Atreides Management

Q4 2024 13F · by Gavin Baker, founder

As of: Dec 31, 2024
Filed: Feb 14, 2025
US stock: $3.2B · prev $3.0B
Positions: 44 · prev 35
Options notional: $1.4B
Documents: 1· no amendments

Picture69.8% US stock

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

US stock listed on a US exchange 69.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 30.2%
Calls at notional value 0.0%

Moves58 since the prior filing

+41.1 pp in · −41.2 pp out

New 17 +36.58 pp
Added 5 +4.55 pp
Trimmed 20 −25.84 pp
Exited 8 −15.37 pp

Options: 8 moves on a notional base, in the table below.

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 274% a year, about 0.4 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Positions44 in this filing · 8 exited


ALABAstera Labs, Inc.	7.63%	1,836,650	$243M	trimmed−74%	−5.05 pp	4 q
AMDAdvanced Micro Devices	7.29%	1,922,090	$232M	trimmed−7%	−4.15 pp	10 q
ASMLASML Holding NV	6.39%	293,636	$204M	new	+6.39 pp	new
AMZNAmazon.Com Inc	4.69%	680,737	$149M	trimmed−27%	−1.17 pp	5 q
LITELumentum Holdings Inc.	4.62%	1,755,319	$147M	added+4%	+1.00 pp	4 q
ULTAUlta Beauty, Inc.	4.51%	330,071	$144M	added+76%	+2.04 pp	2 q
ADBEAdobe Inc.	4.34%	311,053	$138M	added+10%	−0.59 pp	3 q
MSFTMicrosoft Corp	4.22%	319,358	$135M	new	+4.22 pp	new
TSLATesla, Inc.	3.91%	308,695	$125M	trimmed−46%	−1.12 pp	21 q
SNOWSnowflake Inc.	3.67%	756,767	$117M	new	+3.67 pp	new
RHRh	3.46%	279,917	$110M	trimmed−20%	−0.51 pp	8 q
ACVAACV Auctions Inc.	3.40%	5,022,882	$108M	trimmed−12%	−0.50 pp	16 q
AVGOBroadcom Inc.	3.29%	452,645	$105M	new	+3.29 pp	new
DECKDeckers Outdoor Corp	3.07%	482,334	$98M	trimmed−18%	−0.11 pp	2 q
SBUXStarbucks Corp	2.80%	976,908	$89M	new	+2.80 pp	new
UUnity Software Inc.	2.70%	3,823,383	$86M	new	+2.70 pp	new
GOOGLAlphabet Inc. Class A	2.64%	443,621	$84M	added×2.0	+1.41 pp	4 q
MDBMongoDB, Inc. Class A	2.57%	351,859	$82M	new	+2.57 pp	new
SSentinelOne, Inc.	2.30%	3,301,831	$73M	trimmed−13%	−0.77 pp	3 q
XYZBlock, Inc.	1.94%	728,208	$62M	new	+1.94 pp	new
CHTRCharter Comm Inc Del CL A New	1.91%	177,228	$61M	new	+1.91 pp	new
ESTCElastic N.V.	1.71%	549,528	$54M	trimmed−67%	−2.67 pp	4 q
FERGFerguson Enterprises Inc.	1.64%	301,576	$52M	new	+1.64 pp	new
CFLTConfluent, Inc. Class A	1.36%	1,550,251	$43M	trimmed−43%	−0.50 pp	8 q
NKENike, Inc.	1.28%	537,462	$41M	new	+1.28 pp	new
NUNu Holdings Ltd.	1.24%	3,810,102	$39M	new	+1.24 pp	new
RLRalph Lauren Corporation	1.22%	168,783	$39M	trimmed−55%	−1.25 pp	4 q
WWayfair Inc.	1.22%	873,606	$39M	trimmed−37%	−1.42 pp	16 q
MAMastercard Incorporated	1.18%	71,308	$38M	trimmed−12%	−0.17 pp	5 q
RBLXRoblox Corporation	1.10%	608,366	$35M	trimmed−31%	−0.23 pp	3 q
LSCCLattice Semiconductor Corp	1.00%	560,997	$32M	new	+1.00 pp	new
NTNXNutanix, Inc. Class A	0.97%	506,147	$31M	added×3.6	+0.69 pp	2 q
GTLBGitLab Inc. Class A	0.84%	475,478	$27M	trimmed−4%	−0.02 pp	2 q
NXTNextpower Inc.	0.73%	633,674	$23M	new	+0.73 pp	new
MUMicron Technology, Inc.	0.64%	240,589	$20M	trimmed−38%	−0.71 pp	4 q
FIVNFIVE9, Inc.	0.51%	398,233	$16M	new	+0.51 pp	new
GFSGlobalFoundries Inc.	0.49%	365,101	$16M	new	+0.49 pp	new
BBWIBath & Body Works, Inc.	0.42%	348,446	$14M	trimmed−63%	−0.60 pp	10 q
AFRMAffirm Holdings, Inc. Class A	0.28%	144,206	$9M	trimmed−71%	−0.41 pp	2 q
JOBYJoby Aviation, Inc.	0.26%	1,000,000	$8M	held	—	14 q
CIENCiena Corporation	0.20%	74,952	$6M	trimmed−97%	−4.42 pp	6 q
LRCXLam Research Corp	0.20%	89,680	$6M	new	+0.20 pp	new
SONDQSonder Holdings Inc A	0.10%	960,533	$3M	trimmed−5%	−0.06 pp	6 q
TBLATaboola.com Ltd.	0.08%	725,000	$3M	held	—	15 q
SESea Limited	—	−1,074,456	—	exited	−3.42 pp	—
AAPLApple Inc.	—	−424,965	—	exited	−3.34 pp	—
FIVEFive Below, Inc.	—	−777,011	—	exited	−2.32 pp	—
MELIMercado Libre, Inc	—	−28,662	—	exited	−1.99 pp	—
AMTAmerican Tower Corporation	—	−186,136	—	exited	−1.46 pp	—
SHWThe Sherwin-Williams Company	—	−94,634	—	exited	−1.22 pp	—
GRABGrab Holdings Limited Class A	—	−6,677,707	—	exited	−0.86 pp	—
RDDTReddit, Inc.	—	−342,530	—	exited	−0.76 pp	—