Atreides Management

Q1 2026 13F · by Gavin Baker, founder

As of: Mar 31, 2026
Filed: May 18, 2026
US stock: $4.1B · prev $4.7B
Positions: 51 · prev 49
Options notional: $898M
Documents: 1· no amendments

Picture82.1% US stock

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

US stock listed on a US exchange 82.1%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 16.1%
Calls at notional value 1.8%

Moves72 since the prior filing

+29.6 pp in · −29.6 pp out

New 15 +16.52 pp
Added 21 +13.10 pp
Trimmed 15 −10.42 pp
Exited 13 −19.22 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 · 132% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions34% of US stock

Positions51 in this filing · 13 exited


ALABAstera Labs, Inc.	8.99%	3,365,787	$369M	added×2.1	+3.30 pp	9 q
UUnity Software Inc.	6.62%	12,385,322	$272M	added+87%	+0.41 pp	6 q
CIENCiena Corporation	6.40%	676,807	$263M	trimmed−53%	−0.69 pp	4 q
MUMicron Technology, Inc.	6.26%	760,426	$257M	added+3%	+1.79 pp	9 q
NVDANvidia Corp	5.31%	1,248,592	$218M	trimmed−35%	−2.31 pp	5 q
AMZNAmazon.Com Inc	4.84%	953,560	$199M	added+39%	+1.47 pp	10 q
LITELumentum Holdings Inc.	4.58%	267,389	$188M	trimmed−30%	+1.59 pp	9 q
GOOGLAlphabet Inc. Class A	3.89%	555,023	$160M	added+8%	+0.47 pp	9 q
COHRCoherent Corp.	3.66%	631,159	$150M	trimmed−49%	−1.18 pp	3 q
ECHOEchoStar Corporation	2.85%	1,000,346	$117M	added+11%	+0.77 pp	2 q
TWLOTwilio Inc.	2.82%	921,602	$116M	added+29%	+0.66 pp	5 q
WWayfair Inc.	2.62%	1,430,997	$108M	added+64%	+0.76 pp	21 q
ZMZoom Communications, Inc. Class A	2.58%	1,315,605	$106M	new	+2.58 pp	new
CRDOCredo Technology Group Holding Ltd	2.50%	1,091,233	$102M	new	+2.50 pp	new
DKSDick's Sporting Goods, Inc.	2.19%	452,531	$90M	trimmed−8%	+0.13 pp	4 q
PANWPalo Alto Networks, Inc.	2.19%	561,797	$90M	new	+2.19 pp	new
RKTRocket Companies, Inc.	2.12%	6,114,947	$87M	added+70%	+0.64 pp	4 q
VSTVistra Corp.	1.92%	523,788	$79M	new	+1.92 pp	new
AKAMAkamai Technologies Inc	1.91%	682,837	$78M	new	+1.91 pp	new
RBLXRoblox Corporation	1.91%	1,383,703	$78M	added×3.6	+1.24 pp	8 q
TSLATesla, Inc.	1.82%	200,795	$75M	added+8%	+0.04 pp	26 q
CRWVCoreWeave, Inc. Class A	1.53%	810,535	$63M	added+34%	+0.61 pp	5 q
WIXWIX.com Ltd.	1.43%	650,414	$59M	trimmed−48%	−1.32 pp	2 q
HUBSHubspot, Inc.	1.38%	232,115	$57M	new	+1.38 pp	new
AFRMAffirm Holdings, Inc. Class A	1.33%	1,194,711	$55M	trimmed−14%	−0.86 pp	7 q
SNPSSynopsys Inc	1.32%	136,925	$54M	new	+1.32 pp	new
RLRalph Lauren Corporation	1.08%	128,837	$44M	added+1%	+0.12 pp	9 q
AXONAxon Enterprise, Inc.	1.06%	102,095	$43M	trimmed−3%	−0.21 pp	5 q
WINGWingstop Inc	1.02%	270,303	$42M	trimmed−31%	−0.95 pp	2 q
ACVAACV Auctions Inc.	1.01%	9,734,467	$41M	trimmed−22%	−1.10 pp	21 q
SMTCSemtech Corp	1.01%	541,812	$42M	trimmed−22%	−0.07 pp	4 q
COMPCompass, Inc.	0.99%	5,561,998	$41M	trimmed−36%	−0.97 pp	2 q
FERGFerguson Enterprises Inc.	0.83%	146,355	$34M	trimmed−18%	−0.01 pp	6 q
CHYMChime Financial, Inc. Class A	0.74%	1,622,734	$30M	added+8%	−0.06 pp	2 q
AVAVAeroVironment, Inc.	0.72%	161,675	$30M	new	+0.72 pp	new
INTCIntel Corp	0.70%	653,792	$29M	added+35%	+0.32 pp	3 q
RBRKRubrik, Inc.	0.68%	566,454	$28M	trimmed−37%	−0.77 pp	4 q
FROGJFrog Ltd.	0.63%	554,987	$26M	added+37%	+0.09 pp	3 q
MAMastercard Incorporated	0.60%	49,604	$25M	added+8%	+0.04 pp	10 q
AMBQAmbiq Micro, Inc.	0.53%	862,175	$22M	added+24%	+0.11 pp	3 q
SNOWSnowflake Inc.	0.53%	144,818	$22M	trimmed−70%	−1.70 pp	6 q
VVISA Inc.	0.53%	71,641	$22M	new	+0.53 pp	new
GFSGlobalFoundries Inc.	0.51%	474,593	$21M	new	+0.51 pp	new
NOKNokia Corporation	0.49%	2,481,947	$20M	new	+0.49 pp	new
ROGRogers Corporation	0.49%	186,085	$20M	added+8%	+0.16 pp	4 q
WRBYWarby Parker Inc.	0.35%	686,995	$14M	added+75%	+0.17 pp	2 q
VECOVeeco Instruments Inc	0.19%	233,923	$8M	new	+0.19 pp	new
NBISNebius Group N.V. Class A	0.16%	63,068	$7M	new	+0.16 pp	new
EQPTEquipmentShare.com Inc Class A	0.11%	213,431	$4M	new	+0.11 pp	new
TBLATaboola.com Ltd.	0.06%	820,797	$3M	added+11%	−0.01 pp	20 q
BTGOBitGo Holdings, Inc.	0.01%	29,106	$239,542	new	+0.01 pp	new
PEverpure, Inc.	—	−4,177,675	—	exited	−5.94 pp	—
GTLBGitLab Inc. Class A	—	−3,177,083	—	exited	−2.53 pp	—
MSFTMicrosoft Corp	—	−181,468	—	exited	−1.86 pp	—
TTANServiceTitan, Inc. Class A	—	−792,433	—	exited	−1.79 pp	—
PMPhilip Morris International Inc.	—	−405,759	—	exited	−1.38 pp	—
TEAMAtlassian Corporation Class A	—	−398,230	—	exited	−1.37 pp	—
NUNu Holdings Ltd.	—	−3,272,998	—	exited	−1.16 pp	—
AZOAutoZone, Inc.	—	−11,620	—	exited	−0.84 pp	—
SESea Limited	—	−275,439	—	exited	−0.75 pp	—
AMSCAmerican Superconductor Corp	—	−1,044,193	—	exited	−0.64 pp	—
GNRCGenerac Holdings Inc	—	−182,765	—	exited	−0.53 pp	—
PFGCPerformance Food Group Company	—	−125,901	—	exited	−0.24 pp	—
MELIMercado Libre, Inc	—	−4,501	—	exited	−0.19 pp	—