First Turn Management, LLC Diversified Active

Location: Del Mar, CA

CIK: 0001993440 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Aug 14, 2025

Total Value: $536M (100.0% shares, 0.0% debt)

Holdings (35)

INSM INSMED INC 7.0%

Value $37.51M Shares 372,672 Est. Cost $48.11 Unrealized +58.9%

— VERONA PHARMA PLC 5.5%

Value $29.32M Shares 309,988 Est. Cost $30.67 Unrealized —

MIRM MIRUM PHARMACEUTICALS INC 5.0%

Value $26.85M Shares 527,540 Est. Cost $30.59 Unrealized +45.5%

NUVL NUVALENT INC 4.6%

Value $24.48M Shares 320,798 Est. Cost $69.26 Unrealized +5.6%

ARGX ARGENX SE 4.5%

Value $24.23M Shares 43,953 Est. Cost $388.36 Unrealized —

BBIO BRIDGEBIO PHARMA INC 4.4%

Value $23.82M Shares 551,684 Est. Cost $28.54 Unrealized +27.4%

ASND ASCENDIS PHARMA A/S 4.3%

Value $23.25M Shares 134,687 Est. Cost $140.30 Unrealized —

XENE XENON PHARMACEUTICALS INC 3.9%

Value $20.68M Shares 660,617 Est. Cost $38.49 Unrealized -15.3%

ORIC ORIC PHARMACEUTICALS INC 3.8%

Value $20.4M Shares 2,009,923 Est. Cost $10.41 Unrealized -35.5%

NTRA NATERA INC 3.7%

Value $19.96M Shares 118,130 Est. Cost $128.20 Unrealized +21.6%

ADMA ADMA BIOLOGICS INC 3.7%

Value $19.89M Shares 1,092,361 Est. Cost $17.93 Unrealized +13.8%

ISRG INTUITIVE SURGICAL INC 3.3%

Value $17.55M Shares 32,305 Est. Cost $449.05 Unrealized +16.4%

PODD INSULET CORP 3.0%

Value $16.15M Shares 51,408 Est. Cost $271.35 Unrealized +6.4%

TGTX TG THERAPEUTICS INC 3.0%

Value $16.12M Shares 447,884 Est. Cost $34.03 Unrealized +9.4%

IRON DISC MEDICINE INC 3.0%

Value $15.86M Shares 299,464 Est. Cost $46.97 Unrealized 0.0%

GH GUARDANT HEALTH INC 2.9%

Value $15.73M Shares 302,307 Est. Cost $43.14 Unrealized +3.5%

— MERUS N V 2.9%

Value $15.41M Shares 292,964 Est. Cost $52.59 Unrealized —

RVMD REVOLUTION MEDICINES INC 2.9%

Value $15.29M Shares 415,591 Est. Cost $48.28 Unrealized -20.4%

AXSM AXSOME THERAPEUTICS INC 2.8%

Value $15.07M Shares 144,400 Est. Cost $75.85 Unrealized +39.6%

BSX BOSTON SCIENTIFIC CORP 2.8%

Value $14.91M Shares 138,834 Est. Cost $100.70 Unrealized +0.5%

ACLX ARCELLX INC 2.6%

Value $14.17M Shares 215,223 Est. Cost $62.26 Unrealized 0.0%

APGE APOGEE THERAPEUTICS INC 2.5%

Value $13.53M Shares 311,490 Est. Cost $47.60 Unrealized -20.1%

RDNT RADNET INC 2.1%

Value $11.25M Shares 197,759 Est. Cost $58.29 Unrealized -5.8%

JANX JANUX THERAPEUTICS INC 1.9%

Value $10.34M Shares 447,420 Est. Cost $50.29 Unrealized -47.6%

ELVN ENLIVEN THERAPEUTICS INC 1.9%

Value $10.23M Shares 509,987 Est. Cost $21.53 Unrealized -12.1%

NAMS NEWAMSTERDAM PHARMA COMPANY 1.8%

Value $9.437M Shares 521,097 Est. Cost $18.24 Unrealized 0.0%

HQY HEALTHEQUITY INC 1.6%

Value $8.473M Shares 80,880 Est. Cost $93.19 Unrealized +1.7%

SPRY ARS PHARMACEUTICALS INC 1.5%

Value $7.956M Shares 455,953 Est. Cost $11.91 Unrealized +21.2%

VERA VERA THERAPEUTICS INC 1.4%

Value $7.296M Shares 309,666 Est. Cost $37.69 Unrealized -40.3%

SLNO SOLENO THERAPEUTICS INC 1.3%

Value $7.233M Shares 86,332 Est. Cost $66.03 Unrealized +13.4%

HROW HARROW INC 1.3%

