Quincy Lee - Ancient Art (Teton Capital) Portfolio
| Period Date | Mar 31, 2025 | |
| Filing Date | May 15, 2025 | |
| Total Stocks | 12 | |
| Portfolio Value | $337.10M |
Ancient Art (Teton Capital) Strategy Analysis
Investment Strategy Metrics
Key metrics revealing investment style, risk management, and performance characteristics
| Metric | Value | Category | Description |
|---|---|---|---|
| Holding Period | 1.6 years | Style | Average duration positions are maintained |
| Position Count | 25 | Style | Number of active positions in portfolio |
| Position Size | 6.3% | Risk | Typical allocation per position |
| Win Rate | 50.0% | Performance | Percentage of profitable positions |
| Average Return | 10.8% | Performance | Mean return across positions |
| Sharpe Ratio | 0.20 | Performance | Return per unit of risk taken |
Investment Case Study: INTERACTIVE BROKERS GROUP IN (IBKR)
6/30/2013 - 7/6/2025
Performance Metrics
Total Return: 107,770.03%
Holding Period: 4389 days
Max Position Size: $78,778,743.00
Position Weight: 17.82%
Key Events
6/30/2013: ENTRY(2,696,517.00 shares) @ $0.02
9/30/2013: INCREASE(184,485.00 shares) @ $0.02
3/31/2014: INCREASE(278,191.00 shares) @ $0.02
6/30/2014: INCREASE(20,000.00 shares) @ $0.02
9/30/2014: INCREASE(134,233.00 shares) @ $0.02
12/31/2014: INCREASE(90,032.00 shares) @ $0.03
3/31/2015: INCREASE(134,121.00 shares) @ $0.03
9/30/2015: INCREASE(148.00 shares) @ $0.04
12/31/2015: DECREASE(-319,714.00 shares) @ $0.04
3/31/2016: INCREASE(263,395.00 shares) @ $0.04
6/30/2016: DECREASE(-163,035.00 shares) @ $0.04
12/31/2016: DECREASE(-17,121.00 shares) @ $0.04
3/31/2017: INCREASE(7,943.00 shares) @ $0.03
6/30/2017: INCREASE(101,121.00 shares) @ $0.04
12/31/2017: DECREASE(-1,008,519.00 shares) @ $0.06
3/31/2018: DECREASE(-415,184.00 shares) @ $0.07
6/30/2018: DECREASE(-577,293.00 shares) @ $0.06
9/30/2018: INCREASE(59,996.00 shares) @ $0.06
12/31/2018: INCREASE(150,457.00 shares) @ $0.05
3/31/2019: DECREASE(-500.00 shares) @ $0.05
3/31/2020: INCREASE(272,300.00 shares) @ $0.04
9/30/2020: DECREASE(-1,658.00 shares) @ $0.05
3/31/2021: DECREASE(-101,942.00 shares) @ $0.07
6/30/2021: DECREASE(-52,380.00 shares) @ $0.07
12/31/2021: DECREASE(-599,593.00 shares) @ $0.08
3/31/2022: DECREASE(-125,651.00 shares) @ $0.07
9/30/2022: INCREASE(50,000.00 shares) @ $0.06
12/31/2022: DECREASE(-50,000.00 shares) @ $72.35
3/31/2023: DECREASE(-431,971.00 shares) @ $82.56
9/30/2023: DECREASE(-28,204.00 shares) @ $86.56
6/30/2024: DECREASE(-25,000.00 shares) @ $122.60
9/30/2024: DECREASE(-68,810.00 shares) @ $139.36
12/31/2024: DECREASE(-10,455.00 shares) @ $176.67
3/31/2025: DECREASE(-35,000.00 shares) @ $165.59
Investment Thesis
Entry Context: Initial position established based on fundamental analysis
Sector Conditions: Favorable market conditions in the sector
Risk Factors:
- Market volatility
- Sector-specific risks
Key Learnings
- Position sizing is critical for portfolio management
- Important to monitor sector exposure