First Turn Management, LLC

DEL MAR, CA · CIK 1993440 · 13F filing filed 2026-08-14

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)

$934.7m reported value +4.4% vs Q1 2026

31positions

53.6%in top 10

6 new 13 added 11 reduced 8 sold out vs Q1 2026

Holdings, Q2 2026

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	REVOLUTION MEDICINES INC COM RVMD	RVMD	415,307	$77.8m8.32%	8.32%	Reduced -53.1k	-53,069 -11.3%
2	ABIVAX SA SPONSORED ADS ABVX	ABVX	489,889	$65.3m6.98%	6.98%	Added +24.0k	+24,020 5.2%
3	AXSOME THERAPEUTICS INC COM AXSM	AXSM	218,415	$53.5m5.72%	5.72%	Added +29.6k	+29,643 15.7%
4	ENLIVEN THERAPEUTICS INC COM ELVN	ELVN	954,360	$48.4m5.18%	5.18%	Added +330.5k	+330,521 53.0%
5	BRIDGEBIO PHARMA INC COM BBIO	BBIO	633,364	$47.2m5.05%	5.05%	Reduced -62.4k	-62,354 -9.0%
6	ROIVANT SCIENCES LTD SHS ROIV	ROIV	1,331,066	$47.1m5.04%	5.04%	Added +140.9k	+140,948 11.8%
7	UNITED THERAPEUTICS CORP DEL COM UTHR	UTHR	84,932	$46.0m4.92%	4.92%	Reduced -19.8k	-19,794 -18.9%
8	CYTOKINETICS INC COM NEW CYTK	CYTK	527,412	$44.9m4.81%	4.81%	Added +243.7k	+243,712 85.9%
9	XENON PHARMACEUTICALS INC COM XENE	XENE	600,200	$36.2m3.88%	3.88%	Reduced -186.6k	-186,644 -23.7%
10	CELCUITY INC COM CELC	CELC	329,101	$34.4m3.68%	3.68%	Added +118.5k	+118,523 56.3%
11	VIRIDIAN THERAPEUTICS INC COM VRDN	VRDN	1,670,000	$30.7m3.28%	3.28%	Added +758.7k	+758,663 83.2%
12	INSMED INC COM PAR $.01 INSM	INSM	263,851	$28.1m3.01%	3.01%	Added +15.4k	+15,376 6.2%
13	UNIQURE NV SHS QURE	QURE	608,925	$28.0m3.00%	3.00%	Reduced -6.6k	-6,564 -1.1%
14	ASCENDIS PHARMA A/S ORD SHS ASND	ASND	104,877	$28.0m2.99%	2.99%	New
15	PRAXIS PRECISION MEDICINES I COM NEW PRAX	PRAX	83,528	$28.0m2.99%	2.99%	Added +41.1k	+41,087 96.8%
16	DIANTHUS THERAPEUTICS INC COM DNTH	DNTH	285,771	$27.9m2.98%	2.98%	Added +64.8k	+64,850 29.4%
17	VAXCYTE INC COM PCVX	PCVX	443,836	$25.8m2.76%	2.76%	New
18	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	218,051	$25.5m2.73%	2.73%	Reduced -182.4k	-182,413 -45.5%
19	PALVELLA THERAPEUTICS INC NE COM PVLA	PVLA	156,450	$23.9m2.56%	2.56%	Added +8.4k	+8,357 5.6%
20	COGENT BIOSCIENCES INC COM COGT	COGT	602,281	$23.3m2.49%	2.49%	Reduced -345.1k	-345,058 -36.4%
21	ERASCA INC COM ERAS	ERAS	1,221,721	$22.4m2.39%	2.39%	Added +354.1k	+354,082 40.8%
22	ORIC PHARMACEUTICALS INC COM ORIC	ORIC	2,017,284	$21.8m2.34%	2.34%	Unchanged
23	NEWAMSTERDAM PHARMA COMPANY ORDINARY SHARES NAMS	NAMS	582,497	$19.7m2.11%	2.11%	Added +24.2k	+24,161 4.3%
24	APOGEE THERAPEUTICS INC COM COM		138,822	$18.4m1.97%	1.97%	Reduced -374.9k	-374,948 -73.0%
25	RHYTHM PHARMACEUTICALS INC COM RYTM	RYTM	154,018	$17.1m1.83%	1.83%	New
26	INHIBRX BIOSCIENCES INC COM INBX	INBX	164,783	$15.6m1.67%	1.67%	New
27	SCHOLAR ROCK HLDG CORP COM SRRK	SRRK	271,227	$14.9m1.60%	1.60%	Reduced -175.2k	-175,163 -39.2%
28	ORUKA THERAPEUTICS INC COM ORKA	ORKA	155,343	$14.8m1.58%	1.58%	New
29	KYMERA THERAPEUTICS INC COM KYMR	KYMR	102,533	$11.8m1.26%	1.26%	Reduced -152.1k	-152,139 -59.7%
30	SIONNA THERAPEUTICS INC COM SION	SION	110,493	$4.9m0.52%	0.52%	New
31	NUVALENT INC COM COM		26,298	$3.2m0.35%	0.35%	Reduced -344.0k	-344,046 -92.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
IDEAYA BIOSCIENCES INC IDYA	IDYA	873,838	$29.1m873.8k shares
ASCENDIS PHARMA A/S		76,300	$17.5m76.3k shares
FULCRUM THERAPEUTICS INC FULC	FULC	2,256,109	$17.3m2.3m shares
TERNS PHARMACEUTICALS INC		326,694	$17.2m326.7k shares
VERA THERAPEUTICS INC VERA	VERA	422,023	$17.0m422.0k shares
NATERA INC NTRA	NTRA	81,077	$16.2m81.1k shares
OLEMA PHARMACEUTICALS INC OLMA	OLMA	768,662	$11.5m768.7k shares
MOONLAKE IMMUNOTHERAPEUTICS MLTX	MLTX	315,563	$5.9m315.6k shares