{
  "investorId": "teton-capital",
  "displayName": "Teton Capital",
  "managerName": "Quincy Lee",
  "title": "Top Investors - Copycat",
  "cik": "0001426749",
  "combinedValueUsd": 548076086,
  "positionCount": 17,
  "us13fValueUsd": 489387995,
  "us13fPositionsRaw": 16,
  "us13fPositionsCombined": 16,
  "nonUsEstimatedValueUsd": 58688091,
  "fx": {
    "pair": "USDKRW",
    "rate": 1325.4,
    "asOf": "2026-10-24",
    "source": "Yahoo Finance KRW=X",
    "note": "KRW per 1 USD (invert for USD per KRW)"
  },
  "enrichment": {
    "note": "Book from SEC 13F-HR filed by Ancient Art, L.P. (CIK 0001426749), adviser to Teton Capital Partners, L.P., managed by Quincy J. Lee, plus one Non-US line: Hanssem (KRX:009240) from Korean large-shareholder disclosure (8.68%, 2,044,289 shares as of 9 Apr 2026). Firm site tetoncapital.net is investor-login only (no public holdings). Form ADV Item 5.F RAUM (~$1.50bn YE 2025) still exceeds the combined equity book (~$0.55bn) \u2014 residual gap = cash, shorts, options, and other non-disclosed assets. Coupang (CPNG) stays in the 13F book only. User alias \"Quincy Jones\" corrected to Quincy Lee per Form ADV Schedule A.",
    "firmSite": "https://www.tetoncapital.net/",
    "nonUsResearch": "data/_research/teton-2026-10-15.md",
    "nonUsHoldingsPath": "data/teton-capital/non_us_holdings.json",
    "partnerCorrespondence": {
      "domain": "tetoncapital.net",
      "ingestFrom": "2026-10-20",
      "latest": {
        "title": "September 2026 Quarter End Report",
        "received": "2026-10-20",
        "reportMonth": "2026-09",
        "cite": "partner QE report Sep 2026",
        "publicNote": "September 2026 quarter-end report received 20 Oct 2026 (partner email from tetoncapital.net / Ancient Art). LP performance and letter AUM are not shown on this public page."
      }
    },
    "lettersHoldingsPath": "data/teton-capital/letters/letters_holdings.json",
    "disclosedOnFactsheetNotIn13FBook": [
      "Hanssem Co., Ltd. (\ud55c\uc0d8) (009240)"
    ]
  },
  "methodology": {
    "weights": "All weights in USD. Reported Equity Holdings = Ancient Art, L.P. 13F-HR reported values (same-issuer/CUSIP/class/put-call rows aggregated) + Non-US estimated USD (Hanssem shares \u00d7 live KRX close \u00f7 live KRW/USD; share count as-of DART 9 Apr 2026).",
    "mixedAsOf": "US 13F as of period end 30 Jun 2026. Hanssem Non-US stake as of DART report 09 Apr 2026 (dated share count; price + FX refreshed on each build).",
    "nonUsValuation": "Hanssem: 2,044,289 shares (DART 9 Apr 2026) \u00d7 live KRW close \u00f7 live KRW/USD \u2248 $58.7m estimated. Cafe24 historical cut to 2.66% (Jan 2024) not valued \u2014 no current primary 5%+ filing. Foreign-related US listings (Stellantis, BBB Foods, LOMA, VLRS, DLO, CPNG, TBN) remain in the 13F book only. tetoncapital.net publishes no public position list.",
    "partnerLetterNames": "Partner QE report Sep 2026 (received 20 Oct 2026) names Coupang, Ally Financial, and Interactive Brokers among discussed/top positions already on the 13F book; Megacable named as a slow exit and is not valued here (absent from 13F as of 30 Jun 2026). Letter weights/AUM are local-only.",
    "filerNote": "Display name Teton Capital (fund Teton Capital Partners, L.P.); legal 13F filer Ancient Art, L.P.; manager Quincy J. Lee. Korea filing names the same LP / Quincy Lee / Ancient Art."
