13F filer · CIK 1777813 ↗
Atreides Management
You are looking at Q4 2025. See the latest, Q2 2026 →
Reported value
$8.18B
+59% on the quarter before
Positions
56
15 new · 17 sold out
Top 10
60.8%
of the value
Est. gain
+$284.3M
on stocks held all quarter
Est. return
+9.9%
on those stocks since Q3 2025
Positions as of Dec 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 Q3 2025. Striped tiles are options.
Largest buys
Since Q3 2025, 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~$921.5MAdded · 23.4% → 26.3%+1,500,000 underlying
- NvidiaCALL~$652.8MNew · 0.0% → 8.0%+3,500,000 underlying
- Astera Labs~$257.7MAdded · 0.2% → 3.3%+1,549,144 shares
- Nvidia~$251.9MAdded · 2.1% → 4.4%+1,350,508 shares
- MicronPUT~$199.8MNew · 0.0% → 2.4%+700,000 underlying
- Coherent CorpCALL~$166.1MNew · 0.0% → 2.0%+900,000 underlying
- Unity Software IncCALL~$163.4MNew · 0.0% → 2.0%+3,700,000 underlying
- Wix Com Ltd~$129.6MNew · 0.0% → 1.6%+1,247,457 shares
- EverpureCALL~$100.5MNew · 0.0% → 1.2%+1,500,000 underlying
- Echostar Corp~$97.9MNew · 0.0% → 1.2%+901,084 shares
Largest sells
Since Q3 2025, 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.
- Deckers Outdoor Corp~$126.8MSold out · 2.5% → 0.0%−1,250,516 shares
- HubSpot~$113.9MSold out · 2.2% → 0.0%−243,434 shares
- Lumentum~$101.1MCut · 2.1% → 1.7%−274,155 shares
- Intuit~$92.3MSold out · 1.8% → 0.0%−135,178 shares
- Gitlab Inc~$86.1MCut · 4.8% → 1.5%−2,293,222 shares
- Marvell Technology IncCALL~$84.1MSold out · 1.6% → 0.0%−1,000,000 underlying
- Intel~$78.5MCut · 1.7% → 0.2%−2,127,107 shares
- E L F Beauty Inc~$71.3MSold out · 1.4% → 0.0%−538,348 shares
- AMD~$54.9MSold out · 1.1% → 0.0%−339,358 shares
- Meta~$48.5MSold out · 0.9% → 0.0%−66,093 shares
Holdings
As of Dec 31, 2025. Changes are in shares against Sep 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Invesco Qqq TrPUTUNIT SER 1 · shares +75% | 26.3% | $2.15B | — | ||||||||
| NvidiaCALLCOM · shares New | 8.0% | $652.8M | — | ||||||||
| NvidiaCOM · shares +235% · price −0.0% | 4.4% | $359.1M | −$45,977 | ||||||||
| CienaCOM NEW · shares +2.0% · price +60.5% | 4.1% | $334.0M | +$123.5M | ||||||||
| Unity Software IncCOM · shares +8.4% · price +10.3% | 3.6% | $292.6M | +$25.2M | ||||||||
| EverpureCL A · shares +1.9% · price −20.0% | 3.4% | $279.9M | −$68.9M | ||||||||
| Astera LabsCOM · shares +2,497% · price −15.0% | 3.3% | $268.0M | −$1.8M | ||||||||
| Coherent CorpCOM · shares +35% · price +71.3% | 2.8% | $228.0M | +$70.2M | ||||||||
| MicronCOM · shares +1.9% · price +70.6% | 2.6% | $210.9M | +$85.6M | ||||||||
| MicronPUTCOM · shares New | 2.4% | $199.8M | — | ||||||||
| Coherent CorpCALLCOM · shares New | 2.0% | $166.1M | — | ||||||||
| Unity Software IncCALLCOM · shares New | 2.0% | $163.4M | — | ||||||||
| AlphabetCAP STK CL A · shares −6.5% · price +28.8% | 2.0% | $161.0M | +$36.0M | ||||||||
| AmazonCOM · shares +4.4% · price +5.1% | 1.9% | $158.8M | +$7.4M | ||||||||
| LumentumCOM · shares −42% · price +126.5% | 1.7% | $141.1M | +$78.8M | ||||||||
| Wix Com LtdSHS · shares New | 1.6% | $129.6M | — | ||||||||
| Gitlab IncCLASS A COM · shares −42% · price −16.7% | 1.5% | $119.2M | −$24.0M | ||||||||
| SnowflakeCOM SHS · shares +2.0% · price −2.7% | 1.3% | $105.0M | −$2.9M | ||||||||
| AffirmCOM CL A · shares +566% · price +1.8% | 1.3% | $103.1M | +$280,672 | ||||||||
| TwilioCL A · shares −26% · price +42.1% | 1.2% | $102.0M | +$30.2M | ||||||||
| EverpureCALLCL A · shares New | 1.2% | $100.5M | — | ||||||||
| Acv Auctions IncCOM CL A · shares +125% · price −19.1% | 1.2% | $99.5M | −$10.4M | ||||||||
| Echostar CorpCL A · shares New | 1.2% | $97.9M | — | ||||||||
| Dicks Sporting Goods IncCOM · shares +2.0% · price −10.9% | 1.2% | $97.2M | −$11.7M | ||||||||
| Wingstop IncCOM · shares New | 1.1% | $93.0M | — | ||||||||
| Total · 56 positions | 100% | $8.18B | +$284.3M |
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 2025 to Q4 2025: 40 stocks held throughout, up $284.3M (+9.9%).
- Ciena+$123.5M+61%
- Micron+$85.6M+71%
- Lumentum+$78.8M+127%
- Coherent Corp+$70.2M+71%
- Alphabet+$36.0M+29%
- Sea−$13.8M−29%
- Roblox−$22.4M−42%
- American Superconductor Corp−$23.6M−52%
- Gitlab Inc−$24.0M−17%
- Everpure−$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.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q2 2026 | Aug 14, 2026 | $14.34B+187% | SEC ↗ |
| Q1 2026 | May 18, 2026 | $5.00B−39% | SEC ↗ |
| Q4 2025 | Feb 17, 2026 | $8.18B+59% | SEC ↗ |
| Q3 2025 | Nov 14, 2025 | $5.13B+42% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $3.60B+9% | SEC ↗ |
| Q1 2025 | May 15, 2025 | $3.29B−28% | SEC ↗ |
| Q4 2024 | Feb 14, 2025 | $4.57B+16% | SEC ↗ |
| Q3 2024 | Nov 14, 2024 | $3.93B+28% | SEC ↗ |
| Q2 2024 | Aug 14, 2024 | $3.06B−30% | SEC ↗ |
| Q1 2024 | May 15, 2024 | $4.41B+45% | SEC ↗ |
| Q4 2023 | Feb 14, 2024 | $3.04B−0% | SEC ↗ |
| Q3 2023 | Nov 14, 2023 | $3.06B−21% | SEC ↗ |
| Q2 2023 | Aug 14, 2023 | $3.89B+19% | SEC ↗ |
| Q1 2023 | May 15, 2023 | $3.27B+29% | SEC ↗ |
| Q4 2022 | Feb 14, 2023 | $2.54B−33% | SEC ↗ |
| Q3 2022 | Nov 14, 2022 | $3.80B+41% | SEC ↗ |
| Q2 2022 | Aug 15, 2022 | $2.69B−17% | SEC ↗ |
| Q1 2022 | May 16, 2022 | $3.25B+1% | SEC ↗ |
| Q4 2021 | Feb 14, 2022 | $3.20B−24% | SEC ↗ |
| Q3 2021 | Nov 15, 2021 | $4.23B−24% | SEC ↗ |
| Q2 2021 | Aug 16, 2021 | $5.60B+26% | SEC ↗ |
| Q1 2021 | May 28, 2021 (amended) | $4.43B+94% | SEC ↗ |
| Q4 2020 | Feb 16, 2021 | $2.28B+116% | SEC ↗ |
| Q3 2020 | Nov 16, 2020 | $1.06B+49% | SEC ↗ |
| Q2 2020 | Aug 14, 2020 | $708.2M+57% | SEC ↗ |
| Q1 2020 | May 15, 2020 | $452.2M+4% | SEC ↗ |
| Q4 2019 | Feb 14, 2020 | $435.9M | SEC ↗ |