First Turn Management, LLC
First Turn Management, LLC is an SEC-registered investment adviser based in Del Mar, California. The firm manages several pooled investment vehicles and institutional accounts, with reported assets under management over $500 million as of mid-2025. With a small, highly focused team, the firm serves mainly pooled investment vehicles, government entities, and foreign institutional investors. First Turn Management, LLC appears to have commenced operations in or after 2023, coinciding with the earliest available public SEC filings.
Investment Strategy
First Turn Management, LLC focuses on fundamental, research-driven equity investing, targeting long and short positions primarily in the healthcare and biotechnology sectors. The firm actively manages concentrated portfolios, dynamically adjusting positions based on detailed sector research, market events, and valuation changes, and takes a disciplined approach to risk and capital allocation. The firm appears to employ a bottom-up process driven by deep sector expertise, and positions are regularly adjusted based on ongoing research and developments within core holdings.
Top Holdings
Equity Positions (35)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
I INSM | INSMED INC | 7.00% | $37.5M | 372,672 | $67.38 | $100.64 | +$6.9M |
V VRNA | VERONA PHARMA PLC | 5.47% | $29.3M | 309,988 | $30.67 | $94.58 | +$1.7M |
M MIRM | MIRUM PHARMACEUTICALS INC | 5.01% | $26.8M | 527,540 | $30.02 | $50.89 | +$4.2M |
N NUVL | NUVALENT INC | 4.57% | $24.5M | 320,798 | $81.46 | $76.30 | +$936.6K |
A ARGX | ARGENX SE | 4.52% | $24.2M | 43,953 | $388.36 | $551.22 | -$577.9K |