Atreides Management

Q3 2020 13F · by Gavin Baker, founder

As of: Sep 30, 2020
Filed: Nov 16, 2020
US stock: $860M · prev $694M
Positions: 29 · prev 25
Options notional: $198M
Documents: 1· no amendments

Picture81.3% US stock

Mostly picture · of what this 13F reports is US stock

US stock listed on a US exchange 81.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 9.9%
Calls at notional value 8.8%

Moves44 since the prior filing

+50.7 pp in · −50.7 pp out

New 14 +50.20 pp
Added 6 +0.54 pp
Trimmed 9 −15.58 pp
Exited 10 −35.14 pp

Options: 5 moves on a notional base, in the table below.

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 208% a year, about 0.5 years per position

Low
Moderate
High

Top 5 positions41% of US stock

AEO American Eagle Outfitters new+11.83 pp new+11.8311.8%
FISV Fiserv, Inc. new+8.43 pp new+8.438.4%
DIS The Walt Disney Company added+1.61 pp added+1.617.7%
AIY Activision Blizzard Inc added−0.52 pp added−0.526.4%
UBER Uber Technologies, Inc. new+6.21 pp new+6.216.2%

Positions29 in this filing · 10 exited


AEOAmerican Eagle Outfitters	11.83%	6,867,400	$102M	new	+11.83 pp	new
FISVFiserv, Inc.	8.43%	703,300	$72M	new	+8.43 pp	new
DISThe Walt Disney Company	7.70%	533,820	$66M	added+41%	+1.61 pp	4 q
AIYActivision Blizzard Inc	6.37%	676,446	$55M	added+7%	−0.52 pp	4 q
UBERUber Technologies, Inc.	6.21%	1,463,029	$53M	new	+6.21 pp	new
SNAPSnap Inc.	5.60%	1,843,227	$48M	new	+5.60 pp	new
XYZBlock, Inc.	5.34%	282,302	$46M	trimmed−37%	−1.40 pp	4 q
MUMicron Technology, Inc.	5.20%	951,250	$45M	added+15%	−0.94 pp	4 q
SAMBoston Beer Company	4.77%	46,400	$41M	trimmed−8%	+0.85 pp	2 q
TGTTarget Corporation	3.73%	203,500	$32M	added+29%	+1.01 pp	2 q
ZENZendesk Inc	3.53%	294,600	$30M	new	+3.53 pp	new
DECKDeckers Outdoor Corp	3.42%	133,700	$29M	new	+3.42 pp	new
INTCIntel Corp	3.18%	527,500	$27M	added+24%	−0.48 pp	2 q
PARPAR Technology Corp.	3.00%	636,803	$26M	trimmed−22%	−0.52 pp	3 q
BKNGBooking Holdings Inc.	2.34%	11,765	$20M	new	+2.34 pp	new
TSLATesla, Inc.	2.26%	45,288	$19M	trimmed−51%	−0.60 pp	4 q
ROKURoku, Inc. Class A	1.96%	89,185	$17M	trimmed−70%	−3.00 pp	4 q
NVDANvidia Corp	1.88%	29,848	$16M	trimmed−51%	−1.45 pp	4 q
DISHDISH Network Corp.	1.83%	541,100	$16M	new	+1.83 pp	new
NCLHNorwegian Cruise Line Holdings Ltd.	1.56%	785,600	$13M	new	+1.56 pp	new
RDFNRedfin Corporation	1.33%	228,196	$11M	trimmed−78%	−5.01 pp	4 q
SONOSonos, Inc.	1.33%	753,400	$11M	added+8%	−0.14 pp	2 q
RCLRoyal Caribbean Group	1.29%	171,700	$11M	new	+1.29 pp	new
ZZillow Group, Inc. Class C	1.23%	104,500	$11M	new	+1.23 pp	new
LAMRLamar Advertising Co	1.10%	143,500	$9M	new	+1.10 pp	new
TWLOTwilio Inc.	1.04%	36,135	$9M	trimmed−24%	−0.47 pp	4 q
NETCloudflare, Inc. Class A, par value $0.001 per share	1.01%	210,700	$9M	new	+1.01 pp	new
TDOCTeladoc Health, Inc.	0.82%	32,200	$7M	new	+0.82 pp	new
TTWOTake-Two Interactive Software Inc	0.72%	37,460	$6M	trimmed−84%	−3.98 pp	4 q
QSRRestaurant Brands International Inc.	—	−860,814	—	exited	−6.78 pp	—
GOOGLAlphabet Inc. Class A	—	−29,611	—	exited	−6.05 pp	—
AMZNAmazon.Com Inc	—	−12,290	—	exited	−4.89 pp	—
ANGIAngi Inc. Class A	—	−2,193,475	—	exited	−3.84 pp	—
XLNXXilinx Inc	—	−263,900	—	exited	−3.74 pp	—
CRWDCrowdStrike Holdings, Inc. Class A	—	−246,300	—	exited	−3.56 pp	—
ULTAUlta Beauty, Inc.	—	−104,500	—	exited	−3.06 pp	—
CHWYChewy, Inc.	—	−223,564	—	exited	−1.44 pp	—
DTDynatrace, Inc.	—	−222,213	—	exited	−1.30 pp	—
VRMVroom, Inc.	—	−64,000	—	exited	−0.48 pp	—