Atreides Management

Q3 2023 13F · by Gavin Baker, founder

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $2.9B · prev $3.3B
Positions: 27 · prev 31
Options notional: $183M
Documents: 1· no amendments

Picture94.0% US stock

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

US stock listed on a US exchange 94.0%
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 6.0%

Moves42 since the prior filing

+38.2 pp in · −38.1 pp out

New 9 +22.23 pp
Added 7 +15.95 pp
Trimmed 9 −9.99 pp
Exited 13 −28.08 pp

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

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 182% a year, about 0.6 years per position

Low
Moderate
High

Top 5 positions51% of US stock

AMD Advanced Micro Devices added+8.10 pp added+8.1012.2%
SE Sea Limited added+7.12 pp added+7.1210.8%
RH Rh added−0.83 pp added−0.839.7%
P Everpure, Inc. trimmed+0.82 pp trimmed+0.829.7%
PYPL PayPal Holdings, Inc. added+0.75 pp added+0.758.5%

Positions27 in this filing · 13 exited


AMDAdvanced Micro Devices	12.24%	3,422,730	$352M	added×2.9	+8.10 pp	5 q
SESea Limited	10.83%	7,084,934	$311M	added×3.4	+7.12 pp	2 q
RHRh	9.74%	1,059,872	$280M	added0%	−0.83 pp	3 q
PEverpure, Inc.	9.65%	7,793,214	$278M	trimmed−1%	+0.82 pp	5 q
PYPLPayPal Holdings, Inc.	8.49%	4,174,520	$244M	added+9%	+0.75 pp	2 q
MSFTMicrosoft Corp	7.13%	649,162	$205M	new	+7.13 pp	new
ACVAACV Auctions Inc.	5.72%	10,829,070	$164M	added+6%	+0.35 pp	11 q
GOOGLAlphabet Inc. Class A	5.65%	1,240,957	$162M	new	+5.65 pp	new
BBWIBath & Body Works, Inc.	5.22%	4,442,150	$150M	trimmed−21%	−1.20 pp	5 q
METAMeta Platforms, Inc. Class A	3.94%	377,380	$113M	new	+3.94 pp	new
XYZBlock, Inc.	3.44%	2,233,572	$99M	trimmed−17%	−1.99 pp	2 q
CFLTConfluent, Inc. Class A	3.10%	3,013,352	$89M	trimmed−25%	−1.20 pp	3 q
CIENCiena Corporation	2.71%	1,647,965	$78M	new	+2.71 pp	new
WWayfair Inc.	2.05%	971,206	$59M	added+2%	+0.17 pp	11 q
CRWDCrowdStrike Holdings, Inc. Class A	1.79%	307,827	$52M	trimmed−72%	−3.05 pp	3 q
TSLATesla, Inc.	1.77%	202,989	$51M	added+9%	+0.29 pp	16 q
MUMicron Technology, Inc.	1.67%	705,463	$48M	trimmed−42%	−0.67 pp	3 q
LVSLas Vegas Sands Corp.	1.20%	750,088	$34M	trimmed−29%	−0.66 pp	2 q
HCPHashiCorp, Inc. Class A	1.09%	1,375,964	$31M	new	+1.09 pp	new
FWONKLiberty Media Corporation Series C	0.95%	440,596	$27M	new	+0.95 pp	new
MGMMgm Resorts International	0.53%	414,688	$15M	trimmed−77%	−1.84 pp	11 q
SONDQSonder Holdings Inc A	0.29%	1,012,621	$8M	new	+0.29 pp	new
HASHasbro, Inc.	0.27%	116,319	$8M	new	+0.27 pp	new
JOBYJoby Aviation, Inc.	0.22%	1,000,000	$6M	held	—	9 q
COHRCoherent Corp.	0.20%	178,293	$6M	new	+0.20 pp	new
TBLATaboola.com Ltd.	0.10%	725,000	$3M	held	—	10 q
AMPLAmplitude, Inc. Class A	0.04%	93,209	$1M	trimmed−87%	−0.20 pp	3 q
AMZNAmazon.Com Inc	—	−1,043,541	—	exited	−4.13 pp	—
DKSDick's Sporting Goods, Inc.	—	−909,685	—	exited	−3.65 pp	—
DECKDeckers Outdoor Corp	—	−216,414	—	exited	−3.47 pp	—
MRVLMarvell Technology, Inc.	—	−1,608,797	—	exited	−2.92 pp	—
PINSPinterest, Inc. Class A	—	−3,366,448	—	exited	−2.79 pp	—
PLNTPlanet Fitness, Inc.	—	−1,220,212	—	exited	−2.50 pp	—
ESTCElastic N.V.	—	−1,229,740	—	exited	−2.39 pp	—
BILLBILL Holdings, Inc.	—	−583,905	—	exited	−2.07 pp	—
HPEHewlett Packard Enterprise Company	—	−3,101,513	—	exited	−1.58 pp	—
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−585,310	—	exited	−1.34 pp	—
BCBrunswick Corporation	—	−239,761	—	exited	−0.63 pp	—
unresolvedSonder Holdings Inc	—	−20,252,480	—	exited	−0.33 pp	—
TTWOTake-Two Interactive Software Inc	—	−62,025	—	exited	−0.28 pp	—