First Turn Management provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions. The firm advises 2 private funds.
First Turn Management reports 4 clients. They include 3 pooled investment vehicles and 1 sovereign wealth fund or foreign official institution. Of its assets, 100.0% ($900M across 4 accounts) are managed with discretion. Of its clients, 89% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Pooled investment vehicles | 75% | 10% |
| Sovereign wealth funds and foreign official institutions | 25% | 90% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Pooled investment vehicles | 3 | $93.1M | 10.3% | $31M |
| Sovereign wealth funds and foreign official institutions | 1 | $807M | 89.7% | $807M |
| Total | 4 | $900M | 100% | $225M |
- Clients
- 3
- Regulatory AUM
- $93.1M
- AUM share
- 10.3%
- Avg. per client
- $31M
- Clients
- 1
- Regulatory AUM
- $807M
- AUM share
- 89.7%
- Avg. per client
- $807M
Total
- Clients
- 4
- Regulatory AUM
- $900M
- AUM share
- 100%
- Avg. per client
- $225M
- Clients outside the U.S.
- 89%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 2
First Turn Management is paid through a percentage of assets under management and performance-based fees; its fees and minimums are set out in its brochures on the SEC website.
WCW Capital, LLC owns 50% to 75% of First Turn Management and is in turn owned by Lisa Wheatley (75% or more). The leadership team of First Turn Management includes Chief Compliance Officer Catherine Newcomb. It has 4 employees.
Leadership
- Catherine NewcombChief Compliance Officer
- Tracy MurphyDirector
- Stephen RosettaDirector
- Lisa WheatleyDirector, Managing Partner & Portfolio Manager
Staff
- 4 employees
- 4 in advisory functions
- Owns 50% to 75% of First Turn Management, LLC
WCW Capital, LLC
Control person · since July 2023
- Owns 75% or more of WCW Capital, LLC
Lisa Wheatley
Control person · since May 2023
- Owns 10% to 25% of First Turn Management, LLC
Cedb, LLC
since July 2023
- Owns 75% or more of Cedb, LLC
Ce Solo K Plan
Control person · since December 2006
RF Manager, LLC
Manager · Control person · since May 2021
- Owns 10% to 25% of First Turn Management, LLC
Ramiq, Inc. Cash Balance Plan (Fka Tam Investors, LLC Cash Balance Plan)
since July 2023
- Owns 10% to 25% of First Turn Management, LLC
Lansara Advisors, Inc. Cash Balance Plan
since July 2023
First Turn Management’s regulatory assets grew from $712M (March 2024) to $900M (March 2026); clients rose from 3 to 4 and employees from 2 to 4.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $900M | 4 | 4 | 1 |
| April 2025 | $537M | 4 | 3 | 1 |
| March 2024 | $712M | 3 | 2 | 1 |
Besides its headquarters, First Turn Management has 0 offices, with 1 listed address in California.
California · 1 listed address
- 674 Via De La Valle, Suite 308, Solana BeachHQ
Contact and registration details
- Legal name
- First Turn Management, LLC
- Headquarters
- 674 Via De La Valle, Suite 308, Solana Beach, CA 92075
- Website
- firstturnmgmt.com
- Phone
- 310-902-0958
- @first-turn-mgmt
- SEC file
- 801-128649
- Structure
- Delaware LLC
- Fiscal year end
- December
First Turn Management uses Citigroup Global Markets ($807M, 90%) and J.P. Morgan ($93.1M, 10%) as custodians for its separately managed accounts. First Turn Management has custody of client assets.
- Citigroup Global MarketsCitigroup Global Markets Inc. · New York, NY · $807M90%
- J.P. MorganJP Morgan Chase · Columbus, OH · $93.1M10%
At year end, First Turn Management’s separately managed accounts were mostly in stocks (97%). Its reported 13F holdings for the quarter ended 30 June 2026 total $935M across 31 positions; the largest are Revolution Medicines Inc. (8.3%), Abivax SA (7.0%) and Axsome Therapeutics Inc.. (5.7%).
What the accounts hold
- Stocks97%
- Cash3%
Reported 13F holdings
- $935M
- Reported 13F value
- 31
- Positions
- 53.6%
- In the 10 largest
- +4.4%
- Value vs. prior quarter
- Revolution Medicines Inc.8.3%
- Abivax SA · Sponsored ADS7.0%
- Axsome Therapeutics Inc..5.7%
- Enliven Therapeutics Inc.5.2%
- Bridgebio Pharma Inc.5.0%
- Roivant Sciences Ltd5.0%
- United Therapeutics Corp. Del4.9%
- Cytokinetics Inc.4.8%
- Xenon Pharmaceuticals Inc.3.9%
- Celcuity Inc.3.7%
Together, the ten largest are 53.6% of reported value.
How many clients does First Turn Management have?
First Turn Management has 4 clients and manages $900 million for them, as of March 2026. They include 3 pooled investment vehicles and 1 sovereign wealth fund or foreign official institution.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 25 March 2026
What services does First Turn Management offer?
First Turn Management provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does First Turn Management use?
First Turn Management’s separately managed account assets are held at Citigroup Global Markets Inc. (New York, NY), with $807M and JP Morgan Chase (Columbus, OH), with $93.1M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 25 March 2026
How many financial advisors does First Turn Management have?
First Turn Management has 0 investment adviser representatives registered with state securities authorities, out of 4 employees, and 4 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does First Turn Management invest in?
At the end of its last fiscal year, First Turn Management’s separately managed accounts held 97% exchange-traded equities and 3% cash and equivalents. It advises 2 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns First Turn Management?
First Turn Management is owned through holding companies by Lisa Wheatley and Ce Solo K Plan. Its direct owners are WCW Capital, LLC (50% to 75%), Cedb, LLC (10% to 25%), Ramiq, Inc. Cash Balance Plan (Fka Tam Investors, LLC Cash Balance Plan) (10% to 25%) and Lansara Advisors, Inc. Cash Balance Plan (10% to 25%).
Source: Form ADV Part 1A, Schedules A and B, filed 25 March 2026
How does First Turn Management get paid?
First Turn Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact First Turn Management?
First Turn Management’s main office is at 674 Via De La Valle, Suite 308, Solana Beach, CA 92075. Its phone number is 310-902-0958. Its website is firstturnmgmt.com.