13F filer · CIK 1777813 ↗

Atreides Management

Gavin BakerManaging Partner and Chief Investment Officer

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

Reported value

$5.00B

−39% on the quarter before

Positions

16 new · 18 sold out

Top 10

57.6%

of the value

Est. gain

−$256.3M

on stocks held all quarter

Est. return

−8.4%

on those stocks since Q4 2025

Filed

May 18, 2026

On SEC EDGAR ↗

Positions as of Mar 31, 2026, 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 2025. Striped tiles are options.

30 others17%

Invesco Qqq TrPUT16%

Astera Labs7.4%Unity5.4%Ciena5.3%Micron5.1%Nvidia4.4%Amazon4.0%Lumentum3.8%Alphabet3.2%Coherent3.0%EchoStar2.3%Twilio2.3%Wayfair2.2%Zoom2.1%Credo2.0%Palo Alto Networks1.8%

Dicks Sporting Goods Inc1.8%

Rocket Cos Inc1.7%

Vistra1.6%Akamai1.6%Roblox1.6%Tesla1.5%CoreWeave1.3%Wix.com1.2%

30 others17%

Invesco Qqq TrPUT16%

Astera Labs7.4%Unity5.4%Ciena5.3%Micron5.1%Nvidia4.4%Amazon4.0%Lumentum3.8%Alphabet3.2%Coherent3.0%EchoStar2.3%Twilio2.3%Wayfair2.2%Zoom2.1%Credo2.0%Palo Alto Networks1.8%

Dicks Sporting Goods Inc1.8%

Rocket Cos Inc1.7%

Vistra1.6%Akamai1.6%Roblox1.6%Tesla1.5%CoreWeave1.3%Wix.com1.2%

Largest buys

Since Q4 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.

Astera Labs~$192.3MAdded · 3.3% → 7.4%+1,754,593 shares
Unity~$126.4MAdded · 3.6% → 5.4%+5,759,883 shares
Zoom~$105.8MNew · 0.0% → 2.1%+1,315,605 shares
Credo~$102.4MNew · 0.0% → 2.0%+1,091,233 shares
Palo Alto Networks~$90.1MNew · 0.0% → 1.8%+561,797 shares
Vistra~$78.7MNew · 0.0% → 1.6%+523,788 shares
Akamai~$78.4MNew · 0.0% → 1.6%+682,837 shares
HubSpot~$56.7MNew · 0.0% → 1.1%+232,115 shares
RobloxCALL~$56.6MNew · 0.0% → 1.1%+1,000,000 underlying
Roblox~$56.2MAdded · 0.4% → 1.6%+994,132 shares

Largest sells

Since Q4 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~$1.21BCut · 26.3% → 16.2%−2,100,000 underlying
NvidiaCALL~$652.8MSold out · 8.0% → 0.0%−3,500,000 underlying
Ciena~$291.7MCut · 4.1% → 5.3%−751,423 shares
Everpure~$279.9MSold out · 3.4% → 0.0%−4,177,675 shares
MicronPUT~$199.8MSold out · 2.4% → 0.0%−700,000 underlying
Coherent CorpCALL~$166.1MSold out · 2.0% → 0.0%−900,000 underlying
Coherent~$143.9MCut · 2.8% → 3.0%−604,087 shares
Gitlab Inc~$119.2MSold out · 1.5% → 0.0%−3,177,083 shares
Nvidia~$118.0MCut · 4.4% → 4.4%−676,639 shares
EverpureCALL~$100.5MSold out · 1.2% → 0.0%−1,500,000 underlying

