13F filer · CIK 1777813 ↗

Atreides Management

Gavin BakerManaging Partner and Chief Investment Officer

You are looking at Q1 2025. See the latest, Q2 2026 →

Reported value

$3.29B

−28% on the quarter before

Positions

13 new · 14 sold out

Top 10

54.8%

of the value

Est. gain

−$495.9M

on stocks held all quarter

Est. return

−23.5%

on those stocks since Q4 2024

Filed

May 15, 2025

On SEC EDGAR ↗

Positions as of Mar 31, 2025, 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 Q4 2024. Striped tiles are options.

20 others13%

Astera Labs8.4%NvidiaCALL7.6%AMD6.6%

Vaneck ETF TrustPUT6.4%

Unity Software Inc5.6%

Microsoft4.8%Meta4.2%Amazon4.0%

Deckers Outdoor Corp3.7%

Roblox3.6%Nvidia3.6%Lumentum3.5%

Rh3.4%

Snowflake2.7%AMDCALL2.5%

Ulta Beauty Inc2.4%

Micron2.3%CoreWeave2.1%

Acv Auctions Inc2.0%

Synopsys2.0%SentinelOne1.9%Tesla1.5%

Ferguson Enterprises Inc1.4%

Elastic N V1.3%

20 others13%

Astera Labs8.4%NvidiaCALL7.6%AMD6.6%

Vaneck ETF TrustPUT6.4%

Unity Software Inc5.6%

Microsoft4.8%Meta4.2%Amazon4.0%

Deckers Outdoor Corp3.7%

Roblox3.6%Nvidia3.6%Lumentum3.5%

Rh3.4%

Snowflake2.7%AMDCALL2.5%

Ulta Beauty Inc2.4%

Micron2.3%CoreWeave2.1%

Acv Auctions Inc2.0%

Synopsys2.0%SentinelOne1.9%Tesla1.5%

Ferguson Enterprises Inc1.4%

Elastic N V1.3%

Largest buys

Since Q4 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.

NvidiaCALL~$249.3MNew · 0.0% → 7.6%+2,300,000 underlying
Vaneck ETF TrustPUT~$211.5MNew · 0.0% → 6.4%+1,000,000 underlying
Astera Labs~$168.0MAdded · 5.3% → 8.4%+2,815,614 shares
Meta~$138.2MNew · 0.0% → 4.2%+239,789 shares
Nvidia~$117.7MNew · 0.0% → 3.6%+1,085,628 shares
Unity Software Inc~$109.9MAdded · 1.9% → 5.6%+5,607,572 shares
Roblox~$82.4MAdded · 0.8% → 3.6%+1,413,206 shares
AMDCALL~$82.2MNew · 0.0% → 2.5%+800,000 underlying
CoreWeave~$69.5MNew · 0.0% → 2.1%+1,875,000 shares
Deckers Outdoor Corp~$66.7MAdded · 2.1% → 3.7%+596,359 shares

Largest sells

Since Q4 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~$1.38BSold out · 30.2% → 0.0%−2,700,000 underlying
Asml Holding N V~$181.5MCut · 4.5% → 0.4%−273,979 shares
Adobe~$138.3MSold out · 3.0% → 0.0%−311,053 shares
Broadcom~$104.9MSold out · 2.3% → 0.0%−452,645 shares
Starbucks Corp~$89.1MSold out · 2.0% → 0.0%−976,908 shares
Block~$61.9MSold out · 1.4% → 0.0%−728,208 shares
Charter Communications Inc N~$60.7MSold out · 1.3% → 0.0%−177,228 shares
Ulta Beauty Inc~$41.2MCut · 3.1% → 2.4%−112,530 shares
Nike Inc~$40.7MSold out · 0.9% → 0.0%−537,462 shares
Nu Hldgs Ltd~$39.5MSold out · 0.9% → 0.0%−3,810,102 shares

