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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
+18.7%
1 Year Est. Return
+116.01%
3 Year Est. Return
+228.97%
5 Year Est. Return
+169.63%
10 Year Est. Return
–
AUM
$4.57B
AUM Growth
+$639M
Cap. Flow
+$86.3M
Cap. Flow %
1.89%
Top 10 Hldgs %
63.44%
Holding
60
New
17
Increased
6
Reduced
20
Closed
15

Top Buys

Rank Stock Value
1
ASML icon
ASML
ASML
+$211M
2
MSFT icon
Microsoft
MSFT
+$136M
3
SNOW icon
Snowflake
SNOW
+$107M
4
MDB icon
MongoDB
MDB
+$99.4M
5
SBUX icon
Starbucks
SBUX
+$94.5M

Top Sells

Rank Stock Value
1
ALAB icon
Astera Labs
ALAB
+$500M
2
CIEN icon
Ciena
CIEN
+$154M
3
ESTC icon
Elastic
ESTC
+$105M
4
SE icon
Sea Limited
SE
+$101M
5
AAPL icon
Apple
AAPL
+$99M

Sector Composition

Rank Sector Weight
1 Technology 41.59%
2 Consumer Discretionary 20.98%
3 Communication Services 4%
4 Financials 1.88%
5 Industrials 1.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QQQ icon
1
PUT
Invesco QQQ Trust
QQQ
$486B
$1.38B 30.22%
2,700,000
+1,700,000
+170% +$860M
ALAB icon
2
Astera Labs
ALAB
$49.4B
$243M 5.33%
1,836,650
-5,331,840
-74% -$500M
AMD icon
3
Advanced Micro Devices
AMD
$773B
$232M 5.08%
1,922,090
-141,910
-7% -$20.4M
ASML icon
4
ASML
ASML
$677B
$204M 4.46%
+293,636
New +$211M
AMZN icon
5
Amazon
AMZN
$2.79T
$149M 3.27%
680,737
-250,370
-27% -$51.2M
LITE icon
6
Lumentum
LITE
$77.7B
$147M 3.23%
1,755,319
+64,302
+4% +$5.01M
ULTA icon
7
Ulta Beauty
ULTA
$22.4B
$144M 3.14%
330,071
+142,291
+76% +$55.1M
ADBE icon
8
Adobe
ADBE
$109B
$138M 3.03%
311,053
+29,163
+10% +$14.4M
MSFT icon
9
Microsoft
MSFT
$3.59T
$135M 2.95%
+319,358
New +$136M
TSLA icon
10
Tesla
TSLA
$1.43T
$125M 2.73%
308,695
-260,380
-46% -$83.8M
SNOW icon
11
Snowflake
SNOW
$115B
$117M 2.56%
+756,767
New +$107M
RH icon
12
RH
RH
$2.9B
$110M 2.41%
279,917
-71,257
-20% -$25.3M
ACVA icon
13
ACV Auctions
ACVA
$1.26B
$108M 2.38%
5,022,882
-661,563
-12% -$13.4M
AVGO icon
14
Broadcom
AVGO
$1.75T
$105M 2.3%
+452,645
New +$83.7M
DECK icon
15
Deckers Outdoor
DECK
$12.5B
$98M 2.14%
482,334
-108,810
-18% -$19.7M
SBUX icon
16
Starbucks
SBUX
$122B
$89.1M 1.95%
+976,908
New +$94.5M
U icon
17
Unity
U
$20.7B
$85.9M 1.88%
+3,823,383
New +$85M
GOOGL icon
18
Alphabet (Google) Class A
GOOGL
$4.22T
$84M 1.84%
443,621
+224,104
+102% +$39.2M
MDB icon
19
MongoDB
MDB
$34.7B
$81.9M 1.79%
+351,859
New +$99.4M
S icon
20
SentinelOne
S
$7.26B
$73.3M 1.61%
3,301,831
-501,073
-13% -$12.8M
XYZ
21
Block Inc
XYZ
$49.4B
$61.9M 1.36%
+728,208
New +$59.7M
CHTR icon
22
Charter Communications
CHTR
$17.9B
$60.7M 1.33%
+177,228
New +$64.1M
ESTC icon
23
Elastic
ESTC
$8.93B
$54.4M 1.19%
549,528
-1,138,263
-67% -$105M
FERG icon
24
Ferguson
FERG
$46.9B
$52.3M 1.15%
+301,576
New +$59.9M
CFLT
25
DELISTED
Confluent
CFLT
$43.3M 0.95%
1,550,251
-1,156,659
-43% -$31M
1
2 3

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Gavin Baker's Q4 2024 Portfolio in Review

As of Q4 2024, Gavin Baker held 60 positions worth $4.57B, up 16% from $3.93B the previous quarter. Its ten largest holdings account for 63% of the portfolio.

Gavin Baker's Q4 2024 filing shows 17 new, 6 increased, 20 reduced and 15 closed positions. Its largest new stake was ASML: 293,636 shares worth $204M. The largest sale was Astera Labs, an estimated $500M.

By sector, the portfolio is most concentrated in Technology at 42% of assets, up from 40% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Gavin Baker's largest Q4 2024 buy was ASML: 293,636 shares worth $204M.
  • Gavin Baker added most to Ulta Beauty in Q4 2024, an estimated $55.1M increase.
  • Gavin Baker's biggest Q4 2024 reduction was Astera Labs, cutting an estimated $500M.
  • Gavin Baker fully exited Sea Limited in Q4 2024, selling an estimated $101M.
  • Gavin Baker's ten largest holdings make up 63% of its $4.57B portfolio in Q4 2024.
  • Gavin Baker opened 17 new positions and closed 15 in Q4 2024.
  • Gavin Baker's portfolio value rose 16% quarter-over-quarter to $4.57B.

Based on Atreides Management's 13F filing for Q4 2024, filed 14 Feb 2025.