Ancient Art

Period

Q1 2026

Portfolio Date

Mar 31, 2026

Stocks Held

Market Value

$458.6M

Holdings Value Trend

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Top 5 Holdings

$IBKR

Interactive Brokers Group, Inc.

18.8%

% of Portfolio

Decreased 21.81%

$UPWK

Upwork Inc.

14.2%

% of Portfolio

Increased 28.42%

$SATS

EchoStar Corporation

13.9%

% of Portfolio

Decreased 3.74%

$MELI

MercadoLibre, Inc.

12.0%

% of Portfolio

New

$ALLY

Ally Financial Inc.

11.2%

% of Portfolio

Unchanged

Historical Positions

Symbol	Q1 2026	Q4 2025	Q3 2025	Q2 2025
IBKR	18.8%	23.9%	27.2%	29.4%
UPWK	14.2%	20.8%	19.1%	16.4%
SATS	13.9%	13.9%	12.2%	6.0%
MELI	12.0%	-	-	-
ALLY	11.2%	13.4%	12.3%	16.5%
STLA	5.0%	8.6%	7.7%	11.2%
TBN	4.8%	2.7%	2.9%	3.0%
GTLB	3.5%	-	-	-
TBBB	3.5%	3.0%	-	-
LOMA	3.5%	4.2%	-	5.1%

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

IBKR+41.78%

ALLY+16.77%

GTLB+22.32%

SPT+20.53%

TBBB+20.27%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

UPWK-26.37%

TBN-27.99%

MELI-5.62%

STLA-8.74%

Sector Analysis

Energy4.8%

Others0.0%

Materials3.5%

Financials30.0%

Technology6.7%

Industrials3.0%

Consumer Staples3.5%

Communication Services29.1%

Trading Summary

$MELI

12.0%

New

$GTLB

3.5%

New

$SPT

3.1%

New

$CPNG

2.5%

New

$DLO

0.0%

New

All Holdings

$IBKR

18.8%

Decreased 21.81%

$UPWK

14.2%

Increased 28.42%

$SATS

13.9%

Decreased 3.74%

$MELI

12.0%

New

$ALLY

11.2%

$STLA

5.0%

Decreased 8.57%

$TBN

4.8%

$GTLB

3.5%

New

$TBBB

3.5%

Increased 15.28%

$LOMA

3.5%

$SPT

3.1%

New

$CPNG

2.5%

New

$ULCC

2.4%

Decreased 12.87%

$THRY

0.9%

$VLRS

0.6%

Decreased 76.83%

$DLO

0.0%

New