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Atreides Management

Q1 2021 13F · by Gavin Baker, founder

As of
Mar 31, 2021
Filed
May 28, 2021
US stock
$3.1B · prev $1.5B
Positions
47 · prev 36
Options notional
$1.3B
Documents
1· 1 amendment

Picture70.0% US stock

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

  • US stock listed on a US exchange 70.0%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.0%
  • Puts at notional value 26.0%
  • Calls at notional value 4.0%

Moves62 since the prior filing

+31.1 pp in · −29.5 pp out

Options: 10 moves on a notional base, in the table below.

The book

Focused · behaves like 25 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

High turnover · 82% a year, about 1.2 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions34% of US stock

  1. TWTR Twitter, Inc. new+9.65 pp new+9.659.7%
  2. AMD Advanced Micro Devices new+7.66 pp new+7.667.7%
  3. AEO American Eagle Outfitters added+1.04 pp added+1.046.4%
  4. DKS Dick's Sporting Goods, Inc. added−0.02 pp added−0.026.1%
  5. TGT Target Corporation added−0.89 pp added−0.894.3%

Revealed late, restated

restated 1 row corrected by the filer · US stock −0.69%; later quarters recomputed 13F-HR/A · May 28, 2021 ↗

Positions47 in this filing · 8 exited

TWTRTwitter, Inc.9.65%4,705,400$299Mnew+9.65 ppnew
AMDAdvanced Micro Devices7.66%3,027,900$238Mnew+7.66 ppnew
AEOAmerican Eagle Outfitters6.40%6,792,531$199Madded+69%+1.04 pp3 q
DKSDick's Sporting Goods, Inc.6.14%2,502,482$191Madded+52%−0.02 pp2 q
TGTTarget Corporation4.30%673,800$133Madded+52%−0.89 pp4 q
DISHDISH Network Corp.4.16%3,569,600$129Madded+16%−2.47 pp3 q
ZZillow Group, Inc. Class C3.98%951,400$123Madded×2.3+0.38 pp3 q
TJXTJX Companies, Inc. (The)3.15%1,478,800$98Mnew+3.15 ppnew
WIXWIX.com Ltd.3.03%336,300$94Mnew+3.03 ppnew
UBERUber Technologies, Inc.2.93%1,670,429$91Madded+5%−2.45 pp3 q
XYZBlock, Inc.2.87%391,702$89Madded×2.7+0.77 pp6 q
WWayfair Inc.2.77%273,214$86Mnew+2.77 ppnew
TPRTapestry, Inc.2.65%1,998,647$82Mnew+2.65 ppnew
FTCHQFarfetch Limited A2.50%1,461,878$78Madded×4.5+1.11 pp2 q
MUMicron Technology, Inc.2.40%845,902$75Madded+60%−0.25 pp6 q
DISThe Walt Disney Company2.37%399,320$74Madded+53%−0.76 pp6 q
LYFTLyft, Inc. Class A2.24%1,097,700$69Madded×2.1+0.53 pp2 q
DECKDeckers Outdoor Corp2.08%195,400$65Madded+4%−1.50 pp3 q
CARGCarGurus, Inc. Class A2.05%2,667,368$64Madded×2.1−0.65 pp2 q
EAElectronic Arts Inc1.60%367,300$50Mnew+1.60 ppnew
DTDynatrace, Inc.1.55%1,000,100$48Madded+21%−0.83 pp2 q
WOOFoot Locker Inc1.51%831,600$47Mnew+1.51 ppnew
WYNNWynn Resorts Ltd1.50%370,700$46Madded+16%−0.90 pp2 q
ZENZendesk Inc1.50%352,000$47Madded+12%−1.49 pp3 q
PAGSPagSeguro Digital Ltd.1.33%893,303$41Madded+40%−1.07 pp2 q
NTNXNutanix, Inc. Class A1.31%1,528,600$41Mnew+1.31 ppnew
PLNTPlanet Fitness, Inc.1.30%521,200$40Mnew+1.30 ppnew
unresolvedIi-Vi Inc1.30%590,800$40Mnew+1.30 ppnew
MGMMgm Resorts International1.24%1,016,500$39Mnew+1.24 ppnew
SAMBoston Beer Company1.13%29,100$35Mtrimmed−18%−1.20 pp4 q
TWLOTwilio Inc.1.12%102,335$35Madded×2.4+0.16 pp6 q
AIYActivision Blizzard Inc1.03%343,146$32Mtrimmed−38%−2.41 pp6 q
TSLATesla, Inc.0.97%45,288$30Mheld—6 q
SONOSonos, Inc.0.91%755,300$28Mheld—4 q
RDFNRedfin Corporation0.85%393,896$26Madded+16%−0.69 pp6 q
MARMarriott International Class A0.84%177,000$26Mtrimmed−34%−1.51 pp2 q
RVLVRevolve Group, Inc.0.78%535,500$24Mtrimmed−5%−0.39 pp2 q
INTCIntel Corp0.75%362,200$23Mnew+0.75 ppnew
TRIPTripAdvisor, Inc.0.73%419,000$23Mnew+0.73 ppnew
CMRCCommerce.com, Inc. Series 10.68%366,700$21Mnew+0.68 ppnew
LAMRLamar Advertising Co0.52%172,400$16Mnew+0.52 ppnew
DRIDarden Restaurants, Inc.0.48%105,800$15Mnew+0.48 ppnew
PARPAR Technology Corp.0.48%227,589$15Mtrimmed−54%−1.58 pp5 q
ACVAACV Auctions Inc.0.37%330,000$11Mnew+0.37 ppnew
ROKURoku, Inc. Class A0.35%33,485$11Mtrimmed−63%−1.65 pp6 q
PSFEPaysafe Limited0.35%800,000$11Mnew+0.35 ppnew
unresolvedAltimeter Growth Corp0.16%400,000$5Mheld—2 q
FISVFiserv, Inc.—−652,600—exited−4.93 pp—
TREELendingTree, Inc.—−248,700—exited−4.52 pp—
SNAPSnap Inc.—−962,427—exited−3.20 pp—
PINSPinterest, Inc. Class A—−626,800—exited−2.74 pp—
WHWyndham Hotels & Resorts, Inc.—−484,200—exited−1.91 pp—
RSIRush Street Interactive, Inc.—−1,000,000—exited−1.44 pp—
NETCloudflare, Inc. Class A, par value $0.001 per share—−203,400—exited−1.03 pp—
ANFAbercrombie & Fitch Co.—−732,000—exited−0.99 pp—

Other 13(f) securities

Options 6

Contract% of notionalSharesNotional
SPY PUT50.65%1,700,000$674M
QQQ PUT35.99%1,500,000$479M
TWTR CALL4.78%1,000,000$64M
MSFT CALL4.26%240,400$57M
W CALL3.08%130,000$41M
TJX CALL1.24%250,000$17M

Notes 0

None in this filing

Source

Form
13F-HR/A
Reading
0 defects · 2 unresolved
Accession
0001777813-21-000006
Notes
none in this filing
SEC cross-check
SEC data set not published yet