Atreides Management
Atreides Management, led by Gavin Baker, is a renowned investment firm known for its focus on both public and private investments across various sectors. Baker, a former portfolio manager at Fidelity Investments, brings a deep understanding of technology and consumer trends to his investment strategy. Atreides Management emphasizes a thematic approach to investing, seeking to capitalize on long-term secular changes in the economy.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| QQQPUT | $808.0M | 16.15% | $576.55 | $711.68 | +23.4% | 16.1% | |
| ALAB | $368.9M | 7.37% | $109.60 | $390.43 | +256.2% | 7.4% | |
| U | $271.7M | 5.43% | $21.94 | $30.22 | +37.7% | 5.4% | |
| CIEN | $262.8M | 5.25% | $388.23 | $417.77 | +7.6% | 5.3% | |
| MU | $256.9M | 5.14% | $337.79 | $925.50 | +174.0% | 5.1% | |
| NVDA | $217.8M | 4.35% | $174.40 | $197.37 | +13.2% | 4.3% | |
| AMZN | $198.6M | 3.97% | $208.27 | $245.67 | +18.0% | 4.0% | |
| LITE | $187.9M | 3.76% | $702.76 | $695.49 | -1.0% | 3.8% | |
| GOOGL | $159.6M | 3.19% | $287.39 | $369.18 | +28.5% | 3.2% | |
| COHR | $150.3M | 3.01% | $238.21 | $311.83 | +30.9% | 3.0% | |
| SATS | $117.1M | 2.34% | $117.07 | $101.50 | -13.3% | 2.3% | |
| TWLO | $116.0M | 2.32% | $125.82 | $218.64 | +73.8% | 2.3% | |
| W | $107.6M | 2.15% | $75.21 | $93.21 | +23.9% | 2.1% | |
| ZM | $105.8M | 2.11% | $80.39 | $86.72 | +7.9% | 2.1% | |
| CRDO | $102.4M | 2.05% | $93.87 | $245.34 | +161.4% | 2.0% | |
| PANW | $90.1M | 1.80% | $160.32 | $348.20 | +117.2% | 1.8% | |
| DKS | $89.7M | 1.79% | $197.18 | $224.12 | +13.7% | 1.8% | |
| RKT | $87.1M | 1.74% | $14.25 | $14.72 | +3.3% | 1.7% | |
| VST | $78.7M | 1.57% | $150.12 | $155.68 | +3.7% | 1.6% | |
| AKAM | $78.4M | 1.57% | $114.85 | $116.40 | +1.4% | 1.6% | |
| RBLX | $78.3M | 1.56% | $56.56 | $56.90 | +0.6% | 1.6% | |
| TSLA | $74.7M | 1.49% | $371.75 | $405.57 | +9.1% | 1.5% | |
| CRWV | $62.8M | 1.26% | $77.47 | $82.80 | +6.9% | 1.3% | |
| WIX | $58.6M | 1.17% | $90.07 | $51.44 | -42.9% | 1.2% | |
| HUBS | $56.7M | 1.13% | $244.10 | $207.06 | -15.2% | 1.1% | |
| RBLXCALL | $56.6M | 1.13% | $56.56 | $56.90 | +0.6% | 1.1% | |
| AFRM | $54.7M | 1.09% | $45.82 | $84.76 | +85.0% | 1.1% | |
| SNPS | $54.3M | 1.09% | $396.48 | $436.70 | +10.1% | 1.1% | |
| RL | $44.3M | 0.89% | $343.15 | $396.06 | +15.4% | 0.9% | |
| AXON | $43.4M | 0.87% | $424.69 | $648.96 | +52.8% | 0.9% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| ZM | $105.8M | +7.9% | |
| CRDO | $102.4M | +161.4% | |
| PANW | $90.1M | +117.2% | |
| VST | $78.7M | +3.7% | |
| AKAM | $78.4M | +1.4% | |
| HUBS | $56.7M | -15.2% | |
| SNPS | $54.3M | +10.1% | |
| AVAV | $29.6M |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| P | $279.9M | |
| GTLB | $119.2M | |
| P | $100.5M | |
| MSFT | $87.8M | |
| TTAN | $84.4M | |
| PM | $65.1M | |
| TEAM | $64.6M | |
| NU | $54.8M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| RBLXCALL | $46.7M | +255.2% | +0.6% | |
| UCALL | $108.3M | +234.7% | +37.7% | |
| RBLXCALL | $25.0M | +156.7% | +0.6% | |
| ALAB | $100.8M | +108.9% | +256.2% | |
| UCALL | $-20.9M | +86.9% | +37.7% | |
| WRBY | $5.9M | +74.8% | ||
| RKT | $17.4M | +69.7% | +3.3% | |
| W | $20.2M | +64.3% | +23.9% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| UCALL | $-259.7M | -77.4% | +37.7% | |
| SNOW | $-83.2M | -69.8% | ||
| NVDA | $-435.0M | -64.3% | +13.2% | |
| QQQPUT | $-1342.0M | -60.0% | +23.4% | |
| UCALL | $-130.5M | -59.5% | +37.7% | |
| CIEN | $-71.3M | -52.6% | +7.6% | |
| COHR | $-77.6M | -48.9% | +30.9% | |
| WIX | $-71.0M | -47.9% | -42.9% |
Quarter Activity
During the quarter, Atreides Management initiated notable new positions in Zoom Video Communications (ZM), Credo Technology Group (CRDO), and Palo Alto Networks (PANW), with investments totaling $106 million, $102 million, and $90 million respectively. The fund exited significant positions in Pandora Media (P), GitLab (GTLB), and Microsoft (MSFT), releasing capital of $280 million, $119 million, and $88 million respectively. There was a meaningful concentration shift within the portfolio, with increased investments in Roblox (RBLX) and Unity Software (U), and reductions in Unity Software (U), Snowflake (SNOW), and NVIDIA (NVDA).
AI Commentary
<p>Atreides Management's current portfolio showcases a strong focus on technology and semiconductor sectors, with significant positions in major tech companies. The fund's largest holding is a put option on INVESCO QQQ TR (QQQ) valued at $808 million, representing 16.1% of their total assets under management. Other top holdings include Astera Labs Inc (ALAB) and Unity Software Inc (U), emphasizing the fund's conviction in high-tech growth stocks. The presence of Micron Technology Inc (MU) and NVIDIA Corporation (NVDA) further underscores their investment in the semiconductor industry, which collectively forms a substantial portion of the portfolio.</p> <p>The recent quarterly changes signal a strategic shift in Atreides Management’s investment approach. The fund initiated new positions in Zoom Video Communications (ZM), Credo Technology Group Holding Ltd (CRDO), Palo Alto Networks Inc (PANW), Vistra Corp (VST), and Akamai Technologies Inc (AKAM), indicating a bullish stance on communication services and cybersecurity. Conversely, the closure of positions in Pandora Media Inc (P), GitLab Inc (GTLB), Microsoft Corp (MSFT), and Titan Machinery Inc (TTAN) suggests a reallocation away from certain tech and industrial sectors. Notably, the significant increase in positions for Roblox Corp (RBLX) and Unity Software Inc (U) alongside reductions in Unity Software and NVIDIA suggests a nuanced rebalancing within the tech sector itself, possibly adjusting exposure based on performance forecasts and market conditions.</p>