Atreides Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Gavin Baker's Atreides Management reported 48 stock positions worth $3.6 billion. Its top holding was Advanced Micro Devices (AMD) at 6.8% of the portfolio, followed by Everpure Class A (P, 5.7%) and Gitlab Class A (GTLB, 4.9%). Compared with Q1 2025, it opened 17 new positions, sold out of 10, added to 13 and reduced 15. The biggest buy was a new position in Everpure Class A (P) and the biggest sale Astera Labs (ALAB, shares −79%).
- Most Recent 13F
- Q2 2026
- Notable People
- Gavin Baker
- Location
- BOSTON, MA
- CIK
- 0001777813
- Portfolio Value
- $3.6B (Q2 2025)
- SEC Filing
- 0001768757-25-000010 ↗ filed Aug 14, 2025
Holdings Value
Holdings 48 stocks · $3.6B
| AMD Advanced Micro Devices | 6.84% | 1,736,364 | $246.4M | Reduce -17.4% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 5.68% | 3,552,486 | $204.6M | New |
| GTLB Gitlab Inc. Class A | 4.93% | 3,938,198 | $177.7M | Add +867.3% |
| DKS Dick's Sporting Goods Inc. | 4.79% | 873,137 | $172.7M | New |
| GOOGL Alphabet Inc. Class A | 4.65% | 950,859 | $167.6M | Add +402.9% |
| LITE Lumentum Holdings Inc. | 4.64% | 1,757,561 | $167.1M | Reduce -6.3% |
| AMZN Amazon.com Inc. | 4.37% | 718,465 | $157.6M | Add +4.2% |
| U Unity Software Inc. | 4.14% | 6,171,155 | $149.3M | Reduce -34.6% |
| AFRM Affirm Holdings Inc. | 3.79% | 1,977,882 | $136.8M | Add +543.3% |
| SNOW Snowflake Inc. | 3.26% | 525,769 | $117.7M | Reduce -13.6% |
| RBLX Roblox Corp. Class A | 3.07% | 1,050,542 | $110.5M | Reduce -48.0% |
| NVDA Nvidia Corp. | 3.02% | 689,813 | $109.0M | Reduce -36.5% |
| META Meta Platforms Inc. Class A | 2.96% | 144,333 | $106.5M | Reduce -39.8% |
| CIEN Ciena Corp. | 2.85% | 1,262,818 | $102.7M | New |
| TSLA Tesla Inc. | 2.84% | 321,897 | $102.3M | Add +64.6% |
| TWLO Twilio Inc. Class A | 2.52% | 730,300 | $90.8M | Add +533.1% |
| DECK Deckers Outdoor Corp. | 2.44% | 852,120 | $87.8M | Reduce -21.0% |
| ALAB Astera Labs Inc. | 2.40% | 954,783 | $86.3M | Reduce -79.5% |
| ACVA Acv Auctions Inc. Class A | 2.11% | 4,694,234 | $76.1M | Reduce -0.8% |
| CFLT Confluent Inc. Class A | 2.08% | 3,012,215 | $75.1M | Add +82.0% |
| TTAN Servicetitan Inc. Class A | 1.91% | 640,778 | $68.7M | New |
| FSLR First Solar Inc. | 1.81% | 393,464 | $65.1M | New |
| FERG Ferguson Enterprises Inc. | 1.80% | 297,956 | $64.9M | Add +6.4% |
| ELF Elf Beauty Inc. | 1.71% | 494,047 | $61.5M | New |
| Z Zillow Group Inc. Class C | 1.66% | 856,008 | $60.0M | Add +82.5% |
| SE Sea Ltd.-ADR | 1.51% | 341,083 | $54.6M | New |
| RL Ralph Lauren Corp. | 1.36% | 179,276 | $49.2M | Add +7.6% |
| MELI MercadoLibre Inc. | 1.30% | 17,923 | $46.8M | New |
| AXON Axon Enterprise Inc. | 1.20% | 52,254 | $43.3M | Reduce -16.9% |
| RBRK Rubrik Inc. Class A | 1.17% | 471,280 | $42.2M | New |
| AMSC American Superconductor Corp. | 1.12% | 1,104,458 | $40.5M | Add +34.0% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.04% | 2,744,184 | $37.7M | New |
| BLDR Builders Firstsource Inc. | 1.04% | 322,151 | $37.6M | New |
| W Wayfair Inc. Class A | 1.03% | 727,176 | $37.2M | Add +12.0% |
| MA Mastercard Inc. Class A | 1.01% | 64,586 | $36.3M | Reduce -1.6% |
| AZO AutoZone Inc. | 1.00% | 9,660 | $35.9M | New |
| S Sentinelone Inc. Class A | 0.97% | 1,902,821 | $34.8M | Reduce -43.3% |
| SMTC Semtech Corp. | 0.83% | 661,941 | $29.9M | New |
| FIVN FIVE9 Inc. | 0.70% | 955,613 | $25.3M | Add +54.9% |
| CRWV Coreweave Inc. Class A | 0.70% | 154,563 | $25.2M | Reduce -91.8% |
| RKT Rocket Cos Inc. Class A | 0.68% | 1,732,090 | $24.6M | New |
| ROG Rogers Corp. | 0.36% | 188,203 | $12.9M | New |
| JOBY Joby Aviation Inc. | 0.29% | 1,000,000 | $10.6M | No change |
| MU Micron Technology Inc. | 0.24% | 70,478 | $8.7M | Reduce -92.1% |
