Atreides Management

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Gavin Baker's Atreides Management reported 44 stock positions worth $3.2 billion. Its top holding was Astera Labs (ALAB) at 7.6% of the portfolio, followed by Advanced Micro Devices (AMD, 7.3%) and ASML Holding NV-NY Reg SHS (ASML, 6.4%). Compared with Q3 2024, it opened 17 new positions, sold out of 8, added to 5 and reduced 20. The biggest buy was a new position in ASML Holding NV-NY Reg SHS (ASML) and the biggest sale Astera Labs (ALAB, shares −74%).

Most Recent 13F
Q2 2026
Notable People
Gavin Baker
Location
BOSTON, MA
CIK
0001777813
Portfolio Value
$3.2B (Q4 2024)
SEC Filing
0001768757-25-000003 ↗ filed Feb 14, 2025

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $3.3B Q1 2024 Q2 2024: $3.1B Q2 2024 Q3 2024: $3.0B Q3 2024 Q4 2024: $3.2B $3.2B Q4 2024 Q1 2025: $2.8B Q1 2025 Q2 2025: $3.6B Q2 2025 Q3 2025: $3.8B Q3 2025 Q4 2025: $4.7B Q4 2025 Q1 2026: $4.1B Q1 2026 Q2 2026: $11.1B Q2 2026

Holdings 44 stocks · $3.2B
ALAB Astera Labs Inc. 7.63% 1,836,650 $243.3M Reduce -74.4%
AMD Advanced Micro Devices 7.29% 1,922,090 $232.2M Reduce -6.9%
ASML ASML Holding NV-NY Reg SHS 6.39% 293,636 $203.5M New
AMZN Amazon.com Inc. 4.69% 680,737 $149.3M Reduce -26.9%
LITE Lumentum Holdings Inc. 4.62% 1,755,319 $147.4M Add +3.8%
ULTA Ulta Beauty Inc. 4.51% 330,071 $143.6M Add +75.8%
ADBE Adobe Inc. 4.34% 311,053 $138.3M Add +10.3%
MSFT Microsoft Corp. 4.22% 319,358 $134.6M New
TSLA Tesla Inc. 3.91% 308,695 $124.7M Reduce -45.8%
SNOW Snowflake Inc. 3.67% 756,767 $116.9M New
RH RH 3.46% 279,917 $110.2M Reduce -20.3%
ACVA Acv Auctions Inc. Class A 3.40% 5,022,882 $108.5M Reduce -11.6%
AVGO Broadcom Inc. 3.29% 452,645 $104.9M New
DECK Deckers Outdoor Corp. 3.07% 482,334 $98.0M Reduce -18.4%
SBUX Starbucks Corp. 2.80% 976,908 $89.1M New
U Unity Software Inc. 2.70% 3,823,383 $85.9M New
GOOGL Alphabet Inc. Class A 2.64% 443,621 $84.0M Add +102.1%
MDB Mongodb Inc. 2.57% 351,859 $81.9M New
S Sentinelone Inc. Class A 2.30% 3,301,831 $73.3M Reduce -13.2%
XYZ Block Inc. 1.94% 728,208 $61.9M New
CHTR Charter Communications Inc. Class A 1.91% 177,228 $60.7M New
ESTC Elastic NV 1.71% 549,528 $54.4M Reduce -67.4%
FERG Ferguson Enterprises Inc. 1.64% 301,576 $52.3M New
CFLT Confluent Inc. Class A 1.36% 1,550,251 $43.3M Reduce -42.7%
NKE Nike Inc. Class B 1.28% 537,462 $40.7M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.24% 3,810,102 $39.5M New
RL Ralph Lauren Corp. 1.22% 168,783 $39.0M Reduce -55.3%
W Wayfair Inc. Class A 1.22% 873,606 $38.7M Reduce -37.2%
MA Mastercard Inc. Class A 1.18% 71,308 $37.5M Reduce -11.6%
RBLX Roblox Corp. Class A 1.10% 608,366 $35.2M Reduce -31.5%
LSCC Lattice Semiconductor Corp. 1.00% 560,997 $31.8M New
NTNX Nutanix Inc. Class A 0.97% 506,147 $31.0M Add +261.8%
GTLB Gitlab Inc. Class A 0.84% 475,478 $26.8M Reduce -4.3%
NXT Nextpower Inc. filed as NEXTRACKER INC 0.73% 633,674 $23.1M New
MU Micron Technology Inc. 0.64% 240,589 $20.2M Reduce -37.8%
FIVN FIVE9 Inc. 0.51% 398,233 $16.2M New
GFS Globalfoundries Inc. 0.49% 365,101 $15.7M New
BBWI Bath & Body Works Inc. 0.42% 348,446 $13.5M Reduce -63.1%
AFRM Affirm Holdings Inc. 0.28% 144,206 $8.8M Reduce -71.2%
JOBY Joby Aviation Inc. 0.26% 1,000,000 $8.1M No change
LRCX Lam Research Corp. 0.20% 89,680 $6.5M New
CIEN Ciena Corp. 0.20% 74,952 $6.4M Reduce -96.6%
SONDQ Sonder Holdings Inc. 0.10% 960,533 $3.1M Reduce -5.1%
TBLA Taboola.com Ltd. 0.08% 725,000 $2.6M No change

Options reported separately and not counted above: QQQ puts ($1.4B).

