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Gavin Baker Atreides Management

AUM $14.3B
1-Year Est. Return 116.01%
 

Gavin Baker is the founder of Atreides Management, a long/short equity firm focused on technology and innovation. He previously managed growth strategies at Fidelity, where he built a reputation for early research into cloud software, semiconductors, and internet platforms. Baker’s public portfolio is often studied for high-conviction technology themes and cyclical semiconductor exposure.

This Fund
S&P 500
This Quarter Est. Return
+59.46%
1 Year Est. Return
+116.01%
3 Year Est. Return
+228.97%
5 Year Est. Return
+169.63%
10 Year Est. Return
–
AUM
$14.3B
AUM Growth
+$9.33B
Cap. Flow
+$6.59B
Cap. Flow %
45.98%
Top 10 Hldgs %
76.98%
Holding
69
New
15
Increased
27
Reduced
7
Closed
20

Top Buys

Rank Stock Value
1
SPCX
SpaceX
SPCX
+$4.64B
2
CBRS
Cerebras Systems
CBRS
+$732M
3
META icon
Meta Platforms (Facebook)
META
+$246M
4
CRWV
CoreWeave
CRWV
+$142M
5
APH icon
Amphenol
APH
+$92.3M

Top Sells

Rank Stock Value
1
ALAB icon
Astera Labs
ALAB
+$570M
2
LITE icon
Lumentum
LITE
+$188M
3
ECHO
EchoStar
ECHO
+$117M
4
ZM icon
Zoom
ZM
+$106M
5
RKT icon
Rocket Companies
RKT
+$87.1M

Sector Composition

Rank Sector Weight
1 Technology 36.13%
2 Industrials 32.95%
3 Consumer Discretionary 3.85%
4 Communication Services 2.95%
5 Financials 1.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPCX
1
SpaceX
SPCX
$1.81T
$4.67B 32.58%
+27,332,943
New +$4.64B
QQQ icon
2
PUT
Invesco QQQ Trust
QQQ
$486B
$2.36B 16.44%
3,200,000
+1,800,000
+129% +$1.24B
MU icon
3
Micron Technology
MU
$1.09T
$821M 5.73%
711,364
-49,062
-6% -$36.8M
CBRS
4
Cerebras Systems
CBRS
$46.6B
$687M 4.79%
+3,110,086
New +$732M
META icon
5
CALL
Meta Platforms (Facebook)
META
$1.4T
$676M 4.72%
+1,200,000
New +$734M
ALAB icon
6
Astera Labs
ALAB
$49.4B
$588M 4.1%
1,216,795
-2,148,992
-64% -$570M
CIEN icon
7
Ciena
CIEN
$56B
$338M 2.36%
688,521
+11,714
+2% +$5.97M
CRDO icon
8
Credo Technology Group
CRDO
$43B
$307M 2.14%
1,129,285
+38,052
+3% +$7.52M
PANW icon
9
Palo Alto Networks
PANW
$292B
$299M 2.09%
876,954
+315,157
+56% +$72.1M
U icon
10
Unity
U
$20.7B
$293M 2.04%
10,245,819
-2,139,503
-17% -$56.9M
COHR icon
11
Coherent
COHR
$56.7B
$253M 1.77%
642,101
+10,942
+2% +$3.87M
NVDA icon
12
NVIDIA
NVDA
$5.2T
$250M 1.74%
1,249,291
+699
+0.1% +$144K
AMZN icon
13
Amazon
AMZN
$2.79T
$231M 1.61%
969,629
+16,069
+2% +$4.03M
META icon
14
Meta Platforms (Facebook)
META
$1.4T
$227M 1.58%
+402,770
New +$246M
CRWV
15
CoreWeave
CRWV
$48.5B
$212M 1.48%
2,124,845
+1,314,310
+162% +$142M
GOOGL icon
16
Alphabet (Google) Class A
GOOGL
$4.22T
$175M 1.22%
488,296
-66,727
-12% -$24M
CBRS
17
CALL
Cerebras Systems
CBRS
$46.6B
$155M 1.08%
+700,000
New +$165M
TWLO icon
18
Twilio
TWLO
$34.6B
$149M 1.04%
720,338
-201,264
-22% -$35.7M
APH icon
19
Amphenol
APH
$194B
$113M 0.79%
+640,069
New +$92.3M
AKAM icon
20
Akamai
AKAM
$15.9B
$108M 0.75%
910,583
+227,746
+33% +$28.4M
AFRM icon
21
Affirm
AFRM
$25.8B
$104M 0.72%
1,273,050
+78,339
+7% +$5.12M
GTLB icon
22
GitLab
GTLB
$7.04B
$103M 0.72%
+3,373,169
New +$85.6M
INTC icon
23
Intel
INTC
$476B
$92.7M 0.65%
663,802
+10,010
+2% +$1.01M
SMTC icon
24
Semtech
SMTC
$11.6B
$89.2M 0.62%
551,214
+9,402
+2% +$1.23M
CIFR icon
25
Cipher Digital
CIFR
$6.55B
$87.9M 0.61%
+3,586,409
New +$75.7M
1
2 3

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Gavin Baker's Q2 2026 Portfolio in Review

As of Q2 2026, Gavin Baker held 69 positions worth $14.3B, up 187% from $5B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Gavin Baker deployed $6.59B of net new capital in Q2 2026, opening 15 new positions and adding to 27 existing holdings. Its largest new stake was SpaceX: 27,332,943 shares worth $4.67B.

By sector, the portfolio is most concentrated in Technology at 36% of assets, down from 54% a quarter earlier, followed by Industrials and Consumer Discretionary.

On the sell side, the largest reduction was Astera Labs, an estimated $570M trimmed.

  • Gavin Baker's largest Q2 2026 buy was SpaceX: 27,332,943 shares worth $4.67B.
  • Gavin Baker added most to CoreWeave in Q2 2026, an estimated $142M increase.
  • Gavin Baker's biggest Q2 2026 reduction was Astera Labs, cutting an estimated $570M.
  • Gavin Baker fully exited Lumentum in Q2 2026, selling an estimated $188M.
  • Gavin Baker's ten largest holdings make up 77% of its $14.3B portfolio in Q2 2026.
  • Gavin Baker opened 15 new positions and closed 20 in Q2 2026.
  • Gavin Baker's portfolio value rose 187% quarter-over-quarter to $14.3B.

Based on Atreides Management's 13F filing for Q2 2026, filed 14 Aug 2026.