# First Turn Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1993440. Source: https://holderbook.com/funds/1993440-first-turn-management-llc/

- Reported value: $934.7M
- Positions: 31
- Weight of the ten largest: 53.6%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| REVOLUTION MEDICINES INC | [RVMD](https://holderbook.com/stocks/RVMD/) | $77.8M | 415,307 | 8.3% | 7 |
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $65.3M | 489,889 | 7.0% | 4 |
| AXSOME THERAPEUTICS INC | [AXSM](https://holderbook.com/stocks/AXSM/) | $53.5M | 218,415 | 5.7% | 11 |
| ENLIVEN THERAPEUTICS INC | [ELVN](https://holderbook.com/stocks/ELVN/) | $48.4M | 954,360 | 5.2% | 2 |
| BRIDGEBIO PHARMA INC | [BBIO](https://holderbook.com/stocks/BBIO/) | $47.2M | 633,364 | 5.0% | 8 |
| ROIVANT SCIENCES LTD | [ROIV](https://holderbook.com/stocks/ROIV/) | $47.1M | 1,331,066 | 5.0% | 4 |
| UNITED THERAPEUTICS CORP DEL | [UTHR](https://holderbook.com/stocks/UTHR/) | $46.0M | 84,932 | 4.9% | 4 |
| CYTOKINETICS INC | [CYTK](https://holderbook.com/stocks/CYTK/) | $44.9M | 527,412 | 4.8% | 4 |
| XENON PHARMACEUTICALS INC | [XENE](https://holderbook.com/stocks/XENE/) | $36.2M | 600,200 | 3.9% | 11 |
| CELCUITY INC | [CELC](https://holderbook.com/stocks/CELC/) | $34.4M | 329,101 | 3.7% | 2 |
| VIRIDIAN THERAPEUTICS INC | [VRDN](https://holderbook.com/stocks/VRDN/) | $30.7M | 1,670,000 | 3.3% | 3 |
| INSMED INC | [INSM](https://holderbook.com/stocks/INSM/) | $28.1M | 263,851 | 3.0% | 9 |
| UNIQURE NV | [QURE](https://holderbook.com/stocks/QURE/) | $28.0M | 608,925 | 3.0% | 3 |
| ASCENDIS PHARMA A/S | [ASND](https://holderbook.com/stocks/ASND/) | $28.0M | 104,877 | 3.0% | 1 |
| PRAXIS PRECISION MEDICINES I | [PRAX](https://holderbook.com/stocks/PRAX/) | $28.0M | 83,528 | 3.0% | 3 |
| DIANTHUS THERAPEUTICS INC | [DNTH](https://holderbook.com/stocks/DNTH/) | $27.9M | 285,771 | 3.0% | 2 |
| VAXCYTE INC | [PCVX](https://holderbook.com/stocks/PCVX/) | $25.8M | 443,836 | 2.8% | 1 |
| MIRUM PHARMACEUTICALS INC | [MIRM](https://holderbook.com/stocks/MIRM/) | $25.5M | 218,051 | 2.7% | 11 |
| PALVELLA THERAPEUTICS INC NE | [PVLA](https://holderbook.com/stocks/PVLA/) | $23.9M | 156,450 | 2.6% | 2 |
| COGENT BIOSCIENCES INC | [COGT](https://holderbook.com/stocks/COGT/) | $23.3M | 602,281 | 2.5% | 3 |
| ERASCA INC | [ERAS](https://holderbook.com/stocks/ERAS/) | $22.4M | 1,221,721 | 2.4% | 2 |
| ORIC PHARMACEUTICALS INC | [ORIC](https://holderbook.com/stocks/ORIC/) | $21.8M | 2,017,284 | 2.3% | 10 |
| NEWAMSTERDAM PHARMA COMPANY | [NAMS](https://holderbook.com/stocks/NAMS/) | $19.7M | 582,497 | 2.1% | 5 |
| APOGEE THERAPEUTICS INC | [APGE](https://holderbook.com/stocks/APGE/) | $18.4M | 138,822 | 2.0% | 7 |
| RHYTHM PHARMACEUTICALS INC | [RYTM](https://holderbook.com/stocks/RYTM/) | $17.1M | 154,018 | 1.8% | 1 |
| INHIBRX BIOSCIENCES INC | [INBX](https://holderbook.com/stocks/INBX/) | $15.6M | 164,783 | 1.7% | 1 |
| SCHOLAR ROCK HLDG CORP | [SRRK](https://holderbook.com/stocks/SRRK/) | $14.9M | 271,227 | 1.6% | 3 |
| ORUKA THERAPEUTICS INC | [ORKA](https://holderbook.com/stocks/ORKA/) | $14.8M | 155,343 | 1.6% | 1 |
| KYMERA THERAPEUTICS INC | [KYMR](https://holderbook.com/stocks/KYMR/) | $11.8M | 102,533 | 1.3% | 4 |
| SIONNA THERAPEUTICS INC | [SION](https://holderbook.com/stocks/SION/) | $4.9M | 110,493 | 0.5% | 1 |
| NUVALENT INC | [NUVL](https://holderbook.com/stocks/NUVL/) | $3.2M | 26,298 | 0.3% | 11 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +17.0% | +14.8% | +2.2% | 98% |
| Q1 2026 | +1.6% | -4.6% | +6.3% | 100% |
| Q4 2025 | +19.3% | +2.4% | +16.9% | 97% |
| Q3 2025 | +17.3% | +7.8% | +9.5% | 100% |
| Q2 2025 | +14.1% | +10.5% | +3.6% | 100% |
| Q1 2025 | -8.9% | -4.6% | -4.3% | 100% |
| Q4 2024 | -8.8% | +2.1% | -10.9% | 100% |
| Q3 2024 | +6.0% | +5.4% | +0.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $934.7M | 31 |
| Q1 2026 | $895.1M | 33 |
| Q4 2025 | $875.2M | 33 |
| Q3 2025 | $666.0M | 29 |
| Q2 2025 | $536.0M | 35 |
| Q1 2025 | $496.1M | 35 |
| Q4 2024 | $558.3M | 36 |
| Q3 2024 | $631.6M | 38 |
| Q2 2024 | $614.7M | 36 |
| Q1 2024 | $668.5M | 34 |
| Q4 2023 | $696.3M | 31 |