Atreides Management

Q4 2020 13F · by Gavin Baker, founder

As of: Dec 31, 2020
Filed: Feb 16, 2021
US stock: $1.5B · prev $860M
Positions: 36 · prev 29
Options notional: $773M
Documents: 1· no amendments

Picture66.1% US stock

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

US stock listed on a US exchange 66.1%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 25.7%
Calls at notional value 8.3%

Moves50 since the prior filing

+42.0 pp in · −41.9 pp out

New 15 +34.61 pp
Added 10 +7.43 pp
Trimmed 10 −29.02 pp
Exited 8 −12.89 pp

Options: 7 moves on a notional base, in the table below.

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 121% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions29% of US stock

DISH DISH Network Corp. added+4.80 pp added+4.806.6%
DKS Dick's Sporting Goods, Inc. new+6.16 pp new+6.166.2%
UBER Uber Technologies, Inc. added−0.83 pp added−0.835.4%
AEO American Eagle Outfitters trimmed−6.47 pp trimmed−6.475.4%
TGT Target Corporation added+1.46 pp added+1.465.2%

Positions36 in this filing · 8 exited


DISHDISH Network Corp.	6.63%	3,087,000	$100M	added×5.7	+4.80 pp	2 q
DKSDick's Sporting Goods, Inc.	6.16%	1,651,800	$93M	new	+6.16 pp	new
UBERUber Technologies, Inc.	5.38%	1,589,829	$81M	added+9%	−0.83 pp	2 q
AEOAmerican Eagle Outfitters	5.36%	4,026,000	$81M	trimmed−41%	−6.47 pp	2 q
TGTTarget Corporation	5.19%	443,100	$78M	added×2.2	+1.46 pp	3 q
FISVFiserv, Inc.	4.93%	652,600	$74M	trimmed−7%	−3.50 pp	2 q
TREELendingTree, Inc.	4.52%	248,700	$68M	new	+4.52 pp	new
ZZillow Group, Inc. Class C	3.60%	417,700	$54M	added×4.0	+2.37 pp	2 q
DECKDeckers Outdoor Corp	3.58%	188,300	$54M	added+41%	+0.16 pp	2 q
AIYActivision Blizzard Inc	3.44%	557,758	$52M	trimmed−18%	−2.93 pp	5 q
SNAPSnap Inc.	3.20%	962,427	$48M	trimmed−48%	−2.40 pp	2 q
DISThe Walt Disney Company	3.13%	260,620	$47M	trimmed−51%	−4.57 pp	5 q
ZENZendesk Inc	2.99%	314,500	$45M	added+7%	−0.54 pp	2 q
PINSPinterest, Inc. Class A	2.74%	626,800	$41M	new	+2.74 pp	new
CARGCarGurus, Inc. Class A	2.70%	1,279,572	$41M	new	+2.70 pp	new
MUMicron Technology, Inc.	2.65%	530,250	$40M	trimmed−44%	−2.55 pp	5 q
WYNNWynn Resorts Ltd	2.40%	320,500	$36M	new	+2.40 pp	new
PAGSPagSeguro Digital Ltd.	2.40%	636,700	$36M	new	+2.40 pp	new
DTDynatrace, Inc.	2.38%	827,700	$36M	new	+2.38 pp	new
MARMarriott International Class A	2.35%	267,900	$35M	new	+2.35 pp	new
SAMBoston Beer Company	2.33%	35,300	$35M	trimmed−24%	−2.44 pp	3 q
TSLATesla, Inc.	2.12%	45,288	$32M	held	—	5 q
XYZBlock, Inc.	2.10%	145,102	$32M	trimmed−49%	−3.24 pp	5 q
PARPAR Technology Corp.	2.06%	493,629	$31M	trimmed−22%	−0.94 pp	4 q
ROKURoku, Inc. Class A	2.00%	90,785	$30M	added+2%	+0.04 pp	5 q
WHWyndham Hotels & Resorts, Inc.	1.91%	484,200	$29M	new	+1.91 pp	new
LYFTLyft, Inc. Class A	1.71%	525,400	$26M	new	+1.71 pp	new
RDFNRedfin Corporation	1.54%	338,196	$23M	added+48%	+0.21 pp	5 q
RSIRush Street Interactive, Inc.	1.44%	1,000,000	$22M	new	+1.44 pp	new
FTCHQFarfetch Limited A	1.39%	327,300	$21M	new	+1.39 pp	new
RVLVRevolve Group, Inc.	1.17%	565,600	$18M	new	+1.17 pp	new
SONOSonos, Inc.	1.17%	755,300	$18M	added0%	−0.16 pp	3 q
NETCloudflare, Inc. Class A, par value $0.001 per share	1.03%	203,400	$15M	trimmed−3%	+0.02 pp	2 q
ANFAbercrombie & Fitch Co.	0.99%	732,000	$15M	new	+0.99 pp	new
TWLOTwilio Inc.	0.96%	42,835	$15M	added+19%	−0.08 pp	5 q
unresolvedAltimeter Growth Corp	0.35%	400,000	$5M	new	+0.35 pp	new
INTCIntel Corp	—	−527,500	—	exited	−3.18 pp	—
BKNGBooking Holdings Inc.	—	−11,765	—	exited	−2.34 pp	—
NVDANvidia Corp	—	−29,848	—	exited	−1.88 pp	—
NCLHNorwegian Cruise Line Holdings Ltd.	—	−785,600	—	exited	−1.56 pp	—
RCLRoyal Caribbean Group	—	−171,700	—	exited	−1.29 pp	—
LAMRLamar Advertising Co	—	−143,500	—	exited	−1.10 pp	—
TDOCTeladoc Health, Inc.	—	−32,200	—	exited	−0.82 pp	—
TTWOTake-Two Interactive Software Inc	—	−37,460	—	exited	−0.72 pp	—