Portfolio Sells Q3 2024 → Q4 2024
ALAB Astera Labs Inc. Reduce -74.4% 7.63% −5.05
CIEN Ciena Corp. Reduce -96.6% 0.20% −4.42
AMD Advanced Micro Devices Reduce -6.9% 7.29% −4.15
SE Sea Ltd.-ADR Sold out 0.00% −3.42
AAPL Apple Inc. Sold out 0.00% −3.34
ESTC Elastic NV Reduce -67.4% 1.71% −2.67
FIVE Five Below Sold out 0.00% −2.32
MELI MercadoLibre Inc. Sold out 0.00% −1.99
AMT American Tower Corp. Sold out 0.00% −1.46
W Wayfair Inc. Class A Reduce -37.2% 1.22% −1.42
RL Ralph Lauren Corp. Reduce -55.3% 1.22% −1.25
SHW The Sherwin-Williams Co. Sold out 0.00% −1.22
AMZN Amazon.com Inc. Reduce -26.9% 4.69% −1.17
TSLA Tesla Inc. Reduce -45.8% 3.91% −1.12
GRAB Grab Holdings Ltd. Class A Sold out 0.00% −0.86
S Sentinelone Inc. Class A Reduce -13.2% 2.30% −0.77
RDDT Reddit Inc. Class A Sold out 0.00% −0.76
MU Micron Technology Inc. Reduce -37.8% 0.64% −0.72
BBWI Bath & Body Works Inc. Reduce -63.1% 0.42% −0.59
RH RH Reduce -20.3% 3.46% −0.51
CFLT Confluent Inc. Class A Reduce -42.7% 1.36% −0.50
ACVA Acv Auctions Inc. Class A Reduce -11.6% 3.40% −0.50
AFRM Affirm Holdings Inc. Reduce -71.2% 0.28% −0.41
RBLX Roblox Corp. Class A Reduce -31.5% 1.10% −0.22
MA Mastercard Inc. Class A Reduce -11.6% 1.18% −0.17
DECK Deckers Outdoor Corp. Reduce -18.4% 3.07% −0.11
SONDQ Sonder Holdings Inc. Reduce -5.1% 0.10% −0.06
GTLB Gitlab Inc. Class A Reduce -4.3% 0.84% −0.02

Portfolio Buys Q3 2024 → Q4 2024
ASML ASML Holding NV-NY Reg SHS New 6.39% +6.39
MSFT Microsoft Corp. New 4.22% +4.22
SNOW Snowflake Inc. New 3.67% +3.67
AVGO Broadcom Inc. New 3.29% +3.29
SBUX Starbucks Corp. New 2.80% +2.80
U Unity Software Inc. New 2.70% +2.70
MDB Mongodb Inc. New 2.57% +2.57
ULTA Ulta Beauty Inc. Add +75.8% 4.51% +2.04
XYZ Block Inc. New 1.94% +1.94
CHTR Charter Communications Inc. Class A New 1.91% +1.91
FERG Ferguson Enterprises Inc. New 1.64% +1.64
GOOGL Alphabet Inc. Class A Add +102.1% 2.64% +1.41
NKE Nike Inc. Class B New 1.28% +1.28
NU Nu Holdings Ltd./Cayman Isl-A New 1.24% +1.24
LITE Lumentum Holdings Inc. Add +3.8% 4.62% +1.00
LSCC Lattice Semiconductor Corp. New 1.00% +1.00
NXT Nextpower Inc. New 0.73% +0.73
NTNX Nutanix Inc. Class A Add +261.8% 0.97% +0.69
FIVN FIVE9 Inc. New 0.51% +0.51
GFS Globalfoundries Inc. New 0.49% +0.49
LRCX Lam Research Corp. New 0.20% +0.20
ADBE Adobe Inc. Add +10.3% 4.34% −0.59

Options Activity Q3 2024 → Q4 2024
QQQ Invesco QQQ Trust Series 1 put Add +170.0% 2,700,000 $1.4B
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 250,000 $143.4Mbefore exit
RH RH call Sold out 250,000 $83.6Mbefore exit
AMD Advanced Micro Devices call Sold out 500,000 $82.0Mbefore exit
ALAB Astera Labs Inc. call Sold out 1,000,000 $52.4Mbefore exit
DG Dollar General Corp. call Sold out 600,000 $50.7Mbefore exit
SLB SLB Ltd. call Sold out 1,000,000 $42.0Mbefore exit
NVDA Nvidia Corp. call Sold out 200,000 $24.3Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 46$11.1BSPCX, MU, CBRS, ALAB, CIEN
Q1 2026 51$4.1BALAB, U, CIEN, MU, NVDA
Q4 2025 49$4.7BNVDA, CIEN, U, P, ALAB
Q3 2025 56$3.8BP, GTLB, U, CIEN, AMZN
Q2 2025 48$3.6BAMD, P, GTLB, DKS, GOOGL
Q1 2025 41$2.8BALAB, AMD, U, MSFT, META
Q4 2024 44$3.2BALAB, AMD, ASML, AMZN, LITE
Q3 2024 35$3.0BALAB, AMD, AMZN, TSLA, ADBE
Q2 2024 40$3.1BMRVL, CIEN, AMD, ALAB, AMZN
Q1 2024 34$3.3BMRVL, SE, ACVA, ALAB, AMD