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Asset Manager ← All Institutions

First Turn Management, LLC

Q3 2025 · Filed 2025-11-14
Market Value
$601M
+24.4%
Holdings
38
+1
New Purchases
7
Added To
14
Closed
12
Reduced
5
Top 10 Concentration
56.7%
Turnover
50.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
UTHR 5.96% 0.00% +5.96% $36M
NBIX 4.25% 0.00% +4.25% $26M
ABVX 4.13% 0.00% +4.13% $25M
MRUS 5.83% 3.19% +2.64% $35M
KYMR 2.62% 0.00% +2.62% $16M
ROIV 2.42% 0.00% +2.42% $15M
CYTK 2.33% 0.00% +2.33% $14M
AKRO 3.14% 1.27% +1.87% $19M
RVMD 5.00% 3.17% +1.83% $30M
MIRM 6.97% 5.56% +1.40% $42M
ACLX 4.29% 2.94% +1.35% $26M
IRON 4.38% 3.29% +1.09% $26M
XENE 5.35% 4.28% +1.06% $32M
NUVL 5.68% 5.07% +0.61% $34M
ELVN 2.67% 2.12% +0.55% $16M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VRNA 0.00% 6.08% -6.08% $0
ISRG 0.00% 3.64% -3.64% $0
PODD 0.00% 3.35% -3.35% $0
TGTX 0.00% 3.34% -3.34% $0
GH 0.00% 3.26% -3.26% $0
BSX 0.00% 3.09% -3.09% $0
RDNT 0.00% 2.33% -2.33% $0
ADMA 1.97% 4.12% -2.15% $12M
NTRA 2.17% 4.14% -1.97% $13M
HQY 0.00% 1.76% -1.76% $0
SPRY 0.00% 1.65% -1.65% $0
ALNY 0.00% 1.21% -1.21% $0
KALV 0.00% 0.50% -0.50% $0
BBNX 0.00% 0.47% -0.47% $0
ARGX 4.76% 5.02% -0.26% $29M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 15 $243M 40.4%
Mid Cap 15 $295M 49.1%
Small Cap 8 $63M 10.5%

Portfolio Analytics

Avg Market Cap
$18.3B
Median Market Cap
$7.1B
Avg P/E
32.7
Median P/E
29.7
Avg Dividend Yield
—%
Avg Beta
0.92
# Stocks
38
# ETFs / Funds
0

Top Holdings (38 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 INSM 7.67% 319,773 $46M $144.01 $9M -52,899 -14.2%
2 MIRM 6.97% 570,569 $42M $73.31 $15M +43,029 +8.2%
3 UTHR 5.96% 85,318 $36M $419.21 +85,318 NEW
4 MRUS 5.83% 372,022 $35M $94.15 $20M +79,058 +27.0%
5 NUVL 5.68% 394,754 $34M $86.48 $10M +73,956 +23.1%
6 XENE 5.35% 799,743 $32M $40.15 $11M +139,126 +21.1%
7 BBIO 5.10% 589,729 $31M $51.94 $7M +38,045 +6.9%
8 RVMD 5.00% 643,050 $30M $46.70 $15M +227,459 +54.7%
9 ARGX 4.76% 38,767 $29M $737.56 $4M -5,186 -11.8%
10 IRON 4.38% 397,693 $26M $66.08 $10M +98,229 +32.8%
11 ORIC 4.32% 2,159,474 $26M $12.00 $6M +149,551 +7.4%
12 ACLX 4.29% 313,733 $26M $82.10 $12M +98,510 +45.8%
13 NBIX 4.25% 181,897 $26M $140.38 +181,897 NEW
14 ABVX 4.13% 291,820 $25M $84.90 +291,820 NEW
15 AKRO 3.14% 397,010 $19M $47.48 $13M +282,456 +246.6%
16 AXSM 3.09% 152,614 $19M $121.45 $3M +8,214 +5.7%
17 ELVN 2.67% 783,411 $16M $20.47 $6M +273,424 +53.6%
18 KYMR 2.62% 277,726 $16M $56.60 +277,726 NEW
19 JANX 2.60% 639,699 $16M $24.44 $5M +192,279 +43.0%
20 ROIV 2.42% 959,703 $15M $15.13 +959,703 NEW
21 CYTK 2.33% 254,795 $14M $54.96 +254,795 NEW
22 NTRA 2.17% 80,875 $13M $160.97 -$7M -37,255 -31.5%
23 ADMA 1.97% 808,673 $12M $14.66 -$8M -283,688 -26.0%
24 VERA 1.72% 354,529 $10M $29.06 $3M +44,863 +14.5%
25 HROW 1.29% 160,234 $8M $48.18 $734K -68,527 -30.0%
26 MLTX 0.31% 262,643 $2M $7.17 +262,643 NEW
27 BSX —% -$15M -138,834 -100.0% SOLD
28 KALV —% -$2M -214,138 -100.0% SOLD
29 SPRY —% -$8M -455,953 -100.0% SOLD
30 ISRG —% -$18M -32,305 -100.0% SOLD
31 ALNY —% -$6M -17,879 -100.0% SOLD
32 HQY —% -$8M -80,880 -100.0% SOLD
33 TGTX —% -$16M -447,884 -100.0% SOLD
34 BBNX —% -$2M -157,194 -100.0% SOLD
35 GH —% -$16M -302,307 -100.0% SOLD
36 RDNT —% -$11M -197,759 -100.0% SOLD
37 PODD —% -$16M -51,408 -100.0% SOLD
38 VRNA —% -$29M -309,988 -100.0% SOLD

New Positions

SymbolValue% Port
UTHR $36M 5.96%
NBIX $26M 4.25%
ABVX $25M 4.13%
KYMR $16M 2.62%
ROIV $15M 2.42%
CYTK $14M 2.33%
MLTX $2M 0.31%

Sold Out Positions

SymbolValue% Port
BSX —%
GH —%
KALV —%
HQY —%
BBNX —%
ISRG —%
ALNY —%
PODD —%
RDNT —%
TGTX —%
SPRY —%
VRNA —%
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