First Turn Management, LLC

Q4 2025 13F-HR Holdings

Location
Del Mar, CA
Holdings as of
12/31/2025
Date filed
2/13/2026
Form type
13F-HR
Num holdings
33
Total value ($000)
$875,204
Net value change ($000)
+209,213 (31.4%)
New positions
12
Sold out positions
8
Turnover %
45.7%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
TERN 35,231 NEW
COGT 29,279 NEW
GH 27,750 NEW
ABVX 26,635 107.5%
IDYA 25,017 NEW
VRDN 21,489 NEW
FULC 21,406 NEW
RVMD 20,817 69.3%
SRRK 20,251 NEW
VERA 20,171 195.8%
Top Reduces (Value $000, Stocks/ETFs)
Merus N.V. -35,026 -100.0%
ACLX -25,757 -100.0%
NBIX -25,535 -100.0%
AKRO -18,850 -100.0%
ELVN -16,036 -100.0%
JANX -15,634 -100.0%
IRON -14,114 -53.7%
ADMA -11,855 -100.0%
ORIC -9,470 -36.5%
ARGX -9,036 -31.6%
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