Filed: 11/14/2025ACC: 0001993440-25-000004
📋 What this filing means
FIRST TURN MANAGEMENT, LLC filed this quarterly 13F‑HR report disclosing 29 equity positions with a total reported market value of $665.99M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
29
Positions
$665.99M
Total AUM (reported)
13.56M
Total Shares
Allocation by class
COM$450.63M67.7%
SPONSORED ADR$57.68M8.7%
COM PAR $.01$46.05M6.9%
COMMON STOCK$25.76M3.9%
SPONSORED ADS$24.78M3.7%
ORDINARY SHARES$20.39M3.1%
SHS$14.52M2.2%
Portfolio Concentration
Top 3$123.65M18.6%
4–10$219.61M33.0%
11–25$290.97M43.7%
Rest$31.76M4.8%
Top 3 weight
18.6%
Top 10 weight
51.5%
Voting Authority Distribution
Total shares with voting rights: 13.56M
Sole
Full voting authority
13.56M
shares
% of voting shares100.0%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole29
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings29
Rows:
INSMED INC
SOLEShares319.77K
TypeSH
Market value$46.05M
6.91%
Sole
319.77K
Shared
0.00
None
0.00
MIRUM PHARMACEUTICALS INC
SOLEShares570.57K
TypeSH
Market value$41.83M
6.28%
Sole
570.57K
Shared
0.00
None
0.00
UNITED THERAPEUTICS CORP DEL
SOLEShares85.32K
TypeSH
Market value$35.77M
5.37%
Sole
85.32K
Shared
0.00
None
0.00
MERUS N V
SOLEShares372.02K
TypeSH
Market value$35.03M
5.26%
Sole
372.02K
Shared
0.00
None
0.00
NUVALENT INC
SOLEShares394.75K
TypeSH
Market value$34.14M
5.13%
Sole
394.75K
Shared
0.00
None
0.00
XENON PHARMACEUTICALS INC
SOLEShares799.74K
TypeSH
Market value$32.11M
4.82%
Sole
799.74K
Shared
0.00
None
0.00
BRIDGEBIO PHARMA INC
SOLEShares589.73K
TypeSH
Market value$30.63M
4.60%
Sole
589.73K
Shared
0.00
None
0.00
REVOLUTION MEDICINES INC
SOLEShares643.05K
TypeSH
Market value$30.03M
4.51%
Sole
643.05K
Shared
0.00
None
0.00
ASCENDIS PHARMA A/S
SOLEShares146.29K
TypeSH
Market value$29.08M
4.37%
Sole
146.29K
Shared
0.00
None
0.00
ARGENX SE
SOLEShares38.77K
TypeSH
Market value$28.59M
4.29%
Sole
38.77K
Shared
0.00
None
0.00
DISC MEDICINE INC
SOLEShares397.69K
TypeSH
Market value$26.28M
3.95%
Sole
397.69K
Shared
0.00
None
0.00
ORIC PHARMACEUTICALS INC
SOLEShares2.16M
TypeSH
Market value$25.91M
3.89%
Sole
2.16M
Shared
0.00
None
0.00
ARCELLX INC
SOLEShares313.73K
TypeSH
Market value$25.76M
3.87%
Sole
313.73K
Shared
0.00
None
0.00
NEUROCRINE BIOSCIENCES INC
SOLEShares181.90K
TypeSH
Market value$25.53M
3.83%
Sole
181.90K
Shared
0.00
None
0.00
ABIVAX SA
SOLEShares291.82K
TypeSH
Market value$24.78M
3.72%
Sole
291.82K
Shared
0.00
None
0.00
NEWAMSTERDAM PHARMA COMPANY
SOLEShares716.97K
TypeSH
Market value$20.39M
3.06%
Sole
716.97K
Shared
0.00
None
0.00
AKERO THERAPEUTICS INC
SOLEShares397.01K
TypeSH
Market value$18.85M
2.83%
Sole
397.01K
Shared
0.00
None
0.00
AXSOME THERAPEUTICS INC
SOLEShares152.61K
TypeSH
Market value$18.53M
2.78%
Sole
152.61K
Shared
0.00
None
0.00
ENLIVEN THERAPEUTICS INC
SOLEShares783.41K
TypeSH
Market value$16.04M
2.41%
Sole
783.41K
Shared
0.00
None
0.00
APOGEE THERAPEUTICS INC