  },
  "holdings": [
    {
      "id": "us-45841N107",
      "issuer": "Interactive Brokers",
      "ticker": "IBKR",
      "listing": "IBKR \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 1285193,
      "valueUsd": 111863199,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM CL A Partner letter: Confirmed as Position 1 (footnote 7); OTM calls sold as partial hedge. (cite: partner QE report Sep 2026).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
        }
      ],
      "rank": 1,
      "weightPct": 20.4102
    },
    {
      "id": "us-98954M200",
      "issuer": "Zillow Group",
      "ticker": "Z",
      "listing": "Z \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 2160359,
      "valueUsd": 68094516,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "CL C CAP STK",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
        }
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      "rank": 2,
      "weightPct": 12.4243
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    {
      "id": "us-91688F104",
      "issuer": "Upwork",
      "ticker": "UPWK",
      "listing": "UPWK \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 7228530,
      "valueUsd": 60430511,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
        }
      ],
      "rank": 3,
      "weightPct": 11.0259
    },
    {
      "id": "us-02005N100",
      "issuer": "Ally Financial",
      "ticker": "ALLY",
      "listing": "ALLY \u00b7 NYSE",
      "ccy": "USD",
      "shares": 1308399,
      "valueUsd": 60120934,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM Partner letter: Among three largest Q3 long-side losers; prior write-up; still held. (cite: partner QE report Sep 2026).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
        }
      ],
      "rank": 4,
      "weightPct": 10.9695
    },
    {
      "id": "nonus-hanssem",
      "issuer": "Hanssem Co., Ltd. (\ud55c\uc0d8)",
      "ticker": "009240",
      "listing": "009240 \u00b7 Korea (KOSPI / KRX)",
      "ccy": "KRW",
      "shares": 2044289,
      "valueUsd": 58688091,
      "valueEstimated": true,
      "source": "Exchange filing (DART/KIND)",
      "sourceDetail": "Korea Capital Markets Act Art. 147 large-shareholder report (\uc8fc\uc2dd\ub4f1\uc758\ub300\ub7c9\ubcf4\uc720\uc0c1\ud669\ubcf4\uace0\uc11c)",
      "asOf": "Exchange filing \u2014 09 Apr 2026 (DART/KIND \uc8fc\uc2dd\ub4f1\uc758\ub300\ub7c9\ubcf4\uc720\uc0c1\ud669\ubcf4\uace0\uc11c \uc57d\uc2dd; report-obligation date 03 Mar 2026)",
      "asOfDate": "2026-04-09",
      "notes": "2,044,289 voting common shares; prior report 2,279,645 (9.68%) as of 16 May 2024; change \u2212235,356 via on-exchange sales Stake 8.68% voting. Est. USD via 2,044,289 \u00d7 KRW 38,050 (2026-10-23) \u00f7 FX 1325.4 (2026-10-24). Purpose: \ub2e8\uc21c\ud22c\uc790 (simple investment).",
      "fiIncluded": false,
      "pctOwnership": 8.68,
      "primarySourceUrls": [
        {
          "label": "DigitalToday reprint of DART \uc8fc\uc2dd\ub4f1\uc758\ub300\ub7c9\ubcf4\uc720\uc0c1\ud669\ubcf4\uace0\uc11c (\uc57d\uc2dd) \u2014 full statutory tables",
          "url": "https://www.digitaltoday.co.kr/news/articleView.html?idxno=655371"
        },
        {
          "label": "Yahoo Finance 009240.KS history (KRX close)",
          "url": "https://finance.yahoo.com/quote/009240.KS/history/"
        },
        {
          "label": "Hanssem IR disclosures hub",
          "url": "https://company.hanssem.com/ir/disclosures/stock"
        },
        {
          "label": "KIND disclosure viewer (KRX)",
          "url": "https://kind.krx.co.kr/"
        },
        {
          "label": "DART (FSS electronic disclosure)",
          "url": "https://dart.fss.or.kr/"
        }
      ],
      "priceLocal": 38050.0,
      "fxKrwPerUsd": 1325.4,
      "valuationMethod": "2,044,289 shares \u00d7 KRW 38,050.0000 (2026-10-23) \u00f7 1,325.4000 KRW/USD (2026-10-24)",
      "rank": 5,
      "weightPct": 10.708
    },
    {
      "id": "us-22266T109",
      "issuer": "Coupang",
      "ticker": "CPNG",
      "listing": "CPNG \u00b7 NYSE",
      "ccy": "USD",
      "shares": 1784799,
      "valueUsd": 31001959,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "CL A Non-US / foreign-related issuer already valued in the US 13F book (ADR or US-listed share class). Partner letter: Material new/add discussion; building into weakness after data-breach GMV slowdown; KRW tailwind. (cite: partner QE report Sep 2026).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
        }
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    {
      "id": "us-77311W101",
      "issuer": "Rocket Companies",
      "ticker": "RKT",
      "listing": "RKT \u00b7 NYSE",
      "ccy": "USD",
      "shares": 1500000,
      "valueUsd": 23625000,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
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      "notes": "COM CL A",
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          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
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      "weightPct": 4.3105
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      "id": "us-37637K108",
