Gavin Baker

Gavin Baker is the founder and CIO of Atreides Management LP, a long-short equity hedge fund he launched in 2019 after leaving Fidelity Investments. At Fidelity, he was one of the youngest portfolio managers in the firm's history, managing the Fidelity OTC Portfolio fund -- one of Fidelity's largest and most prominent tech-focused funds with approximately $15-20 billion in AUM. He managed the OTC Portfolio from 2009 to 2019, a period during which the fund significantly outperformed its benchmark. Before becoming a PM, he was a tech analyst at Fidelity, joining the firm in 2000. He is a graduate of Harvard University. Baker is known for his deep understanding of technology business models, his active presence on Twitter/X where he shares detailed investment theses and industry analysis, and his willingness to hold concentrated positions in his highest-conviction ideas. Atreides Management manages approximately $4.7 billion in AUM as of Q4 2025, with 49 equity positions and 7 options positions. The fund has generated cumulative returns of approximately 173% from inception through Q4 2025, significantly outperforming the S&P 500 over the same period. Baker is one of the most respected technology-focused public equity investors of his generation.

Strong. Atreides Management has generated cumulative returns of approximately 173% from inception (2019) through Q4 2025, with a Q4 2025 return of 13.17%. This significantly outperforms the S&P 500 over the same period. Before Atreides, Baker managed the Fidelity OTC Portfolio from 2009-2019, where he oversaw approximately $15-20B in assets and outperformed the Nasdaq Composite over his tenure. His track record across both Fidelity and Atreides spans approximately 15 years of public equity management with strong risk-adjusted returns. His biggest wins appear to be in AI/semiconductor positions (NVIDIA, TSMC) where his early conviction and willingness to hold concentrated positions paid off enormously. His short book performance is less transparent but his overall fund returns suggest the long-short combination has worked well. The main risk to his track record is that his best period (2023-2025) coincided with an AI-driven tech bull market that may not be sustainable.

Based on 13F filings (Q4 2025), top positions include: NVIDIA (largest or near-largest position), Meta Platforms, Microsoft, Amazon, Alphabet, Taiwan Semiconductor (TSMC), and other AI infrastructure and platform companies. The portfolio is heavily tilted toward AI beneficiaries across the tech stack -- from chips (NVIDIA, TSMC) to cloud platforms (Amazon AWS, Microsoft Azure, Google Cloud) to AI application companies (Meta). He has also held positions in semiconductor equipment companies, enterprise software, and other technology sectors. His portfolio reads as a who's who of AI infrastructure and platform companies, reflecting his deep conviction in the AI investment thesis.

Gavin Baker is highly relevant to us. His concentration level (74% in top 10) aligns well with our preference for concentrated portfolios. His deep AI/technology expertise directly supports our AGI thesis -- he is perhaps the most articulate public equity investor on AI infrastructure demand, semiconductor supply chains, and the economic implications of AI. His 13F filings provide a useful reference for AI-exposed positions we might consider. His Twitter/X commentary is an excellent free resource for understanding technology investment dynamics. HOWEVER, there are important differences: (1) he runs a long-short fund, while we are long-only; (2) his approach is growth-oriented, not value-oriented -- he is willing to pay premium valuations that we might consider too expensive; (3) he does not explicitly focus on downside protection or floor prices; (4) his hedge fund fee structure (likely 2/20) is extractive compared to our self-managed approach; (5) his holding periods may be shorter than our ideal 5-10 years. He is best used as an idea source for AI-exposed companies and as an intellectual resource on AI industry dynamics, rather than as a direct model for our investment approach.