Atreides Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Gavin Baker's Atreides Management reported 49 stock positions worth $4.7 billion. Its top holding was Nvidia (NVDA) at 7.6% of the portfolio, followed by Ciena (CIEN, 7.1%) and Unity Software (U, 6.2%). Compared with Q3 2025, it opened 9 new positions, sold out of 16, added to 31 and reduced 9. The biggest buy was Astera Labs (ALAB, shares +2497%) and the biggest sale Gitlab Class A (GTLB, shares −42%).

Most Recent 13F
Q2 2026
Notable People
Gavin Baker
Location
BOSTON, MA
CIK
0001777813
Portfolio Value
$4.7B (Q4 2025)
SEC Filing
0001777813-26-000003 ↗ filed Feb 17, 2026

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 Q4 2024 Q1 2025: $2.8B Q1 2025 Q2 2025: $3.6B Q2 2025 Q3 2025: $3.8B Q3 2025 Q4 2025: $4.7B $4.7B Q4 2025 Q1 2026: $4.1B Q1 2026 Q2 2026: $11.1B Q2 2026

Holdings 49 stocks · $4.7B
NVDA Nvidia Corp. 7.62% 1,925,231 $359.1M Add +235.0%
CIEN Ciena Corp. 7.09% 1,428,230 $334.0M Add +2.0%
U Unity Software Inc. 6.21% 6,625,439 $292.6M Add +8.4%
P Everpure Inc. Class A filed as PURE STORAGE INC 5.94% 4,177,675 $279.9M Add +1.9%
ALAB Astera Labs Inc. 5.69% 1,611,194 $268.0M Add +2496.6%
COHR Coherent Corp. 4.84% 1,235,246 $228.0M Add +35.2%
MU Micron Technology Inc. 4.47% 738,916 $210.9M Add +1.9%
GOOGL Alphabet Inc. Class A 3.42% 514,339 $161.0M Reduce -6.5%
AMZN Amazon.com Inc. 3.37% 687,799 $158.8M Add +4.4%
LITE Lumentum Holdings Inc. 2.99% 382,805 $141.1M Reduce -41.7%
WIX Wix.com Ltd. 2.75% 1,247,457 $129.6M New
GTLB Gitlab Inc. Class A 2.53% 3,177,083 $119.2M Reduce -41.9%
SNOW Snowflake Inc. 2.23% 478,754 $105.0M Add +2.0%
AFRM Affirm Holdings Inc. 2.19% 1,384,941 $103.1M Add +566.1%
TWLO Twilio Inc. Class A 2.16% 716,946 $102.0M Reduce -25.8%
ACVA Acv Auctions Inc. Class A 2.11% 12,411,800 $99.5M Add +125.2%
ECHO Echostar Corp. Class A 2.08% 901,084 $97.9M New
DKS Dick's Sporting Goods Inc. 2.06% 490,828 $97.2M Add +2.0%
WING Wingstop Inc. 1.97% 390,005 $93.0M New
COMP Compass Inc. Class A 1.96% 8,723,434 $92.2M New
MSFT Microsoft Corp. 1.86% 181,468 $87.8M New
W Wayfair Inc. Class A 1.86% 870,864 $87.4M Add +1.9%
TTAN Servicetitan Inc. Class A 1.79% 792,433 $84.4M Add +26.5%
TSLA Tesla Inc. 1.77% 186,035 $83.7M Reduce -9.9%
RKT Rocket Cos Inc. Class A 1.48% 3,602,563 $69.7M Add +260.0%
RBRK Rubrik Inc. Class A 1.45% 895,029 $68.5M Add +18.9%
PM Philip Morris International 1.38% 405,759 $65.1M Add +45.4%
TEAM Atlassian Corp. Class A 1.37% 398,230 $64.6M Add +30.5%
AXON Axon Enterprise Inc. 1.27% 105,469 $59.9M Add +189.3%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.16% 3,272,998 $54.8M Add +30.4%
SMTC Semtech Corp. 1.08% 691,591 $51.0M Add +2.0%
RL Ralph Lauren Corp. 0.96% 127,562 $45.1M Add +2.0%
CRWV Coreweave Inc. Class A 0.92% 606,110 $43.4M Add +863.5%
FERG Ferguson Enterprises Inc. 0.84% 177,917 $39.6M Reduce -20.1%
AZO AutoZone Inc. 0.84% 11,620 $39.4M Add +6.3%
CHYM Chime Financial Inc. Class A 0.80% 1,503,788 $37.9M New
SE Sea Ltd.-ADR 0.75% 275,439 $35.1M Add +1.9%
RBLX Roblox Corp. Class A 0.67% 389,571 $31.6M Reduce -47.1%
AMSC American Superconductor Corp. 0.64% 1,044,193 $30.1M Add +35.4%
MA Mastercard Inc. Class A 0.56% 45,958 $26.2M Add +2.0%
FROG Jfrog Ltd. 0.54% 404,276 $25.3M Add +1.8%
GNRC Generac Holdings Inc. 0.53% 182,765 $24.9M New
AMBQ Ambiq Micro Inc. 0.42% 696,420 $19.8M Add +1.8%
INTC Intel Corp. 0.38% 483,930 $17.9M Reduce -81.5%
ROG Rogers Corp. 0.33% 171,920 $15.7M Add +1.8%
PFGC Performance Food Group Co. 0.24% 125,901 $11.3M New
MELI MercadoLibre Inc. 0.19% 4,501 $9.1M Reduce -23.7%
WRBY Warby Parker Inc. Class A 0.18% 393,085 $8.6M New
TBLA Taboola.com Ltd. 0.07% 738,210 $3.4M Add +1.8%

