First Turn Management, LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it. Buying this fund's new positions the day each filing went public, over 8 quarters, returned +3.6% per quarter versus +4.0% from simply owning every 13F stock — it beat that baseline in only 37.5% of quarters (excess t = -2.64). Copying it would have systematically underperformed the simplest possible strategy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 33 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| UTHR | $62M | | ADD |
| ABVX | $52M | | ADD |
| BBIO | $52M | | ADD |
| XENE | $46M | | HOLD |
| RVMD | $46M | | TRIM |
| APGE | $43M | | ADD |
| INSM | $41M | | TRIM |
| NUVL | $38M | | HOLD |
| MIRM | $37M | | TRIM |
| COGT | $36M | | ADD |
| ROIV | $33M | | HOLD |
| AXSM | $32M | | TRIM |
| IDYA | $29M | | ADD |
| ORIC | $26M | | HOLD |
| ELVN | $24M | | NEW |
| CELC | $24M | | NEW |
| SRRK | $22M | | TRIM |
| KYMR | $21M | | ADD |
| CYTK | $19M | | TRIM |
| DNTH | $19M | | NEW |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.