First Turn Management, LLC

DEL MAR, CA · CIK 1993440 · 13F filing filed 2025-08-14

SEC-registered investment adviser since 2023 · limited liability company

Assets managed$900.1m
Staff4 · 4 in investment roles
Main clients (by assets)Sovereign wealth funds 90%, Private funds 10%
Private funds2 (2 hedge) · $36.3m gross assets
Main officeSolana Beach, CA
Form ADV · 2026-03-25SEC adviser record

Legal entityFIRST TURN MANAGEMENT, LLC (US)

$536.0m reported value +8.1% vs Q1 2025

35positions

46.7%in top 10

7 new 14 added 14 reduced 7 sold out vs Q1 2025

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	INSMED INC COM PAR $.01 INSM	INSM	372,672	$37.5m7.00%	7.00%	Reduced -29.0k	-28,957 -7.2%
2	VERONA PHARMA PLC SPONSORED ADS VRNA	VRNA	309,988	$29.3m5.47%	5.47%	Reduced -125.4k	-125,397 -28.8%
3	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	527,540	$26.8m5.01%	5.01%	Added +24.5k	+24,526 4.9%
4	NUVALENT INC COM COM		320,798	$24.5m4.57%	4.57%	Reduced -11.1k	-11,129 -3.4%
5	ARGENX SE SPONSORED ADR ARGX	ARGX	43,953	$24.2m4.52%	4.52%	Added +2.0k	+2,042 4.9%
6	BRIDGEBIO PHARMA INC COM BBIO	BBIO	551,684	$23.8m4.44%	4.44%	Reduced -105.0k	-105,015 -16.0%
7	ASCENDIS PHARMA A/S SPONSORED ADR SPONSORED ADR		134,687	$23.2m4.34%	4.34%	Added +21.4k	+21,409 18.9%
8	XENON PHARMACEUTICALS INC COM XENE	XENE	660,617	$20.7m3.86%	3.86%	Reduced -22.8k	-22,834 -3.3%
9	ORIC PHARMACEUTICALS INC COM ORIC	ORIC	2,009,923	$20.4m3.81%	3.81%	Reduced -17.5k	-17,507 -0.9%
10	NATERA INC COM NTRA	NTRA	118,130	$20.0m3.72%	3.72%	Reduced -21.8k	-21,812 -15.6%
11	ADMA BIOLOGICS INC COM ADMA	ADMA	1,092,361	$19.9m3.71%	3.71%	Added +525.4k	+525,416 92.7%
12	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	32,305	$17.6m3.27%	3.27%	Added +10.2k	+10,196 46.1%
13	INSULET CORP COM PODD	PODD	51,408	$16.2m3.01%	3.01%	Added +2.1k	+2,058 4.2%
14	TG THERAPEUTICS INC COM TGTX	TGTX	447,884	$16.1m3.01%	3.01%	Added +47.2k	+47,240 11.8%
15	DISC MEDICINE INC COM IRON	IRON	299,464	$15.9m2.96%	2.96%	New
16	GUARDANT HEALTH INC COM GH	GH	302,307	$15.7m2.93%	2.93%	Reduced -13.4k	-13,430 -4.2%
17	MERUS N V COM MRUS	MRUS	292,964	$15.4m2.87%	2.87%	Reduced -171.0k	-170,996 -36.9%
18	REVOLUTION MEDICINES INC COM RVMD	RVMD	415,591	$15.3m2.85%	2.85%	Added +75.5k	+75,482 22.2%
19	AXSOME THERAPEUTICS INC COM AXSM	AXSM	144,400	$15.1m2.81%	2.81%	Added +26.2k	+26,221 22.2%
20	BOSTON SCIENTIFIC CORP COM BSX	BSX	138,834	$14.9m2.78%	2.78%	Reduced -39.3k	-39,322 -22.1%
21	ARCELLX INC COMMON STOCK ACLX	ACLX	215,223	$14.2m2.64%	2.64%	New
22	APOGEE THERAPEUTICS INC COM COM		311,490	$13.5m2.52%	2.52%	Added +81.8k	+81,815 35.6%
23	RADNET INC COM RDNT	RDNT	197,759	$11.3m2.10%	2.10%	Added +40.1k	+40,144 25.5%
24	JANUX THERAPEUTICS INC COM JANX	JANX	447,420	$10.3m1.93%	1.93%	Added +17.3k	+17,257 4.0%
25	ENLIVEN THERAPEUTICS INC COM ELVN	ELVN	509,987	$10.2m1.91%	1.91%	Reduced -25.1k	-25,105 -4.7%
26	NEWAMSTERDAM PHARMA COMPANY ORDINARY SHARES NAMS	NAMS	521,097	$9.4m1.76%	1.76%	New
27	HEALTHEQUITY INC COM HQY	HQY	80,880	$8.5m1.58%	1.58%	Reduced -3.1k	-3,086 -3.7%
28	ARS PHARMACEUTICALS INC COM SPRY	SPRY	455,953	$8.0m1.48%	1.48%	Reduced -213.1k	-213,057 -31.9%
29	VERA THERAPEUTICS INC CL A VERA	VERA	309,666	$7.3m1.36%	1.36%	Reduced -313.9k	-313,946 -50.3%
30	SOLENO THERAPEUTICS INC COM SLNO	SLNO	86,332	$7.2m1.35%	1.35%	Added +57.2k	+57,217 196.5%
31	HARROW INC COM HROW	HROW	228,761	$7.0m1.30%	1.30%	Added +39.9k	+39,932 21.1%
32	AKERO THERAPEUTICS INC COM AKRO	AKRO	114,554	$6.1m1.14%	1.14%	New
33	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	17,879	$5.8m1.09%	1.09%	New
34	KALVISTA PHARMACEUTICALS INC COM KALV	KALV	214,138	$2.4m0.45%	0.45%	New
35	BETA BIONICS INC COM BBNX	BBNX	157,194	$2.3m0.43%	0.43%	New

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
SPRINGWORKS THERAPEUTICS INC SWTX	SWTX	304,076	$13.4m304.1k shares
GLAUKOS CORP GKOS	GKOS	136,241	$13.4m136.2k shares
EXACT SCIENCES CORP EXAS	EXAS	300,909	$13.0m300.9k shares
VAXCYTE INC PCVX	PCVX	276,905	$10.5m276.9k shares
BLUEPRINT MEDICINES CORP BPMC	BPMC	92,033	$8.1m92.0k shares
MOONLAKE IMMUNOTHERAPEUTICS MLTX	MLTX	179,196	$7.0m179.2k shares
PRAXIS PRECISION MEDICINES I PRAX	PRAX	71,775	$2.7m71.8k shares