Holdings

As of Mar 31, 2026. Changes are in shares against Dec 31, 2025, 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 −60%	16.2%	26.3%	$808.1M	1.4Munderlying	−60%	—	—	—	—
2	Astera LabsCOM · shares +109% · price −34.1%	7.4%	3.3%	$368.9M	3.4M	+109%	$109.60	$166.36	−34.1%	−$91.5M
3	UnityCOM · shares +87% · price −50.3%	5.4%	3.6%	$271.7M	12.4M	+87%	$21.94	$44.17	−50.3%	−$147.3M
4	CienaCOM NEW · shares −53% · price +66.0%	5.3%	4.1%	$262.8M	676,807	−53%	$388.23	$233.87	+66.0%	+$104.5M
5	MicronCOM · shares +2.9% · price +18.4%	5.1%	2.6%	$256.9M	760,426	+2.9%	$337.84	$285.41	+18.4%	+$38.7M
6	NvidiaCOM · shares −35% · price −6.5%	4.4%	4.4%	$217.8M	1.2M	−35%	$174.40	$186.50	−6.5%	−$15.1M
7	AmazonCOM · shares +39% · price −9.8%	4.0%	1.9%	$198.6M	953,560	+39%	$208.27	$230.82	−9.8%	−$15.5M
8	LumentumCOM · shares −30% · price +90.7%	3.8%	1.7%	$187.9M	267,389	−30%	$702.76	$368.59	+90.7%	+$89.4M
9	AlphabetCAP STK CL A · shares +7.9% · price −8.1%	3.2%	2.0%	$159.6M	555,023	+7.9%	$287.56	$313.00	−8.1%	−$13.1M
10	CoherentCOM · shares −49% · price +29.1%	3.0%	2.8%	$150.3M	631,159	−49%	$238.21	$184.57	+29.1%	+$33.9M
11	EchoStarCL A · shares +11% · price +7.7%	2.3%	1.2%	$117.1M	1.0M	+11%	$117.07	$108.70	+7.7%	+$7.5M
12	TwilioCL A · shares +29% · price −11.5%	2.3%	1.2%	$116.0M	921,602	+29%	$125.82	$142.24	−11.5%	−$11.8M
13	WayfairCL A · shares +64% · price −25.1%	2.2%	1.1%	$107.6M	1.4M	+64%	$75.21	$100.41	−25.1%	−$21.9M
14	ZoomCL A · shares New	2.1%	—	$105.8M	1.3M	New	$80.39	—	—	—
15	CredoORDINARY SHARES · shares New	2.0%	—	$102.4M	1.1M	New	$93.87	—	—	—
16	Palo Alto NetworksCOM · shares New	1.8%	—	$90.1M	561,797	New	$160.32	—	—	—
17	Dicks Sporting Goods IncCOM · shares −7.8% · price +0.2%	1.8%	1.2%	$89.7M	452,531	−7.8%	$198.29	$197.97	+0.2%	+$144,810
18	Rocket Cos IncCOM CL A · shares +70% · price −26.4%	1.7%	0.85%	$87.1M	6.1M	+70%	$14.25	$19.36	−26.4%	−$18.4M
19	VistraCOM · shares New	1.6%	—	$78.7M	523,788	New	$150.33	—	—	—
20	AkamaiCOM · shares New	1.6%	—	$78.4M	682,837	New	$114.85	—	—	—
21	RobloxCL A · shares +255% · price −30.2%	1.6%	0.39%	$78.3M	1.4M	+255%	$56.56	$81.03	−30.2%	−$9.5M
22	TeslaCOM · shares +7.9% · price −17.3%	1.5%	1.0%	$74.6M	200,795	+7.9%	$371.75	$449.72	−17.3%	−$14.5M
23	CoreWeaveCOM CL A · shares +34% · price +8.2%	1.3%	0.53%	$62.8M	810,535	+34%	$77.47	$71.61	+8.2%	+$3.6M
24	Wix.comSHS · shares −48% · price −13.3%	1.2%	1.6%	$58.6M	650,414	−48%	$90.07	$103.89	−13.3%	−$9.0M
25	HubSpotCOM · shares New	1.1%	—	$56.7M	232,115	New	$244.10	—	—	—
	Total · 54 positions	100%		$5.00B						−$256.3M

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 2025 to Q1 2026: 36 stocks held throughout, down $256.3M (−8.4%).

Ciena+$104.5M+66%
Lumentum+$89.4M+91%
Micron+$38.7M+18%
Coherent+$33.9M+29%
EchoStar+$7.5M+8%
Wingstop Inc−$22.6M−35%
Affirm−$34.2M−38%
Acv Auctions Inc−$36.8M−47%
Astera Labs−$91.5M−34%
Unity−$147.3M−50%

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 ↗