Atreides Management

Q1 2023 13F · by Gavin Baker, founder

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $2.8B · prev $2.5B
Positions: 30 · prev 34
Options notional: $450M
Documents: 1· no amendments

Picture86.2% US stock

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

US stock listed on a US exchange 86.2%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 9.4%
Calls at notional value 4.3%

Moves44 since the prior filing

+34.5 pp in · −34.1 pp out

New 9 +21.13 pp
Added 11 +13.37 pp
Trimmed 7 −8.30 pp
Exited 13 −25.80 pp

Options: 4 moves on a notional base, in the table below.

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 154% a year, about 0.7 years per position

Low
Moderate
High

Top 5 positions42% of US stock

AMD Advanced Micro Devices added+4.17 pp added+4.1713.5%
DKS Dick's Sporting Goods, Inc. added+0.69 pp added+0.698.4%
MRVL Marvell Technology, Inc. added+1.75 pp added+1.757.9%
P Everpure, Inc. added+2.60 pp added+2.606.6%
RH Rh new+6.04 pp new+6.046.0%

Positions30 in this filing · 13 exited


AMDAdvanced Micro Devices	13.46%	3,867,761	$379M	added+6%	+4.17 pp	3 q
DKSDick's Sporting Goods, Inc.	8.39%	1,664,889	$236M	added+3%	+0.69 pp	10 q
MRVLMarvell Technology, Inc.	7.94%	5,161,271	$223M	added+22%	+1.75 pp	3 q
PEverpure, Inc.	6.58%	7,261,847	$185M	added+93%	+2.60 pp	3 q
RHRh	6.04%	698,553	$170M	new	+6.04 pp	new
DECKDeckers Outdoor Corp	5.25%	329,013	$148M	trimmed−3%	−0.09 pp	11 q
ACVAACV Auctions Inc.	4.70%	10,260,409	$132M	added+1%	+1.41 pp	9 q
AMZNAmazon.Com Inc	4.61%	1,257,295	$130M	added×2.6	+3.01 pp	8 q
BBWIBath & Body Works, Inc.	4.27%	3,286,878	$120M	added+19%	−0.32 pp	3 q
MGMMgm Resorts International	4.01%	2,542,579	$113M	trimmed−22%	−0.32 pp	9 q
CRWDCrowdStrike Holdings, Inc. Class A	3.65%	748,490	$103M	new	+3.65 pp	new
TSLATesla, Inc.	3.40%	461,552	$96M	trimmed−32%	+0.13 pp	14 q
DDOGDatadog, Inc. Class A	3.32%	1,287,691	$94M	new	+3.32 pp	new
CFLTConfluent, Inc. Class A	3.28%	3,830,805	$92M	new	+3.28 pp	new
CZRCaesars Entertainment, Inc.	2.89%	1,665,096	$81M	added+12%	+0.44 pp	7 q
BILLBILL Holdings, Inc.	2.82%	979,474	$79M	added+41%	−0.15 pp	5 q
MTNVail Resorts, Inc.	2.71%	326,300	$76M	added+1%	−0.33 pp	5 q
FWONKLiberty Media Corporation Series C Liberty Formula One	2.49%	938,049	$70M	trimmed−28%	−0.58 pp	8 q
METAMeta Platforms, Inc. Class A	2.15%	285,474	$61M	trimmed−78%	−4.11 pp	4 q
MUMicron Technology, Inc.	1.97%	920,958	$56M	new	+1.97 pp	new
PINSPinterest, Inc. Class A	1.65%	1,707,789	$47M	new	+1.65 pp	new
HHyatt Hotels Corporation	1.52%	382,367	$43M	trimmed−40%	−0.76 pp	5 q
MSFTMicrosoft Corp	0.77%	75,423	$22M	new	+0.77 pp	new
unresolvedSonder Holdings Inc	0.54%	20,252,480	$15M	held	—	5 q
WWayfair Inc.	0.47%	387,966	$13M	added+36%	+0.10 pp	9 q
TTWOTake-Two Interactive Software Inc	0.41%	96,251	$11M	trimmed−87%	−2.57 pp	7 q
BCBrunswick Corporation	0.37%	127,973	$10M	new	+0.37 pp	new
JOBYJoby Aviation, Inc.	0.15%	1,000,000	$4M	held	—	7 q
AMPLAmplitude, Inc. Class A	0.08%	186,875	$2M	new	+0.08 pp	new
TBLATaboola.com Ltd.	0.07%	725,000	$2M	held	—	8 q
XYZBlock, Inc.	—	−2,530,586	—	exited	−6.27 pp	—
HUBSHubspot, Inc.	—	−266,315	—	exited	−3.04 pp	—
LVSLas Vegas Sands Corp.	—	−1,145,413	—	exited	−2.17 pp	—
NVDANvidia Corp	—	−370,529	—	exited	−2.14 pp	—
DISHDISH Network Corp.	—	−3,811,122	—	exited	−2.11 pp	—
ONONOn Holding AG	—	−3,123,903	—	exited	−2.11 pp	—
PCORProcore Technologies, Inc.	—	−1,060,641	—	exited	−1.97 pp	—
INTUIntuit Inc	—	−123,830	—	exited	−1.90 pp	—
MQMarqeta, Inc. Class A	—	−6,988,353	—	exited	−1.68 pp	—
TEAMAtlassian Corporation Class A	—	−255,230	—	exited	−1.29 pp	—
IOTSamsara Inc.	—	−1,510,436	—	exited	−0.74 pp	—
unresolvedCatalyst Partnrs Acquisitn C	—	−546,328	—	exited	−0.22 pp	—
OPENOpendoor Technologies Inc	—	−3,426,887	—	exited	−0.16 pp	—