Teton Capital
Manager: Quincy Lee
Ancient Art, L.P. · CIK 0001426749 · Form 13F-HR · Accession 0001426749-26-000003
Reported Equity Holdings (USD)
$0.5bn
17 positions · mainly 13F (+ Non-US where noted)
Form ADV RAUM — Ancient Art, L.P. (adviser to Teton Capital Partners, L.P.)
$1.5bn
as of 31 Dec 2025 (ADV Item 5.F; annual updating amendment signed 31 Mar 2026) · form_adv
Shown (≥1%)
14
13F combined (16 → 17) · 3 under 1% hidden
USDKRW (daily)
1325.4
as of 24 Oct 2026 · Yahoo Finance
Largest weights: Interactive Brokers 20.4%, Zillow Group 12.4%, Upwork 11.0%. Sorted by USD value. KRW positions converted to USD at USDKRW 1325.4 as of 24 Oct 2026. FX + local price refreshed on each build (share count stays as-of the Korea filing).
Reported Equity Holdings USD
3 names under 1% hidden (still included in Reported Equity Holdings). Weights vs full book — visible weights may sum to under 100%.
| # | Issuer | Ticker / listing | CCY | Value (USD) | Weight | Source | As of | Notes |
|---|---|---|---|---|---|---|---|---|
| 1 | Interactive Brokers |
IBKR · Nasdaq | USD | $111.9m | 20.4% | 13F | 13F — 30 Jun 2026 | COM CL A Partner letter: Confirmed as Position 1 (footnote 7); OTM calls sold as partial hedge. (cite: partner QE report Sep 2026). |
| 2 | Zillow Group |
Z · Nasdaq | USD | $68.1m | 12.4% | 13F | 13F — 30 Jun 2026 | CL C CAP STK |
| 3 | Upwork |
UPWK · Nasdaq | USD | $60.4m | 11.0% | 13F | 13F — 30 Jun 2026 | COM |
| 4 | Ally Financial |
ALLY · NYSE | USD | $60.1m | 11.0% | 13F | 13F — 30 Jun 2026 | COM Partner letter: Among three largest Q3 long-side losers; prior write-up; still held. (cite: partner QE report Sep 2026). |
| 5 | Hanssem Co., Ltd. (한샘) |
009240 · Korea (KOSPI / KRX) | KRW | $58.7m est. |
10.7% | Exchange filing (DART/KIND) | Exchange filing — 09 Apr 2026 (DART/KIND 주식등의대량보유상황보고서 약식; report-obligation date 03 Mar 2026) | 2,044,289 voting common shares; prior report 2,279,645 (9.68%) as of 16 May 2024; change −235,356 via on-exchange sales Stake 8.68% voting. Est. USD via 2,044,289 × KRW 38,050 (2026-10-23) ÷ FX 1325.4 (2026-10-24). Purpose: 단순투자 (simple investment). |
| 6 | Coupang |
CPNG · NYSE | USD | $31.0m | 5.7% | 13F | 13F — 30 Jun 2026 | 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). |
| 7 | Rocket Companies |
RKT · NYSE | USD | $23.6m | 4.3% | 13F | 13F — 30 Jun 2026 | COM CL A |
| 8 | GitLab |
GTLB · Nasdaq | USD | $22.9m | 4.2% | 13F | 13F — 30 Jun 2026 | CLASS A COM |
| 9 | Sprout Social |
SPT · Nasdaq | USD | $19.2m | 3.5% | 13F | 13F — 30 Jun 2026 | COM CL A |
| 10 | Frontier Group Holdings |
ULCC · Nasdaq | USD | $18.9m | 3.5% | 13F | 13F — 30 Jun 2026 | COM |
| 11 | BBB Foods (TBBB) |
TBBB · NYSE | USD | $18.8m | 3.4% | 13F | 13F — 30 Jun 2026 | CL A COM Non-US / foreign-related issuer already valued in the US 13F book (ADR or US-listed share class). |
| 12 | Stellantis |
STLA · NYSE | USD | $18.4m | 3.4% | 13F | 13F — 30 Jun 2026 | SHS Non-US / foreign-related issuer already valued in the US 13F book (ADR or US-listed share class). |
| 13 | Loma Negra (ADR) |
LOMA · NYSE | USD | $16.4m | 3.0% | 13F | 13F — 30 Jun 2026 | SPONSORED ADS Non-US / foreign-related issuer already valued in the US 13F book (ADR or US-listed share class). |
| 14 | Tamboran Resources |
TBN · NYSE | USD | $14.2m | 2.6% | 13F | 13F — 30 Jun 2026 | COM Non-US / foreign-related issuer already valued in the US 13F book (ADR or US-listed share class). |
Methodology
- One book: 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 × live KRX close ÷ live KRW/USD; share count as-of DART 9 Apr 2026).
- US 13F: Ancient Art, L.P. (CIK 0001426749) Form 13F-HR — reporting entity for Teton Capital Partners, L.P. Period end 30 Jun 2026, filed 14 Aug 2026. Manager: Quincy Lee. Schema X0202 whole USD ($0.5bn).
- Enrichment: 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) — 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.
- Non-US: Hanssem: 2,044,289 shares (DART 9 Apr 2026) × live KRW close ÷ live KRW/USD ≈ $58.7m estimated. Cafe24 historical cut to 2.66% (Jan 2024) not valued — no current primary 5%+ filing. Foreign-related US listings (Stellantis, BBB Foods, LOMA, VLRS, DLO, CPNG, TBN) remain in the 13F book only. tetoncapital.net publishes no public position list.
- Filer note: Display name Teton Capital (fund Teton Capital Partners, L.P.); legal 13F filer Ancient Art, L.P.; manager Quincy J. Lee. Korea filing names the same LP / Quincy Lee / Ancient Art.
- Mixed as-of: US 13F as of period end 30 Jun 2026. Hanssem Non-US stake as of DART report 09 Apr 2026 (dated share count; price + FX refreshed on each build).
- Partner correspondence: September 2026 quarter-end report received 20 Oct 2026 (partner email from tetoncapital.net / Ancient Art). LP performance and letter AUM are not shown on this public page. Partner QE report Sep 2026 (received 20 Oct 2026) names Coupang, Ally Financial, and Interactive Brokers among discussed/top positions already on the 13F book; Megacable named as a slow exit and is not valued here (absent from 13F as of 30 Jun 2026). Letter weights/AUM are local-only.
- Reported AUM: Firm / strategy AUM from the manager's site or Form ADV where cited on this page — separate from Reported Equity Holdings.
- Shares / Discretion / Vote columns omitted. Value shown as USD market value ($m, 1 decimal, e.g. $17,700.0m). Weight to 1 decimal.
- Table shows positions with weight ≥ 1.0% only; names under 1% are hidden but still included in Reported Equity Holdings (USD) and the weight denominator.
- Raw data: EDGAR 13F · portfolio_combined.json · holdings.json