Value $6.986M Shares 228,761 Est. Cost $32.60 Unrealized -17.6%

— AKERO THERAPEUTICS INC 1.1%

Value $6.113M Shares 114,554 Est. Cost $53.36 Unrealized —

ALNY ALNYLAM PHARMACEUTICALS INC 1.1%

Value $5.83M Shares 17,879 Est. Cost $276.71 Unrealized 0.0%

KALV KALVISTA PHARMACEUTICALS INC 0.5%

Value $2.421M Shares 214,138 Est. Cost $12.23 Unrealized 0.0%

BBNX BETA BIONICS INC 0.4%

Value $2.289M Shares 157,194 Est. Cost $14.16 Unrealized 0.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INSM	INSMED INC	372,672	$37.51M	7.0%	$48.11	+58.9%	COM PAR $.01	457669307
—	VERONA PHARMA PLC	309,988	$29.32M	5.5%	$30.67	—	SPONSORED ADS	925050106
MIRM	MIRUM PHARMACEUTICALS INC	527,540	$26.85M	5.0%	$30.59	+45.5%	COM	604749101
NUVL	NUVALENT INC	320,798	$24.48M	4.6%	$69.26	+5.6%	COM	670703107
ARGX	ARGENX SE	43,953	$24.23M	4.5%	$388.36	—	SPONSORED ADR	04016X101
BBIO	BRIDGEBIO PHARMA INC	551,684	$23.82M	4.4%	$28.54	+27.4%	COM	10806X102
ASND	ASCENDIS PHARMA A/S	134,687	$23.25M	4.3%	$140.30	—	SPONSORED ADR	04351P101
XENE	XENON PHARMACEUTICALS INC	660,617	$20.68M	3.9%	$38.49	-15.3%	COM	98420N105
ORIC	ORIC PHARMACEUTICALS INC	2,009,923	$20.4M	3.8%	$10.41	-35.5%	COM	68622P109
NTRA	NATERA INC	118,130	$19.96M	3.7%	$128.20	+21.6%	COM	632307104
ADMA	ADMA BIOLOGICS INC	1,092,361	$19.89M	3.7%	$17.93	+13.8%	COM	000899104
ISRG	INTUITIVE SURGICAL INC	32,305	$17.55M	3.3%	$449.05	+16.4%	COM NEW	46120E602
PODD	INSULET CORP	51,408	$16.15M	3.0%	$271.35	+6.4%	COM	45784P101
TGTX	TG THERAPEUTICS INC	447,884	$16.12M	3.0%	$34.03	+9.4%	COM	88322Q108
IRON	DISC MEDICINE INC	299,464	$15.86M	3.0%	$46.97	0.0%	COM	254604101
GH	GUARDANT HEALTH INC	302,307	$15.73M	2.9%	$43.14	+3.5%	COM	40131M109
—	MERUS N V	292,964	$15.41M	2.9%	$52.59	—	COM	N5749R100
RVMD	REVOLUTION MEDICINES INC	415,591	$15.29M	2.9%	$48.28	-20.4%	COM	76155X100
AXSM	AXSOME THERAPEUTICS INC	144,400	$15.07M	2.8%	$75.85	+39.6%	COM	05464T104
BSX	BOSTON SCIENTIFIC CORP	138,834	$14.91M	2.8%	$100.70	+0.5%	COM	101137107
ACLX	ARCELLX INC	215,223	$14.17M	2.6%	$62.26	0.0%	COMMON STOCK	03940C100
APGE	APOGEE THERAPEUTICS INC	311,490	$13.53M	2.5%	$47.60	-20.1%	COM	03770N101
RDNT	RADNET INC	197,759	$11.25M	2.1%	$58.29	-5.8%	COM	750491102
JANX	JANUX THERAPEUTICS INC	447,420	$10.34M	1.9%	$50.29	-47.6%	COM	47103J105
ELVN	ENLIVEN THERAPEUTICS INC	509,987	$10.23M	1.9%	$21.53	-12.1%	COM	29337E102
NAMS	NEWAMSTERDAM PHARMA COMPANY	521,097	$9.437M	1.8%	$18.24	0.0%	ORDINARY SHARES	N62509109
HQY	HEALTHEQUITY INC	80,880	$8.473M	1.6%	$93.19	+1.7%	COM	42226A107
SPRY	ARS PHARMACEUTICALS INC	455,953	$7.956M	1.5%	$11.91	+21.2%	COM	82835W108
VERA	VERA THERAPEUTICS INC	309,666	$7.296M	1.4%	$37.69	-40.3%	CL A	92337R101
SLNO	SOLENO THERAPEUTICS INC	86,332	$7.233M	1.3%	$66.03	+13.4%	COM	834203309
HROW	HARROW INC	228,761	$6.986M	1.3%	$32.60	-17.6%	COM	415858109
—	AKERO THERAPEUTICS INC	114,554	$6.113M	1.1%	$53.36	—	COM	00973Y108
ALNY	ALNYLAM PHARMACEUTICALS INC	17,879	$5.83M	1.1%	$276.71	0.0%	COM	02043Q107
KALV	KALVISTA PHARMACEUTICALS INC	214,138	$2.421M	0.5%	$12.23	0.0%	COM	483497103
BBNX	BETA BIONICS INC	157,194	$2.289M	0.4%	$14.16	0.0%	COM	08659B102