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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
+23.56%
1 Year Est. Return
+116.01%
3 Year Est. Return
+228.97%
5 Year Est. Return
+169.63%
10 Year Est. Return
–
AUM
$5.13B
AUM Growth
+$1.53B
Cap. Flow
+$750M
Cap. Flow %
14.61%
Top 10 Hldgs %
56.09%
Holding
63
New
15
Increased
12
Reduced
29
Closed
5

Top Buys

Rank Stock Value
1
HUBS icon
HubSpot
HUBS
+$122M
2
INTU icon
Intuit
INTU
+$97.4M
3
COHR icon
Coherent
COHR
+$91.1M
4
MU icon
Micron Technology
MU
+$83.7M
5
GTLB icon
GitLab
GTLB
+$70.1M

Top Sells

Rank Stock Value
1
AMD icon
Advanced Micro Devices
AMD
+$225M
2
ALAB icon
Astera Labs
ALAB
+$147M
3
LITE icon
Lumentum
LITE
+$137M
4
AFRM icon
Affirm
AFRM
+$135M
5
DKS icon
Dick's Sporting Goods
DKS
+$85.3M

Sector Composition

Rank Sector Weight
1 Technology 47.15%
2 Consumer Discretionary 14.62%
3 Communication Services 6.01%
4 Industrials 2.94%
5 Consumer Staples 2.27%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AMD icon
26
Advanced Micro Devices
AMD
$773B
$54.9M 1.07%
339,358
-1,397,006
-80% -$225M
ACVA icon
27
ACV Auctions
ACVA
$1.26B
$54.6M 1.06%
5,510,790
+816,556
+17% +$10.5M
FERG icon
28
Ferguson
FERG
$46.9B
$50M 0.97%
222,624
-75,332
-25% -$17.1M
TEAM icon
29
Atlassian
TEAM
$43.5B
$48.7M 0.95%
+305,231
New +$55.2M
META icon
30
Meta Platforms (Facebook)
META
$1.4T
$48.5M 0.95%
66,093
-78,240
-54% -$58.2M
SMTC icon
31
Semtech
SMTC
$11.6B
$48.5M 0.94%
678,133
+16,192
+2% +$879K
SE icon
32
Sea Limited
SE
$72B
$48.3M 0.94%
270,173
-70,910
-21% -$12.2M
AZO icon
33
AutoZone
AZO
$48.3B
$46.9M 0.91%
10,928
+1,268
+13% +$5.09M
AMSC icon
34
American Superconductor
AMSC
$1.45B
$45.8M 0.89%
771,495
-332,963
-30% -$16.6M
PM icon
35
Philip Morris
PM
$293B
$45.3M 0.88%
+279,097
New +$47M
NU icon
36
Nu Holdings
NU
$70.4B
$40.2M 0.78%
2,509,389
-234,795
-9% -$3.28M
RL icon
37
Ralph Lauren
RL
$22.2B
$39.2M 0.76%
125,100
-54,176
-30% -$16.1M
VRNS icon
38
Varonis Systems
VRNS
$4.74B
$37.8M 0.74%
+658,415
New +$36.5M
IOT icon
39
Samsara
IOT
$23.3B
$26.5M 0.52%
+711,215
New +$26.4M
AXON
40
Axon Enterprise
AXON
$51B
$26.2M 0.51%
36,461
-15,793
-30% -$12M
MA icon
41
Mastercard
MA
$509B
$25.6M 0.5%
45,068
-19,518
-30% -$11.2M
AMBQ
42
Ambiq Micro
AMBQ
$1.43B
$20.5M 0.4%
+684,307
New +$24.9M
RKT icon
43
Rocket Companies
RKT
$39.4B
$19.4M 0.38%
1,000,657
-731,433
-42% -$12.8M
SNPS icon
44
Synopsys
SNPS
$76.2B
$19.2M 0.37%
+38,876
New +$22M
FROG icon
45
JFrog
FROG
$11.4B
$18.8M 0.37%
+397,244
New +$17.9M
FIVN icon
46
FIVE9
FIVN
$2.45B
$17.8M 0.35%
735,151
-220,462
-23% -$5.83M
BLDR icon
47
Builders FirstSource
BLDR
$7.55B
$16.6M 0.32%
137,154
-184,997
-57% -$24.5M
AFRM icon
48
Affirm
AFRM
$25.8B
$15.2M 0.3%
207,905
-1,769,977
-89% -$135M
MELI icon
49
Mercado Libre
MELI
$97.5B
$13.8M 0.27%
5,896
-12,027
-67% -$28.9M
ROG icon
50
Rogers Corp
ROG
$2.26B
$13.6M 0.26%
168,925
-19,278
-10% -$1.44M
1
2
3

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Gavin Baker's Q3 2025 Portfolio in Review

As of Q3 2025, Gavin Baker held 63 positions worth $5.13B, up 42% from $3.6B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Gavin Baker deployed $750M of net new capital in Q3 2025, opening 15 new positions and adding to 12 existing holdings. Its largest new stake was HubSpot: 243,434 shares worth $114M.

By sector, the portfolio is most concentrated in Technology at 47% of assets, down from 51% a quarter earlier, followed by Consumer Discretionary and Communication Services.

On the sell side, the largest reduction was Advanced Micro Devices, an estimated $225M trimmed.

  • Gavin Baker's largest Q3 2025 buy was HubSpot: 243,434 shares worth $114M.
  • Gavin Baker added most to Micron Technology in Q3 2025, an estimated $83.7M increase.
  • Gavin Baker's biggest Q3 2025 reduction was Advanced Micro Devices, cutting an estimated $225M.
  • Gavin Baker fully exited Confluent in Q3 2025, selling an estimated $75.1M.
  • Gavin Baker's ten largest holdings make up 56% of its $5.13B portfolio in Q3 2025.
  • Gavin Baker opened 15 new positions and closed 5 in Q3 2025.
  • Gavin Baker's portfolio value rose 42% quarter-over-quarter to $5.13B.

Based on Atreides Management's 13F filing for Q3 2025, filed 14 Nov 2025.