Quincy Lee - Ancient Art (Teton Capital) 13F Activity & Position Changes (Q1 2025)

According to the SEC 13F filed on May 15, 2025, the Ancient Art (Teton Capital) portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2025, the filing reported:

New Buys - Vital Energy, Inc.

Increases - Controladora Vuela Compania de

Reductions - Ally Financial Inc., Interactive Brokers Group, Inc., Loma Negra Compania Industrial , Frontier Group Holdings, Inc., Upwork Inc.

Complete Exits - Civitas Resources, Inc., Grupo Financiero Galicia S.A.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2025	ALLY Ally Financial Inc.	Ally Financial Inc.	Sell	-1,051,608	-51.0%	$36.78M	1,008,399
Q1 2025	CIVI Civitas Resources, Inc.	Civitas Resources, Inc.	Sell - Position Exit	-223,500	-100.0%	$0.00	-
Q1 2025	GGAL Grupo Financiero Galicia S.A.	Grupo Financiero Galicia S.A.	Sell - Position Exit	-50,000	-100.0%	$0.00	-
Q1 2025	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Sell	-35,000	-7.8%	$68.04M	410,909
Q1 2025	LOMA Loma Negra Compania Industrial	Loma Negra Compania Industrial	Sell	-67,466	-4.5%	$15.78M	1,435,809
Q1 2025	ULCC Frontier Group Holdings, Inc.	Frontier Group Holdings, Inc.	Sell	-885,388	-16.3%	$19.66M	4,530,833
Q1 2025	UPWK Upwork Inc.	Upwork Inc.	Sell	-1,138,872	-23.1%	$49.36M	3,782,135
Q1 2025	VLRS Controladora Vuela Compania de	Controladora Vuela Compania de	Buy	+329,496	+22.2%	$9.48M	1,816,225
Q1 2025	VTLE Vital Energy, Inc.	Vital Energy, Inc.	Buy - Position Entry	+335,000	-	$7.11M	335,000