13F filer · CIK 1777813 ↗

Atreides Management

Gavin BakerManaging Partner and Chief Investment Officer

You are looking at Q4 2024. See the latest, Q2 2026 →

Reported value

$4.57B

+16% on the quarter before

Positions

17 new · 15 sold out

Top 10

63.4%

of the value

Est. gain

−$51.5M

on stocks held all quarter

Est. return

−2.7%

on those stocks since Q3 2024

Filed

Feb 14, 2025

On SEC EDGAR ↗

Positions as of Dec 31, 2024, 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 Q3 2024. Striped tiles are options.

Invesco Qqq TrPUT30%

21 others11%

Astera Labs5.3%AMD5.1%

Asml Holding N V4.5%

Amazon3.3%Lumentum3.2%

Ulta Beauty Inc3.1%

Adobe3.0%Microsoft2.9%Tesla2.7%Snowflake2.6%

Rh2.4%

Acv Auctions Inc2.4%

Broadcom2.3%

Deckers Outdoor Corp2.1%

Starbucks Corp2.0%

Unity Software Inc1.9%

Alphabet1.8%MongoDB1.8%SentinelOne1.6%Block1.4%

Charter Communications Inc N1.3%

Elastic N V1.2%

Ferguson Enterprises Inc1.1%

Invesco Qqq TrPUT30%

21 others11%

Astera Labs5.3%AMD5.1%

Asml Holding N V4.5%

Amazon3.3%Lumentum3.2%

Ulta Beauty Inc3.1%

Adobe3.0%Microsoft2.9%Tesla2.7%Snowflake2.6%

Rh2.4%

Acv Auctions Inc2.4%

Broadcom2.3%

Deckers Outdoor Corp2.1%

Starbucks Corp2.0%

Unity Software Inc1.9%

Alphabet1.8%MongoDB1.8%SentinelOne1.6%Block1.4%

Charter Communications Inc N1.3%

Elastic N V1.2%

Ferguson Enterprises Inc1.1%

Largest buys

Since Q3 2024, 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~$869.1MAdded · 12.4% → 30.2%+1,700,000 underlying
Asml Holding N V~$203.5MNew · 0.0% → 4.5%+293,636 shares
Microsoft~$134.6MNew · 0.0% → 2.9%+319,358 shares
Snowflake~$116.9MNew · 0.0% → 2.6%+756,767 shares
Broadcom~$104.9MNew · 0.0% → 2.3%+452,645 shares
Starbucks Corp~$89.1MNew · 0.0% → 2.0%+976,908 shares
Unity Software Inc~$85.9MNew · 0.0% → 1.9%+3,823,383 shares
MongoDB~$81.9MNew · 0.0% → 1.8%+351,859 shares
Block~$61.9MNew · 0.0% → 1.4%+728,208 shares
Ulta Beauty Inc~$61.9MAdded · 1.9% → 3.1%+142,291 shares

Largest sells

Since Q3 2024, 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.

Ciena~$181.9MCut · 3.5% → 0.1%−2,144,259 shares
SPDR S&P 500 ETF TrPUT~$143.4MSold out · 3.7% → 0.0%−250,000 underlying
Elastic N V~$112.8MCut · 3.3% → 1.2%−1,138,263 shares
Tesla~$105.2MCut · 3.8% → 2.7%−260,380 shares
Sea~$101.3MSold out · 2.6% → 0.0%−1,074,456 shares
Apple~$99.0MSold out · 2.5% → 0.0%−424,965 shares
RhCALL~$83.6MSold out · 2.1% → 0.0%−250,000 underlying
AMDCALL~$82.0MSold out · 2.1% → 0.0%−500,000 underlying
Five Below Inc~$68.6MSold out · 1.7% → 0.0%−777,011 shares
MercadoLibre~$58.8MSold out · 1.5% → 0.0%−28,662 shares

