A
Atreides Management
Q4 2025 · CIK 0001777813
Portfolio — Q4 2025
Reported Book
$8.2B
13F value · +59% QoQ
Positions
56
-2 vs Q3 2025
Top 10
60.8%
of reported book
In Dimetrics Coverage
37.0%
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
Puts 28.7%
Long 57.6%
Calls 13.7%
Puts $2.3B· 2 lines
Long $4.7B· 49 lines
Calls $1.1B· 5 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
12.6%
$1.0B
Photonics
10.6%
$869.2M
Memory
5.0%
$410.7M
Hyperscalers
5.0%
$407.5M
AI Networking
3.3%
$268.0M
Neo-Clouds
0.5%
$43.4M
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 — 56 positions
| Ticker | Security | Line | Value | Weight | Group | Coverage |
|---|---|---|---|---|---|---|
| QQQ | INVESCO QQQ TR | Put | $2.2B | 26.27% | — | Outside |
| NVDA | NVIDIA CORPORATION | Call | $652.8M | 7.98% | Custom Silicon | Covered |
| NVDA | NVIDIA CORPORATION | Long | $359.1M | 4.39% | Custom Silicon | Covered |
| CIEN | CIENA CORP | Long | $334.0M | 4.08% | Photonics | Covered |
| U | UNITY SOFTWARE INC | Long | $292.6M | 3.58% | — | Outside |
| P | PURE STORAGE INC | Long | $279.9M | 3.42% | — | Outside |
| ALAB | ASTERA LABS INC | Long | $268.0M | 3.28% | AI Networking | Covered |
| COHR | COHERENT CORP | Long | $228.0M | 2.79% | Photonics | Covered |
| MU | MICRON TECHNOLOGY INC | Long | $210.9M | 2.58% | Memory | Covered |
| MU | MICRON TECHNOLOGY INC | Put | $199.8M | 2.44% | Memory | Covered |
| COHR | COHERENT CORP | Call | $166.1M | 2.03% | Photonics | Covered |
| U | UNITY SOFTWARE INC | Call | $163.4M | 2.00% | — | Outside |
| GOOGL | ALPHABET INC | Long | $161.0M | 1.97% | Hyperscalers | Covered |
| AMZN | AMAZON COM INC | Long | $158.8M | 1.94% | Hyperscalers | Covered |
| LITE | LUMENTUM HLDGS INC | Long | $141.1M | 1.72% | Photonics | Covered |
| WIX | WIX COM LTD | Long | $129.6M | 1.58% | — | Outside |
| GTLB | GITLAB INC | Long | $119.2M | 1.46% | — | Outside |
| SNOW | SNOWFLAKE INC | Long | $105.0M | 1.28% | — | Outside |
| AFRM | AFFIRM HLDGS INC | Long | $103.1M | 1.26% | — | Outside |
| TWLO | TWILIO INC | Long | $102.0M | 1.25% | — | Outside |
| P | PURE STORAGE INC | Call | $100.5M | 1.23% | — | Outside |
| ACVA | ACV AUCTIONS INC | Long | $99.5M | 1.22% | — | Outside |
| ECHO | ECHOSTAR CORP | Long | $97.9M | 1.20% | — | Outside |
| DKS | DICKS SPORTING GOODS INC | Long | $97.2M | 1.19% | — | Outside |
| WING | WINGSTOP INC | Long | $93.0M | 1.14% | — | Outside |
| COMP | COMPASS INC | Long | $92.2M | 1.13% | — | Outside |
| MSFT | MICROSOFT CORP | Long | $87.8M | 1.07% | Hyperscalers | Covered |
| W | WAYFAIR INC | Long | $87.4M | 1.07% | — | Outside |
| TTAN | SERVICETITAN INC | Long | $84.4M | 1.03% | — | Outside |
| TSLA | TESLA INC | Long | $83.7M | 1.02% | — | Outside |
| RKT | ROCKET COS INC | Long | $69.7M | 0.85% | — | Outside |
| RBRK | RUBRIK INC. | Long | $68.5M | 0.84% | — | Outside |
| PM | PHILIP MORRIS INTL INC | Long | $65.1M | 0.80% | — | Outside |
| TEAM | ATLASSIAN CORPORATION | Long | $64.6M | 0.79% | — | Outside |
| AXON | AXON ENTERPRISE INC | Long | $59.9M | 0.73% | — | Outside |
| NU | NU HLDGS LTD | Long | $54.8M | 0.67% | — | Outside |
| SMTC | SEMTECH CORP | Long | $51.0M | 0.62% | — | Outside |
| RL | RALPH LAUREN CORP | Long | $45.1M | 0.55% | — | Outside |
| CRWV | COREWEAVE INC | Long | $43.4M | 0.53% | Neo-Clouds | Covered |
| FERG | FERGUSON ENTERPRISES INC | Long | $39.6M | 0.48% | — | Outside |
| AZO | AUTOZONE INC | Long | $39.4M | 0.48% | — | Outside |
| CHYM | CHIME FINL INC | Long | $37.9M | 0.46% | — | Outside |
| GTLB | GITLAB INC | Call | $37.5M | 0.46% | — | Outside |
| SE | SEA LTD | Long | $35.1M | 0.43% | — | Outside |
| RBLX | ROBLOX CORP | Long | $31.6M | 0.39% | — | Outside |
| AMSC | AMERICAN SUPERCONDUCTOR CORP | Long | $30.1M | 0.37% | — | Outside |
| MA | MASTERCARD INCORPORATED | Long | $26.2M | 0.32% | — | Outside |
| FROG | JFROG LTD | Long | $25.3M | 0.31% | — | Outside |
| GNRC | GENERAC HLDGS INC | Long | $24.9M | 0.30% | — | Outside |
| AMBQ | AMBIQ MICRO INC | Long | $19.8M | 0.24% | — | Outside |
| INTC | INTEL CORP | Long | $17.9M | 0.22% | Custom Silicon | Covered |
| ROG | ROGERS CORP | Long | $15.7M | 0.19% | — | Outside |
| PFGC | PERFORMANCE FOOD GROUP CO | Long | $11.3M | 0.14% | — | Outside |
| MELI | MERCADOLIBRE INC | Long | $9.1M | 0.11% | — | Outside |
| WRBY | WARBY PARKER INC | Long | $8.6M | 0.10% | — | Outside |
| TBLA | TABOOLA.COM LTD | Long | $3.4M | 0.04% | — | 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.