In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Gavin Baker's Atreides Management reported 41 stock positions worth $2.8 billion . Its top holding was Astera Labs (ALAB) at 10.1% of the portfolio, followed by Advanced Micro Devices (AMD, 7.9% ) and Unity Software (U, 6.7% ). Compared with Q4 2024, it opened 10 new positions, sold out of 13, added to 14 and reduced 14. The biggest buy was a new position in Meta Platforms Class A (META) and the biggest sale ASML Holding NV-NY Reg SHS (ASML, shares −93% ).
Notable People Gavin Baker
Location BOSTON, MA
CIK 0001777813
Portfolio Value $2.8B (Q1 2025) Holdings 41 stocks · $2.8B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 ALAB Astera Labs Inc. 4,652,264 $277.6M Add +153.3% AMD Advanced Micro Devices 2,102,963 $216.1M Add +9.4% U Unity Software Inc. 9,430,955 $184.8M Add +146.7% MSFT Microsoft Corp. 420,136 $157.7M Add +31.6% META Meta Platforms Inc. Class A 239,789 $138.2M New AMZN Amazon.com Inc. 689,231 $131.1M Add +1.3% DECK Deckers Outdoor Corp. 1,078,693 $120.6M Add +123.6% RBLX Roblox Corp. Class A 2,021,572 $117.8M Add +232.3% NVDA Nvidia Corp. 1,085,628 $117.7M New LITE Lumentum Holdings Inc. 1,875,257 $116.9M Add +6.8% RH RH 473,321 $111.0M Add +69.1% SNOW Snowflake Inc. 608,715 $89.0M Reduce -19.6% ULTA Ulta Beauty Inc. 217,541 $79.7M Reduce -34.1% MU Micron Technology Inc. 889,842 $77.3M Add +269.9% CRWV Coreweave Inc. Class A 1,875,000 $69.5M New ACVA Acv Auctions Inc. Class A 4,731,079 $66.7M Reduce -5.8% SNPS Synopsys Inc. 152,488 $65.4M New S Sentinelone Inc. Class A 3,357,817 $61.0M Add +1.7% TSLA Tesla Inc. 195,542 $50.7M Reduce -36.7% FERG Ferguson Enterprises Inc. 280,079 $44.9M Reduce -7.1% ESTC Elastic NV 493,598 $44.0M Reduce -10.2% CFLT Confluent Inc. Class A 1,654,969 $38.8M Add +6.8% RL Ralph Lauren Corp. 166,636 $36.8M Reduce -1.3% MA Mastercard Inc. Class A 65,605 $36.0M Reduce -8.0% AXON Axon Enterprise Inc. 62,901 $33.1M New MDB Mongodb Inc. 184,907 $32.4M Reduce -47.5% Z Zillow Group Inc. Class C 469,061 $32.2M New NCLH Norwegian Cruise Line Holdin 1,623,483 $30.8M New GOOGL Alphabet Inc. Class A 189,077 $29.2M Reduce -57.4% W Wayfair Inc. Class A 649,070 $20.8M Reduce -25.7% GTLB Gitlab Inc. Class A 407,128 $19.1M Reduce -14.4% FIVN FIVE9 Inc. 616,796 $16.7M Add +54.9% RDDT Reddit Inc. Class A 146,363 $15.4M New AMSC American Superconductor Corp. 824,040 $14.9M New AFRM Affirm Holdings Inc. 307,453 $13.9M Add +113.2% ASML ASML Holding NV-NY Reg SHS 19,657 $13.0M Reduce -93.3% TWLO Twilio Inc. Class A 115,357 $11.3M New BBWI Bath & Body Works Inc. 298,000 $9.0M Reduce -14.5% JOBY Joby Aviation Inc. 1,000,000 $6.0M No change TBLA Taboola.com Ltd. 725,000 $2.1M No change SONDQ Sonder Holdings Inc. 960,533 $1.9M No change
