Atreides Management

Q4 2023 13F · by Gavin Baker, founder

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $2.8B · prev $2.9B
Positions: 32 · prev 27
Options notional: $263M
Documents: 1· no amendments

Picture91.4% US stock

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

US stock listed on a US exchange 91.4%
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 8.6%

Moves44 since the prior filing

+39.1 pp in · −39.0 pp out

New 14 +32.01 pp
Added 7 +7.08 pp
Trimmed 8 −15.39 pp
Exited 9 −23.58 pp

Options: 6 moves on a notional base, in the table below.

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 195% a year, about 0.5 years per position

Low
Moderate
High

Top 5 positions42% of US stock

RH Rh trimmed+1.24 pp trimmed+1.2411.0%
SE Sea Limited added+0.14 pp added+0.1411.0%
AMD Advanced Micro Devices trimmed−4.75 pp trimmed−4.757.5%
P Everpure, Inc. trimmed−2.61 pp trimmed−2.617.0%
ACVA ACV Auctions Inc. added+0.28 pp added+0.286.0%

Positions32 in this filing · 9 exited


RHRh	10.98%	1,048,016	$305M	trimmed−1%	+1.24 pp	4 q
SESea Limited	10.97%	7,535,472	$305M	added+6%	+0.14 pp	3 q
AMDAdvanced Micro Devices	7.49%	1,413,592	$208M	trimmed−59%	−4.75 pp	6 q
PEverpure, Inc.	7.04%	5,494,200	$196M	trimmed−30%	−2.61 pp	6 q
ACVAACV Auctions Inc.	6.00%	11,013,431	$167M	added+2%	+0.28 pp	12 q
TSLATesla, Inc.	4.99%	559,023	$139M	added×2.8	+3.22 pp	17 q
BBWIBath & Body Works, Inc.	4.65%	2,999,694	$129M	trimmed−32%	−0.57 pp	6 q
MAMastercard Incorporated	4.32%	281,589	$120M	new	+4.32 pp	new
CIENCiena Corporation	4.13%	2,550,380	$115M	added+55%	+1.42 pp	2 q
ORCLOracle Corp	3.31%	872,383	$92M	new	+3.31 pp	new
BILLBILL Holdings, Inc.	2.64%	898,479	$73M	new	+2.64 pp	new
SONYSony Group Corporation	2.52%	741,475	$70M	new	+2.52 pp	new
VEEVVeeva Systems Inc.	2.47%	356,492	$69M	new	+2.47 pp	new
JNPJuniper Networks Inc	2.45%	2,308,899	$68M	new	+2.45 pp	new
LOWLowe's Companies Inc.	2.45%	306,127	$68M	new	+2.45 pp	new
AMZNAmazon.Com Inc	2.31%	422,641	$64M	new	+2.31 pp	new
XYZBlock, Inc.	2.31%	830,124	$64M	trimmed−63%	−1.13 pp	3 q
TOSTToast, Inc.	2.19%	3,336,752	$61M	new	+2.19 pp	new
FWONKLiberty Media Corporation Series C	2.11%	930,885	$59M	added×2.1	+1.16 pp	2 q
FTNTFortinet, Inc.	2.01%	954,939	$56M	new	+2.01 pp	new
MSFTMicrosoft Corp	1.97%	145,649	$55M	trimmed−78%	−5.16 pp	2 q
CFLTConfluent, Inc. Class A	1.70%	2,026,773	$47M	trimmed−33%	−1.40 pp	4 q
NUNu Holdings Ltd.	1.70%	5,661,100	$47M	new	+1.70 pp	new
HCPHashiCorp, Inc. Class A	1.27%	1,489,724	$35M	added+8%	+0.18 pp	2 q
RBLXRoblox Corporation	1.26%	766,873	$35M	new	+1.26 pp	new
TTWOTake-Two Interactive Software Inc	1.22%	210,280	$34M	new	+1.22 pp	new
ULTAUlta Beauty, Inc.	1.16%	66,027	$32M	new	+1.16 pp	new
WWayfair Inc.	1.04%	467,593	$29M	trimmed−52%	−1.01 pp	12 q
COHRCoherent Corp.	0.88%	561,056	$24M	added×3.1	+0.68 pp	2 q
JOBYJoby Aviation, Inc.	0.24%	1,000,000	$7M	held	—	10 q
SONDQSonder Holdings Inc A	0.12%	1,012,621	$3M	held	—	2 q
TBLATaboola.com Ltd.	0.11%	725,000	$3M	held	—	11 q
PYPLPayPal Holdings, Inc.	—	−4,174,520	—	exited	−8.49 pp	—
GOOGLAlphabet Inc. Class A	—	−1,240,957	—	exited	−5.65 pp	—
METAMeta Platforms, Inc. Class A	—	−377,380	—	exited	−3.94 pp	—
CRWDCrowdStrike Holdings, Inc. Class A	—	−307,827	—	exited	−1.79 pp	—
MUMicron Technology, Inc.	—	−705,463	—	exited	−1.67 pp	—
LVSLas Vegas Sands Corp.	—	−750,088	—	exited	−1.20 pp	—
MGMMgm Resorts International	—	−414,688	—	exited	−0.53 pp	—
HASHasbro, Inc.	—	−116,319	—	exited	−0.27 pp	—
AMPLAmplitude, Inc. Class A	—	−93,209	—	exited	−0.04 pp	—