| TBLA Taboola.com Ltd. | 0.07% | 725,000 | $2.7M | No change |
| SONDQ Sonder Holdings Inc. | 0.07% | 960,533 | $2.6M | No change |
| VOYG Voyager Technologies Inc. Class A | 0.01% | 10,000 | $393K | New |
| CHYM Chime Financial Inc. Class A | 0.01% | 10,000 | $345K | New |
Portfolio Sells Q1 2025 → Q2 2025
| ALAB Astera Labs Inc. | Reduce -79.5% | 2.40% | −7.69 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −5.73 |
| RH RH | Sold out | 0.00% | −4.03 |
| ULTA Ulta Beauty Inc. | Sold out | 0.00% | −2.90 |
| U Unity Software Inc. | Reduce -34.6% | 4.14% | −2.57 |
| MU Micron Technology Inc. | Reduce -92.1% | 0.24% | −2.57 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −2.38 |
| META Meta Platforms Inc. Class A | Reduce -39.8% | 2.96% | −2.07 |
| DECK Deckers Outdoor Corp. | Reduce -21.0% | 2.44% | −1.95 |
| CRWV Coreweave Inc. Class A | Reduce -91.8% | 0.70% | −1.83 |
| ESTC Elastic NV | Sold out | 0.00% | −1.60 |
| S Sentinelone Inc. Class A | Reduce -43.3% | 0.97% | −1.25 |
| NVDA Nvidia Corp. | Reduce -36.5% | 3.02% | −1.25 |
| RBLX Roblox Corp. Class A | Reduce -48.0% | 3.07% | −1.22 |
| MDB Mongodb Inc. | Sold out | 0.00% | −1.18 |
| NCLH Norwegian Cruise Line Holdin | Sold out | 0.00% | −1.12 |
| AMD Advanced Micro Devices | Reduce -17.4% | 6.84% | −1.02 |
| RDDT Reddit Inc. Class A | Sold out | 0.00% | −0.56 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.47 |
| BBWI Bath & Body Works Inc. | Sold out | 0.00% | −0.33 |
| ACVA Acv Auctions Inc. Class A | Reduce -0.8% | 2.11% | −0.31 |
| MA Mastercard Inc. Class A | Reduce -1.6% | 1.01% | −0.30 |
| AXON Axon Enterprise Inc. | Reduce -16.9% | 1.20% | −0.00 |
| SNOW Snowflake Inc. | Reduce -13.6% | 3.26% | +0.03 |
| LITE Lumentum Holdings Inc. | Reduce -6.3% | 4.64% | +0.39 |
Portfolio Buys Q1 2025 → Q2 2025
| P Everpure Inc. Class A | New | 5.68% | +5.68 |
| DKS Dick's Sporting Goods Inc. | New | 4.79% | +4.79 |
| GTLB Gitlab Inc. Class A | Add +867.3% | 4.93% | +4.23 |
| GOOGL Alphabet Inc. Class A | Add +402.9% | 4.65% | +3.59 |
| AFRM Affirm Holdings Inc. | Add +543.3% | 3.79% | +3.29 |
| CIEN Ciena Corp. | New | 2.85% | +2.85 |
| TWLO Twilio Inc. Class A | Add +533.1% | 2.52% | +2.11 |
| TTAN Servicetitan Inc. Class A | New | 1.91% | +1.91 |
| FSLR First Solar Inc. | New | 1.81% | +1.81 |
| ELF Elf Beauty Inc. | New | 1.71% | +1.71 |
| SE Sea Ltd.-ADR | New | 1.51% | +1.51 |
| MELI MercadoLibre Inc. | New | 1.30% | +1.30 |
| RBRK Rubrik Inc. Class A | New | 1.17% | +1.17 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 1.04% | +1.04 |
| BLDR Builders Firstsource Inc. | New | 1.04% | +1.04 |
| TSLA Tesla Inc. | Add +64.6% | 2.84% | +1.00 |
| AZO AutoZone Inc. | New | 1.00% | +1.00 |
| SMTC Semtech Corp. | New | 0.83% | +0.83 |
| RKT Rocket Cos Inc. Class A | New | 0.68% | +0.68 |
| CFLT Confluent Inc. Class A | Add +82.0% | 2.08% | +0.67 |
| AMSC American Superconductor Corp. | Add +34.0% | 1.12% | +0.58 |
| Z Zillow Group Inc. Class C | Add +82.5% | 1.66% | +0.49 |
| ROG Rogers Corp. | New | 0.36% | +0.36 |
| W Wayfair Inc. Class A | Add +12.0% | 1.03% | +0.28 |
| FERG Ferguson Enterprises Inc. | Add +6.4% | 1.80% | +0.17 |
| FIVN FIVE9 Inc. | Add +54.9% | 0.70% | +0.09 |
| RL Ralph Lauren Corp. | Add +7.6% | 1.36% | +0.03 |
| VOYG Voyager Technologies Inc. Class A | New | 0.01% | +0.01 |
| CHYM Chime Financial Inc. Class A | New | 0.01% | +0.01 |
| AMZN Amazon.com Inc. | Add +4.2% | 4.37% | −0.39 |
Options Activity Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | call | Sold out | 2,300,000 | $249.3Mbefore exit |
| SMH Vaneck Semiconductor ETF | put | Sold out | 1,000,000 | $211.5Mbefore exit |
| AMD Advanced Micro Devices | call | Sold out | 800,000 | $82.2Mbefore exit |
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 |