Data as of Q4 2025 (Dec 31, 2025)

First Turn Management, LLC

โ€ขCIK: 1993440โ€ขFiling: Q4 2025

**First Turn Management, LLC** manages $875M across a concentrated portfolio of 33 positions. The fund exhibits significant conviction in select names, with top holdings including ABVX at $51.4M and RVMD at $50.8M. Further notable allocations include IM8N ($46.0M) and BBIO ($45.5M), indicating a focused, high-conviction investment mandate. This structure suggests an active, bottom-up approach targeting differentiated value across its holdings.

Total AUM
$875.2M
QoQ Performance
+31.4%
Positions
33
Top 10 Concentration
47.3%
Latest Filing
Q4 2025

Top Holdings Allocation

ABVX
RVMD
IM8N
BBIO
ABVX5.9%
RVMD5.8%
IM8N5.3%
BBIO5.2%
MIRM4.3%
AXSM4.3%
NUVL4.2%
XENE4.1%

๐Ÿ“ˆ Biggest Buys

TERN
TERNS PHARMACEUTICALS INC
NEW
4.0% of portfolio
COGT
COGENT BIOSCIENCES INC
NEW
3.3% of portfolio
GH
GUARDANT HEALTH INC
NEW
3.2% of portfolio
IDYA
IDEAYA BIOSCIENCES INC
NEW
2.9% of portfolio
VRDN
VIRIDIAN THERAPEUTICS INC
NEW
2.5% of portfolio

๐Ÿ“‰ Biggest Sells

IRON
DISC MEDICINE INC
-61.5%
1.4% of portfolio
ARGX
ARGENX SE
-40.0%
2.2% of portfolio
UTH
UNITED THERAPEUTICS CORP DEL
-25.5%
3.5% of portfolio
IM8N
INSMED INC
-17.3%
5.3% of portfolio
MIRM
MIRUM PHARMACEUTICALS INC
-15.6%
4.3% of portfolio

Sector Breakdown

Other100.0%

๐Ÿšช Exited Positionssold since Q3 2025

2GH
MERUS N V
SOLD
$35.0M
ACLX
ARCELLX INC
SOLD
$25.8M
NBIX
NEUROCRINE BIOSCIENCES INC
SOLD
$25.5M
AKRO
AKERO THERAPEUTICS INC
SOLD
$18.9M
ELVN
ENLIVEN THERAPEUTICS INC
SOLD
$16.0M
+3 more exited positions

Changes from Q3 2025

NEW12 new positions
โ†‘8 increased
โ†“10 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023