Options reported separately and not counted above: QQQ puts ($2.2B), NVDA calls ($652.8M), MU puts ($199.8M), COHR calls ($166.1M), U calls ($163.4M), P calls ($100.5M), GTLB calls ($37.5M).

Portfolio Sells Q3 2025 → Q4 2025
GTLB Gitlab Inc. Class A Reduce -41.9% 2.53% −3.88
DECK Deckers Outdoor Corp. Sold out 0.00% −3.29
HUBS HubSpot Inc. Sold out 0.00% −2.96
INTU Intuit Inc. Sold out 0.00% −2.40
RBLX Roblox Corp. Class A Reduce -47.1% 0.67% −1.98
INTC Intel Corp. Reduce -81.5% 0.38% −1.90
ELF Elf Beauty Inc. Sold out 0.00% −1.85
AMD Advanced Micro Devices Sold out 0.00% −1.43
META Meta Platforms Inc. Class A Sold out 0.00% −1.26
VRNS Varonis Systems Inc. Sold out 0.00% −0.98
IOT Samsara Inc. Class A Sold out 0.00% −0.69
TSLA Tesla Inc. Reduce -9.9% 1.77% −0.61
SNPS Synopsys Inc. Sold out 0.00% −0.50
FIVN FIVE9 Inc. Sold out 0.00% −0.46
FERG Ferguson Enterprises Inc. Reduce -20.1% 0.84% −0.46
BLDR Builders Firstsource Inc. Sold out 0.00% −0.43
TWLO Twilio Inc. Class A Reduce -25.8% 2.16% −0.35
APP AppLovin Corp. Class A Sold out 0.00% −0.32
JOBY Joby Aviation Inc. Sold out 0.00% −0.32
Z Zillow Group Inc. Class C Sold out 0.00% −0.24
MELI MercadoLibre Inc. Reduce -23.7% 0.19% −0.17
GOOGL Alphabet Inc. Class A Reduce -6.5% 3.42% −0.06
GEMI Gemini Space Station Inc. Class A Sold out 0.00% −0.04
SONDQ Sonder Holdings Inc. Sold out 0.00% −0.03
LITE Lumentum Holdings Inc. Reduce -41.7% 2.99% +0.22

