Atreides Management

Q2 2021 13F · by Gavin Baker, founder

As of: Jun 30, 2021
Filed: Aug 16, 2021
US stock: $3.9B · prev $3.1B
Positions: 41 · prev 47
Options notional: $1.7B
Documents: 1· no amendments

Picture69.9% US stock

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

US stock listed on a US exchange 69.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 22.2%
Calls at notional value 8.0%

Moves67 since the prior filing

+34.3 pp in · −34.1 pp out

New 13 +21.68 pp
Added 18 +12.61 pp
Trimmed 9 −10.38 pp
Exited 19 −23.72 pp

Options: 8 moves on a notional base, in the table below.

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 173% a year, about 0.6 years per position

Low
Moderate
High

Top 5 positions35% of US stock

TWTR Twitter, Inc. added+0.18 pp added+0.189.8%
AEO American Eagle Outfitters added+1.64 pp added+1.648.0%
DKS Dick's Sporting Goods, Inc. added+1.27 pp added+1.277.4%
AMD Advanced Micro Devices trimmed−2.93 pp trimmed−2.934.7%
DISH DISH Network Corp. added+0.52 pp added+0.524.7%

Positions41 in this filing · 19 exited


TWTRTwitter, Inc.	9.83%	5,586,391	$384M	added+19%	+0.18 pp	2 q
AEOAmerican Eagle Outfitters	8.04%	8,383,173	$315M	added+23%	+1.64 pp	4 q
DKSDick's Sporting Goods, Inc.	7.41%	2,892,421	$290M	added+16%	+1.27 pp	3 q
AMDAdvanced Micro Devices	4.73%	1,970,339	$185M	trimmed−35%	−2.93 pp	2 q
DISHDISH Network Corp.	4.68%	4,382,034	$183M	added+23%	+0.52 pp	4 q
SAMBoston Beer Company	4.51%	172,628	$176M	added×5.9	+3.38 pp	5 q
DISThe Walt Disney Company	4.51%	1,004,465	$177M	added×2.5	+2.14 pp	7 q
AMZNAmazon.Com Inc	4.19%	47,594	$164M	new	+4.19 pp	new
EAElectronic Arts Inc	3.41%	927,311	$133M	added×2.5	+1.81 pp	2 q
XYZBlock, Inc.	3.25%	521,501	$127M	added+33%	+0.38 pp	7 q
GDRXGoodRx Holdings, Inc. Class A	3.16%	3,431,895	$124M	new	+3.16 pp	new
unresolvedIi-Vi Inc	2.86%	1,541,909	$112M	added×2.6	+1.56 pp	2 q
COINCoinbase Global, Inc. Class A	2.71%	418,400	$106M	new	+2.71 pp	new
TGTTarget Corporation	2.70%	437,439	$106M	trimmed−35%	−1.60 pp	5 q
NFLXNetFlix Inc	2.61%	193,487	$102M	new	+2.61 pp	new
UBERUber Technologies, Inc.	2.59%	2,021,276	$101M	added+21%	−0.34 pp	4 q
DECKDeckers Outdoor Corp	2.49%	253,795	$97M	added+30%	+0.41 pp	4 q
WWayfair Inc.	2.39%	296,264	$94M	added+8%	−0.38 pp	2 q
MUMicron Technology, Inc.	2.14%	986,162	$84M	added+17%	−0.26 pp	7 q
ESTCElastic N.V.	2.14%	575,303	$84M	new	+2.14 pp	new
TPRTapestry, Inc.	1.93%	1,737,974	$76M	trimmed−13%	−0.72 pp	2 q
GOOGLAlphabet Inc. Class A	1.92%	30,709	$75M	new	+1.92 pp	new
DTDynatrace, Inc.	1.85%	1,241,099	$73M	added+24%	+0.30 pp	3 q
FWONKLiberty Media Corporation Series C Liberty Formula One	1.85%	1,497,495	$72M	new	+1.85 pp	new
ZZillow Group, Inc. Class C	1.53%	491,078	$60M	trimmed−48%	−2.45 pp	4 q
WIXWIX.com Ltd.	1.53%	206,782	$60M	trimmed−39%	−1.50 pp	2 q
ZMZoom Communications, Inc. Class A	1.44%	145,913	$56M	new	+1.44 pp	new
NTNXNutanix, Inc. Class A	1.23%	1,255,075	$48M	trimmed−18%	−0.08 pp	2 q
SOFISoFi Technologies, Inc.	1.23%	2,500,000	$48M	new	+1.23 pp	new
MGMMgm Resorts International	0.91%	835,890	$36M	trimmed−18%	−0.33 pp	2 q
TSLATesla, Inc.	0.79%	45,288	$31M	held	—	7 q
TWLOTwilio Inc.	0.77%	76,695	$30M	trimmed−25%	−0.35 pp	7 q
ROKURoku, Inc. Class A	0.73%	61,769	$28M	added+84%	+0.38 pp	7 q
SONOSonos, Inc.	0.71%	785,620	$28M	added+4%	−0.20 pp	5 q
RDFNRedfin Corporation	0.43%	266,328	$17M	trimmed−32%	−0.42 pp	7 q
ACVAACV Auctions Inc.	0.22%	343,247	$9M	added+4%	−0.15 pp	2 q
TBLATaboola.com Ltd.	0.19%	725,000	$8M	new	+0.19 pp	new
unresolvedAltimeter Growth Corp	0.13%	416,057	$5M	added+4%	−0.03 pp	3 q
unresolvedCatalyst Partnrs Acquisitn C	0.13%	520,072	$5M	new	+0.13 pp	new
MRVLMarvell Technology, Inc.	0.08%	51,071	$3M	new	+0.08 pp	new
SSentinelOne, Inc.	0.03%	25,000	$1M	new	+0.03 pp	new
TJXTJX Companies, Inc. (The)	—	−1,478,800	—	exited	−3.15 pp	—
FTCHQFarfetch Limited A	—	−1,461,878	—	exited	−2.50 pp	—
LYFTLyft, Inc. Class A	—	−1,097,700	—	exited	−2.24 pp	—
CARGCarGurus, Inc. Class A	—	−2,667,368	—	exited	−2.05 pp	—
WOOFoot Locker Inc	—	−831,600	—	exited	−1.51 pp	—
WYNNWynn Resorts Ltd	—	−370,700	—	exited	−1.50 pp	—
ZENZendesk Inc	—	−352,000	—	exited	−1.50 pp	—
PAGSPagSeguro Digital Ltd.	—	−893,303	—	exited	−1.33 pp	—
PLNTPlanet Fitness, Inc.	—	−521,200	—	exited	−1.30 pp	—
AIYActivision Blizzard Inc	—	−343,146	—	exited	−1.03 pp	—
MARMarriott International Class A	—	−177,000	—	exited	−0.84 pp	—
RVLVRevolve Group, Inc.	—	−535,500	—	exited	−0.78 pp	—
INTCIntel Corp	—	−362,200	—	exited	−0.75 pp	—
TRIPTripAdvisor, Inc.	—	−419,000	—	exited	−0.73 pp	—
CMRCCommerce.com, Inc. Series 1	—	−366,700	—	exited	−0.68 pp	—
LAMRLamar Advertising Co	—	−172,400	—	exited	−0.52 pp	—
DRIDarden Restaurants, Inc.	—	−105,800	—	exited	−0.48 pp	—
PARPAR Technology Corp.	—	−227,589	—	exited	−0.48 pp	—
PSFEPaysafe Limited	—	−800,000	—	exited	−0.35 pp	—