In this article, we will discuss the 5 stocks to buy according to Gavin Baker’s Atreides Management. If you want to read our detailed analysis of Gavin’s history, investment philosophy, and hedge fund performance, go directly to the 10 Stocks to Buy According to Gavin Baker’s Atreides Management.
5. DISH Network Corporation (NASDAQ:DISH)
Baker’s Stake Value: $183.2 million
Percentage of Gavin Baker’s 13F Portfolio: 3.27%
Number of Hedge Fund Holders: 51
DISH Network Corporation (NASDAQ:DISH) is an American television provider company based in Englewood, Colorado. The company was established in 1980 and currently has a market cap of $23.84 billion.
Gavin Baker’s Atreides Management currently owns 4.39 million shares of the company, worth $183.16 million. DISH Network Corporation (NASDAQ:DISH) makes up 3.27% of Atreides Management’s portfolio.
ClearBridge Investments mentioned DISH Network Corporation (NASDAQ:DISH) in their investor letter in the second quarter of 2021. Here is what the letter said:
“Portfolio holdings in the communication services and financials sectors also made strong contributions. Dish Network continues to make progress on the buildout of its greenfield 5G network, with Las Vegas slated to become the first market launched later this year. The company gained credibility, and its stock reacted favorably, after it announced a partnership with Amazon to deploy a 5G cloud-native network using AWS’s cloud infrastructure. While the stock has been volatile in recent quarters, we continue to feel confident in Dish’s long-term prospects, which include competing as a fourth U.S. wireless carrier. Charter Communications has been executing well and benefiting from the growth in residential broadband, which has been accelerated by COVID-19 and should see further support from the Biden Administration’s infrastructure bill, which earmarks $65 billion for broadband buildout. In addition, we expect the company to continue to grow its wireless business,
leveraging its mobile virtual network operator (MVNO) relationship with Verizon. The company continues to generate strong and growing free cash flow and deploys it toward consistent and material share buybacks.”
4. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Baker’s Stake Value: $185.1 million
Percentage of Gavin Baker’s 13F Portfolio: 3.3%
Number of Hedge Fund Holders: 63
Advanced Micro Devices, Inc. (NASDAQ:AMD) is an American company headquartered in California which develops processors for computing devices and other similar products.
Atreides Management owns 1.97 million shares worth $185.07 million in Advanced Micro Devices, Inc. (NASDAQ:AMD), representing 3.3% of their portfolio. However, Atreides Management decreased its stake in Advanced Micro Devices, Inc. (NASDAQ:AMD) by 35% in the second quarter of 2021.
Advanced Micro Devices, Inc. (NASDAQ:AMD) was mentioned by Artisan Partners Limited Partnership in their investor letter in the fourth quarter of 2020. Here is what the letter said:
“We also exited our positions in Advanced Micro Devices. Our investment campaign in Advanced Micro Devices (AMD) began in the second half of 2018, and we have seen a new management team reinvigorate the company’s product portfolio of microprocessors for PCs and servers, graphics processors, and video game consoles. These new, higher-margin products have helped the company partially close its margin gap with peers and capture share from market leader Intel. While we believe there is meaningful runway for further share gains and margin expansion, AMD has appreciated far beyond our mid-cap market cap mandate, and we exited our position.”
3. DICK’S Sporting Goods, Inc. (NYSE:DKS)
Baker’s Stake Value: $290 million
Percentage of Gavin Baker’s 13F Portfolio: 5.17%
Number of Hedge Fund Holders: 36
DICK’S Sporting Goods, Inc. (NYSE:DKS) is America’s largest sporting goods retail company with 854 stores and more than 50,000 employees. The company was founded in 1948 and is currently based in New York.
According to Atreides Management’s recent filings, the hedge fund owns 2.9 million shares in DICK’S Sporting Goods, Inc. (NYSE:DKS), worth $290 million, making up 5.17% of Atreides Management portfolio. At the end of the second quarter of 2021, the hedge fund sentiment for DICK’S Sporting Goods, Inc. (NYSE:DKS) has increased at 36 compared to 31 in the first quarter of 2021.
2. American Eagle Outfitters, Inc. (NYSE:AEO)
Baker’s Stake Value: $314.62 million
Percentage of Gavin Baker’s 13F Portfolio: 5.61%
Number of Hedge Fund Holders: 41
American Eagle Outfitters, Inc. (NYSE:AEO) is a Pennsylvania-based company specializing in clothing accessory retail. It was found in 1977 and had a market cap of $4.41 billion.
Atreides Management started investing in the company in the third quarter of 2020. According to its Q2 filings, the hedge fund owns around 8.4 million shares worth $314.62 million, representing 5.61% of Atreides Management’s current portfolio. According to the Insider Monkey database, 41 hedge funds owned stakes in American Eagle Outfitters, Inc. (NYSE:AEO) at the end of the second quarter, down from 43 in the previous quarter.
1. Twitter, Inc. (NYSE:TWTR)
Baker’s Stake Value: $384.4 million
Percentage of Gavin Baker’s 13F Portfolio: 6.86%
Number of Hedge Fund Holders: 89
Twitter, Inc. (NYSE:TWTR) is a social networking and microblogging service founded in 2006, and it tops our list in best stocks to buy, according to Atreides Management. According to the hedge fund’s Q2 filings Atreides Management owns around 5.5 million shares of Twitter, Inc. (NYSE:TWTR) worth $384.4 million, comprising 6.86% of the hedge fund’s total portfolio.
Insider Monkey’s data shows that the 89 hedge funds held stakes in Twitter worth $6.03 billion at the end of the second quarter of 2021 as compared to 107 worth $4.53 billion in the first quarter.
ClearBridge Investments mentioned a few companies in its investor letter in the first quarter of 2021, and Twitter, Inc. (NYSE:TWTR) was one of them. Here is what the letter said:
“Media has been another bright spot for the Strategy, boosted by the return of live events and subsequent rebound in advertising as well as good initial traction for several of our companies new streaming services. Twitter was also a solid contributor on strong results and better-than-expected projections for future user and revenue growth.”
You can also take a peek at Best Chemical Stocks to Buy According to Jonathan Barrett and Paul Segal’s Luminus Management and 10 Stocks to Buy Now According to Michael Pausic’s Foxhaven Asset Management.
