Analyzing Ancient Art, L.P.'s Q3 2022 vs. Q4 2022 13F Holdings Comparison CSV: Significant Changes in Portfolio Holdings

As the third quarter of 2022 came to a close, Ancient Art, L.P. made some significant changes to its holdings, as evidenced by the Q3 2022 vs. Q4 2022 13F Holdings Comparison CSV. The fund made some noticeable adjustments to its portfolio, selling off some positions and acquiring new ones. In this blog post, we will analyze those changes using the data provided in the CSV.

Firstly, let's take a closer look at the biggest movers in terms of shares held. The most significant reduction in shares held came from the position in WeWork Inc. The fund sold off nearly 1.5 million shares, a 25% reduction in the total number held. WeWork Inc. had been in the fund's portfolio for some time, but it appears that Ancient Art, L.P. has decided to cut back on this position significantly. The company appears to be undergoing significant changes, and perhaps the fund has lost some confidence in its future prospects. The second most significant reduction in shares held came from the position in SEMrush Holdings, Inc., which saw the fund sell off just over 35,000 shares, a little over 1% of the total shares held in Q3 2022.

On the other hand, there were also some significant increases in shares held by the fund. The most notable increase in shares held was in the position in Spotify Technology S.A. The fund acquired an additional 254,658 shares, representing an increase of almost 112%. This is a substantial increase in shares held, and it appears that Ancient Art, L.P. has high hopes for the future of this company. The second most significant increase in shares held came from the position in Amazon.com Inc., which saw the fund acquire an additional 235,000 shares, a 168% increase from Q3 2022.

In terms of value, as with shares held, there were some significant changes to the fund's holdings. The most significant increase in value came from the position in Stellantis N.V., which saw the value of shares held increase by just over 19%. This increase in value is likely due to the company's strong financial performance over the quarter. The second most significant increase in value came from the position in Interactive Brokers Group Inc., which saw the value of shares held increase by just over 7%.

Conversely, there were also some significant value decreases. The most significant decrease in value came from the position in Meta Platforms Inc., which saw the value of shares held decrease by just over 17%. This decrease in value is likely due to the company's disappointing financial performance over the quarter. The second most significant decrease in value came from the position in SEMrush Holdings, Inc., which saw the value of shares held decrease by just over 26%.

It's also noteworthy to mention some of the transactions that were made within the fund's holdings. For example, the position in U-Haul Holding Company saw some significant changes. The fund sold off all of its shares in the B-class stock of the company and acquired just under 300,000 shares of the company's A-class stock. This likely reflects a change in the fund's investment strategy for this company. Additionally, the fund acquired a new position in Zillow Group Inc., acquiring just over 14,000 shares. It will be interesting to see how this investment performs over the next quarter.

In conclusion, the changes made by Ancient Art, L.P. to its holdings over the third quarter of 2022 are significant. The fund made some substantial acquisitions and sold off some positions, likely reflecting a shift in its investment strategy. The fund appears to be optimistic about the future prospects of some of its holdings, such as Spotify Technology S.A. and Amazon.com Inc., while also recognizing the disappointing performance of others, such as Meta Platforms Inc. It will be interesting to see how these holdings evolve over the next quarter and how the fund's investments strategy will continue to evolve.