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Funds (13F)

Atreides Management, LP

Backtest from 21 Feb 2020 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+26.6%
S&P 500 +14.6%
Last 12 months
+18.7%
S&P 500 +12.1%
Sharpe ratio
0.78
S&P 500 0.66
Biggest drop
−51.9%
S&P 500 −31.0%
$10.0k$20.0k$40.0k 2020202120222023202420252026 $48.6k$24.9k
Atreides Management, LPS&P 500 $10,000 in Atreides Management, LP from 21 Feb 2020 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Atreides Management, LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Atreides Management, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+26.6%+14.6%
Total return+386%+149%
Last 12 months+18.7%+12.1%
Last 3 months−1.2%—
Last month−19.1%—
This year so far+18.7%—
Volatility a year33.1%18.9%
Sharpe ratio0.780.66
Biggest drop−51.9%−31.0%
Beta to the S&P 5001.471.00
Alpha a year (t-statistic)+7.7% (1.11)—
Share of weeks up56%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
SPCX42.0%——
MU7.4%——
CBRS6.2%——
ALAB5.3%——
CIEN3.0%——
CRDO2.8%——
PANW2.7%——
U2.6%——
COHR2.3%——
NVDA2.3%——
AMZN2.1%——
META2.0%——
CRWV1.9%——
GOOGL1.6%——
TWLO1.3%——
APH1.0%——
AKAM1.0%——
AFRM0.9%——
GTLB0.9%——
INTC0.8%——
SMTC0.8%——
CIFR0.8%——
TSLA0.8%——
DKS0.8%——
W0.7%——
AMBQ0.7%——
IOT0.7%——
ACVA0.6%——
COMP0.6%——
WIX0.6%——
MA0.4%——
PDFS0.4%——
TTAN0.3%——
FERG0.3%——
ROG0.3%——
NTRA0.3%——
WRBY0.2%——
VECO0.2%——
NBIS0.2%——
INIO0.1%——
EQPT0.0%——
TBLA0.0%——
QNT0.0%——
FRVO0.0%——
BTGO0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest21 Feb 2020 to 2 Nov 2026+26.6%+14.6%0.780.66−51.9%1.47+7.7% (1.11)
Last three years3 Nov 2023 to 2 Nov 2026+42.8%+21.8%1.221.16−35.4%1.72+7.5% (0.80)
Last year7 Nov 2025 to 2 Nov 2026+22.6%+14.2%0.690.84−19.7%2.02+0.6% (0.03)
DateCompanyAction
21 Aug 2026TTANBought
21 Aug 2026SPCXBought
21 Aug 2026QNTBought
21 Aug 2026PDFSBought
21 Aug 2026NTRABought
21 Aug 2026METABought
21 Aug 2026IOTBought
21 Aug 2026INIOBought
21 Aug 2026GTLBBought
21 Aug 2026FRVOBought
21 Aug 2026CIFRBought
21 Aug 2026CBRSBought
21 Aug 2026APHBought
22 May 2026ZMBought
22 May 2026VSTBought
22 May 2026VECOBought
22 May 2026VBought
22 May 2026SNPSBought
22 May 2026PANWBought
22 May 2026NBISBought
22 May 2026HUBSBought
22 May 2026GFSBought
22 May 2026EQPTBought
22 May 2026CRDOBought
22 May 2026BTGOBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026ZMSold
21 Aug 2026WINGSold
21 Aug 2026VSTSold
21 Aug 2026VSold
21 Aug 2026SNPSSold
21 Aug 2026SNOWSold
21 Aug 2026RLSold
21 Aug 2026RKTSold
21 Aug 2026RBRKSold
21 Aug 2026RBLXSold
21 Aug 2026LITESold
21 Aug 2026HUBSSold
21 Aug 2026GFSSold
21 Aug 2026FROGSold
21 Aug 2026ECHOSold
21 Aug 2026CHYMSold
21 Aug 2026AXONSold
21 Aug 2026AVAVSold
22 May 2026TTANSold
22 May 2026TEAMSold
22 May 2026SESold
22 May 2026PMSold
22 May 2026PFGCSold
22 May 2026PSold
22 May 2026NUSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest