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Gavin Baker Atreides Management
AUM
$14.3B
Turnover
50.72%
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
+31.65%
1 Year Est. Return
+116.01%
3 Year Est. Return
+228.97%
5 Year Est. Return
+169.63%
10 Year Est. Return
–
AUM
$3.6B
AUM Growth
+$310M
(+9.4%)
Cap. Flow
-$7.97M
Cap. Flow % of AUM
Cap. Flow %
-0.22%
Top 10 Holdings %
Top 10 Hldgs %
47.1%
Holding
61
New
17
Increased
13
Reduced
15
Closed
13
Avg Time Held
Equity + Options
1
year
Top 10 Avg Time Held
Equity + Options
0.4
years
Top 20 Avg Time Held
Equity + Options
0.6
years
Avg Time Held Equity only
1
year
Top 10 Avg Time Held Equity only
0.5
years
Top 20 Avg Time Held Equity only
0.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Everpure Inc
P
|
+$177M |
| 2 |
Dick's Sporting Goods
DKS
|
+$162M |
| 3 |
GitLab
GTLB
|
+$161M |
| 4 |
Alphabet (Google) Class A
GOOGL
|
+$125M |
| 5 |
Ciena
CIEN
|
+$90.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Astera Labs
ALAB
|
+$292M |
| 2 |
CoreWeave
CRWV
|
+$159M |
| 3 |
Microsoft
MSFT
|
+$158M |
| 4 |
RH
RH
|
+$111M |
| 5 |
Ulta Beauty
ULTA
|
+$79.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 51.05% |
| 2 | Consumer Discretionary | 22.83% |
| 3 | Communication Services | 12.41% |
| 4 | Financials | 6.53% |
| 5 | Industrials | 5.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Advanced Micro Devices
AMD
$798B
| $246M | 6.84% |
1,736,364
-366,599
| -17% | -$39.9M |
2022 Q3
11 quarters
|
|
|
2
Everpure Inc
P
$34B
| $205M | 5.68% |
+3,552,486
| New | +$177M |
2025 Q2
0 quarters
|
|
|
3
GitLab
GTLB
$7.9B
| $178M | 4.93% |
3,938,198
+3,531,070
| +867% | +$161M |
2024 Q3
3 quarters
|
|
|
4
Dick's Sporting Goods
DKS
$14.2B
| $173M | 4.79% |
+873,137
| New | +$162M |
2025 Q2
0 quarters
|
|
|
5
Alphabet (Google) Class A
GOOGL
$3.62T
| $168M | 4.65% |
950,859
+761,782
| +403% | +$125M |
2024 Q1
5 quarters
|
|
6
Lumentum
LITE
$54.4B
| $167M | 4.64% |
1,757,561
-117,696
| -6% | -$8.35M |
2024 Q1
5 quarters
|
|
7
Amazon
AMZN
$2.94T
| $158M | 4.37% |
718,465
+29,234
| +4% | +$5.79M |
2023 Q4
6 quarters
|
|
8
Unity
U
$23.3B
| $149M | 4.14% |
6,171,155
-3,259,800
| -35% | -$71.7M |
2024 Q4
2 quarters
|
|
9
Affirm
AFRM
$23.5B
| $137M | 3.79% |
1,977,882
+1,670,429
| +543% | +$86.6M |
2024 Q3
3 quarters
|
|
10
Snowflake
SNOW
$102B
| $118M | 3.26% |
525,769
-82,946
| -14% | -$15M |
2024 Q4
2 quarters
|
|
11
Roblox
RBLX
$36.7B
| $111M | 3.07% |
1,050,542
-971,030
| -48% | -$76.3M |
2024 Q2
4 quarters
|
|
12
NVIDIA
NVDA
$4.32T
| $109M | 3.02% |
689,813
-395,815
| -36% | -$49.8M |
2025 Q1
1 quarter
|
|
13
Meta Platforms (Facebook)
META
$1.64T
| $107M | 2.96% |
144,333
-95,456
| -40% | -$59M |
2025 Q1
1 quarter
|
|
|
14
Ciena
CIEN
$37.6B
| $103M | 2.85% |
+1,262,818
| New | +$90.6M |
2025 Q2
0 quarters
|
|
15
Tesla
TSLA
$1.48T
| $102M | 2.84% |
321,897
+126,355
| +65% | +$38.1M |
2019 Q4
22 quarters
|
|
16
Twilio
TWLO
$32B
| $90.8M | 2.52% |
730,300
+614,943
| +533% | +$65.4M |
2025 Q1
1 quarter
|
|
17
Deckers Outdoor
DECK
$11.9B
| $87.8M | 2.44% |
852,120
-226,573
| -21% | -$25.1M |
2024 Q3
3 quarters
|
|
|
18
Astera Labs
ALAB
$37.1B
| $86.3M | 2.4% |
954,783
-3,697,481
| -79% | -$292M |
2024 Q1
5 quarters
|
|
19
DELISTED
ACV Auctions
ACVA
| $76.1M | 2.11% |
4,694,234
-36,845
| -0.8% | -$573K |
2021 Q1
17 quarters
|
|
20
DELISTED
Confluent
CFLT
| $75.1M | 2.08% |
3,012,215
+1,357,246
| +82% | +$30.6M |
2023 Q1
9 quarters
|
|
21
ServiceTitan Inc
TTAN
$7.76B
| $68.7M | 1.91% |
+640,778
| New | +$71.6M |
2025 Q2
0 quarters
|
|
22
First Solar
FSLR
$20.9B
| $65.1M | 1.81% |
+393,464
| New | +$58.1M |
2025 Q2
0 quarters
|
|
23
Ferguson
FERG
$50.4B
| $64.9M | 1.8% |
297,956
+17,877
| +6% | +$3.29M |
2024 Q4
2 quarters
|
|
24
e.l.f. Beauty
ELF
$7.15B
| $61.5M | 1.71% |
+494,047
| New | +$42.2M |
2025 Q2
0 quarters
|
|
25
Zillow
Z
$6.62B
| $60M | 1.66% |
856,008
+386,947
| +82% | +$26.1M |
2025 Q1
1 quarter
|
|
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Gavin Baker's Q2 2025 Portfolio in Review
As of Q2 2025, Gavin Baker held 61 positions worth $3.6B, up 9.4% from $3.29B the previous quarter. Its ten largest holdings account for 47% of the portfolio.
Gavin Baker's Q2 2025 filing shows 17 new, 13 increased, 15 reduced and 13 closed positions. Its largest new stake was Everpure Inc: 3,552,486 shares worth $205M. The largest sale was Astera Labs, an estimated $292M.
By sector, the portfolio is most concentrated in Technology at 51% of assets, up from 49% a quarter earlier, followed by Consumer Discretionary and Communication Services.
- Gavin Baker's largest Q2 2025 buy was Everpure Inc: 3,552,486 shares worth $205M.
- Gavin Baker added most to GitLab in Q2 2025, an estimated $161M increase.
- Gavin Baker's biggest Q2 2025 reduction was Astera Labs, cutting an estimated $292M.
- Gavin Baker fully exited Microsoft in Q2 2025, selling an estimated $158M.
- Gavin Baker's ten largest holdings make up 47% of its $3.6B portfolio in Q2 2025.
- Gavin Baker opened 17 new positions and closed 13 in Q2 2025.
- Gavin Baker's portfolio value rose 9.4% quarter-over-quarter to $3.6B.
Based on Atreides Management's 13F filing for Q2 2025, filed 14 Aug 2025.