Quincy Lee - Ancient Art (Teton Capital) 13F Activity & Position Changes (Q3 2025)

According to the SEC 13F filed on Nov 14, 2025, the Ancient Art (Teton Capital) portfolio showed several notable changes in holdings as of quarter-end Sep 30, 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 Q3 2025, the filing reported:

New Buys - InMode

Increases - Thryv Holdings, Inc., Upwork Inc.

Reductions - Frontier Group Holdings, Inc.

Complete Exits - Mr. Cooper Group Inc., E2open Parent Holdings, Inc., Spirit Airlines, Rocket Companies, Inc., Vital Energy, Inc.

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
Q3 2025	COOP Mr. Cooper Group Inc.	Mr. Cooper Group Inc.	Sell - Position Exit	-6,366	-100.0%	$0.00	-
Q3 2025	ETWO E2open Parent Holdings, Inc.	E2open Parent Holdings, Inc.	Sell - Position Exit	-414,064	-100.0%	$0.00	-
Q3 2025	FLYY Spirit Airlines	Spirit Airlines	Sell - Position Exit	-19,351	-100.0%	$0.00	-
Q3 2025	M5425M103 InMode	InMode	Buy - Position Entry	+956,630	-	$14.25M	956,630
Q3 2025	RKT Rocket Companies, Inc.	Rocket Companies, Inc.	Sell - Position Exit	-119,703	-100.0%	$0.00	-
Q3 2025	THRY Thryv Holdings, Inc.	Thryv Holdings, Inc.	Buy	+1,079,016	+468.2%	$15.79M	1,309,459
Q3 2025	ULCC Frontier Group Holdings, Inc.	Frontier Group Holdings, Inc.	Sell	-447,030	-9.4%	$18.91M	4,283,803
Q3 2025	UPWK Upwork Inc.	Upwork Inc.	Buy	+494,759	+13.1%	$79.27M	4,268,667
Q3 2025	VTLE Vital Energy, Inc.	Vital Energy, Inc.	Sell - Position Exit	-335,000	-100.0%	$0.00	-