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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
TSLA icon
26
Tesla
TSLA
$1.43T
$85.9M 0.6%
204,275
+3,480
+2% +$1.38M
DKS icon
27
Dick's Sporting Goods
DKS
$16.4B
$85.1M 0.59%
375,118
-77,413
-17% -$17.1M
W icon
28
Wayfair
W
$13.9B
$78M 0.54%
843,860
-587,137
-41% -$43.3M
AMBQ
29
Ambiq Micro
AMBQ
$1.43B
$77.4M 0.54%
877,123
+14,948
+2% +$886K
IOT icon
30
Samsara
IOT
$23.3B
$74.9M 0.52%
+2,308,649
New +$71.5M
ACVA icon
31
ACV Auctions
ACVA
$1.26B
$71.2M 0.5%
9,903,239
+168,772
+2% +$957K
COMP icon
32
Compass
COMP
$9.02B
$69.8M 0.49%
5,658,421
+96,423
+2% +$803K
WIX icon
33
WIX.com
WIX
$3.43B
$66.2M 0.46%
1,458,458
+808,044
+124% +$50M
MA icon
34
Mastercard
MA
$509B
$48.1M 0.34%
93,629
+44,025
+89% +$22M
PDFS icon
35
PDF Solutions
PDFS
$1.93B
$46.6M 0.33%
+658,536
New +$32.6M
TTAN
36
ServiceTitan Inc
TTAN
$9.05B
$38.3M 0.27%
+542,092
New +$34.9M
FERG icon
37
Ferguson
FERG
$46.9B
$35.1M 0.24%
147,759
+1,404
+1% +$339K
NOK icon
38
Nokia
NOK
$57B
$33.5M 0.23%
2,524,974
+43,027
+2% +$554K
ROG icon
39
Rogers Corp
ROG
$2.26B
$31M 0.22%
189,311
+3,226
+2% +$443K
NTRA icon
40
Natera
NTRA
$47.9B
$28.3M 0.2%
+104,385
New +$22.3M
WRBY icon
41
Warby Parker
WRBY
$3.39B
$21.2M 0.15%
698,903
+11,908
+2% +$295K
VECO icon
42
Veeco
VECO
$2.93B
$18M 0.13%
237,919
+3,996
+2% +$228K
NBIS
43
Nebius Group N.V.
NBIS
$59.6B
$17.7M 0.12%
64,125
+1,057
+2% +$209K
INIO
44
INNIO N.V.
INIO
$17.4B
$13.8M 0.1%
+348,696
New +$12.4M
EQPT
45
EquipmentShare.com Inc
EQPT
$4.69B
$4.27M 0.03%
217,131
+3,700
+2% +$79.2K
TBLA icon
46
Taboola.com
TBLA
$1.01B
$4.18M 0.03%
835,026
+14,229
+2% +$62.2K
QNT
47
Quantinuum Inc
QNT
$2.09B
$3.26M 0.02%
+39,853
New +$2.56M
FRVO
48
Fervo Energy
FRVO
$4.99B
$291K ﹤0.01%
+9,959
New +$360K
BTGO
49
BitGo Holdings
BTGO
$804M
$153K ﹤0.01%
29,611
+505
+2% +$4.14K
AVAV icon
50
AeroVironment
AVAV
$8.14B
– –
-161,675
Closed -$29.6M
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.