Atreides Management, LP

Hedge Fund • Long/Short

Atreides Management, LP is a Long/Short Hedge Fund based in Boston, MA led by Gavin Seth Baker, reporting $5.5B in AUM as of Q2 2025 with 51% Technology concentration and 51% technology allocation.

CIOGavin Seth Baker

Portfolio Value: $3.6B
Positions: 48
Top Holding: AMD at 6.84%
Last Reported: Q2 2025

AddressOne International Place, Suite 4410, Boston, MA, 02110, United States

Top Holdings

Largest long holdings in Atreides Management, LP's portfolio (47.1% of total portfolio)

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Holding	Sector	Market Value	Weight	Ownership	Owned Since
1 Advanced Micro Devices AMD	Semiconductors Technology	$246.4M	6.84%	0.11% 1.7M shares	Q3 2022 Held for 3 years
2 Pure Storage, Inc. PSTG	Computer Hardware Technology	$204.6M	5.68%	1.09% 3.6M shares	Q2 2025 Held for 3 months
3 GitLab GTLB	Software - Application Technology	$177.7M	4.93%	2.38% 3.9M shares	Q3 2024 Held for 1 year
4 Dick's Sporting Goods DKS	Specialty Retail Consumer Cyclical	$172.7M	4.79%	1.09% 873.1K shares	Q2 2025 Held for 3 months
5 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$167.6M	4.65%	0.01% 950.9K shares	Q1 2023 Held for 2y 6m
6 Lumentum Holdings Inc. LITE	Communication Equipment Technology	$167.1M	4.64%	2.53% 1.8M shares	Q1 2024 Held for 1y 6m
7 Amazon AMZN	Specialty Retail Consumer Cyclical	$157.6M	4.37%	0.01% 718.5K shares	Q2 2021 Held for 4y 3m
8 Unity Software U	Software - Application Technology	$149.3M	4.14%	1.48% 6.2M shares	Q4 2024 Held for 9 months
9 Affirm Holdings, Inc. AFRM	Software - Infrastructure Technology	$136.8M	3.79%	0.61% 2.0M shares	Q3 2024 Held for 1 year
10 Snowflake SNOW	Software - Application Technology	$117.7M	3.26%	0.16% 525.8K shares	Q4 2024 Held for 9 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Atreides Management, LP's latest filing

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Market Value

$3.6B

Prior: $2.8B

Q/Q Change

+30.99%

+$852.5M

Net Flows % of MV

-20.18%

Turnover Ratio

37.91%

New Purchases

11 stocks

$379.0M

Added To

13 stocks

+$623.6M

Sold Out Of

10 stocks

$558.4M

Reduced Holdings

15 stocks

-$1.2B

Increased Positions

Position	Shares Δ	Change
1 ServiceTitan, Inc. TTAN	New	0 → 640.8K +$68.7M
2 First Solar FSLR	New	0 → 393.5K +$65.1M
3 e.l.f. Beauty ELF	New	0 → 494.0K +$61.5M
4 Rubrik RBRK	New	0 → 471.3K +$42.2M
5 Builders FirstSource BLDR	New	0 → 322.2K +$37.6M

Decreased Positions

Position	Shares Δ	Change
1 Microsoft MSFT	Sold	420.1K → 0 −$157.7M
2 Restoration Hardware RH	Sold	473.3K → 0 −$111.0M
3 Ulta Beauty, Inc. ULTA	Sold	217.5K → 0 −$79.7M
4 Synopsys SNPS	Sold	152.5K → 0 −$65.4M
5 Elastic ESTC	Sold	493.6K → 0 −$44.0M

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Analytics

Portfolio insights and performance metrics for Atreides Management, LP

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Sector Allocation

Technology

51.00%

Consumer Cyclical

21.30%

Communication Services

11.90%

Industrials

5.50%

Financial Services

2.70%

Energy

1.80%

Consumer Defensive

1.70%

Market Cap Distribution

Mega Cap (> $200B)

25.69%

Large Cap ($10B - $200B)

45.14%

Mid Cap ($2B - $10B)

25.07%

Small Cap ($300M - $2B)

1.56%

Nano Cap (< $50M)

1.04%

N/A (ETF or Unknown)

1.51%

Portfolio Concentration

Top 10 Holdings %

47.1%

Top 20 Holdings %

73.38%

Top 50 Holdings %

100.0%

Top 100 Holdings %