Gavin Baker Atreides Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Astera Labs
ALAB
|
+$259M |
| 2 |
NVIDIA
NVDA
|
+$251M |
| 3 |
WIX.com
WIX
|
+$151M |
| 4 |
Wingstop
WING
|
+$96.6M |
| 5 |
Microsoft
MSFT
|
+$90.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Deckers Outdoor
DECK
|
+$127M |
| 2 |
HubSpot
HUBS
|
+$114M |
| 3 |
GitLab
GTLB
|
+$99.3M |
| 4 |
Intuit
INTU
|
+$92.3M |
| 5 |
Intel
INTC
|
+$80.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 37.71% |
| 2 | Consumer Discretionary | 9.14% |
| 3 | Communication Services | 3.59% |
| 4 | Financials | 3.1% |
| 5 | Industrials | 1.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
Invesco QQQ Trust
QQQ
$486B
| $2.15B | 26.27% |
3,500,000
+1,500,000
| +75% | +$920M |
|
|
2
CALL
NVIDIA
NVDA
$5.2T
| $653M | 7.98% |
+3,500,000
| New | +$651M |
|
|
3
NVIDIA
NVDA
$5.2T
| $359M | 4.39% |
1,925,231
+1,350,508
| +235% | +$251M |
|
4
Ciena
CIEN
$56B
| $334M | 4.08% |
1,428,230
+27,466
| +2% | +$5.33M |
|
5
Unity
U
$20.7B
| $293M | 3.58% |
6,625,439
+513,886
| +8% | +$20.9M |
|
|
P
6
Everpure Inc
P
$36.1B
| $280M | 3.42% |
4,177,675
+79,299
| +2% | +$6.62M |
|
|
7
Astera Labs
ALAB
$49.4B
| $268M | 3.28% |
1,611,194
+1,549,144
| +2,497% | +$259M |
|
8
Coherent
COHR
$56.7B
| $228M | 2.79% |
1,235,246
+321,468
| +35% | +$48.1M |
|
9
Micron Technology
MU
$1.09T
| $211M | 2.58% |
738,916
+13,959
| +2% | +$3.2M |
|
|
10
PUT
Micron Technology
MU
$1.09T
| $200M | 2.44% |
+700,000
| New | +$161M |
|
|
11
CALL
Coherent
COHR
$56.7B
| $166M | 2.03% |
+900,000
| New | +$135M |
|
|
12
CALL
Unity
U
$20.7B
| $163M | 2% |
+3,700,000
| New | +$151M |
|
13
Alphabet (Google) Class A
GOOGL
$4.22T
| $161M | 1.97% |
514,339
-35,921
| -7% | -$10.3M |
|
14
Amazon
AMZN
$2.79T
| $159M | 1.94% |
687,799
+28,913
| +4% | +$6.61M |
|
15
Lumentum
LITE
$77.7B
| $141M | 1.72% |
382,805
-274,155
| -42% | -$70.4M |
|
|
16
WIX.com
WIX
$3.43B
| $130M | 1.58% |
+1,247,457
| New | +$151M |
|
|
17
GitLab
GTLB
$7.04B
| $119M | 1.46% |
3,177,083
-2,293,222
| -42% | -$99.3M |
|
18
Snowflake
SNOW
$115B
| $105M | 1.28% |
478,754
+9,209
| +2% | +$2.25M |
|
19
Affirm
AFRM
$25.8B
| $103M | 1.26% |
1,384,941
+1,177,036
| +566% | +$84.7M |
|
20
Twilio
TWLO
$34.6B
| $102M | 1.25% |
716,946
-248,817
| -26% | -$30.8M |
|
|
P
21
CALL
Everpure Inc
P
$36.1B
| $101M | 1.23% |
+1,500,000
| New | +$125M |
|
22
ACV Auctions
ACVA
$1.26B
| $99.5M | 1.22% |
12,411,800
+6,901,010
| +125% | +$55.8M |
|
|
ECHO
23
EchoStar
ECHO
$25.2B
| $97.9M | 1.2% |
+901,084
| New | +$73.4M |
|
24
Dick's Sporting Goods
DKS
$16.4B
| $97.2M | 1.19% |
490,828
+9,442
| +2% | +$2.06M |
|
|
25
Wingstop
WING
$3.14B
| $93M | 1.14% |
+390,005
| New | +$96.6M |
|
Similar funds
Gavin Baker's Q4 2025 Portfolio in Review
As of Q4 2025, Gavin Baker held 73 positions worth $8.18B, up 59% from $5.13B the previous quarter. Its ten largest holdings account for 61% of the portfolio.
Gavin Baker deployed $2.65B of net new capital in Q4 2025, opening 15 new positions and adding to 32 existing holdings. Its largest new stake was WIX.com: 1,247,457 shares worth $130M.
By sector, the portfolio is most concentrated in Technology at 38% of assets, down from 47% a quarter earlier, followed by Consumer Discretionary and Communication Services.
On the sell side, the largest reduction was GitLab, an estimated $99.3M trimmed.
- Gavin Baker's largest Q4 2025 buy was WIX.com: 1,247,457 shares worth $130M.
- Gavin Baker added most to Astera Labs in Q4 2025, an estimated $259M increase.
- Gavin Baker's biggest Q4 2025 reduction was GitLab, cutting an estimated $99.3M.
- Gavin Baker fully exited Deckers Outdoor in Q4 2025, selling an estimated $127M.
- Gavin Baker's ten largest holdings make up 61% of its $8.18B portfolio in Q4 2025.
- Gavin Baker opened 15 new positions and closed 17 in Q4 2025.
- Gavin Baker's portfolio value rose 59% quarter-over-quarter to $8.18B.
Based on Atreides Management's 13F filing for Q4 2025, filed 17 Feb 2026.