Ancient Art, L.p.

Ancient Art, L.P. is a registered investment advisor established in 2002, managing $974.99 million in net assets as of December 31, 2024. The firm specializes in providing advisory services to Teton Capital Partners, L.P., a private pooled fund primarily investing in long/short equity based on fundamental bottoms-up research. Ancient Art has full investment discretion over Teton's assets. The fee structure includes a management fee of 0.375% quarterly and performance allocations of 20% of net profits, subject to a high-water mark. The firm does not charge performance fees directly but receives soft-dollar benefits for research services. Investment strategies focus on undervalued companies and opportunistic investments, with a growth and contrarian approach. Risks involve speculative investments, short sales, foreign securities, derivatives, leverage, and illiquid investments. Ancient Art has a Code of Ethics, and representatives are required to act in Teton's best interests. The firm does not accept compensation for selling securities and has no disciplinary events. Custody of assets is held with reputable institutions, and Ancient Art has full investment discretion over Teton's portfolio.