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

As of Dec 31, 2025, the Ancient Art (Teton Capital) portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 17, 2026. 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