Atreides Management

Q4 2021 13F · by Gavin Baker, founder

As of: Dec 31, 2021
Filed: Feb 14, 2022
US stock: $3.2B · prev $3.9B
Positions: 35 · prev 37
Options notional: $38M
Documents: 1· no amendments

Picture98.8% US stock

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

US stock listed on a US exchange 98.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 1.2%

Moves49 since the prior filing

+46.1 pp in · −46.1 pp out

New 10 +23.38 pp
Added 13 +22.73 pp
Trimmed 9 −11.21 pp
Exited 12 −34.89 pp

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

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 175% a year, about 0.6 years per position

Low
Moderate
High

Top 5 positions34% of US stock

AMZN Amazon.Com Inc added+7.04 pp added+7.0410.3%
INTC Intel Corp new+6.78 pp new+6.786.8%
AEO American Eagle Outfitters trimmed+0.36 pp trimmed+0.366.1%
OKTA Okta, Inc. Class A new+5.52 pp new+5.525.5%
TWLO Twilio Inc. added+2.21 pp added+2.215.5%

Positions35 in this filing · 12 exited


AMZNAmazon.Com Inc	10.27%	97,446	$325M	added×2.5	+7.04 pp	3 q
INTCIntel Corp	6.78%	4,165,110	$215M	new	+6.78 pp	new
AEOAmerican Eagle Outfitters	6.06%	7,563,888	$192M	trimmed−12%	+0.36 pp	6 q
OKTAOkta, Inc. Class A	5.52%	779,392	$175M	new	+5.52 pp	new
TWLOTwilio Inc.	5.49%	659,353	$174M	added+64%	+2.21 pp	9 q
DISHDISH Network Corp.	5.32%	5,187,126	$168M	added+11%	+0.13 pp	6 q
DKSDick's Sporting Goods, Inc.	4.69%	1,289,398	$148M	trimmed−60%	−5.21 pp	5 q
XYZBlock, Inc.	4.56%	893,292	$144M	new	+4.56 pp	new
UBERUber Technologies, Inc.	4.55%	3,429,612	$144M	trimmed−53%	−3.80 pp	6 q
MUMicron Technology, Inc.	4.33%	1,469,677	$137M	added×2.1	+3.04 pp	9 q
GOOGLAlphabet Inc. Class A	4.32%	47,115	$136M	added+94%	+2.66 pp	3 q
ROKURoku, Inc. Class A	3.89%	539,765	$123M	added×8.7	+3.39 pp	9 q
MAMastercard Incorporated	3.82%	336,645	$121M	new	+3.82 pp	new
DISThe Walt Disney Company	3.59%	733,927	$114M	trimmed−8%	+0.13 pp	9 q
DECKDeckers Outdoor Corp	3.19%	275,512	$101M	added+31%	+1.25 pp	6 q
CZRCaesars Entertainment, Inc.	3.00%	1,012,755	$95M	added+54%	+1.11 pp	2 q
TGTTarget Corporation	3.00%	410,151	$95M	added+14%	+0.89 pp	7 q
MGMMgm Resorts International	2.90%	2,042,504	$92M	trimmed−23%	−0.04 pp	4 q
COINCoinbase Global, Inc. Class A	2.21%	276,938	$70M	trimmed−40%	−0.48 pp	3 q
FWONKLiberty Media Corporation Series C Liberty Formula One	2.00%	1,001,538	$63M	trimmed−33%	+0.03 pp	3 q
WWayfair Inc.	1.88%	312,968	$59M	added+4%	−0.10 pp	4 q
TSLATesla, Inc.	1.66%	49,788	$53M	added+10%	+0.76 pp	9 q
DLODLocal Limited Class A	1.40%	1,244,736	$44M	new	+1.40 pp	new
ESTCElastic N.V.	1.24%	318,648	$39M	trimmed−52%	−1.31 pp	3 q
TTWOTake-Two Interactive Software Inc	1.22%	217,695	$39M	trimmed−59%	−0.89 pp	2 q
ACVAACV Auctions Inc.	1.17%	1,956,573	$37M	added+5%	+0.31 pp	4 q
GRABGrab Holdings Limited Class A	0.66%	2,940,660	$21M	new	+0.66 pp	new
PTONPeloton Interactive, Inc. Class A	0.37%	323,120	$12M	new	+0.37 pp	new
JOBYJoby Aviation, Inc.	0.23%	1,000,000	$7M	held	—	2 q
HCPHashiCorp, Inc. Class A	0.22%	75,000	$7M	new	+0.22 pp	new
TBLATaboola.com Ltd.	0.18%	725,000	$6M	held	—	3 q
unresolvedCatalyst Partnrs Acquisitn C	0.17%	550,473	$6M	added+6%	+0.04 pp	3 q
unresolvedBird Global Inc	0.04%	219,451	$1M	new	+0.04 pp	new
unresolvedOwlet Inc	0.04%	500,000	$1M	held	—	2 q
GRABWGrab Holdings Limited	0.01%	88,131	$186,000	new	+0.01 pp	new
PENNPENN Entertainment, Inc.	—	−4,836,746	—	exited	−8.98 pp	—
TWTRTwitter, Inc.	—	−5,796,159	—	exited	−8.97 pp	—
MTCHMatch Group, Inc	—	−770,203	—	exited	−3.10 pp	—
PLANAnaplan, Inc.	—	−1,911,008	—	exited	−2.98 pp	—
EAElectronic Arts Inc	—	−717,562	—	exited	−2.61 pp	—
GDRXGoodRx Holdings, Inc. Class A	—	−2,313,994	—	exited	−2.43 pp	—
unresolvedIi-Vi Inc	—	−1,539,633	—	exited	−2.34 pp	—
DTDynatrace, Inc.	—	−1,143,407	—	exited	−2.08 pp	—
ZZillow Group, Inc. Class C	—	−477,469	—	exited	−1.08 pp	—
OLPXOlaplex Hldgs Inc	—	−200,000	—	exited	−0.13 pp	—
unresolvedAltimeter Growth Corp	—	−416,057	—	exited	−0.11 pp	—
MRVLMarvell Technology, Inc.	—	−51,071	—	exited	−0.08 pp	—