      "issuer": "GitLab",
      "ticker": "GTLB",
      "listing": "GTLB \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 750000,
      "valueUsd": 22897500,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "CLASS A COM",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
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      "rank": 8,
      "weightPct": 4.1778
    },
    {
      "id": "us-85209W109",
      "issuer": "Sprout Social",
      "ticker": "SPT",
      "listing": "SPT \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 2537074,
      "valueUsd": 19154909,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM CL A",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
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      "id": "us-35909R108",
      "issuer": "Frontier Group Holdings",
      "ticker": "ULCC",
      "listing": "ULCC \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 2395119,
      "valueUsd": 18945391,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
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      "fiIncluded": false,
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      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
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      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "CL A COM Non-US / foreign-related issuer already valued in the US 13F book (ADR or US-listed share class).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
        }
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      "weightPct": 3.4327
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    {
      "id": "us-N82405106",
      "issuer": "Stellantis",
      "ticker": "STLA",
      "listing": "STLA \u00b7 NYSE",
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      "shares": 3199412,
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      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "SHS Non-US / foreign-related issuer already valued in the US 13F book (ADR or US-listed share class).",
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      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
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      "issuer": "Loma Negra (ADR)",
      "ticker": "LOMA",
      "listing": "LOMA \u00b7 NYSE",
      "ccy": "USD",
      "shares": 1435809,
      "valueUsd": 16440013,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "SPONSORED ADS Non-US / foreign-related issuer already valued in the US 13F book (ADR or US-listed share class).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
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      "weightPct": 2.9996
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      "id": "us-87507T101",
      "issuer": "Tamboran Resources",
      "ticker": "TBN",
      "listing": "TBN \u00b7 NYSE",
      "ccy": "USD",
      "shares": 437142,
      "valueUsd": 14211486,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM Non-US / foreign-related issuer already valued in the US 13F book (ADR or US-listed share class).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
        }
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      "id": "us-21240E105",
      "issuer": "Controladora Vuela (Volaris ADR)",
      "ticker": "VLRS",
      "listing": "VLRS \u00b7 NYSE",
      "ccy": "USD",
      "shares": 406139,
      "valueUsd": 3805522,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "SPON ADR RP 10 Non-US / foreign-related issuer already valued in the US 13F book (ADR or US-listed share class).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
        }
      ],
      "rank": 15,
      "weightPct": 0.6943
    },
    {
      "id": "us-886029206",
      "issuer": "Thryv Holdings",
      "ticker": "THRY",
      "listing": "THRY \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 377593,
      "valueUsd": 1487716,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM NEW",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
        }
      ],
      "rank": 16,
      "weightPct": 0.2714
    },
    {
      "id": "us-G29018101",
      "issuer": "dLocal",
      "ticker": "DLO",
      "listing": "DLO \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 10068,
      "valueUsd": 130834,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Ancient Art, L.P.)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "CLASS A COM Non-US / foreign-related issuer already valued in the US 13F book (ADR or US-listed share class).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003/"
        }
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      "rank": 17,
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  ],
  "updatedAt": "2026-10-20",
  "reportPeriodEnd": "2026-06-30",
  "filingDate": "2026-08-14",
  "accession": "0001426749-26-000003",
  "archiveBase": "https://www.sec.gov/Archives/edgar/data/1426749/000142674926000003",
  "legalName": "Ancient Art, L.P.",
  "form": "13F-HR",
  "filingNote": "13F-HR filed by Ancient Art, L.P. (CIK 0001426749), the SEC 13F reporting entity for Teton Capital Partners, L.P. / manager Quincy J. Lee (Austin, TX). Display name Teton Capital; legal filer Ancient Art, L.P."
}