Quincy Lee's March Portfolio: Heavyweights in Financials & Tech
Ancient Art (Teton Capital) investor Quincy Lee's portfolio as of March 31, 2026, shows significant concentration in Financial Services and Technology stocks, with notable changes in holdings.
Portfolio Overview
Quincy Lee's portfolio, managed through Ancient Art (Teton Capital), held a substantial value as of March 31, 2026. The portfolio demonstrated a clear concentration in specific sectors, with Financial Services and Technology being the dominant holdings.
Top Holdings by Value
The largest position by stock value was Interactive Brokers Group Inc. (IBKR), representing approximately 18.8% of the portfolio. This was followed by Upwork Inc. (UPWK) at 14.24% and Echostar Corp. (SATS) at 13.92%. Other significant holdings included MercadoLibre Inc. (MELI), accounting for 12.04%, and several Technology and Consumer Cyclical stocks making up the remainder of the top ten positions.
Investment Strategy Focus
The portfolio's allocation suggests a strategy heavily weighted towards large-cap Financial Services and Technology companies. Interactive Brokers, Upwork, and Echostar are prominent players in their respective industries. The significant allocation to Financial Services, particularly Interactive Brokers, indicates a core position in this sector. The substantial Technology allocation, encompassing companies like MercadoLibre, Echostar, Gitlab, Sprout Social, and Coupa Networks, further highlights this focus. There is also a notable allocation to Consumer Cyclical stocks.
Recent Holding Changes
Several holdings showed significant changes from the previous period. Interactive Brokers saw a reduction in shares (-21.81%), while Upwork experienced substantial growth (+28.42%). Echostar's position also decreased (-3.74%). Other notable movements included MELI, GTLB, SPT, CPNG, and ULCC, which all saw increases, with some achieving 100% growth in shares during the period.
Concentration Analysis
The portfolio exhibits high concentration, with the top three holdings alone accounting for nearly 47% of the total value. Financial Services (represented by IBKR) and Technology (represented by multiple holdings including MELI, SATS, GTLB, SPT, CPNG) are the primary sectors. The portfolio's strategy appears tailored to capitalize on opportunities within these specific large-cap sectors, potentially seeking exposure to innovative companies and established financial institutions. The significant allocation to Interactive Brokers, a platform company, might also suggest a belief in the efficiency of electronic trading or a personal interest in the financial technology space.