First Turn Management
DEL MAR, CAfiles as First Turn Management, LLC
$935m in 31 US stocks at the end of 30 June 2026. The top 10 are 53.6% of the money. It changed about 32.4% of the portfolio this quarter.
Value
$935m
Stocks
31
Top 10 share
53.6%
Turnover
32.4%
What changed this quarter
New
Bought for the first time this quarter.
- Ascendis Pharma A/SASND3.0% of the fund
- VaxcytePCVX2.8% of the fund
- Rhythm PharmaceuticalsRYTM1.8% of the fund
- Inhibrx BiosciencesINBX1.7% of the fund
- Oruka TherapeuticsORKA1.6% of the fund
- Sionna TherapeuticsSION0.5% of the fund
Added
Bought more of a stock they already held.
- Abivax SAABVX7.0% of the fund+5%
- Axsome TherapeuticsAXSM5.7% of the fund+16%
- Enliven TherapeuticsELVN5.2% of the fund+53%
- Roivant SciencesROIV5.0% of the fund+12%
- CytokineticsCYTK4.8% of the fund+86%
- CelcuityCELC3.7% of the fund+56%
- Viridian TherapeuticsVRDN3.3% of the fund+83%
- InsmedINSM3.0% of the fund+6%
- Praxis Precision MedicinesPRAX3.0% of the fund+97%
- Dianthus TherapeuticsDNTH3.0% of the fund+29%
- Palvella TherapeuticsPVLA2.6% of the fund+6%
- ErascaERAS2.4% of the fund+41%
- NewAmsterdam PharmaNAMS2.1% of the fund+4%
Cut
Sold some of their stake.
- Revolution MedicinesRVMD8.3% of the fund-11%
- BridgeBio PharmaBBIO5.0% of the fund-9%
- United TherapeuticsUTHR4.9% of the fund-19%
- Xenon PharmaceuticalsXENE3.9% of the fund-24%
- Mirum PharmaceuticalsMIRM2.7% of the fund-46%
- Cogent BiosciencesCOGT2.5% of the fund-36%
- Apogee TherapeuticsAPGE2.0% of the fund-73%
- Scholar Rock HoldingSRRK1.6% of the fund-39%
- Kymera TherapeuticsKYMR1.3% of the fund-60%
- Nuvalent0.3% of the fund-93%
Sold out
Sold their entire stake.
- IDEAYA BiosciencesIDYA-100%
- Ascendis Pharma A/SASND-100%
- Fulcrum TherapeuticsFULC-100%
- Terns Pharmaceuticals-100%
- Vera TherapeuticsVERA-100%
- NateraNTRA-100%
- Olema PharmaceuticalsOLMA-100%
- MoonLake ImmunotherapeuticsMLTX-100%
Holdings
- Abivax SAABVX
- Share
- 7.0%
- Value
- $65m
- Shares
- 489,889
+5%
- Apogee TherapeuticsAPGE
- Share
- 2.0%
- Value
- $18m
- Shares
- 138,822
-73%
- Nuvalent
- Share
- 0.3%
- Value
- $3m
- Shares
- 26,298
-93%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Revolution MedicinesRVMD | 8.3% | $78m | 415,307 | -11% |
| Abivax SAABVX | 7.0% | $65m | 489,889 | +5% |
| Axsome TherapeuticsAXSM | 5.7% | $53m | 218,415 | +16% |
| Enliven TherapeuticsELVN | 5.2% | $48m | 954,360 | +53% |
| BridgeBio PharmaBBIO | 5.0% | $47m | 633,364 | -9% |
| Roivant SciencesROIV | 5.0% | $47m | 1,331,066 | +12% |
| United TherapeuticsUTHR | 4.9% | $46m | 84,932 | -19% |
| CytokineticsCYTK | 4.8% | $45m | 527,412 | +86% |
| Xenon PharmaceuticalsXENE | 3.9% | $36m | 600,200 | -24% |
| CelcuityCELC | 3.7% | $34m | 329,101 | +56% |
| Viridian TherapeuticsVRDN | 3.3% | $31m | 1,670,000 | +83% |
| InsmedINSM | 3.0% | $28m | 263,851 | +6% |
| uniQureQURE | 3.0% | $28m | 608,925 | Held |
| Ascendis Pharma A/SASND | 3.0% | $28m | 104,877 | New |
| Praxis Precision MedicinesPRAX | 3.0% | $28m | 83,528 | +97% |
| Dianthus TherapeuticsDNTH | 3.0% | $28m | 285,771 | +29% |
| VaxcytePCVX | 2.8% | $26m | 443,836 | New |
| Mirum PharmaceuticalsMIRM | 2.7% | $26m | 218,051 | -46% |
| Palvella TherapeuticsPVLA | 2.6% | $24m | 156,450 | +6% |
| Cogent BiosciencesCOGT | 2.5% | $23m | 602,281 | -36% |
| ErascaERAS | 2.4% | $22m | 1,221,721 | +41% |
| Oric PharmaceuticalsORIC | 2.3% | $22m | 2,017,284 | Held |
| NewAmsterdam PharmaNAMS | 2.1% | $20m | 582,497 | +4% |
| Apogee TherapeuticsAPGE | 2.0% | $18m | 138,822 | -73% |
| Rhythm PharmaceuticalsRYTM | 1.8% | $17m | 154,018 | New |
| Inhibrx BiosciencesINBX | 1.7% | $16m | 164,783 | New |
| Scholar Rock HoldingSRRK | 1.6% | $15m | 271,227 | -39% |
| Oruka TherapeuticsORKA | 1.6% | $15m | 155,343 | New |
| Kymera TherapeuticsKYMR | 1.3% | $12m | 102,533 | -60% |
| Sionna TherapeuticsSION | 0.5% | $5m | 110,493 | New |
| Nuvalent | 0.3% | $3m | 26,298 | -93% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 74.4% since 30 June 2025.
Where the money is
Health care92.7%
Other7.3%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.