Atreides Management

Q1 2024 13F · by Gavin Baker, founder

As of: Mar 31, 2024
Filed: May 15, 2024
US stock: $3.3B · prev $2.8B
Positions: 34 · prev 32
Options notional: $1.1B
Documents: 1· no amendments

Picture75.7% US stock

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

US stock listed on a US exchange 75.7%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 20.2%
Calls at notional value 4.2%

Moves51 since the prior filing

+47.8 pp in · −47.7 pp out

New 15 +42.13 pp
Added 9 +5.69 pp
Trimmed 7 −22.64 pp
Exited 13 −25.06 pp

Options: 7 moves on a notional base, in the table below.

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 202% a year, about 0.5 years per position

Low
Moderate
High

Top 5 positions35% of US stock

MRVL Marvell Technology, Inc. new+8.94 pp new+8.948.9%
SE Sea Limited trimmed−3.07 pp trimmed−3.077.9%
ACVA ACV Auctions Inc. added+0.22 pp added+0.226.2%
ALAB Astera Labs, Inc. new+5.93 pp new+5.935.9%
AMD Advanced Micro Devices trimmed−1.98 pp trimmed−1.985.5%

Positions34 in this filing · 13 exited


MRVLMarvell Technology, Inc.	8.94%	4,205,582	$298M	new	+8.94 pp	new
SESea Limited	7.90%	4,903,612	$263M	trimmed−35%	−3.07 pp	4 q
ACVAACV Auctions Inc.	6.22%	11,041,283	$207M	added0%	+0.22 pp	13 q
ALABAstera Labs, Inc.	5.93%	2,665,792	$198M	new	+5.93 pp	new
AMDAdvanced Micro Devices	5.51%	1,017,124	$184M	trimmed−28%	−1.98 pp	7 q
MUMicron Technology, Inc.	5.44%	1,538,826	$181M	new	+5.44 pp	new
BBWIBath & Body Works, Inc.	5.08%	3,388,925	$170M	added+13%	+0.43 pp	7 q
CIENCiena Corporation	4.73%	3,190,753	$158M	added+25%	+0.60 pp	3 q
AMZNAmazon.Com Inc	4.45%	823,179	$148M	added+95%	+2.14 pp	2 q
PEverpure, Inc.	4.21%	2,703,336	$141M	trimmed−51%	−2.83 pp	7 q
MAMastercard Incorporated	4.07%	282,020	$136M	added0%	−0.25 pp	2 q
GOOGLAlphabet Inc. Class A	4.05%	895,210	$135M	new	+4.05 pp	new
XYZBlock, Inc.	3.61%	1,421,798	$120M	added+71%	+1.30 pp	4 q
MDBMongoDB, Inc. Class A	3.17%	294,577	$106M	new	+3.17 pp	new
RHRh	2.55%	243,755	$85M	trimmed−77%	−8.43 pp	5 q
RLRalph Lauren Corporation	2.49%	441,580	$83M	new	+2.49 pp	new
MSFTMicrosoft Corp	2.27%	180,225	$76M	added+24%	+0.30 pp	3 q
ESTCElastic N.V.	2.16%	716,878	$72M	new	+2.16 pp	new
CFLTConfluent, Inc. Class A	1.86%	2,032,269	$62M	added0%	+0.16 pp	5 q
WWayfair Inc.	1.83%	898,349	$61M	added+92%	+0.79 pp	13 q
LITELumentum Holdings Inc.	1.73%	1,215,299	$58M	new	+1.73 pp	new
VEEVVeeva Systems Inc.	1.58%	227,881	$53M	trimmed−36%	−0.89 pp	2 q
DDOGDatadog, Inc. Class A	1.55%	417,777	$52M	new	+1.55 pp	new
STZConstellation Brands, Inc.	1.37%	167,641	$46M	new	+1.37 pp	new
KVYOKlaviyo, Inc.	1.34%	1,748,315	$45M	new	+1.34 pp	new
ONONOn Holding AG	1.26%	1,191,261	$42M	new	+1.26 pp	new
WSCWillScot Holdings Corporation Class A	1.23%	883,419	$41M	new	+1.23 pp	new
CCICrown Castle Inc.	0.89%	281,168	$30M	new	+0.89 pp	new
FWONKLiberty Media Corporation Series C	0.85%	431,747	$28M	trimmed−54%	−1.26 pp	3 q
TSLATesla, Inc.	0.81%	152,915	$27M	trimmed−73%	−4.18 pp	18 q
RDDTReddit, Inc.	0.58%	395,477	$20M	new	+0.58 pp	new
JOBYJoby Aviation, Inc.	0.16%	1,000,000	$5M	held	—	11 q
TBLATaboola.com Ltd.	0.10%	725,000	$3M	held	—	12 q
SONDQSonder Holdings Inc A	0.09%	1,012,621	$3M	held	—	3 q
ORCLOracle Corp	—	−872,383	—	exited	−3.31 pp	—
BILLBILL Holdings, Inc.	—	−898,479	—	exited	−2.64 pp	—
SONYSony Group Corporation	—	−741,475	—	exited	−2.52 pp	—
JNPJuniper Networks Inc	—	−2,308,899	—	exited	−2.45 pp	—
LOWLowe's Companies Inc.	—	−306,127	—	exited	−2.45 pp	—
TOSTToast, Inc.	—	−3,336,752	—	exited	−2.19 pp	—
FTNTFortinet, Inc.	—	−954,939	—	exited	−2.01 pp	—
NUNu Holdings Ltd.	—	−5,661,100	—	exited	−1.70 pp	—
HCPHashiCorp, Inc. Class A	—	−1,489,724	—	exited	−1.27 pp	—
RBLXRoblox Corporation	—	−766,873	—	exited	−1.26 pp	—
TTWOTake-Two Interactive Software Inc	—	−210,280	—	exited	−1.22 pp	—
ULTAUlta Beauty, Inc.	—	−66,027	—	exited	−1.16 pp	—
COHRCoherent Corp.	—	−561,056	—	exited	−0.88 pp	—