Atreides Management

Q1 2025 13F · by Gavin Baker, founder

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $2.8B · prev $3.2B
Positions: 41 · prev 44
Options notional: $543M
Documents: 1· no amendments

Picture83.5% US stock

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

US stock listed on a US exchange 83.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 6.4%
Calls at notional value 10.1%

Moves55 since the prior filing

+35.0 pp in · −34.9 pp out

New 10 +19.21 pp
Added 14 +15.79 pp
Trimmed 14 −14.55 pp
Exited 13 −20.39 pp

Options: 4 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 · 245% a year, about 0.4 years per position

Low
Moderate
High

Top 5 positions35% of US stock

ALAB Astera Labs, Inc. added+2.46 pp added+2.4610.1%
AMD Advanced Micro Devices added+0.56 pp added+0.567.8%
U Unity Software Inc. added+4.02 pp added+4.026.7%
MSFT Microsoft Corp added+1.51 pp added+1.515.7%
META Meta Platforms, Inc. Class A new+5.02 pp new+5.025.0%

Positions41 in this filing · 13 exited


ALABAstera Labs, Inc.	10.09%	4,652,264	$278M	added×2.5	+2.46 pp	5 q
AMDAdvanced Micro Devices	7.85%	2,102,963	$216M	added+9%	+0.56 pp	11 q
UUnity Software Inc.	6.72%	9,430,955	$185M	added×2.5	+4.02 pp	2 q
MSFTMicrosoft Corp	5.73%	420,136	$158M	added+32%	+1.51 pp	2 q
METAMeta Platforms, Inc. Class A	5.02%	239,789	$138M	new	+5.02 pp	new
AMZNAmazon.Com Inc	4.77%	689,231	$131M	added+1%	+0.08 pp	6 q
DECKDeckers Outdoor Corp	4.38%	1,078,693	$121M	added×2.2	+1.31 pp	3 q
NVDANvidia Corp	4.28%	1,085,628	$118M	new	+4.28 pp	new
RBLXRoblox Corporation	4.28%	2,021,572	$118M	added×3.3	+3.18 pp	4 q
LITELumentum Holdings Inc.	4.25%	1,875,257	$117M	added+7%	−0.37 pp	5 q
RHRh	4.03%	473,321	$111M	added+69%	+0.57 pp	9 q
SNOWSnowflake Inc.	3.23%	608,715	$89M	trimmed−20%	−0.44 pp	2 q
ULTAUlta Beauty, Inc.	2.90%	217,541	$80M	trimmed−34%	−1.61 pp	3 q
MUMicron Technology, Inc.	2.81%	889,842	$77M	added×3.7	+2.17 pp	5 q
CRWVCoreWeave, Inc. Class A	2.53%	1,875,000	$70M	new	+2.53 pp	new
ACVAACV Auctions Inc.	2.42%	4,731,079	$67M	trimmed−6%	−0.98 pp	17 q
SNPSSynopsys Inc	2.38%	152,488	$65M	new	+2.38 pp	new
SSentinelOne, Inc.	2.22%	3,357,817	$61M	added+2%	−0.08 pp	4 q
TSLATesla, Inc.	1.84%	195,542	$51M	trimmed−37%	−2.07 pp	22 q
FERGFerguson Enterprises Inc.	1.63%	280,079	$45M	trimmed−7%	−0.01 pp	2 q
ESTCElastic N.V.	1.60%	493,598	$44M	trimmed−10%	−0.11 pp	5 q
CFLTConfluent, Inc. Class A	1.41%	1,654,969	$39M	added+7%	+0.05 pp	9 q
RLRalph Lauren Corporation	1.34%	166,636	$37M	trimmed−1%	+0.12 pp	5 q
MAMastercard Incorporated	1.31%	65,605	$36M	trimmed−8%	+0.13 pp	6 q
AXONAxon Enterprise, Inc.	1.20%	62,901	$33M	new	+1.20 pp	new
MDBMongoDB, Inc. Class A	1.18%	184,907	$32M	trimmed−47%	−1.39 pp	2 q
ZZillow Group, Inc. Class C	1.17%	469,061	$32M	new	+1.17 pp	new
NCLHNorwegian Cruise Line Holdings Ltd.	1.12%	1,623,483	$31M	new	+1.12 pp	new
GOOGLAlphabet Inc. Class A	1.06%	189,077	$29M	trimmed−57%	−1.58 pp	5 q
WWayfair Inc.	0.76%	649,070	$21M	trimmed−26%	−0.46 pp	17 q
GTLBGitLab Inc. Class A	0.70%	407,128	$19M	trimmed−14%	−0.14 pp	3 q
FIVNFIVE9, Inc.	0.61%	616,796	$17M	added+55%	+0.10 pp	2 q
RDDTReddit, Inc.	0.56%	146,363	$15M	new	+0.56 pp	new
AMSCAmerican Superconductor Corp	0.54%	824,040	$15M	new	+0.54 pp	new
AFRMAffirm Holdings, Inc. Class A	0.51%	307,453	$14M	added×2.1	+0.23 pp	3 q
ASMLASML Holding NV	0.47%	19,657	$13M	trimmed−93%	−5.92 pp	2 q
TWLOTwilio Inc.	0.41%	115,357	$11M	new	+0.41 pp	new
BBWIBath & Body Works, Inc.	0.33%	298,000	$9M	trimmed−14%	−0.09 pp	11 q
JOBYJoby Aviation, Inc.	0.22%	1,000,000	$6M	held	—	15 q
TBLATaboola.com Ltd.	0.08%	725,000	$2M	held	—	16 q
SONDQSonder Holdings Inc A	0.07%	960,533	$2M	held	—	7 q
ADBEAdobe Inc.	—	−311,053	—	exited	−4.34 pp	—
AVGOBroadcom Inc.	—	−452,645	—	exited	−3.29 pp	—
SBUXStarbucks Corp	—	−976,908	—	exited	−2.80 pp	—
XYZBlock, Inc.	—	−728,208	—	exited	−1.94 pp	—
CHTRCharter Comm Inc Del CL A New	—	−177,228	—	exited	−1.91 pp	—
NKENike, Inc.	—	−537,462	—	exited	−1.28 pp	—
NUNu Holdings Ltd.	—	−3,810,102	—	exited	−1.24 pp	—
LSCCLattice Semiconductor Corp	—	−560,997	—	exited	−1.00 pp	—
NTNXNutanix, Inc. Class A	—	−506,147	—	exited	−0.97 pp	—
NXTNextpower Inc.	—	−633,674	—	exited	−0.73 pp	—
GFSGlobalFoundries Inc.	—	−365,101	—	exited	−0.49 pp	—
CIENCiena Corporation	—	−74,952	—	exited	−0.20 pp	—
LRCXLam Research Corp	—	−89,680	—	exited	−0.20 pp	—