First Turn Management 13F annual report
First Turn Management is an investment fund managing more than $615 billion ran by Catherine Newcomb. There are currently 36 companies in Mrs. Newcomb’s portfolio. The largest investments include Argenx Se and Sarepta Therapeutics Inc, together worth $63.1 billion.
$615 billion Assets Under Management (AUM)
As of 6th August 2024, First Turn Management’s top holding is 79,978 shares of Argenx Se currently worth over $34.4 billion and making up 5.6% of the portfolio value.
In addition, the fund holds 181,669 shares of Sarepta Therapeutics Inc worth $28.7 billion, whose value grew 3.6% in the past six months.
The third-largest holding is Axsome Therapeutics Inc worth $27.1 billion and the next is Ascendis Pharma A/S worth $25.4 billion, with 186,581 shares owned.
Currently, First Turn Management's portfolio is worth at least $615 billion. The total portfolio value may be much higher due to cash
assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.
Careers at First Turn Management
The First Turn Management office and employees reside in Del Mar, California. According to the last 13-F report filed with the SEC, Catherine Newcomb serves as the Chief Compliance Officer at First Turn Management.
Recent trades
In the most recent 13F filing, First Turn Management revealed that it had opened a new position in
Insmed Inc and bought 323,360 shares worth $21.7 billion.
This means they effectively own approximately 0.1% of the company.
Insmed Inc makes up
4.4%
of the fund's Health Care sector allocation and has decreased its share price by approximately 0.1% in the past year.
The investment fund also strengthened its position in Ascendis Pharma A/S by buying
34,994 additional shares.
This makes their stake in Ascendis Pharma A/S total 186,581 shares worth $25.4 billion.
Ascendis Pharma A/S dropped approximately 0.1% in the past year.
On the other hand, there are companies that First Turn Management is getting rid of from its portfolio.
First Turn Management closed its position in Shockwave Med Inc on 8th August 2024.
It sold the previously owned 98,111 shares for $31.9 billion.
Catherine Newcomb also disclosed a decreased stake in Sarepta Therapeutics Inc by 0.2%.
This leaves the value of the investment at $28.7 billion and 181,669 shares.
One of the average hedge funds
The two most similar investment funds to First Turn Management are Governors Lane L.P. and Nationale-nederlanden Powszechne Towarzystwo Emerytalne S.A.. They manage $615 billion and $615 billion respectively.
Catherine Newcomb investment strategy
First Turn Management’s portfolio is diversified across 2 sectors.
Currently, their heaviest sector is Health Care — making up 79.3% of
the total portfolio value.
The fund focuses on investments in the United States as
61.1% of the portfolio companies
are based in the United States.
The majority of the companies in the fund’s portfolio are large-cap stocks.
Stocks with a size of more than $10 billion in market cap make up
11% of the total holdings value.
On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio.
The average market cap of the portfolio companies is close to $9.14 billion.
The complete list of First Turn Management trades based on 13F SEC filings
These positions were updated on August 8th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.
