First Turn Management, LLC

Q3 2025 13F-HR Holdings

Location
Del Mar, CA
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
29
Total value ($000)
$665,991
Net value change ($000)
+129,963 (24.2%)
New positions
7
Sold out positions
13
Turnover %
43.2%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/13/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
UTHR 35,766 NEW
NBIX 25,535 NEW
ABVX 24,776 NEW
Merus N.V. 19,616 127.3%
KYMR 15,719 NEW
MIRM 14,981 55.8%
RVMD 14,740 96.4%
ROIV 14,520 NEW
CYTK 14,004 NEW
AKRO 12,737 208.4%
Top Reduces (Value $000, Stocks/ETFs)
VRNA -29,319 -100.0%
ISRG -17,555 -100.0%
PODD -16,151 -100.0%
TGTX -16,119 -100.0%
GH -15,732 -100.0%
BSX -14,912 -100.0%
RDNT -11,254 -100.0%
HQY -8,473 -100.0%
ADMA -8,037 -40.4%
SPRY -7,956 -100.0%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type