13F filer · CIK 1777813 ↗

Atreides Management

Gavin BakerManaging Partner and Chief Investment Officer

You are looking at Q3 2023. See the latest, Q2 2026 →

Reported value

$3.06B

−21% on the quarter before

Positions

11 new · 15 sold out

Top 10

74.0%

of the value

Est. gain

−$269.6M

on stocks held all quarter

Est. return

−13.3%

on those stocks since Q2 2023

Filed

Nov 14, 2023

On SEC EDGAR ↗

Positions as of Sep 30, 2023, from Atreides Management's 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.

Portfolio at a glance

New
Added
Cut
Same
Options

Each tile is a position, sized by its share, colored by what the fund did with it since Q2 2023. Striped tiles are options.

AMD12%Sea10%

Rh9.2%

Everpure9.1%PayPal8.0%Microsoft6.7%

Acv Auctions Inc5.4%

Alphabet5.3%

Bath & Body Works Inc4.9%

NvidiaCALL3.8%Meta3.7%Block3.2%

Confluent Inc2.9%

Ciena2.5%SeaCALL2.2%

Wayfair Inc1.9%

CrowdStrike1.7%Tesla1.7%Micron1.6%

Las Vegas Sands Corp1.1%

Hashicorp Inc1.0%

0.9%

0.8%

0.5%

AMD12%Sea10%

Rh9.2%

Everpure9.1%PayPal8.0%Microsoft6.7%

Acv Auctions Inc5.4%

Alphabet5.3%

Bath & Body Works Inc4.9%

NvidiaCALL3.8%Meta3.7%Block3.2%

Confluent Inc2.9%

Ciena2.5%SeaCALL2.2%

Wayfair Inc1.9%

CrowdStrike1.7%Tesla1.7%Micron1.6%

Las Vegas Sands Corp1.1%

Hashicorp Inc1.0%

0.9%

0.8%

0.5%

Largest buys

Since Q2 2023, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.

AMD~$228.8MAdded · 3.5% → 11.5%+2,225,557 shares
Sea~$218.8MAdded · 3.1% → 10.2%+4,978,502 shares
Microsoft~$205.0MNew · 0.0% → 6.7%+649,162 shares
Alphabet~$162.4MNew · 0.0% → 5.3%+1,240,957 shares
NvidiaCALL~$117.4MNew · 0.0% → 3.8%+270,000 underlying
Meta~$113.3MNew · 0.0% → 3.7%+377,380 shares
Ciena~$77.9MNew · 0.0% → 2.5%+1,647,965 shares
SeaCALL~$65.9MNew · 0.0% → 2.2%+1,500,000 underlying
Hashicorp Inc~$31.4MNew · 0.0% → 1.0%+1,375,964 shares
Liberty Media Corp Del~$27.4MNew · 0.0% → 0.9%+440,596 shares

Largest sells

Since Q2 2023, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.

Invesco Qqq TrPUT~$554.1MSold out · 14.2% → 0.0%−1,500,000 underlying
Amazon~$136.0MSold out · 3.5% → 0.0%−1,043,541 shares
CrowdStrike~$130.0MCut · 4.1% → 1.7%−776,427 shares
Dicks Sporting Goods Inc~$120.3MSold out · 3.1% → 0.0%−909,685 shares
Deckers Outdoor Corp~$114.2MSold out · 2.9% → 0.0%−216,414 shares
Marvell Technology Inc~$96.2MSold out · 2.5% → 0.0%−1,608,797 shares
Pinterest Inc~$92.0MSold out · 2.4% → 0.0%−3,366,448 shares
Planet Fitness Inc~$82.3MSold out · 2.1% → 0.0%−1,220,212 shares
Elastic N V~$78.9MSold out · 2.0% → 0.0%−1,229,740 shares
Bill Holdings Inc~$68.2MSold out · 1.8% → 0.0%−583,905 shares

Holdings

As of Sep 30, 2023. Changes are in shares against Jun 30, 2023, so a price move alone never reads as a buy or a sale.

