmaceuticals, Inc.	−81,100	400,464	$36,994,864
ASND	Ascendis Pharma A/S	−55,508	76,300	$17,452,099
CYTK	Cytokinetics Inc	−41,968	283,700	$18,698,667
AXSM	Axsome Therapeutics, Inc.	−18,149	188,772	$31,906,243
INSM	INSMED Inc	−15,818	248,475	$40,630,632
SRRK	Scholar Rock Holding Corp	−13,337	446,390	$21,944,532
XENE	Xenon Pharmaceuticals Inc.	−12,899	786,844	$45,754,978
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
ELVN	Enliven Therapeutics, Inc.	623,839	$24,454,488
CELC	Celcuity Inc.	210,578	$24,035,372
DNTH	Dianthus Therapeutics, Inc. /DE/	220,921	$18,539,690
PVLA	Palvella Therapeutics, Inc.	148,093	$18,459,792
ERAS	Erasca, Inc.	867,639	$14,038,399
No positions match the current search.

Sold Out

Positions the filer fully exited

5 positions

Ticker	Company	Shares	Value
GH	Guardant Health, Inc.	271,685	$27,749,905
ARGX	Argenx SE	23,256	$19,557,133
RYTM	Rhythm Pharmaceuticals, Inc.	146,303	$15,660,273
RCUS	Arcus Biosciences, Inc.	565,142	$13,467,333
IRON	Disc Medicine, Inc.	153,206	$12,166,088
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

33 positions · $895,098,761 total · as of Mar 31, 2026

All sectors Healthcare

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
UTHR	UNITED THERAPEUTICS Corp Healthcare	Added	104,726	+41,146	$62,100,423	+100.5%	6.94%
ABVX	Abivax S.A. Healthcare	Added	465,869	+84,636	$51,874,513	+0.9%	5.80%
BBIO	BridgeBio Pharma, Inc. Healthcare	Added	695,718	+100,245	$51,664,018	+13.4%	5.77%
XENE	Xenon Pharmaceuticals Inc. Healthcare	Reduced	786,844	-12,899	$45,754,978	+27.6%	5.11%
RVMD	Revolution Medicines, Inc. Healthcare	Reduced	468,376	-170,009	$45,549,566	−10.4%	5.09%
APGE	Apogee Therapeutics, Inc. Healthcare	Added	513,770	+38,931	$43,244,020	+20.7%	4.83%
INSM	INSMED Inc Healthcare	Reduced	248,475	-15,818	$40,630,632	−11.7%	4.54%
NUVL	Nuvalent, Inc. Healthcare	Added	370,344	+1,647	$37,941,742	+2.3%	4.24%
MIRM	Mirum Pharmaceuticals, Inc. Healthcare	Reduced	400,464	-81,100	$36,994,864	−2.7%	4.13%
COGT	Cogent Biosciences, Inc. Healthcare	Added	947,339	+123,056	$36,463,078	+24.5%	4.07%
ROIV	Roivant Sciences Ltd. Healthcare	Added	1,190,118	+3,301	$32,966,268	+28.0%	3.68%
AXSM	Axsome Therapeutics, Inc. Healthcare	Reduced	188,772	-18,149	$31,906,243	−15.6%	3.56%
IDYA	IDEAYA Biosciences, Inc. Healthcare	Added	873,838	+150,185	$29,116,282	+16.4%	3.25%
ORIC	Oric Pharmaceuticals, Inc. Healthcare	Added	2,017,284	+6,977	$25,558,988	+55.4%	2.86%
ELVN	Enliven Therapeutics, Inc. Healthcare	NEW	623,839	NEW	$24,454,488	NEW	2.73%
CELC	Celcuity Inc. Healthcare	NEW	210,578	NEW	$24,035,372	NEW	2.69%
SRRK	Scholar Rock Holding Corp Healthcare	Reduced	446,390	-13,337	$21,944,532	+8.4%	2.45%
KYMR	Kymera Therapeutics, Inc. Healthcare	Added	254,672	+48,227	$21,211,630	+32.0%	2.37%
CYTK	Cytokinetics Inc Healthcare	Reduced	283,700	-41,968	$18,698,667	−9.6%	2.09%
DNTH	Dianthus Therapeutics, Inc. /DE/ Healthcare	NEW	220,921	NEW	$18,539,690	NEW	2.07%
PVLA	Palvella Therapeutics, Inc. Healthcare	NEW	148,093	NEW	$18,459,792	NEW	2.06%
NAMS	NewAmsterdam Pharma Co N.V. Healthcare	Reduced	558,336	-335,137	$17,872,335	−43.0%	2.00%
VRDN	Viridian Therapeutics, Inc.DE Healthcare	Added	911,337	+220,809	$17,825,751	−17.0%	1.99%
ASND	Ascendis Pharma A/S Healthcare	Reduced	76,300	-55,508	$17,452,099	−37.9%	1.95%
FULC	Fulcrum Therapeutics, Inc. Healthcare	Added	2,256,109	+363,426	$17,304,356	−19.2%	1.93%
TERN	Terns Pharmaceuticals, Inc. Healthcare	Reduced	326,694	-545,355	$17,223,307	−51.1%	1.92%
VERA	Vera Therapeutics, Inc. Healthcare	Reduced	422,023	-179,751	$16,977,985	−44.3%	1.90%
NTRA	Natera, Inc. Healthcare	Added	81,077	+202	$16,214,589	−12.5%	1.81%
ERAS	Erasca, Inc. Healthcare	NEW	867,639	NEW	$14,038,399	NEW	1.57%
PRAX	Praxis Precision Medicines, Inc. Healthcare	Added	42,441	+6,692	$13,674,065	+29.8%	1.53%
OLMA	Olema Pharmaceuticals, Inc. Healthcare	Added	768,662	+150,948	$11,460,750	−25.8%	1.28%
QURE	uniQure N.V. Healthcare	Added	615,489	+293,834	$10,063,245	+30.7%	1.12%
MLTX	MoonLake Immunotherapeutics Healthcare	Added	315,563	+52,920	$5,882,094	+69.9%	0.66%