| Security | Shares Owned | Value | Allocation |
|---|---|---|---|
| Argenx Se |
No change
79,978
|
$34,393,739,000 | 5.59% |
| Shockwave Med Inc |
Closed
98,111
|
$31,947,885,000 | |
| Sarepta Therapeutics Inc |
18.07%
181,669
|
$28,703,702,000 | 4.67% |
| Axsome Therapeutics Inc |
1.44%
337,246
|
$27,148,303,000 | 4.42% |
| Ascendis Pharma A/S |
23.09%
186,581
|
$25,445,917,000 | 4.14% |
| Mirum Pharmaceuticals Inc |
26.63%
703,398
|
$24,049,178,000 | 3.91% |
| Intra-Cellular Therapies Inc |
68.04%
347,343
|
$23,789,522,000 | 3.87% |
| Vertex Pharmaceuticals, Inc. |
13.84%
50,692
|
$23,760,354,000 | 3.87% |
| Day One Biopharmaceuticals I |
Closed
1,318,207
|
$21,776,780,000 | |
| Insmed Inc |
Opened
323,360
|
$21,665,120,000 | 3.52% |
| TransMedics Group, Inc. |
53.00%
139,780
|
$21,053,664,000 | 3.42% |
| Krystal Biotech Inc |
16.53%
109,222
|
$20,057,528,000 | 3.26% |
| Blueprint Medicines Corp |
Opened
184,901
|
$19,928,630,000 | 3.24% |
| Vaxcyte, Inc. |
No change
260,281
|
$19,653,818,000 | 3.20% |
| Nuvalent Inc |
5.12%
252,276
|
$19,137,657,000 | 3.11% |
| Merus N.V |
Opened
321,906
|
$19,047,178,000 | 3.10% |
| Intuitive Surgical Inc |
Opened
41,901
|
$18,639,660,000 | 3.03% |
| Immunovant Inc |
35.59%
695,428
|
$18,359,299,000 | 2.99% |
| Ionis Pharmaceuticals Inc |
Closed
421,487
|
$18,271,461,000 | |
| Dexcom Inc |
17.02%
160,096
|
$18,151,684,000 | 2.95% |
| Establishment Labs Holdings Inc |
Opened
369,980
|
$16,811,891,000 | 2.73% |
| Crinetics Pharmaceuticals In |
Opened
369,302
|
$16,541,037,000 | 2.69% |
| Cytokinetics Inc |
31.84%
293,318
|
$15,891,969,000 | 2.59% |
| Verona Pharma Plc |
Closed
973,130
|
$15,657,662,000 | |
| Alphatec Holdings Inc |
37.33%
1,360,410
|
$14,216,285,000 | 2.31% |
| IDEAYA Biosciences, Inc. |
No change
397,782
|
$13,966,126,000 | 2.27% |
| Xenon Pharmaceuticals Inc |
50.05%
339,876
|
$13,251,765,000 | 2.16% |
| Syndax Pharmaceuticals Inc |
Opened
640,389
|
$13,147,186,000 | 2.14% |
| Legend Biotech Corp |
Closed
228,251
|
$12,802,599,000 | |
| Revolution Medicines Inc |
Opened
329,519
|
$12,788,632,000 | 2.08% |
| Biohaven Ltd |
15.34%
366,019
|
$12,704,520,000 | 2.07% |
| Apogee Therapeutics Inc |
16.19%
318,327
|
$12,526,167,000 | 2.04% |
| KalVista Pharmaceuticals Inc |
10.16%
1,059,540
|
$12,481,381,000 | 2.03% |
| EyePoint Pharmaceuticals Inc |
Closed
585,447
|
$12,101,189,000 | |
| Rocket Pharmaceuticals Inc |
123.62%
560,989
|
$12,078,093,000 | 1.96% |
| Spyre Therapeutics Inc |
No change
464,435
|
$10,918,867,000 | 1.78% |
| Oric Pharmaceuticals, Inc. |
38.12%
1,515,960
|
$10,717,837,000 | 1.74% |
| Viking Therapeutics Inc |
Closed
128,064
|
$10,501,248,000 | |
| Silence Therapeutics plc |
Opened
537,338
|
$10,209,422,000 | 1.66% |
| Immunocore Hldgs Plc |
26.25%
291,086
|
$9,864,905,000 | 1.60% |
| Enliven Therapeutics Inc |
Opened
413,243
|
$9,657,489,000 | 1.57% |
| Vera Therapeutics Inc |
80.06%
212,944
|
$7,704,314,000 | 1.25% |
| Disc Medicine Inc |
45.02%
138,907
|
$6,260,538,000 | 1.02% |
| Tyra Biosciences Inc |
Closed
381,210
|
$6,251,844,000 | |
| No transactions found | |||
| Showing first 500 out of 44 holdings | |||
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