Gavin Baker Q1 2026 Portfolio — ALAB Position Up 109%, NVDA Re-entered

Gavin Baker disclosed in Atreides Management's Q1 2026 13F filing that the fund's AUM stood at $3.9B across 20 holdings. QQQ remained the largest position at $808M (16.2%), while ALAB grew 109% to $369M (7.4%). NVDA, MU, and COHR — previously $653M, $200M, and $166M positions, respectively — were fully sold and then re-entered, returning to the top 10 holdings.

Top 5 Holdings — Q1 2026

• QQQ: $808M (16.2%)
• ALAB: $369M (7.4%)
• U: $272M (5.4%)
• CIEN: $263M (5.3%)
• MU: $257M (5.1%)

Key Portfolio Moves

Despite a 60% reduction in size, QQQ remains the largest holding at $808M (16.2%). ALAB grew 109% to $369M (7.4%), followed by U, which rose 87% to $272M (5.4%). AI infrastructure and networking names CIEN ($263M) and MU ($257M) also held their spots near the top.

• ALAB: Position increased +109% to $369M — signals a stronger bet on AI chip interconnect solutions
• NVDA: Fully sold at $653M → re-entered at $218M — valuation concerns cleared before re-entry
• ZM: New position at $106M — diversifying into AI collaboration software

NVDA was fully exited from its $653M position and re-entered at $218M (4.4%), while MU and COHR — sold at $200M and $166M, respectively — were also rebuilt as the portfolio was reshuffled. New buys included five names: ZM ($106M), CRDO ($102M), PANW ($90M), VST ($79M), and AKAM ($78M), while SNOW was cut 70% to $22M.

Outlook

Even as he trimmed QQQ, Gavin Baker sharply increased individual growth stock positions like ALAB and U, signaling a shift from index-tracking exposure toward more selective, stock-picking bets. The sell-then-rebuy pattern in NVDA, MU, and COHR suggests tactical rebalancing aimed at buying the dip during a valuation correction. The addition of new cybersecurity and infrastructure names like PANW and AKAM reflects a bet on rising security demand amid expanding AI infrastructure investment.