First Turn Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), First Turn Management, LLC reported 33 stock positions worth $875.2 million. Its top holding was Abivax SA-ADR (ABVX) at 5.9% of the portfolio, followed by Revolution Medicines (RVMD, 5.8%) and Insmed (INSM, 5.3%). Compared with Q3 2025, it opened 12 new positions, sold out of 8, added to 8 and reduced 10. The biggest buy was a new position in Terns Pharmaceuticals (TERN) and the biggest sale an exit from Merus (MRUS).
- Most Recent 13F
- Q2 2026
- Location
- DEL MAR, CA
- CIK
- 0001993440
- Portfolio Value
- $875.2M (Q4 2025)
- SEC Filing
- 0001993440-26-000001 ↗ filed Feb 13, 2026
Holdings Value
Holdings 33 stocks · $875.2M
| ABVX Abivax SA-ADR | 5.87% | 381,233 | $51.4M | Add +30.6% |
| RVMD Revolution Medicines Inc. | 5.81% | 638,385 | $50.8M | Reduce -0.7% |
| INSM Insmed Inc. | 5.26% | 264,293 | $46.0M | Reduce -17.4% |
| BBIO Bridgebio Pharma Inc. | 5.20% | 595,473 | $45.5M | Add +1.0% |
| MIRM Mirum Pharmaceuticals Inc. | 4.35% | 481,564 | $38.0M | Reduce -15.6% |
| AXSM Axsome Therapeutics Inc. | 4.32% | 206,921 | $37.8M | Add +35.6% |
| NUVL Nuvalent Inc. Class A | 4.24% | 368,697 | $37.1M | Reduce -6.6% |
| XENE Xenon Pharmaceuticals Inc. | 4.10% | 799,743 | $35.8M | No change |
| APGE Apogee Therapeutics Inc. | 4.10% | 474,839 | $35.8M | Add +17.9% |
| TERN Terns Pharmaceuticals Inc. | 4.03% | 872,049 | $35.2M | New |
| NAMS Newamsterdam Pharma Co. NV | 3.58% | 893,473 | $31.3M | Add +24.6% |
| UTHR United Therapeutics Corp. | 3.54% | 63,580 | $31.0M | Reduce -25.5% |
| VERA Vera Therapeutics Inc. | 3.48% | 601,774 | $30.5M | Add +69.7% |
| COGT Cogent Biosciences Inc. | 3.35% | 824,283 | $29.3M | New |
| ASND Ascendis Pharma A/S | 3.21% | 131,808 | $28.1M | Reduce -9.9% |
| GH Guardant Health Inc. | 3.17% | 271,685 | $27.7M | New |
| ROIV Roivant Sciences Ltd. | 2.94% | 1,186,817 | $25.8M | Add +23.7% |
| IDYA Ideaya Biosciences Inc. | 2.86% | 723,653 | $25.0M | New |
| VRDN Viridian Therapeutics Inc. | 2.46% | 690,528 | $21.5M | New |
| FULC Fulcrum Therapeutics Inc. | 2.45% | 1,892,683 | $21.4M | New |
| CYTK Cytokinetics Inc. | 2.36% | 325,668 | $20.7M | Add +27.8% |
| SRRK Scholar Rock Holding Corp. | 2.31% | 459,727 | $20.3M | New |
| ARGX Argenx SE - ADR | 2.23% | 23,256 | $19.6M | Reduce -40.0% |
| NTRA Natera Inc. | 2.12% | 80,875 | $18.5M | No change |
| ORIC Oric Pharmaceuticals Inc. | 1.88% | 2,010,307 | $16.4M | Reduce -6.9% |
| KYMR Kymera Therapeutics Inc. | 1.84% | 206,445 | $16.1M | Reduce -25.7% |
| RYTM Rhythm Pharmaceuticals Inc. | 1.79% | 146,303 | $15.7M | New |
| OLMA Olema Pharmaceuticals Inc. | 1.76% | 617,714 | $15.4M | New |
| RCUS Arcus Biosciences Inc. | 1.54% | 565,142 | $13.5M | New |
| IRON Disc Medicine Inc. | 1.39% | 153,206 | $12.2M | Reduce -61.5% |
| PRAX Praxis Precision Medicines I | 1.20% | 35,749 | $10.5M | New |
| QURE Uniqure NV | 0.88% | 321,655 | $7.7M | New |
| MLTX Moonlake Immunotherapeutics | 0.40% | 262,643 | $3.5M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| MRUS Merus NV | Sold out | 0.00% | −5.26 |
| ACLX Arcellx Inc. | Sold out | 0.00% | −3.87 |
| NBIX Neurocrine Biosciences Inc. | Sold out | 0.00% | −3.83 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −2.83 |
| IRON Disc Medicine Inc. | Reduce -61.5% | 1.39% | −2.56 |
| ELVN Enliven Therapeutics Inc. | Sold out | 0.00% | −2.41 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −2.35 |
| ARGX Argenx SE - ADR | Reduce -40.0% | 2.23% | −2.06 |
| ORIC Oric Pharmaceuticals Inc. | Reduce -6.9% | 1.88% | −2.01 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -15.6% | 4.35% | −1.93 |
| UTHR United Therapeutics Corp. | Reduce -25.5% | 3.54% | −1.83 |
| ADMA Adma Biologics Inc. | Sold out | 0.00% | −1.78 |
| INSM Insmed Inc. | Reduce -17.4% | 5.26% | −1.66 |
| HROW Harrow Inc. | Sold out | 0.00% | −1.16 |
| ASND Ascendis Pharma A/S | Reduce -9.9% | 3.21% | −1.16 |
| NUVL Nuvalent Inc. Class A | Reduce -6.6% | 4.24% | −0.89 |
| KYMR Kymera Therapeutics Inc. | Reduce -25.7% | 1.84% | −0.52 |
| RVMD Revolution Medicines Inc. | Reduce -0.7% | 5.81% | +1.30 |
Portfolio Buys Q3 2025 → Q4 2025
| TERN Terns Pharmaceuticals Inc. | New | 4.03% | +4.03 |
| COGT Cogent Biosciences Inc. | New | 3.35% | +3.35 |
| GH Guardant Health Inc. | New | 3.17% | +3.17 |
| IDYA Ideaya Biosciences Inc. | New | 2.86% | +2.86 |
| VRDN Viridian Therapeutics Inc. | New | 2.46% | +2.46 |
| FULC Fulcrum Therapeutics Inc. | New | 2.45% | +2.45 |
| SRRK Scholar Rock Holding Corp. | New | 2.31% | +2.31 |
| ABVX Abivax SA-ADR | Add +30.6% | 5.87% | +2.15 |
| VERA Vera Therapeutics Inc. | Add +69.7% | 3.48% | +1.94 |
| RYTM Rhythm Pharmaceuticals Inc. | New | 1.79% | +1.79 |
| OLMA Olema Pharmaceuticals Inc. | New | 1.76% | +1.76 |
| APGE Apogee Therapeutics Inc. | Add +17.9% | 4.10% | +1.69 |
| RCUS Arcus Biosciences Inc. | New | 1.54% | +1.54 |
| AXSM Axsome Therapeutics Inc. | Add +35.6% | 4.32% | +1.53 |
| PRAX Praxis Precision Medicines I | New | 1.20% | +1.20 |
| QURE Uniqure NV | New | 0.88% | +0.88 |
| ROIV Roivant Sciences Ltd. | Add +23.7% | 2.94% | +0.76 |
| BBIO Bridgebio Pharma Inc. | Add +1.0% | 5.20% | +0.60 |
| NAMS Newamsterdam Pharma Co. NV | Add +24.6% | 3.58% | +0.52 |
| CYTK Cytokinetics Inc. | Add +27.8% | 2.36% | +0.26 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 31 | $934.7M | RVMD, ABVX, AXSM, ELVN, BBIO |
| Q1 2026 | 33 | $895.1M | UTHR, ABVX, BBIO, XENE, RVMD |
| Q4 2025 | 33 | $875.2M | ABVX, RVMD, INSM, BBIO, MIRM |
| Q3 2025 | 29 | $666.0M | INSM, MIRM, UTHR, MRUS, NUVL |
| Q2 2025 | 35 | $536.0M | INSM, VRNA, MIRM, NUVL, ARGX |
| Q1 2025 | 35 | $496.1M | INSM, VRNA, ARGX, NUVL, XENE |
| Q4 2024 | 36 | $558.3M | INSM, VRNA, XENE, ARGX, ITCI |
| Q3 2024 | 38 | $631.6M | NUVL, ARGX, INSM, MIRM, PCVX |
| Q2 2024 | 36 | $614.7M | ARGX, SRPT, AXSM, ASND, MIRM |
| Q1 2024 | 34 | $668.5M | SWAV, ARGX, CYTK, XENE, SRPT |