Atreides Management — Full Portfolio Deep Dive

Overview

[Atreides Management, LP]¹ is Gavin Baker’s Boston-based crossover fund — long/short public equity plus a substantial private/venture book run from one research team. Baker founded it in January 2019 after 18 years at Fidelity (he ran the Fidelity OTC Portfolio 2009–2017); the firm is named for the heroic house of Dune and has grown from ~$308Matlaunchto\ast \ast$8.94 B in regulatory AUM** (Form ADV, data as of 2025-12-31).²

This deep dive reconstructs the full portfolio — public and private — from primary sources: the Q1 2026 13F-HR (filed 2026-05-18), six quarters of 13F XML diffs, ~57 Form D filings that map the private-vehicle architecture, the May 2026 Form ADV, and Baker’s unusually verbose public commentary (Sohn, Invest Like the Best, Capital Allocators, All-In).

Key Findings

• Q1 2026 13F: $5.00Bacross54lineitems.\ast \ast Thesinglelargestlineisan\ast \ast$808 M-notional QQQ put (16.2%) — a structural index hedge over a concentrated innovation long book, present in five of the last six quarters. Top equity longs: Astera Labs ($369M),Unity($272 M), Ciena ($263M),Micron($257 M), NVIDIA ($218 M).
• The book is AI plumbing, not megacap AI. Connectivity and optics (Astera, Credo, Ciena, Lumentum, Coherent, Semtech) plus memory (Micron) dominate; Microsoft was exited twice, Meta and AMD fully exited in Q4 2025. Baker’s frame: the binding constraints are “watts and wafers,” so own the bottlenecks.
• Options express timing. Q4 2025 was peak leverage — $2.15BQQQputnotionalplus$1 B NVDA exposure via calls + common (timed to the Meta–NVIDIA Blackwell/Rubin deal) — almost all unwound by Q1 2026, which is why reported value fell $8.18B\to$5.00 B without a wholesale liquidation.
• The private book is the same thesis, one layer earlier. Confirmed: Cerebras (co-led Series G at $8.1B\to inagainat$23 B; listed as CBRS May 14, 2026), Enfabrica (led Series B; NVIDIA later paid >$900MforitsCEO/tech),\ast \ast SiFive\ast \ast (led$400 M Series G at $3.65B,Apr2026),\ast \ast Crusoe\ast \ast (SeriesE),\ast \ast Cognition/Devin\ast \ast (SeriesD@$26 B), Decart (Series C @ ~$4B),\ast \ast Lyte\ast \ast ,\ast \ast Loop\ast \ast ,plus\ast \ast SpaceX\ast \ast —thelargestVC-sleeveposition,reported$2.5 B, **IPO priced June 2026 (SPCX, ~$1.77T)\ast \ast .AsteraLabswasheldprivatelyfromSeriesC(2021,$950 M valuation) before becoming the largest public position.
• Form D forensics map the machine: flagship Foundation Fund ($3.9Bsoldacrossfeeders;master$6.22 B gross), 24 deal-by-deal “Special Circumstances” SPVs (Series A–X, accelerating sharply into 2026), the $759 M Valor Atreides AI JV with Valor Equity Partners, Private Opportunities Fund II raising since April 2026, and brand-new 150/50 and Low Net strategies (January 2026).
• Notably absent: no confirmed direct positions in xAI, Anthropic, OpenAI, or Anduril despite Baker’s constant commentary — though JV partner Valor is a major xAI backer, and the anonymous SPVs could hide exposure.
• Performance is mostly opaque: −11.5% H1 2022 (Bloomberg) and ~+47% in 2025 (secondary reporting around the SpaceX windfall) are the only firm-attributed figures; RAUM grew $5.5B\to$8.94 B during 2025.

Q1 2026 Snapshot — Top 10 Lines

Full table on the Holdings page.

Caveats

• 13F filings show long US-listed positions and listed options only — shorts (beyond disclosed puts), swaps, non-US lines, cash, and the entire private book are invisible. Option lines are valued at underlying notional, not premium at risk.
• The private-investment list mixes confidence levels (marked on the Private Book page); SPV underlying assets are never disclosed in Form Ds.
• Reported “performance” figures from 13F aggregators simulate the long book only and are not fund returns.
• Data is as of 2026-06-10; Q2 2026 13F lands ~August 2026.

Contents

Footnotes

References

• Q1 2026 13F-HR holdings XML (accession 0001777813-26-000006)
• 13f.info — Atreides Management LP
• Capital Allocators EP.489 — “Truth-Seeking and Crossover Investing at Atreides” (Mar 2026)
• Invest Like the Best EP.473 — “Watts and Wafers” (May 2026)
• Hedge Fund Alpha — Sohn New York 2026 fireside
• Bloomberg — Atreides’ opportunistic venture fund (Jul 2022)