Holdings

As of Dec 31, 2024. Changes are in shares against Sep 30, 2024, 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	Invesco Qqq TrPUTUNIT SER 1 · shares +170%	30.2%	12.4%	$1.38B	2.7Munderlying	+170%	—	—	—	—
2	Astera LabsCOM · shares +2.5% · price −36.8%	5.3%	9.6%	$243.3M	1.8M	+2.5%	$132.45	$209.561:4 split	−36.8%	−$138.2M
3	AMDCOM · shares −6.9% · price −26.4%	5.1%	8.6%	$232.2M	1.9M	−6.9%	$120.79	$164.08	−26.4%	−$83.2M
4	Asml Holding N VN Y REGISTRY SHS · shares New	4.5%	—	$203.5M	293,636	New	$693.08	—	—	—
5	AmazonCOM · shares −27% · price +17.7%	3.3%	4.4%	$149.3M	680,737	−27%	$219.39	$186.33	+17.7%	+$22.5M
6	LumentumCOM · shares +3.8% · price +32.5%	3.2%	2.7%	$147.4M	1.8M	+3.8%	$83.95	$63.38	+32.5%	+$34.8M
7	Ulta Beauty IncCOM · shares +76% · price +11.8%	3.1%	1.9%	$143.6M	330,071	+76%	$434.93	$389.12	+11.8%	+$8.6M
8	AdobeCOM · shares +10% · price −14.1%	3.0%	3.7%	$138.3M	311,053	+10%	$444.68	$517.78	−14.1%	−$20.6M
9	MicrosoftCOM · shares New	2.9%	—	$134.6M	319,358	New	$421.50	—	—	—
10	TeslaCOM · shares −46% · price +54.4%	2.7%	3.8%	$124.7M	308,695	−46%	$403.84	$261.63	+54.4%	+$43.9M
11	SnowflakeCL A · shares New	2.6%	—	$116.9M	756,767	New	$154.41	—	—	—
12	RhCOM · shares −20% · price +17.7%	2.4%	3.0%	$110.2M	279,917	−20%	$393.59	$334.43	+17.7%	+$16.6M
13	Acv Auctions IncCOM CL A · shares −12% · price +6.2%	2.4%	2.9%	$108.5M	5.0M	−12%	$21.60	$20.33	+6.2%	+$6.4M
14	BroadcomCOM · shares New	2.3%	—	$104.9M	452,645	New	$231.84	—	—	—
15	Deckers Outdoor CorpCOM · shares −18% · price +27.4%	2.1%	2.4%	$98.0M	482,334	−18%	$203.09	$159.45	+27.4%	+$21.0M
16	Starbucks CorpCOM · shares New	2.0%	—	$89.1M	976,908	New	$91.25	—	—	—
17	Unity Software IncCOM · shares New	1.9%	—	$85.9M	3.8M	New	$22.47	—	—	—
18	AlphabetCAP STK CL A · shares +102% · price +14.1%	1.8%	0.93%	$84.0M	443,621	+102%	$189.30	$165.85	+14.1%	+$5.1M
19	MongoDBCL A · shares New	1.8%	—	$81.9M	351,859	New	$232.81	—	—	—
20	SentinelOneCL A · shares −13% · price −7.2%	1.6%	2.3%	$73.3M	3.3M	−13%	$22.20	$23.92	−7.2%	−$5.7M
21	BlockCL A · shares New	1.4%	—	$61.9M	728,208	New	$84.99	—	—	—
22	Charter Communications Inc NCL A · shares New	1.3%	—	$60.7M	177,228	New	$342.77	—	—	—
23	Elastic N VORD SHS · shares −67% · price +29.1%	1.2%	3.3%	$54.4M	549,528	−67%	$99.08	$76.76	+29.1%	+$12.3M
24	Ferguson Enterprises IncCOMMON STOCK NEW · shares New	1.1%	—	$52.3M	301,576	New	$173.57	—	—	—
25	Confluent IncCLASS A COM · shares −43% · price +37.2%	0.95%	1.4%	$43.3M	1.6M	−43%	$27.96	$20.38	+37.2%	+$11.8M
	Total · 45 positions	100%		$4.57B						−$51.5M

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 Q3 2024 to Q4 2024: 27 stocks held throughout, down $51.5M (−2.7%).

Tesla+$43.9M+54%
Lumentum+$34.8M+32%
Amazon+$22.5M+18%
Deckers Outdoor Corp+$21.0M+27%
Rh+$16.6M+18%
SentinelOne−$5.7M−7%
Wayfair Inc−$10.4M−21%
Adobe−$20.6M−14%
AMD−$83.2M−26%
Astera Labs1:4 split−$138.2M−37%

Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out, 1 split read into the share counts.

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 ↗