Atreides Management

Q3 2025 13F · by Gavin Baker, founder

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $3.8B · prev $3.6B
Positions: 56 · prev 48
Options notional: $1.3B
Documents: 1· no amendments

Picture75.0% US stock

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

US stock listed on a US exchange 75.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 23.4%
Calls at notional value 1.6%

Moves61 since the prior filing

+28.6 pp in · −28.5 pp out

New 13 +16.20 pp
Added 12 +12.41 pp
Trimmed 29 −23.65 pp
Exited 5 −4.88 pp

Options: 2 moves on a notional base, in the table below.

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 157% a year, about 0.6 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Positions56 in this filing · 5 exited


PEverpure, Inc.	8.92%	4,098,376	$343M	added+15%	+3.24 pp	2 q
GTLBGitLab Inc. Class A	6.41%	5,470,305	$247M	added+39%	+1.48 pp	5 q
UUnity Software Inc.	6.36%	6,111,553	$245M	trimmed−1%	+2.22 pp	4 q
CIENCiena Corporation	5.30%	1,400,764	$204M	added+11%	+2.45 pp	2 q
AMZNAmazon.Com Inc	3.76%	658,886	$145M	trimmed−8%	−0.61 pp	8 q
GOOGLAlphabet Inc. Class A	3.47%	550,260	$134M	trimmed−42%	−1.18 pp	7 q
DECKDeckers Outdoor Corp	3.29%	1,250,516	$127M	added+47%	+0.85 pp	5 q
MUMicron Technology, Inc.	3.15%	724,957	$121M	added×10.3	+2.91 pp	7 q
HUBSHubspot, Inc.	2.96%	243,434	$114M	new	+2.96 pp	new
NVDANvidia Corp	2.79%	574,723	$107M	trimmed−17%	−0.23 pp	3 q
DKSDick's Sporting Goods, Inc.	2.78%	481,386	$107M	trimmed−45%	−2.01 pp	2 q
LITELumentum Holdings Inc.	2.78%	656,960	$107M	trimmed−63%	−1.86 pp	7 q
SNOWSnowflake Inc.	2.75%	469,545	$106M	trimmed−11%	−0.51 pp	4 q
RBLXRoblox Corporation	2.65%	737,007	$102M	trimmed−30%	−0.42 pp	6 q
COHRCoherent Corp.	2.56%	913,778	$98M	new	+2.56 pp	new
TWLOTwilio Inc.	2.51%	965,763	$97M	added+32%	−0.01 pp	3 q
INTUIntuit Inc	2.40%	135,178	$92M	new	+2.40 pp	new
TSLATesla, Inc.	2.39%	206,562	$92M	trimmed−36%	−0.45 pp	24 q
INTCIntel Corp	2.28%	2,611,037	$88M	new	+2.28 pp	new
WWayfair Inc.	1.98%	854,390	$76M	added+17%	+0.95 pp	19 q
ELFe.l.f. Beauty, Inc.	1.85%	538,348	$71M	added+9%	+0.14 pp	2 q
TTANServiceTitan, Inc. Class A	1.64%	626,227	$63M	trimmed−2%	−0.27 pp	2 q
RBRKRubrik, Inc.	1.61%	752,752	$62M	added+60%	+0.44 pp	2 q
AMDAdvanced Micro Devices	1.43%	339,358	$55M	trimmed−80%	−5.41 pp	13 q
ACVAACV Auctions Inc.	1.42%	5,510,790	$55M	added+17%	−0.69 pp	19 q
FERGFerguson Enterprises Inc.	1.30%	222,624	$50M	trimmed−25%	−0.50 pp	4 q
TEAMAtlassian Corporation Class A	1.27%	305,231	$49M	new	+1.27 pp	new
METAMeta Platforms, Inc. Class A	1.26%	66,093	$49M	trimmed−54%	−1.70 pp	3 q
SMTCSemtech Corp	1.26%	678,133	$48M	added+2%	+0.43 pp	2 q
SESea Limited	1.25%	270,173	$48M	trimmed−21%	−0.26 pp	2 q
AZOAutoZone, Inc.	1.22%	10,928	$47M	added+13%	+0.22 pp	2 q
AMSCAmerican Superconductor Corp	1.19%	771,495	$46M	trimmed−30%	+0.07 pp	3 q
PMPhilip Morris International Inc.	1.18%	279,097	$45M	new	+1.18 pp	new
NUNu Holdings Ltd.	1.04%	2,509,389	$40M	trimmed−9%	0.00 pp	2 q
RLRalph Lauren Corporation	1.02%	125,100	$39M	trimmed−30%	−0.34 pp	7 q
VRNSVaronis Systems, Inc.	0.98%	658,415	$38M	new	+0.98 pp	new
IOTSamsara Inc.	0.69%	711,215	$26M	new	+0.69 pp	new
AXONAxon Enterprise, Inc.	0.68%	36,461	$26M	trimmed−30%	−0.52 pp	3 q
MAMastercard Incorporated	0.67%	45,068	$26M	trimmed−30%	−0.34 pp	8 q
AMBQAmbiq Micro, Inc.	0.53%	684,307	$20M	new	+0.53 pp	new
RKTRocket Companies, Inc.	0.50%	1,000,657	$19M	trimmed−42%	−0.18 pp	2 q
SNPSSynopsys Inc	0.50%	38,876	$19M	new	+0.50 pp	new
FROGJFrog Ltd.	0.49%	397,244	$19M	new	+0.49 pp	new
FIVNFIVE9, Inc.	0.46%	735,151	$18M	trimmed−23%	−0.24 pp	4 q
BLDRBuilders FirstSource, Inc.	0.43%	137,154	$17M	trimmed−57%	−0.61 pp	2 q
AFRMAffirm Holdings, Inc. Class A	0.39%	207,905	$15M	trimmed−89%	−3.40 pp	5 q
MELIMercado Libre, Inc	0.36%	5,896	$14M	trimmed−67%	−0.94 pp	2 q
ROGRogers Corporation	0.35%	168,925	$14M	trimmed−10%	−0.01 pp	2 q
APPApplovin Corporation Class A	0.32%	17,378	$12M	new	+0.32 pp	new
ALABAstera Labs, Inc.	0.32%	62,050	$12M	trimmed−94%	−2.08 pp	7 q
JOBYJoby Aviation, Inc.	0.32%	769,407	$12M	trimmed−23%	+0.03 pp	17 q
ZZillow Group, Inc. Class C	0.24%	118,098	$9M	trimmed−86%	−1.42 pp	3 q
CRWVCoreWeave, Inc. Class A	0.22%	62,904	$9M	trimmed−59%	−0.48 pp	3 q
TBLATaboola.com Ltd.	0.06%	725,000	$2M	held	—	18 q
GEMIGemini Space Station, Inc. Class A	0.04%	70,000	$2M	new	+0.04 pp	new
SONDQSonder Holdings Inc A	0.03%	960,533	$1M	held	—	9 q
CFLTConfluent, Inc. Class A	—	−3,012,215	—	exited	−2.08 pp	—
FSLRFirst Solar, Inc.	—	−393,464	—	exited	−1.81 pp	—
SSentinelOne, Inc.	—	−1,902,821	—	exited	−0.97 pp	—
CHYMChime Financial, Inc. Class A	—	−10,000	—	exited	−0.01 pp	—
VOYGVoyager Technologies, Inc.	—	−10,000	—	exited	−0.01 pp	—