Atreides Management

Q2 2023 13F · by Gavin Baker, founder

As of: Jun 30, 2023
Filed: Aug 14, 2023
US stock: $3.3B · prev $2.8B
Positions: 31 · prev 30
Options notional: $600M
Documents: 1· no amendments

Picture84.6% US stock

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

US stock listed on a US exchange 84.6%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 14.2%
Calls at notional value 1.2%

Moves40 since the prior filing

+39.7 pp in · −39.6 pp out

New 7 +25.21 pp
Added 10 +14.48 pp
Trimmed 11 −26.26 pp
Exited 6 −13.36 pp

Options: 6 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 · 208% a year, about 0.5 years per position

Low
Moderate
High

Top 5 positions39% of US stock

RH Rh added+4.53 pp added+4.5310.6%
P Everpure, Inc. added+2.25 pp added+2.258.8%
PYPL PayPal Holdings, Inc. new+7.74 pp new+7.747.7%
BBWI Bath & Body Works, Inc. added+2.15 pp added+2.156.4%
XYZ Block, Inc. new+5.43 pp new+5.435.4%

Positions31 in this filing · 6 exited


RHRh	10.57%	1,056,497	$348M	added+51%	+4.53 pp	2 q
PEverpure, Inc.	8.83%	7,894,109	$291M	added+9%	+2.25 pp	4 q
PYPLPayPal Holdings, Inc.	7.74%	3,819,109	$255M	new	+7.74 pp	new
BBWIBath & Body Works, Inc.	6.42%	5,641,028	$212M	added+72%	+2.15 pp	4 q
XYZBlock, Inc.	5.43%	2,686,912	$179M	new	+5.43 pp	new
ACVAACV Auctions Inc.	5.37%	10,234,723	$177M	trimmed−0%	+0.67 pp	10 q
CRWDCrowdStrike Holdings, Inc. Class A	4.84%	1,084,254	$159M	added+45%	+1.19 pp	2 q
CFLTConfluent, Inc. Class A	4.30%	4,007,143	$141M	added+5%	+1.02 pp	2 q
AMDAdvanced Micro Devices	4.14%	1,197,173	$136M	trimmed−69%	−9.32 pp	4 q
AMZNAmazon.Com Inc	4.13%	1,043,541	$136M	trimmed−17%	−0.48 pp	9 q
SESea Limited	3.71%	2,106,432	$122M	new	+3.71 pp	new
DKSDick's Sporting Goods, Inc.	3.65%	909,685	$120M	trimmed−45%	−4.74 pp	11 q
DECKDeckers Outdoor Corp	3.47%	216,414	$114M	trimmed−34%	−1.78 pp	12 q
MRVLMarvell Technology, Inc.	2.92%	1,608,797	$96M	trimmed−69%	−5.02 pp	4 q
PINSPinterest, Inc. Class A	2.79%	3,366,448	$92M	added+97%	+1.14 pp	2 q
PLNTPlanet Fitness, Inc.	2.50%	1,220,212	$82M	new	+2.50 pp	new
ESTCElastic N.V.	2.39%	1,229,740	$79M	new	+2.39 pp	new
MGMMgm Resorts International	2.37%	1,777,470	$78M	trimmed−30%	−1.64 pp	10 q
MUMicron Technology, Inc.	2.34%	1,223,167	$77M	added+33%	+0.37 pp	2 q
BILLBILL Holdings, Inc.	2.07%	583,905	$68M	trimmed−40%	−0.75 pp	6 q
WWayfair Inc.	1.88%	954,274	$62M	added×2.5	+1.41 pp	10 q
LVSLas Vegas Sands Corp.	1.86%	1,056,827	$61M	new	+1.86 pp	new
HPEHewlett Packard Enterprise Company	1.58%	3,101,513	$52M	new	+1.58 pp	new
TSLATesla, Inc.	1.48%	186,255	$49M	trimmed−60%	−1.92 pp	15 q
FWONKLiberty Media Corporation Series C Liberty Formula One	1.34%	585,310	$44M	trimmed−38%	−1.15 pp	9 q
BCBrunswick Corporation	0.63%	239,761	$21M	added+87%	+0.26 pp	2 q
unresolvedSonder Holdings Inc	0.33%	20,252,480	$11M	held	—	6 q
JOBYJoby Aviation, Inc.	0.31%	1,000,000	$10M	held	—	8 q
TTWOTake-Two Interactive Software Inc	0.28%	62,025	$9M	trimmed−36%	−0.13 pp	8 q
AMPLAmplitude, Inc. Class A	0.24%	727,480	$8M	added×3.9	+0.16 pp	2 q
TBLATaboola.com Ltd.	0.07%	725,000	$2M	held	—	9 q
DDOGDatadog, Inc. Class A	—	−1,287,691	—	exited	−3.32 pp	—
CZRCaesars Entertainment, Inc.	—	−1,665,096	—	exited	−2.89 pp	—
MTNVail Resorts, Inc.	—	−326,300	—	exited	−2.71 pp	—
METAMeta Platforms, Inc. Class A	—	−285,474	—	exited	−2.15 pp	—
HHyatt Hotels Corporation	—	−382,367	—	exited	−1.52 pp	—
MSFTMicrosoft Corp	—	−75,423	—	exited	−0.77 pp	—