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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
+17.33%
1 Year Est. Return
+116.01%
3 Year Est. Return
+228.97%
5 Year Est. Return
+169.63%
10 Year Est. Return
–
AUM
$4.41B
AUM Growth
+$1.36B
Cap. Flow
+$953M
Cap. Flow %
21.64%
Top 10 Hldgs %
61.18%
Holding
54
New
18
Increased
9
Reduced
8
Closed
16

Top Buys

Rank Stock Value
1
MRVL icon
Marvell Technology
MRVL
+$288M
2
ALAB icon
Astera Labs
ALAB
+$198M
3
MU icon
Micron Technology
MU
+$139M
4
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$128M
5
MDB icon
MongoDB
MDB
+$120M

Top Sells

Rank Stock Value
1
RH icon
RH
RH
+$219M
2
P
Everpure Inc
P
+$125M
3
SE icon
Sea Limited
SE
+$121M
4
ORCL icon
Oracle
ORCL
+$92M
5
TSLA icon
Tesla
TSLA
+$79.3M

Sector Composition

Rank Sector Weight
1 Technology 39.69%
2 Consumer Discretionary 24.73%
3 Communication Services 4.23%
4 Financials 3.08%
5 Healthcare 1.2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QQQ icon
1
PUT
Invesco QQQ Trust
QQQ
$486B
$888M 20.16%
+2,000,000
New +$858M
MRVL icon
2
Marvell Technology
MRVL
$213B
$298M 6.77%
+4,205,582
New +$288M
SE icon
3
Sea Limited
SE
$72B
$263M 5.98%
4,903,612
-2,631,860
-35% -$121M
ACVA icon
4
ACV Auctions
ACVA
$1.26B
$207M 4.7%
11,041,283
+27,852
+0.3% +$436K
ALAB icon
5
Astera Labs
ALAB
$49.4B
$198M 4.49%
+2,665,792
New +$198M
AMD icon
6
Advanced Micro Devices
AMD
$773B
$184M 4.17%
1,017,124
-396,468
-28% -$69.3M
MU icon
7
Micron Technology
MU
$1.09T
$181M 4.12%
+1,538,826
New +$139M
BBWI icon
8
Bath & Body Works
BBWI
$3.92B
$170M 3.85%
3,388,925
+389,231
+13% +$17.5M
CIEN icon
9
Ciena
CIEN
$56B
$158M 3.58%
3,190,753
+640,373
+25% +$33.8M
AMZN icon
10
Amazon
AMZN
$2.79T
$148M 3.37%
823,179
+400,538
+95% +$66.9M
P
11
Everpure Inc
P
$36.1B
$141M 3.19%
2,703,336
-2,790,864
-51% -$125M
MA icon
12
Mastercard
MA
$509B
$136M 3.08%
282,020
+431
+0.2% +$197K
GOOGL icon
13
Alphabet (Google) Class A
GOOGL
$4.22T
$135M 3.07%
+895,210
New +$128M
XYZ
14
Block Inc
XYZ
$49.4B
$120M 2.73%
1,421,798
+591,674
+71% +$42.8M
MRVL icon
15
CALL
Marvell Technology
MRVL
$213B
$106M 2.41%
+1,500,000
New +$103M
MDB icon
16
MongoDB
MDB
$34.7B
$106M 2.4%
+294,577
New +$120M
RH icon
17
RH
RH
$2.9B
$84.9M 1.93%
243,755
-804,261
-77% -$219M
RL icon
18
Ralph Lauren
RL
$22.2B
$82.9M 1.88%
+441,580
New +$73.1M
MSFT icon
19
Microsoft
MSFT
$3.59T
$75.8M 1.72%
180,225
+34,576
+24% +$14M
ESTC icon
20
Elastic
ESTC
$8.93B
$71.9M 1.63%
+716,878
New +$82.6M
CFLT
21
DELISTED
Confluent
CFLT
$62M 1.41%
2,032,269
+5,496
+0.3% +$155K
W icon
22
Wayfair
W
$13.9B
$61M 1.38%
898,349
+430,756
+92% +$24.4M
RH icon
23
CALL
RH
RH
$2.9B
$57.8M 1.31%
165,900
-34,100
-17% -$9.29M
LITE icon
24
Lumentum
LITE
$77.7B
$57.5M 1.31%
+1,215,299
New +$61.8M
VEEV icon
25
Veeva Systems
VEEV
$40.3B
$52.8M 1.2%
227,881
-128,611
-36% -$27.8M
1
2 3

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Gavin Baker's Q1 2024 Portfolio in Review

As of Q1 2024, Gavin Baker held 54 positions worth $4.41B, up 45% from $3.04B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Gavin Baker deployed $953M of net new capital in Q1 2024, opening 18 new positions and adding to 9 existing holdings. Its largest new stake was Marvell Technology: 4,205,582 shares worth $298M.

By sector, the portfolio is most concentrated in Technology at 40% of assets, up from 38% a quarter earlier, followed by Consumer Discretionary and Communication Services.

On the sell side, the largest reduction was RH, an estimated $219M trimmed.

  • Gavin Baker's largest Q1 2024 buy was Marvell Technology: 4,205,582 shares worth $298M.
  • Gavin Baker added most to Amazon in Q1 2024, an estimated $66.9M increase.
  • Gavin Baker's biggest Q1 2024 reduction was RH, cutting an estimated $219M.
  • Gavin Baker fully exited Oracle in Q1 2024, selling an estimated $92M.
  • Gavin Baker's ten largest holdings make up 61% of its $4.41B portfolio in Q1 2024.
  • Gavin Baker opened 18 new positions and closed 16 in Q1 2024.
  • Gavin Baker's portfolio value rose 45% quarter-over-quarter to $4.41B.

Based on Atreides Management's 13F filing for Q1 2024, filed 15 May 2024.