Ancient Art, L.P.

AUSTIN, TX · CIK 1426749 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2006 · limited partnership

Assets managed$1.5bn
Staff11 · 8 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $1.5bn gross assets
Websitetetoncapital.net
Form ADV · 2026-03-31SEC adviser record

Legal entityANCIENT ART, L.P. (US)

$489.4m reported value +6.7% vs Q1 2026

16positions

88.9%in top 10

2 new 2 added 2 reduced 2 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	1,285,193	$111.9m22.86%	22.86%	Unchanged
2	ZILLOW GROUP INC CL C CAP STK Z	Z	2,160,359	$68.1m13.91%	13.91%	New
3	UPWORK INC COM UPWK	UPWK	7,228,530	$60.4m12.35%	12.35%	Added +1.3m	+1,268,621 21.3%
4	ALLY FINL INC COM ALLY	ALLY	1,308,399	$60.1m12.28%	12.28%	Unchanged
5	COUPANG INC CL A CPNG	CPNG	1,784,799	$31.0m6.33%	6.33%	Added +1.2m	+1,190,000 200.1%
6	ROCKET COS INC COM CL A RKT	RKT	1,500,000	$23.6m4.83%	4.83%	New
7	GITLAB INC CLASS A COM GTLB	GTLB	750,000	$22.9m4.68%	4.68%	Unchanged
8	SPROUT SOCIAL INC COM CL A SPT	SPT	2,537,074	$19.2m3.91%	3.91%	Unchanged
9	FRONTIER GROUP HLDGS INC COM ULCC	ULCC	2,395,119	$18.9m3.87%	3.87%	Reduced -727.6k	-727,585 -23.3%
10	BBB FOODS INC CL A COM TBBB	TBBB	451,497	$18.8m3.84%	3.84%	Unchanged
11	STELLANTIS N.V SHS STLA	STLA	3,199,412	$18.4m3.75%	3.75%	Unchanged
12	LOMA NEGRA C I A S A MTN 14 SPONSORED ADS LOMA	LOMA	1,435,809	$16.4m3.36%	3.36%	Unchanged
13	TAMBORAN RES CORP COM TBN	TBN	437,142	$14.2m2.90%	2.90%	Unchanged
14	CONTROLADORA VUELA COMP DE A SPON ADR RP 10 VLRS	VLRS	406,139	$3.8m0.78%	0.78%	Unchanged
15	THRYV HLDGS INC COM NEW THRY	THRY	377,593	$1.5m0.30%	0.30%	Reduced -1.2m	-1,183,315 -75.8%
16	DLOCAL LTD CLASS A COM DLO	DLO	10,068	$130.8k0.03%	0.03%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ECHOSTAR CORP ECHO	ECHO	545,189	$63.8m545.2k shares
MERCADOLIBRE INC MELI	MELI	31,935	$55.2m31.9k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
UPWORK INC UPWK · 13G · filed 2026-08-14	UPWK	6.2%≈ $64.7m	+2.1 pts	13G	2026-08-14