Positions, sorted by share of the portfolio
#	Holding		% prev	Value	Shares		Price	Prev price
1	AMDCOM · shares +186% · price −9.7%	11.5%	3.5%	$351.9M	3.4M	+186%	$102.82	$113.91	−9.7%	−$13.3M
2	SeaSPONSORD ADS · shares +236% · price −24.3%	10.2%	3.1%	$311.4M	7.1M	+236%	$43.95	$58.04	−24.3%	−$29.7M
3	RhCOM · shares +0.3% · price −19.8%	9.2%	8.9%	$280.2M	1.1M	+0.3%	$264.36	$329.59	−19.8%	−$68.9M
4	EverpureCL A · shares −1.3% · price −3.3%	9.1%	7.5%	$277.6M	7.8M	−1.3%	$35.62	$36.82	−3.3%	−$9.4M
5	PayPalCOM · shares +9.3% · price −12.4%	8.0%	6.5%	$244.0M	4.2M	+9.3%	$58.46	$66.73	−12.4%	−$31.6M
6	MicrosoftCOM · shares New	6.7%	—	$205.0M	649,162	New	$315.75	—	—	—
7	Acv Auctions IncCOM CL A · shares +5.8% · price −12.1%	5.4%	4.5%	$164.4M	10.8M	+5.8%	$15.18	$17.27	−12.1%	−$21.4M
8	AlphabetCAP STK CL A · shares New	5.3%	—	$162.4M	1.2M	New	$130.86	—	—	—
9	Bath & Body Works IncCOM · shares −21% · price −9.9%	4.9%	5.4%	$150.1M	4.4M	−21%	$33.80	$37.50	−9.9%	−$16.4M
10	NvidiaCALLCOM · shares New	3.8%	—	$117.4M	270,000underlying	New	—	—	—	—
11	MetaCL A · shares New	3.7%	—	$113.3M	377,380	New	$300.21	—	—	—
12	BlockCL A · shares −17% · price −33.5%	3.2%	4.6%	$98.9M	2.2M	−17%	$44.26	$66.57	−33.5%	−$49.8M
13	Confluent IncCLASS A COM · shares −25% · price −16.1%	2.9%	3.6%	$89.2M	3.0M	−25%	$29.61	$35.31	−16.1%	−$17.2M
14	CienaCOM NEW · shares New	2.5%	—	$77.9M	1.6M	New	$47.26	—	—	—
15	SeaCALLSPONSORD ADS · shares New	2.2%	—	$65.9M	1.5Munderlying	New	—	—	—	—
16	Wayfair IncCL A · shares +1.8% · price −6.8%	1.9%	1.6%	$58.8M	971,206	+1.8%	$60.57	$65.01	−6.8%	−$4.2M
17	CrowdStrikeCL A · shares −72% · price +14.0%	1.7%	4.1%	$51.5M	307,827	−72%	$167.38	$146.87	+14.0%	+$6.3M
18	TeslaCOM · shares +9.0% · price −4.4%	1.7%	1.3%	$50.8M	202,989	+9.0%	$250.22	$261.77	−4.4%	−$2.2M
19	MicronCOM · shares −42% · price +7.8%	1.6%	2.0%	$48.0M	705,463	−42%	$68.03	$63.11	+7.8%	+$3.5M
20	Las Vegas Sands CorpCOM · shares −29% · price −21.0%	1.1%	1.6%	$34.4M	750,088	−29%	$45.84	$58.00	−21.0%	−$9.1M
21	Hashicorp IncCOM CL A · shares New	1.0%	—	$31.4M	1.4M	New	$22.83	—	—	—
22	Liberty Media Corp DelCOM LBTY ONE S C · shares New	0.90%	—	$27.4M	440,596	New	$62.30	—	—	—
23	Mgm Resorts InternationalCOM · shares −77% · price −16.3%	0.50%	2.0%	$15.2M	414,688	−77%	$36.76	$43.92	−16.3%	−$3.0M
24	Sonder Holdings IncCL A NEW · shares New	0.27%	—	$8.3M	1.0M	New	$8.21	—	—	—
25	Hasbro IncCOM · shares New	0.25%	—	$7.7M	116,319	New	$66.14	—	—	—
	Total · 29 positions	100%		$3.06B						−$269.6M

The filing on SEC EDGAR ↗

Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.

What made money

From Q2 2023 to Q3 2023: 18 stocks held throughout, down $269.6M (−13.3%).

CrowdStrike+$6.3M+14%
Micron+$3.5M+8%
Taboola.Com Ltd+$493,000+22%
Amplitude Inc+$53,129+5%
Acv Auctions Inc−$21.4M−12%
Sea−$29.7M−24%
PayPal−$31.6M−12%
Block−$49.8M−34%
Rh−$68.9M−20%

Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out.

Reported value by quarter

The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.

$20.00B$10.00B$0

Q4 201927 quartersQ2 2026

Every quarter's filing

Each quarter's 13F filing, newest first
Quarter	Filed	Reported value	Positions	Filing
Q2 2026	Aug 14, 2026	$14.34B+187%	49	SEC ↗
Q1 2026	May 18, 2026	$5.00B−39%	54	SEC ↗
Q4 2025	Feb 17, 2026	$8.18B+59%	56	SEC ↗
Q3 2025	Nov 14, 2025	$5.13B+42%	58	SEC ↗
Q2 2025	Aug 14, 2025	$3.60B+9%	48	SEC ↗
Q1 2025	May 15, 2025	$3.29B−28%	44	SEC ↗
Q4 2024	Feb 14, 2025	$4.57B+16%	45	SEC ↗
Q3 2024	Nov 14, 2024	$3.93B+28%	43	SEC ↗
Q2 2024	Aug 14, 2024	$3.06B−30%	40	SEC ↗
Q1 2024	May 15, 2024	$4.41B+45%	38	SEC ↗
Q4 2023	Feb 14, 2024	$3.04B−0%	36	SEC ↗
Q3 2023	Nov 14, 2023	$3.06B−21%	29	SEC ↗
Q2 2023	Aug 14, 2023	$3.89B+19%	33	SEC ↗
Q1 2023	May 15, 2023	$3.27B+29%	34	SEC ↗
Q4 2022	Feb 14, 2023	$2.54B−33%	34	SEC ↗
Q3 2022	Nov 14, 2022	$3.80B+41%	40	SEC ↗
Q2 2022	Aug 15, 2022	$2.69B−17%	42	SEC ↗
Q1 2022	May 16, 2022	$3.25B+1%	38	SEC ↗
Q4 2021	Feb 14, 2022	$3.20B−24%	36	SEC ↗
Q3 2021	Nov 15, 2021	$4.23B−24%	41	SEC ↗
Q2 2021	Aug 16, 2021	$5.60B+26%	44	SEC ↗
Q1 2021	May 28, 2021 (amended)	$4.43B+94%	53	SEC ↗
Q4 2020	Feb 16, 2021	$2.28B+116%	41	SEC ↗
Q3 2020	Nov 16, 2020	$1.06B+49%	33	SEC ↗
Q2 2020	Aug 14, 2020	$708.2M+57%	26	SEC ↗
Q1 2020	May 15, 2020	$452.2M+4%	24	SEC ↗
Q4 2019	Feb 14, 2020	$435.9M	27	SEC ↗