Holdings

As of Mar 31, 2025. Changes are in shares against Dec 31, 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	Astera LabsCOM · shares +153% · price −54.9%	8.4%	5.3%	$277.6M	4.7M	+153%	$59.67	$132.45	−54.9%	−$133.7M
2	NvidiaCALLCOM · shares New	7.6%	—	$249.3M	2.3Munderlying	New	—	—	—	—
3	AMDCOM · shares +9.4% · price −14.9%	6.6%	5.1%	$216.1M	2.1M	+9.4%	$102.74	$120.79	−14.9%	−$34.7M
4	Vaneck ETF TrustPUTSEMICONDUCTR ETF · shares New	6.4%	—	$211.5M	1.0Munderlying	New	—	—	—	—
5	Unity Software IncCOM · shares +147% · price −12.8%	5.6%	1.9%	$184.8M	9.4M	+147%	$19.59	$22.47	−12.8%	−$11.0M
6	MicrosoftCOM · shares +32% · price −10.9%	4.8%	2.9%	$157.7M	420,136	+32%	$375.39	$421.50	−10.9%	−$14.7M
7	MetaCL A · shares New	4.2%	—	$138.2M	239,789	New	$576.36	—	—	—
8	AmazonCOM · shares +1.2% · price −13.3%	4.0%	3.3%	$131.1M	689,231	+1.2%	$190.26	$219.39	−13.3%	−$19.8M
9	Deckers Outdoor CorpCOM · shares +124% · price −44.9%	3.7%	2.1%	$120.6M	1.1M	+124%	$111.81	$203.09	−44.9%	−$44.0M
10	RobloxCL A · shares +232% · price +0.7%	3.6%	0.77%	$117.8M	2.0M	+232%	$58.29	$57.86	+0.7%	+$261,597
11	NvidiaCOM · shares New	3.6%	—	$117.7M	1.1M	New	$108.38	—	—	—
12	LumentumCOM · shares +6.8% · price −25.7%	3.5%	3.2%	$116.9M	1.9M	+6.8%	$62.34	$83.95	−25.7%	−$37.9M
13	RhCOM · shares +69% · price −40.4%	3.4%	2.4%	$111.0M	473,321	+69%	$234.41	$393.59	−40.4%	−$44.6M
14	SnowflakeCL A · shares −20% · price −5.3%	2.7%	2.6%	$89.0M	608,715	−20%	$146.16	$154.41	−5.3%	−$5.0M
15	AMDCALLCOM · shares New	2.5%	—	$82.2M	800,000underlying	New	—	—	—	—
16	Ulta Beauty IncCOM · shares −34% · price −15.7%	2.4%	3.1%	$79.7M	217,541	−34%	$366.54	$434.93	−15.7%	−$14.9M
17	MicronCOM · shares +270% · price +3.2%	2.3%	0.44%	$77.3M	889,842	+270%	$86.89	$84.16	+3.2%	+$656,808
18	CoreWeaveCOM CL A · shares New	2.1%	—	$69.5M	1.9M	New	$37.08	—	—	—
19	Acv Auctions IncCOM CL A · shares −5.8% · price −34.8%	2.0%	2.4%	$66.7M	4.7M	−5.8%	$14.09	$21.60	−34.8%	−$35.5M
20	SynopsysCOM · shares New	2.0%	—	$65.4M	152,488	New	$428.85	—	—	—
21	SentinelOneCL A · shares +1.7% · price −18.1%	1.9%	1.6%	$61.0M	3.4M	+1.7%	$18.18	$22.20	−18.1%	−$13.3M
22	TeslaCOM · shares −37% · price −35.8%	1.5%	2.7%	$50.7M	195,542	−37%	$259.16	$403.84	−35.8%	−$28.3M
23	Ferguson Enterprises IncCOMMON STOCK NEW · shares −7.1% · price −7.7%	1.4%	1.1%	$44.9M	280,079	−7.1%	$160.23	$173.57	−7.7%	−$3.7M
24	Elastic N VORD SHS · shares −10% · price −10.1%	1.3%	1.2%	$44.0M	493,598	−10%	$89.10	$99.08	−10.1%	−$4.9M
25	Confluent IncCLASS A COM · shares +6.8% · price −16.2%	1.2%	0.95%	$38.8M	1.7M	+6.8%	$23.44	$27.96	−16.2%	−$7.0M
	Total · 44 positions	100%		$3.29B						−$495.9M

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 Q4 2024 to Q1 2025: 31 stocks held throughout, down $495.9M (−23.5%).

Mastercard+$1.4M+4%
Micron+$656,808+3%
Roblox+$261,597+1%
Acv Auctions Inc−$35.5M−35%
Lumentum−$37.9M−26%
Deckers Outdoor Corp−$44.0M−45%
Rh−$44.6M−40%
Astera Labs−$133.7M−55%

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 ↗