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Asset Manager ← All Institutions

First Turn Management, LLC

Q2 2025 · Filed 2025-08-14
Market Value
$483M
+3.8%
Holdings
37
-2
New Purchases
6
Added To
11
Closed
6
Reduced
14
Top 10 Concentration
51.2%
Turnover
32.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IRON 3.29% 0.00% +3.29% $16M
ACLX 2.94% 0.00% +2.94% $14M
ORIC 4.23% 2.43% +1.79% $20M
ADMA 4.12% 2.42% +1.70% $20M
ISRG 3.64% 2.35% +1.28% $18M
AKRO 1.27% 0.00% +1.27% $6M
ALNY 1.21% 0.00% +1.21% $6M
INSM 7.77% 6.59% +1.18% $38M
MIRM 5.56% 4.87% +0.69% $27M
RDNT 2.33% 1.69% +0.65% $11M
RVMD 3.17% 2.59% +0.58% $15M
PODD 3.35% 2.79% +0.56% $16M
KALV 0.50% 0.00% +0.50% $2M
BBNX 0.47% 0.00% +0.47% $2M
HROW 1.45% 1.08% +0.37% $7M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SWTX 0.00% 2.89% -2.89% $0
GKOS 0.00% 2.88% -2.88% $0
EXAS 0.00% 2.80% -2.80% $0
PCVX 0.00% 2.25% -2.25% $0
BPMC 0.00% 1.75% -1.75% $0
VERA 1.51% 3.22% -1.71% $7M
MLTX 0.00% 1.51% -1.51% $0
MRUS 3.19% 4.20% -1.01% $15M
BSX 3.09% 3.86% -0.77% $15M
XENE 4.28% 4.93% -0.65% $21M
JANX 2.14% 2.50% -0.36% $10M
ARGX 5.02% 5.33% -0.31% $24M
SPRY 1.65% 1.81% -0.16% $8M
ELVN 2.12% 2.26% -0.14% $10M
NTRA 4.14% 4.26% -0.12% $20M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 13 $235M 48.8%
Mid Cap 16 $177M 36.7%
Small Cap 8 $70M 14.6%

Portfolio Analytics

Avg Market Cap
$17.7B
Median Market Cap
$6.8B
Avg P/E
35.5
Median P/E
35.5
Avg Dividend Yield
—%
Avg Beta
0.96
# Stocks
37
# ETFs / Funds
0

Top Holdings (37 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 INSM 7.77% 372,672 $38M $100.64 $7M -28,957 -7.2%
2 VRNA 6.08% 309,988 $29M $94.58 $2M -125,397 -28.8%
3 MIRM 5.56% 527,540 $27M $50.89 $4M +24,526 +4.9%
4 NUVL 5.07% 320,798 $24M $76.30 $937K -11,129 -3.4%
5 ARGX 5.02% 43,953 $24M $551.22 -$578K +2,042 +4.9%
6 BBIO 4.94% 551,684 $24M $43.18 $1M -105,015 -16.0%
7 XENE 4.28% 660,617 $21M $31.30 -$2M -22,834 -3.3%
8 ORIC 4.23% 2,009,923 $20M $10.15 $9M -17,507 -0.9%
9 NTRA 4.14% 118,130 $20M $168.94 $168K -21,812 -15.6%
10 ADMA 4.12% 1,092,361 $20M $18.21 $9M +525,416 +92.7%
11 ISRG 3.64% 32,305 $18M $543.41 $7M +10,196 +46.1%
12 PODD 3.35% 51,408 $16M $314.18 $3M +2,058 +4.2%
13 TGTX 3.34% 447,884 $16M $35.99 $322K +47,240 +11.8%
14 IRON 3.29% 299,464 $16M $52.96 +299,464 NEW
15 GH 3.26% 302,307 $16M $52.04 $2M -13,430 -4.2%
16 MRUS 3.19% 292,964 $15M $52.60 -$4M -170,996 -36.9%
17 RVMD 3.17% 415,591 $15M $36.79 $3M +75,482 +22.2%
18 AXSM 3.12% 144,400 $15M $104.39 $1M +26,221 +22.2%
19 BSX 3.09% 138,834 $15M $107.41 -$3M -39,322 -22.1%
20 ACLX 2.94% 215,223 $14M $65.85 +215,223 NEW
21 RDNT 2.33% 197,759 $11M $56.91 $3M +40,144 +25.5%
22 JANX 2.14% 447,420 $10M $23.10 -$1M +17,257 +4.0%
23 ELVN 2.12% 509,987 $10M $20.06 -$300K -25,105 -4.7%
24 HQY 1.76% 80,880 $8M $104.76 $1M -3,086 -3.7%
25 SPRY 1.65% 455,953 $8M $17.45 -$460K -213,057 -31.9%
26 VERA 1.51% 309,666 $7M $23.56 -$8M -313,946 -50.3%
27 HROW 1.45% 228,761 $7M $30.54 $2M +39,932 +21.1%
28 AKRO 1.27% 114,554 $6M $53.36 +114,554 NEW
29 ALNY 1.21% 17,879 $6M $326.09 +17,879 NEW
30 KALV 0.50% 214,138 $2M $11.30 +214,138 NEW
31 BBNX 0.47% 157,194 $2M $14.56 +157,194 NEW
32 PCVX —% -$10M -276,905 -100.0% SOLD
33 MLTX —% -$7M -179,196 -100.0% SOLD
34 EXAS —% -$13M -300,909 -100.0% SOLD
35 SWTX —% -$13M -304,076 -100.0% SOLD
36 GKOS —% -$13M -136,241 -100.0% SOLD
37 BPMC —% -$8M -92,033 -100.0% SOLD

New Positions

SymbolValue% Port
IRON $16M 3.29%
ACLX $14M 2.94%
AKRO $6M 1.27%
ALNY $6M 1.21%
KALV $2M 0.50%
BBNX $2M 0.47%

Sold Out Positions

SymbolValue% Port
GKOS —%
MLTX —%
PCVX —%
EXAS —%
BPMC —%
SWTX —%
View SEC EDGAR Filings for First Turn Management, LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms