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First Turn Management, LLC — 13F Portfolio Report & Top Holdings (Q2 2026)
First Turn Management, LLCCIK: 0001993440
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$934.7M
Reporting period: 2026-06-30 · Number of holdings: 31
First Turn Management, LLC disclosed 31 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $934.7M and a quarterly turnover rate of 65.2%.
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Personality snowflake
- Concentration
- 16.82
- Portfolio Stability
- 65.22
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 62
- Sizing Uniformity
- 94.4
First Turn Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.042 — mathematically equivalent to about 24 equally-sized positions, close to its 31 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.56), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 37% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim NUVL
-92.9% -$34.7M
Sold out IDYA
Add RVMD
-11.3% $32.2M
New buy K08588103
Trim APGE
-73.0% -$24.8M
New buy PCVX
Holdings Map
New buyAddUnchangedTrim
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RVMD | Revolution Medicines Inc | Stock-Healthcare | 8.32% | +3.23% | -11.33% | |
| 2 | ABVX | Abivax Sa-adr | Stock-Other | 6.98% | +1.18% | +5.16% | |
| 3 | AXSM | Axsome Therapeutics Inc | Stock-Healthcare | 5.72% | +2.16% | +15.70% | |
| 4 | ELVN | Enliven Therapeutics Inc | Stock-Other | 5.18% | +2.45% | +52.98% | |
| 5 | BBIO | Bridgebio Pharma Inc | Stock-Healthcare | 5.05% | -0.72% | -8.96% | |
| 6 | ROIV | Roivant Sciences Ltd. | Stock-Healthcare | 5.04% | +1.36% | +11.84% | |
| 7 | UTHR | United Therapeutics CORP | Stock-Healthcare | 4.92% | -2.02% | -18.90% | |
| 8 | CYTK | Cytokinetics Inc | Stock-Healthcare | 4.81% | +2.72% | +85.90% | |
| 9 | XENE | Xenon Pharmaceuticals Inc | Stock-Other | 3.88% | -1.23% | -23.72% | |
| 10 | CELC | Celcuity Inc | Stock-Other | 3.68% | +0.99% | +56.28% | |
| 11 | VRDN | Viridian Therapeutics Inc | Stock-Other | 3.28% | +1.29% | +83.25% | |
| 12 | INSM | Insmed Inc | Stock-Healthcare | 3.01% | -1.53% | +6.19% | |
| 13 | QURE | uniQure N.V. | Stock-Other | 3.00% | +1.88% | -1.07% | |
| 14 | ✓ | Ascendis Pharma A/s | Stock-Other | 2.99% | +2.99% | NEW | |
| 15 | PRAX | Praxis Precision Medicines I | Stock-Other | 2.99% | +1.46% | +96.81% | |
| 16 | DNTH | Dianthus Therapeutics Inc | Stock-Other | 2.98% | +0.91% | +29.35% | |
| 17 | PCVX | Vaxcyte Inc | Stock-Other | 2.76% | +2.76% | NEW | |
| 18 | MIRM | Mirum Pharmaceuticals Inc | Stock-Other | 2.73% | -1.40% | -45.55% | |
| 19 | PVLA | Palvella Therapeutics Inc | Stock-Other | 2.56% | +0.50% | +5.64% | |
| 20 | COGT | Cogent Biosciences Inc | Stock-Other | 2.49% | -1.58% | -36.42% | |
| 21 | ERAS | Erasca Inc | Stock-Other | 2.39% | +0.82% | +40.81% | |
| 22 | ORIC | Oric Pharmaceuticals Inc | Stock-Other | 2.34% | -0.52% | — | |
| 23 | NAMS | NewAmsterdam Pharma Company N.V. | Stock-Other | 2.11% | +0.11% | +4.33% | |
| 24 | APGE | Apogee Therapeutics Inc | Stock-Other | 1.97% | -2.86% | -72.98% | |
| 25 | RYTM | Rhythm Pharmaceuticals Inc | Stock-Other | 1.83% | +1.83% | NEW | |
| 26 | INBX | Inhibrx Biosciences Inc | Stock-Other | 1.67% | +1.67% | NEW | |
| 27 | SRRK | Scholar Rock Holding CORP | Stock-Other | 1.60% | -0.85% | -39.24% | |
| 28 | ORKA | Oruka Therapeutics Inc | Stock-Other | 1.58% | +1.58% | NEW | |
| 29 | KYMR | Kymera Therapeutics Inc | Stock-Other | 1.26% | -1.11% | -59.74% | |
| 30 | SION | Sionna Therapeutics Inc | Stock-Other | 0.52% | +0.52% | NEW | |
| 31 | NUVL | Nuvalent Inc-a | Stock-Other | 0.35% | -3.89% | -92.90% |
Portfolio Performance
Performance for Q3 2026
+12.3%
Performance Last 4 Quarters
+54.6%
- Stdev
- +22.8%
- Beta
- +0.64
- Alpha
- +7.7%
- Max Drawdown
- -20.2%
- Annualized Perf
- +18.5%
- Batting Avg vs S&P
- +43.3%
- Sortino
- +1.55
- Stutzer
- +0.25
- Treynor
- +0.31
- Sterling
- +0.84
- Calmar
- +0.91
- Information Ratio
- +0.05
- Tracking Error
- +21.9%
- Stdev Down
- +12.6%
- Winning Months %
- +63.3%
- Losing Months %
- +36.7%
- Best 12 Months
- +72.7%
- Worst 12 Months
- -16.6%
- Efficiency Ratio
- +0.34
- Sharpe
- +0.86
- Stdev Sectors
- 0%
- Skewness
- +0.05
- Kurtosis
- -0.37
- Upside Potential
- +3.24
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
First Turn Management, LLC's most significant position changes for 2026-06-30: Sold out: Ideaya Biosciences Inc (IDYA); New buy: Ascendis Pharma A/s; New buy: Vaxcyte Inc (PCVX); Sold out: Ascendis Pharma A/S (ASND); Sold out: Fulcrum Therapeutics Inc (FULC).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RVMD | Revolution Medicines Inc | +3.2% | -11.33% | Trim |
| 2 | ✓ | Ascendis Pharma A/s | +3% | NEW | New buy |
| 3 | PCVX | Vaxcyte Inc | +2.8% | NEW | New buy |
| 4 | CYTK | Cytokinetics Inc | +2.7% | +85.90% | Add |
| 5 | ELVN | Enliven Therapeutics Inc | +2.5% | +52.98% | Add |
| 6 | AXSM | Axsome Therapeutics Inc | +2.2% | +15.70% | Add |
| 7 | QURE | uniQure N.V. | +1.9% | -1.07% | Trim |
| 8 | RYTM | Rhythm Pharmaceuticals Inc | +1.8% | NEW | New buy |
| 9 | INBX | Inhibrx Biosciences Inc | +1.7% | NEW | New buy |
| 10 | ORKA | Oruka Therapeutics Inc | +1.6% | NEW | New buy |
| 11 | PRAX | Praxis Precision Medicines I | +1.5% | +96.81% | Add |
| 12 | ROIV | Roivant Sciences Ltd. | +1.4% | +11.84% | Add |
| 13 | VRDN | Viridian Therapeutics Inc | +1.3% | +83.25% | Add |
| 14 | ABVX | Abivax Sa-adr | +1.2% | +5.16% | Add |
| 15 | CELC | Celcuity Inc | +1% | +56.28% | Add |
| 16 | DNTH | Dianthus Therapeutics Inc | +0.9% | +29.35% | Add |
| 17 | ERAS | Erasca Inc | +0.8% | +40.81% | Add |
| 18 | SION | Sionna Therapeutics Inc | +0.5% | NEW | New buy |
| 19 | PVLA | Palvella Therapeutics Inc | +0.5% | +5.64% | Add |
| 20 | NAMS | NewAmsterdam Pharma Company N.V. | +0.1% | +4.33% | Add |
| 21 | ORIC | Oric Pharmaceuticals Inc | -0.5% | — | Unchanged |
| 22 | MLTX | Moonlake Immunotherapeutics | -0.7% | EXIT | Sold out |
| 23 | BBIO | Bridgebio Pharma Inc | -0.7% | -8.96% | Trim |
| 24 | SRRK | Scholar Rock Holding CORP | -0.9% | -39.24% | Trim |
| 25 | KYMR | Kymera Therapeutics Inc | -1.1% | -59.74% | Trim |
| 26 | XENE | Xenon Pharmaceuticals Inc | -1.2% | -23.72% | Trim |
| 27 | OLMA | Olema Pharmaceuticals Inc | -1.3% | EXIT | Sold out |
| 28 | MIRM | Mirum Pharmaceuticals Inc | -1.4% | -45.55% | Trim |
| 29 | INSM | Insmed Inc | -1.5% | +6.19% | Add |
| 30 | COGT | Cogent Biosciences Inc | -1.6% | -36.42% | Trim |
| 31 | NTRA | Natera Inc | -1.8% | EXIT | Sold out |
| 32 | VERA | Vera Therapeutics Inc | -1.9% | EXIT | Sold out |
| 33 | 430 | Terns Pharmaceuticals Inc | -1.9% | EXIT | Sold out |
| 34 | FULC | Fulcrum Therapeutics Inc | -1.9% | EXIT | Sold out |
| 35 | ASND | Ascendis Pharma A/S | -2% | EXIT | Sold out |
| 36 | UTHR | United Therapeutics CORP | -2% | -18.90% | Trim |
| 37 | APGE | Apogee Therapeutics Inc | -2.9% | -72.98% | Trim |
| 38 | IDYA | Ideaya Biosciences Inc | -3.3% | EXIT | Sold out |
| 39 | NUVL | Nuvalent Inc-a | -3.9% | -92.90% | Trim |
Filing History
FAQ
What is First Turn Management, LLC and what type of investor is it?
First Turn Management, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $934.7M, spread across 31 disclosed positions.
What are First Turn Management, LLC's largest equity positions?
Based on the latest 13F filing, First Turn Management, LLC's top holdings by market value are:
1. Revolution Medicines Inc (RVMD) — $77.8M (8.3%)
2. Abivax Sa-adr (ABVX) — $65.3M (7.0%)
3. Axsome Therapeutics Inc (AXSM) — $53.5M (5.7%)
4. Enliven Therapeutics Inc (ELVN) — $48.4M (5.2%)
5. Bridgebio Pharma Inc (BBIO) — $47.2M (5.0%)
What changes did First Turn Management, LLC make in its most recent portfolio filing?
In the latest reported quarter, First Turn Management, LLC made 38 notable position adjustments: 6 new positions were initiated, 13 existing holdings were added to, 11 positions were partially reduced, and 8 were completely exited. The largest of these moves: Sold out: Ideaya Biosciences Inc (IDYA); New buy: Ascendis Pharma A/s; New buy: Vaxcyte Inc (PCVX); Sold out: Ascendis Pharma A/S (ASND); Sold out: Fulcrum Therapeutics Inc (FULC)
What sectors does First Turn Management, LLC focus on?
First Turn Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 100.0%
Investment Profile
First Turn Management, LLC returned an annualized 18.5% over the trailing 30 months — outperforming the S&P 500 by 7.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.64 (less volatile than the market) and a 43% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 100.0% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 65 over the past 4 quarters — a shift toward more active trading.
It has added to its ROIV position over the past two quarters (+$21.4M, now $47.1M), while trimming INSM over the same stretch (-$17.9M, still holding $28.1M).
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Developer Access
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