SOLEShares402.81K
TypeSH
Market value$16.00M
2.40%
Sole
402.81K
Shared
0.00
None
0.00
KYMERA THERAPEUTICS INC
SOLEShares277.73K
TypeSH
Market value$15.72M
2.36%
Sole
277.73K
Shared
0.00
None
0.00
JANUX THERAPEUTICS INC
SOLEShares639.70K
TypeSH
Market value$15.63M
2.35%
Sole
639.70K
Shared
0.00
None
0.00
ROIVANT SCIENCES LTD
SOLEShares959.70K
TypeSH
Market value$14.52M
2.18%
Sole
959.70K
Shared
0.00
None
0.00
CYTOKINETICS INC
SOLEShares254.79K
TypeSH
Market value$14.00M
2.10%
Sole
254.79K
Shared
0.00
None
0.00
NATERA INC
SOLEShares80.88K
TypeSH
Market value$13.02M
1.95%
Sole
80.88K
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
INSMED INCSOLE | COM PAR $.01 | 319.77K | SH | $46.05M 6.91% | 319.77K | 0.00 | 0.00 |
MIRUM PHARMACEUTICALS INCSOLE | COM | 570.57K | SH | $41.83M 6.28% | 570.57K | 0.00 | 0.00 |
UNITED THERAPEUTICS CORP DELSOLE | COM | 85.32K | SH | $35.77M 5.37% | 85.32K | 0.00 | 0.00 |
MERUS N VSOLE | COM | 372.02K | SH | $35.03M 5.26% | 372.02K | 0.00 | 0.00 |
NUVALENT INCSOLE | COM | 394.75K | SH | $34.14M 5.13% | 394.75K | 0.00 | 0.00 |
XENON PHARMACEUTICALS INCSOLE | COM | 799.74K | SH | $32.11M 4.82% | 799.74K | 0.00 | 0.00 |
BRIDGEBIO PHARMA INCSOLE | COM | 589.73K | SH | $30.63M 4.60% | 589.73K | 0.00 | 0.00 |
REVOLUTION MEDICINES INCSOLE | COM | 643.05K | SH | $30.03M 4.51% | 643.05K | 0.00 | 0.00 |
ASCENDIS PHARMA A/SSOLE | SPONSORED ADR | 146.29K | SH | $29.08M 4.37% | 146.29K | 0.00 | 0.00 |
ARGENX SESOLE | SPONSORED ADR | 38.77K | SH | $28.59M 4.29% | 38.77K | 0.00 | 0.00 |
DISC MEDICINE INCSOLE | COM | 397.69K | SH | $26.28M 3.95% | 397.69K | 0.00 | 0.00 |
ORIC PHARMACEUTICALS INCSOLE | COM | 2.16M | SH | $25.91M 3.89% | 2.16M | 0.00 | 0.00 |
ARCELLX INCSOLE | COMMON STOCK | 313.73K | SH | $25.76M 3.87% | 313.73K | 0.00 | 0.00 |
NEUROCRINE BIOSCIENCES INCSOLE | COM | 181.90K | SH | $25.53M 3.83% | 181.90K | 0.00 | 0.00 |
ABIVAX SASOLE | SPONSORED ADS | 291.82K | SH | $24.78M 3.72% | 291.82K | 0.00 | 0.00 |
NEWAMSTERDAM PHARMA COMPANYSOLE | ORDINARY SHARES | 716.97K | SH | $20.39M 3.06% | 716.97K | 0.00 | 0.00 |
AKERO THERAPEUTICS INCSOLE | COM | 397.01K | SH | $18.85M 2.83% | 397.01K | 0.00 | 0.00 |
AXSOME THERAPEUTICS INCSOLE | COM | 152.61K | SH | $18.53M 2.78% | 152.61K | 0.00 | 0.00 |
ENLIVEN THERAPEUTICS INCSOLE | COM | 783.41K | SH | $16.04M 2.41% | 783.41K | 0.00 | 0.00 |
APOGEE THERAPEUTICS INCSOLE | COM | 402.81K | SH | $16.00M 2.40% | 402.81K | 0.00 | 0.00 |
KYMERA THERAPEUTICS INCSOLE | COM | 277.73K | SH | $15.72M 2.36% | 277.73K | 0.00 | 0.00 |
JANUX THERAPEUTICS INCSOLE | COM | 639.70K | SH | $15.63M 2.35% | 639.70K | 0.00 | 0.00 |
ROIVANT SCIENCES LTDSOLE | SHS | 959.70K | SH | $14.52M 2.18% | 959.70K | 0.00 | 0.00 |
CYTOKINETICS INCSOLE | COM NEW | 254.79K | SH | $14.00M 2.10% | 254.79K | 0.00 | 0.00 |
NATERA INCSOLE | COM | 80.88K | SH | $13.02M 1.95% | 80.88K | 0.00 | 0.00 |
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