Q1 2026 — Complete Holdings (54 line items)
Sourced from the [SEC 13F-HR XML, accession 0001777813-26-000006]1. Period of report 2026-03-31, filed 2026-05-18, signed by Laura Malone (GC/CCO). Total reportable value $5,002,198,244 across 54 entries (verified against the [primary_doc.xml summary page]2: tableValueTotal 5,002,198,244, tableEntryTotal 54, zero other included managers).
Percentages are against the $5.00 B 13F total. Option lines are reported at the market value of the underlying shares (13F convention), not premium paid.
| # | Issuer | Ticker | Type | Shares / Notional | Value (USD) | % |
|---|---|---|---|---|---|---|
| 1 | Invesco QQQ Trust | QQQ | Puts | 1,400,000 | $808,052,000 | 16.15% |
| 2 | Astera Labs | ALAB | Common | 3,365,787 | $368,890,255 | 7.37% |
| 3 | Unity Software | U | Common | 12,385,322 | $271,733,965 | 5.43% |
| 4 | Ciena | CIEN | Common | 676,807 | $262,756,782 | 5.25% |
| 5 | Micron Technology | MU | Common | 760,426 | $256,902,320 | 5.14% |
| 6 | NVIDIA | NVDA | Common | 1,248,592 | $217,754,445 | 4.35% |
| 7 | Amazon.com | AMZN | Common | 953,560 | $198,597,941 | 3.97% |
| 8 | Lumentum | LITE | Common | 267,389 | $187,910,294 | 3.76% |
| 9 | Alphabet (Cl A) | GOOGL | Common | 555,023 | $159,602,414 | 3.19% |
| 10 | Coherent | COHR | Common | 631,159 | $150,348,385 | 3.01% |
| 11 | EchoStar | SATS | Common | 1,000,346 | $117,110,506 | 2.34% |
| 12 | Twilio | TWLO | Common | 921,602 | $115,955,964 | 2.32% |
| 13 | Wayfair | W | Common | 1,430,997 | $107,625,284 | 2.15% |
| 14 | Zoom Communications | ZM | Common | 1,315,605 | $105,761,486 | 2.11% |
| 15 | Credo Technology | CRDO | Common | 1,091,233 | $102,434,042 | 2.05% |
| 16 | Palo Alto Networks | PANW | Common | 561,797 | $90,067,295 | 1.80% |
| 17 | Dick’s Sporting Goods | DKS | Common | 452,531 | $89,732,372 | 1.79% |
| 18 | Rocket Companies | RKT | Common | 6,114,947 | $87,137,995 | 1.74% |
| 19 | Vistra | VST | Common | 523,788 | $78,741,050 | 1.57% |
| 20 | Akamai | AKAM | Common | 682,837 | $78,423,829 | 1.57% |
| 21 | Roblox | RBLX | Common | 1,383,703 | $78,262,242 | 1.56% |
| 22 | Tesla | TSLA | Common | 200,795 | $74,645,541 | 1.49% |
| 23 | CoreWeave | CRWV | Common | 810,535 | $62,792,146 | 1.26% |
| 24 | Wix.com | WIX | Common | 650,414 | $58,582,789 | 1.17% |
| 25 | HubSpot | HUBS | Common | 232,115 | $56,659,272 | 1.13% |
| 26 | Roblox | RBLX | Calls | 1,000,000 | $56,560,000 | 1.13% |
| 27 | Affirm | AFRM | Common | 1,194,711 | $54,741,658 | 1.09% |
| 28 | Synopsys | SNPS | Common | 136,925 | $54,288,024 | 1.09% |
| 29 | Ralph Lauren | RL | Common | 128,837 | $44,318,640 | 0.89% |
| 30 | Axon Enterprise | AXON | Common | 102,095 | $43,358,726 | 0.87% |
| 31 | Wingstop | WING | Common | 270,303 | $41,888,856 | 0.84% |
| 32 | Semtech | SMTC | Common | 541,812 | $41,659,925 | 0.83% |
| 33 | ACV Auctions | ACVA | Common | 9,734,467 | $41,274,140 | 0.83% |
| 34 | Compass | COMP | Common | 5,561,998 | $40,658,205 | 0.81% |
| 35 | Ferguson | FERG | Common | 146,355 | $34,138,767 | 0.68% |
| 36 | Unity Software | U | Calls | 1,500,000 | $32,910,000 | 0.66% |
| 37 | Chime Financial | CHYM | Common | 1,622,734 | $30,393,808 | 0.61% |
| 38 | AeroVironment | AVAV | Common | 161,675 | $29,594,609 | 0.59% |
| 39 | Intel | INTC | Common | 653,792 | $28,851,841 | 0.58% |
