Ancient Art, L.P.
Long book
$458.6M
Q1 2026
Positions
16
Top-10 weight
90%
concentration
Last quarter
+9.3%
SPY +14.8%
Turnover
31%
of book per quarter
Strategy in plain words
auto-generated from filingsAncient Art, L.P. is a concentrated fundamental stock-picker, running a $458.6M US long book across 16 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: INTERACTIVE BROKERS GRO-CL A, UPWORK INC, ECHOSTAR CORP-A, MERCADOLIBRE INC, ALLY FINANCIAL INC.
Over the last 9 quarters its long book ran on average 0.5pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-10.3%
Q2 2024
+2.3%
Q3 2024
+16.1%
Q4 2024
-7.7%
Q1 2025
+13.0%
Q2 2025
+26.1%
Q3 2025
+9.3%
Q4 2025
-12.8%
Q1 2026
+9.3%
Sector allocation
Financials 31%
Technology 22%
Communications 15%
Services media 14%
Industrials 8%
Consumer discretionary 6%
Energy 5%
Long book by quarter
What does Ancient Art, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| IBKR INTERACTIVE BROKERS GRO-CL A | Financials | 1.3M | $86.2M | 18.8% | -21.8% |
| UPWK UPWORK INC | Technology | 6.0M | $65.3M | 14.2% | +28.4% |
| ECHO ECHOSTAR CORP-A | Communications | 545.2K | $63.8M | 13.9% | -3.7% |
| MELI MERCADOLIBRE INC | Services media | 31.9K | $55.2M | 12.0% | New |
| ALLY ALLY FINANCIAL INC | Financials | 1.3M | $51.3M | 11.2% | Held |
| STLA STELLANTIS NV | Industrials | 3.2M | $22.7M | 4.9% | -8.6% |
| TBN TAMBORAN RESOURCES CORP | Energy | 437.1K | $21.9M | 4.8% | Held |
| GTLB GITLAB INC-CL A | Technology | 750.0K | $16.2M | 3.5% | New |
| TBBB BBB FOODS INC-CLASS A | Consumer discretionary | 451.5K | $16.0M | 3.5% | +15.3% |
| SPT SPROUT SOCIAL INC - CLASS A | Technology | 2.5M | $14.5M | 3.2% | New |
| CPNG COUPANG INC | Consumer discretionary | 594.8K | $11.2M | 2.4% | New |
| ULCC FRONTIER GROUP HOLDINGS INC | Industrials | 3.1M | $11.0M | 2.4% | -12.9% |
| THRY THRYV HOLDINGS INC | Services media | 1.6M | $4.3M | 0.9% | Held |
| DLO DLOCAL LTD | Services media | 10.1K | $131K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 16 | $458.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 11 | $442.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 12 | $416.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 15 | $309.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 12 | $337.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 14 | $470.0M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 14 | $431.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 17 | $390.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 16 | $494.9M | canonical | SEC ↗ |
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