Atreides Management

Q1 2022 13F · by Gavin Baker, founder

As of: Mar 31, 2022
Filed: May 16, 2022
US stock: $2.8B · prev $3.2B
Positions: 36 · prev 35
Options notional: $440M
Documents: 1· no amendments

Picture86.5% US stock

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

US stock listed on a US exchange 86.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 12.7%
Calls at notional value 0.8%

Moves45 since the prior filing

+43.2 pp in · −43.2 pp out

New 10 +28.58 pp
Added 13 +14.66 pp
Trimmed 10 −14.93 pp
Exited 9 −28.30 pp

Options: 3 moves on a notional base, in the table below.

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 187% a year, about 0.5 years per position

Low
Moderate
High

Top 5 positions41% of US stock

Positions36 in this filing · 9 exited


AMZNAmazon.Com Inc	10.36%	89,182	$291M	trimmed−8%	+0.09 pp	4 q
GOOGLAlphabet Inc. Class A	9.61%	96,938	$270M	added×2.1	+5.29 pp	4 q
TTWOTake-Two Interactive Software Inc	8.64%	1,576,211	$242M	added×7.2	+7.42 pp	3 q
CRWDCrowdStrike Holdings, Inc. Class A	6.79%	839,221	$191M	new	+6.79 pp	new
ABNBAirbnb, Inc. Class A	5.89%	962,909	$165M	new	+5.89 pp	new
TWLOTwilio Inc.	4.73%	805,081	$133M	added+22%	−0.76 pp	10 q
DISHDISH Network Corp.	4.65%	4,125,065	$131M	trimmed−20%	−0.67 pp	7 q
AEOAmerican Eagle Outfitters	3.71%	6,191,187	$104M	trimmed−18%	−2.35 pp	7 q
DECKDeckers Outdoor Corp	3.61%	369,763	$101M	added+34%	+0.42 pp	7 q
XYZBlock, Inc.	3.30%	683,646	$93M	trimmed−23%	−1.26 pp	2 q
CZRCaesars Entertainment, Inc.	3.18%	1,153,994	$89M	added+14%	+0.18 pp	3 q
HHyatt Hotels Corporation	3.17%	931,762	$89M	new	+3.17 pp	new
MTNVail Resorts, Inc.	3.13%	336,998	$88M	new	+3.13 pp	new
MARMarriott International Class A	3.03%	484,282	$85M	new	+3.03 pp	new
DLODLocal Limited Class A	2.86%	2,569,174	$80M	added×2.1	+1.46 pp	2 q
SNAPSnap Inc.	2.64%	2,055,814	$74M	new	+2.64 pp	new
FWONKLiberty Media Corporation Series C Liberty Formula One	2.31%	927,478	$65M	trimmed−7%	+0.31 pp	4 q
BILLBILL Holdings, Inc.	2.03%	251,312	$57M	new	+2.03 pp	new
COINCoinbase Global, Inc. Class A	1.97%	291,035	$55M	added+5%	−0.24 pp	4 q
ESTCElastic N.V.	1.95%	616,374	$55M	added+93%	+0.71 pp	4 q
TSLATesla, Inc.	1.93%	50,344	$54M	added+1%	+0.27 pp	10 q
ACVAACV Auctions Inc.	1.70%	3,229,455	$48M	added+65%	+0.53 pp	5 q
DKSDick's Sporting Goods, Inc.	1.60%	448,583	$45M	trimmed−65%	−3.09 pp	6 q
MUMicron Technology, Inc.	1.41%	507,808	$40M	trimmed−65%	−2.92 pp	10 q
unresolvedSonder Holdings Inc	1.26%	7,466,070	$35M	new	+1.26 pp	new
WWayfair Inc.	1.25%	317,677	$35M	added+2%	−0.63 pp	5 q
MGMMgm Resorts International	1.13%	759,177	$32M	trimmed−63%	−1.77 pp	5 q
ROKURoku, Inc. Class A	0.70%	157,383	$20M	trimmed−71%	−3.19 pp	10 q
IOTSamsara Inc.	0.38%	662,462	$11M	new	+0.38 pp	new
unresolvedStarry Group Holdings Inc	0.26%	866,667	$7M	new	+0.26 pp	new
JOBYJoby Aviation, Inc.	0.24%	1,000,000	$7M	held	—	3 q
unresolvedCatalyst Partnrs Acquisitn C	0.20%	558,050	$6M	added+1%	+0.03 pp	4 q
HCPHashiCorp, Inc. Class A	0.14%	74,792	$4M	trimmed−0%	−0.08 pp	2 q
TBLATaboola.com Ltd.	0.13%	725,000	$4M	held	—	4 q
unresolvedOwlet Inc	0.08%	500,000	$2M	held	—	3 q
unresolvedBird Global Inc	0.02%	220,937	$541,000	added+1%	−0.02 pp	2 q
INTCIntel Corp	—	−4,165,110	—	exited	−6.78 pp	—
OKTAOkta, Inc. Class A	—	−779,392	—	exited	−5.52 pp	—
UBERUber Technologies, Inc.	—	−3,429,612	—	exited	−4.55 pp	—
MAMastercard Incorporated	—	−336,645	—	exited	−3.82 pp	—
DISThe Walt Disney Company	—	−733,927	—	exited	−3.59 pp	—
TGTTarget Corporation	—	−410,151	—	exited	−3.00 pp	—
GRABGrab Holdings Limited Class A	—	−2,940,660	—	exited	−0.66 pp	—
PTONPeloton Interactive, Inc. Class A	—	−323,120	—	exited	−0.37 pp	—
GRABWGrab Holdings Limited	—	−88,131	—	exited	−0.01 pp	—