First Turn Management, LLC
Long book
$895.1M
Q1 2026
Positions
33
Top-10 weight
51%
concentration
Last quarter
+18.6%
SPY +14.8%
Turnover
26%
of book per quarter
Strategy in plain words
auto-generated from filingsFirst Turn Management, LLC is a diversified fundamental manager, specialised in healthcare (100% of the long book), running a $895.1M US long book across 33 positions.
The portfolio is concentrated: the top 10 names carry 51% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: UNITED THERAPEUTICS CORP, ABIVAX SA-ADR, BRIDGEBIO PHARMA INC, XENON PHARMACEUTICALS INC, REVOLUTION MEDICINES INC.
Over the last 9 quarters its long book ran on average 0.3pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-7.5%
Q2 2024
+7.6%
Q3 2024
-11.7%
Q4 2024
-14.1%
Q1 2025
+10.7%
Q2 2025
+16.3%
Q3 2025
+23.2%
Q4 2025
+0.2%
Q1 2026
+18.6%
Sector allocation
Healthcare 98%
Other 2%
Long book by quarter
What does First Turn own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| UTHR UNITED THERAPEUTICS CORP | Healthcare | 104.7K | $62.1M | 6.9% | +64.7% |
| BBIO BRIDGEBIO PHARMA INC | Healthcare | 695.7K | $51.7M | 5.8% | +16.8% |
| XENE XENON PHARMACEUTICALS INC | Healthcare | 786.8K | $45.8M | 5.1% | -1.6% |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 468.4K | $45.5M | 5.1% | -26.6% |
| APGE APOGEE THERAPEUTICS INC | Healthcare | 513.8K | $43.2M | 4.8% | +8.2% |
| INSM INSMED INC | Healthcare | 248.5K | $40.6M | 4.5% | -6.0% |
| NUVL NUVALENT INC-A | Healthcare | 370.3K | $37.9M | 4.2% | +0.4% |
| MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 400.5K | $37.0M | 4.1% | -16.8% |
| COGT COGENT BIOSCIENCES INC | Healthcare | 947.3K | $36.5M | 4.1% | +14.9% |
| ROIV ROIVANT SCIENCES LTD | Healthcare | 1.2M | $33.0M | 3.7% | +0.3% |
| AXSM AXSOME THERAPEUTICS INC | Healthcare | 188.8K | $31.9M | 3.6% | -8.8% |
| IDYA IDEAYA BIOSCIENCES INC | Healthcare | 873.8K | $29.1M | 3.3% | +20.8% |
| ORIC ORIC PHARMACEUTICALS INC | Healthcare | 2.0M | $25.6M | 2.9% | +0.3% |
| ELVN ENLIVEN THERAPEUTICS INC | Healthcare | 623.8K | $24.5M | 2.7% | New |
| CELC CELCUITY INC | Healthcare | 210.6K | $24.0M | 2.7% | New |
| SRRK SCHOLAR ROCK HOLDING CORP | Healthcare | 446.4K | $21.9M | 2.5% | -2.9% |
| KYMR KYMERA THERAPEUTICS INC | Healthcare | 254.7K | $21.2M | 2.4% | +23.4% |
| CYTK CYTOKINETICS INC | Healthcare | 283.7K | $18.7M | 2.1% | -12.9% |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 220.9K | $18.5M | 2.1% | New |
| PVLA PALVELLA THERAPEUTICS INC | Healthcare | 148.1K | $18.5M | 2.1% | New |
| NAMS NEWAMSTERDAM PHARMA CO NV | Healthcare | 558.3K | $17.9M | 2.0% | -37.5% |
| VRDN VIRIDIAN THERAPEUTICS INC | Healthcare | 911.3K | $17.8M | 2.0% | +32.0% |
| FULC FULCRUM THERAPEUTICS INC | Healthcare | 2.3M | $17.3M | 1.9% | +19.2% |
| 430 TERNS PHARMACEUTICALS INC | — | 326.7K | $17.2M | 1.9% | -62.5% |
| VERA VERA THERAPEUTICS INC | Healthcare | 422.0K | $17.0M | 1.9% | -29.9% |
| NTRA NATERA INC | Healthcare | 81.1K | $16.2M | 1.8% | +0.2% |
| ERAS ERASCA INC | Healthcare | 867.6K | $14.0M | 1.6% | New |
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 42.4K | $13.7M | 1.5% | +18.7% |
| OLMA OLEMA PHARMACEUTICALS INC | Healthcare | 768.7K | $11.5M | 1.3% | +24.4% |
| QURE UNIQURE NV | Healthcare | 615.5K | $10.1M | 1.1% | +91.4% |
| MLTX MOONLAKE IMMUNOTHERAPEUTICS | Healthcare | 315.6K | $5.9M | 0.7% | +20.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 33 | $895.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 33 | $875.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 29 | $666.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 35 | $536.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 35 | $496.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 36 | $558.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 7, 2024 | 38 | $631.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 8, 2024 | 36 | $614.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 6, 2024 | 34 | $668.5M | canonical | SEC ↗ |