Options reported separately and not counted above: NVDA calls ($249.3M), SMH puts ($211.5M), AMD calls ($82.2M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ ASML ASML Holding NV-NY Reg SHS Reduce -93.3% 0.47% −5.91 ADBE Adobe Inc. Sold out 0.00% −4.34 AVGO Broadcom Inc. Sold out 0.00% −3.29 SBUX Starbucks Corp. Sold out 0.00% −2.80 TSLA Tesla Inc. Reduce -36.7% 1.84% −2.07 XYZ Block Inc. Sold out 0.00% −1.94 CHTR Charter Communications Inc. Class A Sold out 0.00% −1.91 ULTA Ulta Beauty Inc. Reduce -34.1% 2.90% −1.61 GOOGL Alphabet Inc. Class A Reduce -57.4% 1.06% −1.57 MDB Mongodb Inc. Reduce -47.5% 1.18% −1.39 NKE Nike Inc. Class B Sold out 0.00% −1.28 NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −1.24 LSCC Lattice Semiconductor Corp. Sold out 0.00% −1.00 ACVA Acv Auctions Inc. Class A Reduce -5.8% 2.42% −0.98 NTNX Nutanix Inc. Class A Sold out 0.00% −0.97 NXT Nextpower Inc. Sold out 0.00% −0.73 GFS Globalfoundries Inc. Sold out 0.00% −0.49 W Wayfair Inc. Class A Reduce -25.7% 0.76% −0.46 SNOW Snowflake Inc. Reduce -19.6% 3.23% −0.43 LRCX Lam Research Corp. Sold out 0.00% −0.20 CIEN Ciena Corp. Sold out 0.00% −0.20 GTLB Gitlab Inc. Class A Reduce -14.4% 0.70% −0.15 ESTC Elastic NV Reduce -10.2% 1.60% −0.11 BBWI Bath & Body Works Inc. Reduce -14.5% 0.33% −0.10 FERG Ferguson Enterprises Inc. Reduce -7.1% 1.63% −0.01 RL Ralph Lauren Corp. Reduce -1.3% 1.34% +0.11 MA Mastercard Inc. Class A Reduce -8.0% 1.31% +0.13
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ META Meta Platforms Inc. Class A New 5.02% +5.02 NVDA Nvidia Corp. New 4.28% +4.28 U Unity Software Inc. Add +146.7% 6.72% +4.02 RBLX Roblox Corp. Class A Add +232.3% 4.28% +3.18 CRWV Coreweave Inc. Class A New 2.53% +2.53 ALAB Astera Labs Inc. Add +153.3% 10.09% +2.46 SNPS Synopsys Inc. New 2.38% +2.38 MU Micron Technology Inc. Add +269.9% 2.81% +2.17 MSFT Microsoft Corp. Add +31.6% 5.73% +1.51 DECK Deckers Outdoor Corp. Add +123.6% 4.38% +1.31 AXON Axon Enterprise Inc. New 1.20% +1.20 Z Zillow Group Inc. Class C New 1.17% +1.17 NCLH Norwegian Cruise Line Holdin New 1.12% +1.12 RH RH Add +69.1% 4.03% +0.58 AMD Advanced Micro Devices Add +9.4% 7.85% +0.57 RDDT Reddit Inc. Class A New 0.56% +0.56 AMSC American Superconductor Corp. New 0.54% +0.54 TWLO Twilio Inc. Class A New 0.41% +0.41 AFRM Affirm Holdings Inc. Add +113.2% 0.51% +0.23 FIVN FIVE9 Inc. Add +54.9% 0.61% +0.10 AMZN Amazon.com Inc. Add +1.3% 4.77% +0.08 CFLT Confluent Inc. Class A Add +6.8% 1.41% +0.05 S Sentinelone Inc. Class A Add +1.7% 2.22% −0.08 LITE Lumentum Holdings Inc. Add +6.8% 4.25% −0.38
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Sold out 2,700,000 $1.4Bbefore exit NVDA Nvidia Corp. call New 2,300,000 $249.3M SMH Vaneck Semiconductor ETF put New 1,000,000 $211.5M AMD Advanced Micro Devices call New 800,000 $82.2M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 46 $11.1B SPCX, MU, CBRS, ALAB, CIEN Q1 2026 51 $4.1B ALAB, U, CIEN, MU, NVDA Q4 2025 49 $4.7B NVDA, CIEN, U, P, ALAB Q3 2025 56 $3.8B P, GTLB, U, CIEN, AMZN Q2 2025 48 $3.6B AMD, P, GTLB, DKS, GOOGL Q1 2025 41 $2.8B ALAB, AMD, U, MSFT, META Q4 2024 44 $3.2B ALAB, AMD, ASML, AMZN, LITE Q3 2024 35 $3.0B ALAB, AMD, AMZN, TSLA, ADBE Q2 2024 40 $3.1B MRVL, CIEN, AMD, ALAB, AMZN Q1 2024 34 $3.3B MRVL, SE, ACVA, ALAB, AMD