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

According to the SEC 13F filed on Aug 14, 2026, Quincy Lee's Ancient Art (Teton Capital) portfolio reflects a highly concentrated, high-conviction approach across 15 reported 13F positions as of quarter-end Jun 30, 2026. Portfolio returns are primarily driven by a small set of high-conviction positions such as Interactive Brokers Group,, Zillow Group,, and Upwork, with the top five holdings accounting for approximately 70% of total exposure and Interactive Brokers Group, alone contributing ~24%. While the portfolio includes 15 positions, economic outcomes are highly concentrated in a narrow set of financials and communication services names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance instead anchored in durable, cash-generating businesses across financials, communication services, and consumer discretionary. The portfolio maintains moderate turnover, consistent with periodic rebalancing rather than a fully static book. Distinctive traits include Moderate Turnover, Moderately Concentrated, Economically Concentrated.