Ancient Art, L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Ancient Art, L.P. reported 11 stock positions worth $442.1 million. Its top holding was Interactive Brokers Gro Class A (IBKR) at 23.9% of the portfolio, followed by Upwork (UPWK, 20.8%) and Echostar Class A (ECHO, 13.9%). Compared with Q3 2025, it sold out of 1, added to 4 and reduced 3. The biggest buy was BBB Foods Class A (TBBB, shares +183%) and the biggest sale an exit from Inmode (INMD).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0001426749
Portfolio Value
$442.1M (Q4 2025)
SEC Filing
0001426749-26-000001 ↗ filed Feb 17, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $494.9M Q1 2024 Q2 2024: $390.4M Q2 2024 Q3 2024: $431.9M Q3 2024 Q4 2024: $470.0M Q4 2024 Q1 2025: $337.1M Q1 2025 Q2 2025: $309.6M Q2 2025 Q3 2025: $416.1M Q3 2025 Q4 2025: $442.1M $442.1M Q4 2025 Q1 2026: $458.6M Q1 2026 Q2 2026: $489.4M Q2 2026

Holdings 11 stocks · $442.1M
IBKR Interactive Brokers Gro Class A 23.91% 1,643,636 $105.7M No change
UPWK Upwork Inc. 20.81% 4,640,814 $92.0M Add +8.7%
ECHO Echostar Corp. Class A 13.93% 566,389 $61.6M Reduce -15.0%
ALLY Ally Financial Inc. 13.40% 1,308,399 $59.3M No change
STLA Stellantis NV 8.62% 3,499,412 $38.1M Add +1.4%
LOMA Loma Negra Cia Ind-Spon ADR 4.21% 1,435,809 $18.6M No change
ULCC Frontier Group Holdings Inc. 3.82% 3,583,803 $16.9M Reduce -16.3%
VLRS Controladora Vuela Cia-ADR 3.52% 1,753,193 $15.6M Reduce -10.6%
TBBB BBB Foods Inc. Class A 2.96% 391,637 $13.1M Add +183.1%
TBN Tamboran Resources Corp. 2.69% 437,142 $11.9M No change
THRY Thryv Holdings Inc. 2.14% 1,560,908 $9.4M Add +19.2%

Portfolio Sells Q3 2025 → Q4 2025
INMD Inmode Ltd. Sold out 0.00% −3.43
ULCC Frontier Group Holdings Inc. Reduce -16.3% 3.82% −0.73
VLRS Controladora Vuela Cia-ADR Reduce -10.6% 3.52% +0.14
ECHO Echostar Corp. Class A Reduce -15.0% 13.93% +1.70

Portfolio Buys Q3 2025 → Q4 2025
TBBB BBB Foods Inc. Class A Add +183.1% 2.96% +2.06
UPWK Upwork Inc. Add +8.7% 20.81% +1.75
STLA Stellantis NV Add +1.4% 8.62% +0.88
THRY Thryv Holdings Inc. Add +19.2% 2.14% −1.66

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 16$489.4MIBKR, Z, UPWK, ALLY, CPNG
Q1 2026 16$458.6MIBKR, UPWK, ECHO, MELI, ALLY
Q4 2025 11$442.1MIBKR, UPWK, ECHO, ALLY, STLA
Q3 2025 12$416.1MIBKR, UPWK, ALLY, ECHO, STLA
Q2 2025 15$309.6MIBKR, ALLY, UPWK, STLA, ECHO
Q1 2025 12$337.1MIBKR, UPWK, OSCR, BABA, STLA
Q4 2024 14$470.0MUPWK, IBKR, ALLY, STLA, OSCR
Q3 2024 14$431.9MALLY, UPWK, IBKR, STLA, ULCC
Q2 2024 17$390.4MUPWK, IBKR, STLA, ALLY, ULCC
Q1 2024 16$494.9MSTLA, UPWK, IBKR, ULCC, ALLY