What if you had copied Atreides Management?
Gavin Baker
The verdict
Copying Atreides Management's 13F filings from Feb 2020 would have turned $10,000 into $46,788, more than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +25.8% a year against +14.4% for the S&P 500, 11 points a year ahead. Its worst fall was 53.2%, from Nov 16, 2021 to Nov 9, 2022. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Atreides Management$46,788
- S&P 500$24,639
- Bought their first portfolio and never traded$51,981
If you had bought their first portfolio and never traded, you would have ended at $51,981, so following every move cost $5,194.
- $10,000 copied
- $46,788
- +367.9%, +25.8% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $51,981
- Bought their first portfolio and never traded
- Worst fall
- −53.2%
- Nov 16, 2021 to Nov 9, 2022
- Trades
- 529
- 287 buys, 242 sales over 28 filings; about 159% of the copy traded a year
The moves that made the most
- ALABAstera Labs+$5,704
Held since May 2024, the stock up 224%
- LITELumentum+$4,865
Held from May 2024 to Aug 2026, the stock up 1,970%
- AMDAdvanced Micro Devices+$4,254
Held from Feb 2020 to Feb 2026, the stock up 415%
- CIENCiena+$3,972
Held since Nov 2023, the stock up 419%
- UUnity Software+$3,451
Held since Feb 2025, the stock up 136%
- MUMicron Technology+$2,897
Held since Feb 2020, the stock up 727%
The moves that cost the most
- CBRSCerebras Systems−$2,151
Held since Aug 2026, the stock down 62%
- GTLBGitlab−$927
Held since Nov 2024, the stock down 50%
Held from Nov 2020 to May 2022, the stock down 51%
- SPCXSpaceX−$802
Held since Aug 2026, the stock down 3%
- OKTA−$675
Held from Feb 2022 to May 2022, the stock down 55%
- ZZillow−$555
Held from Nov 2020 to Nov 2025, the stock down 39%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +87.5% | +13.1% | +74.4 |
| 2021 | +12.3% | +28.7% | −16.5 |
| 2022 | −44.5% | −18.2% | −26.3 |
| 2023 | +59.6% | +26.2% | +33.5 |
| 2024 | +46.3% | +24.9% | +21.4 |
| 2025 | +43.9% | +17.7% | +26.2 |
| 2026to Nov 2026 | +19.2% | +11.5% | +7.7 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.