| 40 | Rubrik | RBRK | Common | 566,454 | $27,739,252 | 0.55% |
| 41 | JFrog | FROG | Common | 554,987 | $26,045,540 | 0.52% |
| 42 | Mastercard | MA | Common | 49,604 | $24,785,135 | 0.50% |
| 43 | Ambiq Micro | AMBQ | Common | 862,175 | $21,907,867 | 0.44% |
| 44 | Snowflake | SNOW | Common | 144,818 | $21,841,451 | 0.44% |
| 45 | Visa | V | Common | 71,641 | $21,652,776 | 0.43% |
| 46 | GlobalFoundries | GFS | Common | 474,593 | $21,109,897 | 0.42% |
| 47 | Rogers Corp | ROG | Common | 186,085 | $19,972,503 | 0.40% |
| 48 | Nokia (ADR) | NOK | Common | 2,481,947 | $19,954,854 | 0.40% |
| 49 | Warby Parker | WRBY | Common | 686,995 | $14,474,985 | 0.29% |
| 50 | Veeco Instruments | VECO | Common | 233,923 | $7,920,633 | 0.16% |
| 51 | Nebius Group | NBIS | Common | 63,068 | $6,543,936 | 0.13% |
| 52 | EquipmentShare | — | Common | 213,431 | $4,347,589 | 0.09% |
| 53 | Taboola | TBLA | Common | 820,797 | $2,544,471 | 0.05% |
| 54 | BitGo Holdings | — | Common | 29,106 | $239,542 | 0.00% |
Tickers for the 2025–26 IPO cohort (EquipmentShare, BitGo, Chime, Ambiq) are mapped from CUSIPs via [13f.info]3; the SEC XML carries CUSIPs only (EquipmentShare 29445S100, BitGo 091947101).
Structure of the Book
- Options are only 3 of 54 lines, but the put is the biggest line. The QQQ put (16.2% of reported value at underlying notional) is an index hedge over a concentrated long book — Atreides has run this hedge in most quarters since 2024 (it peaked at $2.15 B notional in Q4 2025). The two calls (Roblox, Unity) sit on top of existing common positions — levered upside on the two game-engine names.
- Effective long book ≈ $4.19 B excluding the put. Against that, the top 10 equity longs are ~44% of the equity book.
- The top of the book is AI plumbing, not megacap AI. Astera Labs (PCIe/CXL/UALink connectivity), Ciena + Lumentum + Coherent (optics), Credo (AECs/SerDes), Micron (HBM/memory) collectively dwarf the NVDA line. Baker’s stated view: at this point in the cycle the constraint — “watts and wafers” — earns the margin, and networking/optics/memory are where multiple expansion still lags earnings power.
- A long tail of sub-1% positions. Baker has said Atreides runs “100+ positions” across the complex with a ~30-person team; the 13F shows the public-equity slice of that.
- Recent-IPO accumulation. Chime, Ambiq Micro, EquipmentShare, BitGo, Nebius and CoreWeave are all names that listed in 2025–26 — consistent with the crossover model converting private-side knowledge into early public positions.
Six-Quarter Trajectory
| Quarter | Lines | 13F Value | Put Notional | Call Notional | Largest Equity Long |
|---|---|---|---|---|---|
| Q4 2024 | 45 | $4.57 B | $1,380 M | $0 M | Astera Labs ($243 M) |
| Q1 2025 | 44 | $3.29 B | $211 M | $331 M | Astera Labs ($278 M) |
| Q2 2025 | 48 | $3.60 B | $0 M | $0 M | AMD ($246 M) |
| Q3 2025 | 58 | $5.13 B | $1,201 M | $84 M | Pure Storage ($343 M) |
| Q4 2025 | 56 | $8.18 B | $2,350 M | $1,120 M | NVIDIA ($359 M) |
| Q1 2026 | 54 | $5.00 B | $808 M | $89 M | Astera Labs ($369 M) |
The Q4 2025 → Q1 2026 drop of ~1.5 B notional, calls −$1.0 B notional) plus the exit of Pure Storage and GitLab, not a wholesale liquidation of longs. See Portfolio Evolution for the quarter-by-quarter diffs.