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First Turn Management, LLC

CIK 1993440 · latest 13F filed 14 August 2026 · Read the filing on EDGAR

First Turn Management, LLC reported 31 US-listed holdings worth $934.7 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Revolution Medicines, Inc. (8.3%), Abivax SA (7.0%) and Axsome Therapeutics Inc. (5.7%). Against the quarter before, it opened 6 positions, added to 13, trimmed 11 and sold out of 8.

Reported holdings$934.7M+4.4% on Q1 2026
Positions31-2 on Q1 2026
The largest ten53.6%of its reported holdings
Latest 13FQ2 2026filed 14 August 2026
Where the money is
OpenedAdded toTrimmed
RVMD8.3%ABVX7.0%AXSM5.7%ELVN5.2%BBIO5.0%ROIV5.0%UTHR4.9%CYTK4.8%XENE3.9%CELC3.7%VRDN3.3%INSM3.0%QURE3.0%ASND17 more34.1%

The 14 largest of its 31 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $631.6 million in 38 positions$632MQ3 24Q4 2024: $558.3 million in 36 positions$558MQ4 24Q1 2025: $496.1 million in 35 positions$496MQ1 25Q2 2025: $536.0 million in 35 positions$536MQ2 25Q3 2025: $666.0 million in 29 positions$666MQ3 25Q4 2025: $875.2 million in 33 positions$875MQ4 25Q1 2026: $895.1 million in 33 positions$895MQ1 26Q2 2026: $934.7 million in 31 positions$935MQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What its reported holdings returned

Held through each quarter, the holdings it reported returned +57.7% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.

Its reported holdingsThe S&P 500
75100125150Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Its holdings +57.7%S&P 500 +30.2%

Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.

What it did on the quarter

Opened 6Added 13Held 1Trimmed 11Sold out 8
Opened: 6Added: 13Held: 1Trimmed: 11Sold out: 8

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 6

  1. Ascendis Pharma A/s ASND$28.0 million
  2. Vaxcyte Inc. PCVX$25.8 million
  3. Rhythm Pharmaceuticals Inc. RYTM$17.1 million
  4. Inhibrx Biosciences Inc. INBX$15.6 million
  5. Oruka Therapeutics Inc. ORKA$14.8 million
  6. Sionna Therapeutics Inc SION$4.9 million

Added to 13

  1. Cytokinetics Inc. CYTK+243,712 shares · +86%
  2. Enliven Therapeutics Inc. ELVN+330,521 shares · +53%
  3. Viridian Therapeutics Inc. VRDN+758,663 shares · +83%
  4. Praxis Precision Medicines I PRAX+41,087 shares · +97%
  5. Celcuity Inc. CELC+118,523 shares · +56%
  6. Axsome Therapeutics Inc. AXSM+29,643 shares · +16%
  7. Erasca Inc. ERAS+354,082 shares · +41%
  8. Dianthus Therapeutics Inc. DNTH+64,850 shares · +29%

and 5 more in the table below

Trimmed 11

  1. Apogee Therapeutics Inc. APGE-374,948 shares · -73%
  2. Nuvalent Inc. NUVL-344,046 shares · -93%
  3. Mirum Pharmaceuticals Inc. MIRM-182,413 shares · -46%
  4. Kymera Therapeutics Inc. KYMR-152,139 shares · -60%
  5. Cogent Biosciences Inc. COGT-345,058 shares · -36%
  6. Xenon Pharmaceuticals Inc. XENE-186,644 shares · -24%
  7. United Therapeutics Corp. UTHR-19,794 shares · -19%
  8. Revolution Medicines, Inc. RVMD-53,069 shares · -11%

and 3 more in the table below

Sold out of 8

  1. Ideaya Biosciences Inc. IDYA$29.1 million last quarter
  2. Ascendis Pharma A/s ASND$17.5 million last quarter
  3. Fulcrum Therapeutics Inc. FULC$17.3 million last quarter
  4. Terns Pharmaceuticals Inc. TERN$17.2 million last quarter
  5. Vera Therapeutics Inc. VERA$17.0 million last quarter
  6. Natera Inc Com NTRA$16.2 million last quarter
  7. Olema Pharmaceuticals Inc. OLMA$11.5 million last quarter
  8. Moonlake Immunotherapeutics MLTX$5.9 million last quarter

What it holds

CompanySharesValueOf its bookChange in shares
Revolution Medicines, Inc. RVMD415.3K$77.8 million8.32%-53.1K
Abivax SA ABVX489.9K$65.3 million6.98%+24.0K
Axsome Therapeutics Inc. AXSM218.4K$53.5 million5.72%+29.6K
Enliven Therapeutics Inc. ELVN954.4K$48.4 million5.18%+330.5K
Bridgebio Pharma Inc. BBIO633.4K$47.2 million5.05%-62.4K
Roivant Sciences Ltd. ROIV1.3M$47.1 million5.04%+140.9K
United Therapeutics Corp. UTHR84.9K$46.0 million4.92%-19.8K
Cytokinetics Inc. CYTK527.4K$44.9 million4.81%+243.7K
Xenon Pharmaceuticals Inc. XENE600.2K$36.2 million3.88%-186.6K
Celcuity Inc. CELC329.1K$34.4 million3.68%+118.5K
Viridian Therapeutics Inc. VRDN1.7M$30.7 million3.28%+758.7K
Insmed Inc. INSM263.9K$28.1 million3.01%+15.4K
Uniqure NV QURE608.9K$28.0 million3.00%-6.6K
Ascendis Pharma A/s ASND104.9K$28.0 million2.99%new
Praxis Precision Medicines I PRAX83.5K$28.0 million2.99%+41.1K
Dianthus Therapeutics Inc. DNTH285.8K$27.9 million2.98%+64.8K
Vaxcyte Inc. PCVX443.8K$25.8 million2.76%new
Mirum Pharmaceuticals Inc. MIRM218.1K$25.5 million2.73%-182.4K
Palvella Therapeutics Inc. Ne PVLA156.4K$23.9 million2.56%+8.4K
Cogent Biosciences Inc. COGT602.3K$23.3 million2.49%-345.1K
Erasca Inc. ERAS1.2M$22.4 million2.39%+354.1K
Oric Pharmaceuticals Inc. ORIC2.0M$21.8 million2.34%no change
Newamsterdam Pharma Company NAMS582.5K$19.7 million2.11%+24.2K
Apogee Therapeutics Inc. APGE138.8K$18.4 million1.97%-374.9K
Rhythm Pharmaceuticals Inc. RYTM154.0K$17.1 million1.83%new
Inhibrx Biosciences Inc. INBX164.8K$15.6 million1.67%new
Scholar Rock Holding Corporation SRRK271.2K$14.9 million1.60%-175.2K
Oruka Therapeutics Inc. ORKA155.3K$14.8 million1.58%new
Kymera Therapeutics Inc. KYMR102.5K$11.8 million1.26%-152.1K
Sionna Therapeutics Inc SION110.5K$4.9 million0.52%new
Nuvalent Inc. NUVL26.3K$3.2 million0.35%-344.0K
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 8 it sold out of are in the box above.