Portfolio Buys Q3 2025 → Q4 2025
ALAB Astera Labs Inc. Add +2496.6% 5.69% +5.37
NVDA Nvidia Corp. Add +235.0% 7.62% +4.83
WIX Wix.com Ltd. New 2.75% +2.75
COHR Coherent Corp. Add +35.2% 4.84% +2.28
ECHO Echostar Corp. Class A New 2.08% +2.08
WING Wingstop Inc. New 1.97% +1.97
COMP Compass Inc. Class A New 1.96% +1.96
MSFT Microsoft Corp. New 1.86% +1.86
AFRM Affirm Holdings Inc. Add +566.1% 2.19% +1.79
CIEN Ciena Corp. Add +2.0% 7.09% +1.79
MU Micron Technology Inc. Add +1.9% 4.47% +1.32
RKT Rocket Cos Inc. Class A Add +260.0% 1.48% +0.98
CHYM Chime Financial Inc. Class A New 0.80% +0.80
CRWV Coreweave Inc. Class A Add +863.5% 0.92% +0.70
ACVA Acv Auctions Inc. Class A Add +125.2% 2.11% +0.69
AXON Axon Enterprise Inc. Add +189.3% 1.27% +0.59
GNRC Generac Holdings Inc. New 0.53% +0.53
PFGC Performance Food Group Co. New 0.24% +0.24
PM Philip Morris International Add +45.4% 1.38% +0.20
WRBY Warby Parker Inc. Class A New 0.18% +0.18
TTAN Servicetitan Inc. Class A Add +26.5% 1.79% +0.15
NU Nu Holdings Ltd./Cayman Isl-A Add +30.4% 1.16% +0.12
TEAM Atlassian Corp. Class A Add +30.5% 1.37% +0.10
FROG Jfrog Ltd. Add +1.8% 0.54% +0.05
TBLA Taboola.com Ltd. Add +1.8% 0.07% +0.01
ROG Rogers Corp. Add +1.8% 0.33% −0.02
RL Ralph Lauren Corp. Add +2.0% 0.96% −0.06
MA Mastercard Inc. Class A Add +2.0% 0.56% −0.11
AMBQ Ambiq Micro Inc. Add +1.8% 0.42% −0.11
W Wayfair Inc. Class A Add +1.9% 1.86% −0.13
U Unity Software Inc. Add +8.4% 6.21% −0.15
RBRK Rubrik Inc. Class A Add +18.9% 1.45% −0.16
SMTC Semtech Corp. Add +2.0% 1.08% −0.18
AZO AutoZone Inc. Add +6.3% 0.84% −0.38
AMZN Amazon.com Inc. Add +4.4% 3.37% −0.39
SE Sea Ltd.-ADR Add +1.9% 0.75% −0.51
SNOW Snowflake Inc. Add +2.0% 2.23% −0.52
AMSC American Superconductor Corp. Add +35.4% 0.64% −0.55
DKS Dick's Sporting Goods Inc. Add +2.0% 2.06% −0.72
P Everpure Inc. Class A Add +1.9% 5.94% −2.98

Options Activity Q3 2025 → Q4 2025
QQQ Invesco QQQ Trust Series 1 put Add +75.0% 3,500,000 $2.2B
NVDA Nvidia Corp. call New 3,500,000 $652.8M
MU Micron Technology Inc. put New 700,000 $199.8M
COHR Coherent Corp. call New 900,000 $166.1M
U Unity Software Inc. call New 3,700,000 $163.4M
P Everpure Inc. Class A call New 1,500,000 $100.5M
MRVL Marvell Technology Inc. call Sold out 1,000,000 $84.1Mbefore exit
GTLB Gitlab Inc. Class A call New 1,000,000 $37.5M

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