Quincy Lee - Ancient Art (Teton Capital) Investment Strategy & Portfolio Analysis

As of Mar 31, 2026, Quincy Lee's Ancient Art (Teton Capital) portfolio reflects a highly concentrated, high-conviction approach across 15 reported 13F positions. Portfolio returns are primarily driven by a small set of high-conviction positions such as Interactive Brokers Group,, Upwork, and EchoStar, with the top five holdings accounting for approximately 73% of total exposure and Interactive Brokers Group, alone contributing ~19%. While the portfolio includes 15 positions, economic outcomes are highly concentrated in a narrow set of financials and technology names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments is moderate relative to peers, with performance instead anchored in durable, cash-generating businesses across financials, communication services, and consumer discretionary. The portfolio exhibits low turnover, consistent with a buy-and-hold posture held through multiple reporting cycles. Distinctive traits include Moderate Turnover, Moderately Concentrated, Economically Concentrated.