A
Atreides Management
Q1 2025 · CIK 0001777813
Portfolio — Q1 2025
Reported Book
$3.3B
13F value · -28% QoQ
Positions
44
-1 vs Q4 2024
Top 10
54.8%
of reported book
In Dimetrics Coverage
52.9%
of reported book
Reported book is the value of 13F-reportable US positions as filed — not the manager's total assets under management, which include cash, debt, non-US and private holdings.
Book structure
Long 83.5%
Calls 10.1%
Puts $211.5M· 1 lines
Long $2.8B· 41 lines
Calls $331.5M· 2 lines
Reported book structure — not net exposure. 13F reports options at the notional value of the underlying, with no strike, expiry, or premium. Delta is unknowable. This describes what was filed.
Reported book by group
PutsLongCallsNotes
Custom Silicon
20.2%
$665.2M
Hyperscalers
13.9%
$456.3M
AI Networking
8.4%
$277.6M
Photonics
3.5%
$116.9M
Memory
2.3%
$77.3M
Neo-Clouds
2.1%
$69.5M
EDA & Chip Design IP
2.0%
$65.4M
Lithography & Fab Tools
0.4%
$13.0M
Filed value by group, split by line type. Option lines are shown at the notional value of the underlying — a put bar is not exposure to that group, it is a position filed against it.
Holdings — 44 positions
| Ticker | Security | Line | Value | Weight | Group | Coverage |
|---|---|---|---|---|---|---|
| ALAB | ASTERA LABS INC | Long | $277.6M | 8.43% | AI Networking | Covered |
| NVDA | NVIDIA CORPORATION | Call | $249.3M | 7.57% | Custom Silicon | Covered |
| AMD | ADVANCED MICRO DEVICES INC | Long | $216.1M | 6.56% | Custom Silicon | Covered |
| SMH | VANECK ETF TRUST | Put | $211.5M | 6.42% | — | Outside |
| U | UNITY SOFTWARE INC | Long | $184.8M | 5.61% | — | Outside |
| MSFT | MICROSOFT CORP | Long | $157.7M | 4.79% | Hyperscalers | Covered |
| META | META PLATFORMS INC | Long | $138.2M | 4.20% | Hyperscalers | Covered |
| AMZN | AMAZON COM INC | Long | $131.1M | 3.98% | Hyperscalers | Covered |
| DECK | DECKERS OUTDOOR CORP | Long | $120.6M | 3.66% | — | Outside |
| RBLX | ROBLOX CORP | Long | $117.8M | 3.58% | — | Outside |
| NVDA | NVIDIA CORPORATION | Long | $117.7M | 3.57% | Custom Silicon | Covered |
| LITE | LUMENTUM HLDGS INC | Long | $116.9M | 3.55% | Photonics | Covered |
| RH | RH | Long | $111.0M | 3.37% | — | Outside |
| SNOW | SNOWFLAKE INC | Long | $89.0M | 2.70% | — | Outside |
| AMD | ADVANCED MICRO DEVICES INC | Call | $82.2M | 2.50% | Custom Silicon | Covered |
| ULTA | ULTA BEAUTY INC | Long | $79.7M | 2.42% | — | Outside |
| MU | MICRON TECHNOLOGY INC | Long | $77.3M | 2.35% | Memory | Covered |
| CRWV | COREWEAVE INC | Long | $69.5M | 2.11% | Neo-Clouds | Covered |
| ACVA | ACV AUCTIONS INC | Long | $66.7M | 2.02% | — | Outside |
| SNPS | SYNOPSYS INC | Long | $65.4M | 1.99% | EDA & Chip Design IP | Covered |
| S | SENTINELONE INC | Long | $61.0M | 1.85% | — | Outside |
| TSLA | TESLA INC | Long | $50.7M | 1.54% | — | Outside |
| FERG | FERGUSON ENTERPRISES INC | Long | $44.9M | 1.36% | — | Outside |
| ESTC | ELASTIC N V | Long | $44.0M | 1.34% | — | Outside |
| — | CONFLUENT INC | Long | $38.8M | 1.18% | — | Outside |
| RL | RALPH LAUREN CORP | Long | $36.8M | 1.12% | — | Outside |
| MA | MASTERCARD INCORPORATED | Long | $36.0M | 1.09% | — | Outside |
| AXON | AXON ENTERPRISE INC | Long | $33.1M | 1.00% | — | Outside |
| MDB | MONGODB INC | Long | $32.4M | 0.98% | — | Outside |
| Z | ZILLOW GROUP INC | Long | $32.2M | 0.98% | — | Outside |
| NCLH | NORWEGIAN CRUISE LINE HLDG L | Long | $30.8M | 0.93% | — | Outside |
| GOOGL | ALPHABET INC | Long | $29.2M | 0.89% | Hyperscalers | Covered |
| W | WAYFAIR INC | Long | $20.8M | 0.63% | — | Outside |
| GTLB | GITLAB INC | Long | $19.1M | 0.58% | — | Outside |
| FIVN | FIVE9 INC | Long | $16.7M | 0.51% | — | Outside |
| RDDT | REDDIT INC | Long | $15.4M | 0.47% | — | Outside |
| AMSC | AMERICAN SUPERCONDUCTOR CORP | Long | $14.9M | 0.45% | — | Outside |
| AFRM | AFFIRM HLDGS INC | Long | $13.9M | 0.42% | — | Outside |
| ASML | ASML HOLDING N V | Long | $13.0M | 0.40% | Lithography & Fab Tools | Covered |
| TWLO | TWILIO INC | Long | $11.3M | 0.34% | — | Outside |
| BBWI | BATH & BODY WORKS INC | Long | $9.0M | 0.27% | — | Outside |
| JOBY | JOBY AVIATION INC | Long | $6.0M | 0.18% | — | Outside |
| TBLA | TABOOLA.COM LTD | Long | $2.1M | 0.06% | — | Outside |
| SONDQ | SONDER HOLDINGS INC | Long | $1.9M | 0.06% | — | Outside |
Shares and value as filed. Positions held with shared investment discretion are reported in full by each manager, so a filer's book can overlap another's.