Quincy Lee - Ancient Art (Teton Capital) 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 17, 2026, the Ancient Art (Teton Capital) portfolio showed several notable changes in holdings as of quarter-end Dec 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 Q4 2025, the filing reported:

New Buys - None reported

Increases - Stellantis, Thryv Holdings, Inc., Upwork Inc.

Reductions - EchoStar Corporation, Frontier Group Holdings, Inc., Controladora Vuela Compania de

Complete Exits - InMode

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
Q4 2025	M5425M103 InMode	InMode	Sell - Position Exit	-956,630	-100.0%	$0.00	-
Q4 2025	SATS EchoStar Corporation	EchoStar Corporation	Sell	-100,000	-15.0%	$61.57M	566,389
Q4 2025	STLA Stellantis	Stellantis	Buy	+50,000	+1.4%	$38.11M	3,499,412
Q4 2025	THRY Thryv Holdings, Inc.	Thryv Holdings, Inc.	Buy	+251,449	+19.2%	$9.44M	1,560,908
Q4 2025	ULCC Frontier Group Holdings, Inc.	Frontier Group Holdings, Inc.	Sell	-700,000	-16.3%	$16.88M	3,583,803
Q4 2025	UPWK Upwork Inc.	Upwork Inc.	Buy	+372,147	+8.7%	$91.98M	4,640,814
Q4 2025	VLRS Controladora Vuela Compania de	Controladora Vuela Compania de	Sell	-207,381	-10.6%	$15.57M	1,753,193