# Ancient Art, L.P.

> Ancient Art, L.P. is an SEC-registered investment advisory firm in Austin, TX, registered since 2006, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 141112
- Filed as: ANCIENT ART, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Austin, TX
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/141112
- AdvisorCensus page: https://advisorcensus.com/firm/ancient-art-l-p-austin-tx-141112

## Quick answers

**How is Ancient Art, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Ancient Art, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Ancient Art, L.P. located?**
Ancient Art, L.P.'s principal office is in Austin, TX, according to its Form ADV.

**Is Ancient Art, L.P. registered with the SEC or a state?**
Ancient Art, L.P. is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 141112.

**How much does Ancient Art, L.P. manage?**
Ancient Art, L.P. reports $1,504,114,292 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Ancient Art, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Ancient Art, L.P.: Regulatory assets under management: $1,983,681,564 in the October 2021 data and $1,504,114,292 in the October 2026 data, down 24%. Total employees: 13 in October 2021 and 11 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Ancient Art, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (1).

**Does Ancient Art, L.P. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/141112

**What changed in Ancient Art, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 9 to 8. Regulatory assets under management went from $1,365,432,116 to $1,504,114,292 (+10%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $1,504,114,292
- Discretionary: $1,504,114,292
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $1,504,114,292 |

### Advisory services (Item 5.G)
- Other

### Firm details
- Registered since: 2006 (20 years)
- Employees: 11 total, 8 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- tetoncapital.net

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,983,681,564 | 13 | March 31, 2021 |
| October 2022 | $1,765,391,563 | 12 | March 31, 2022 |
| October 2023 | $1,164,095,592 | 11 | March 31, 2023 |
| October 2024 | $1,374,084,806 | 11 | March 28, 2024 |
| October 2025 | $1,365,432,116 | 12 | March 31, 2025 |
| October 2026 | $1,504,114,292 | 11 | March 31, 2026 |

Regulatory assets under management: $1,983,681,564 in the October 2021 data and $1,504,114,292 in the October 2026 data, down 24%.
Total employees: 13 in October 2021 and 11 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 9 to 8.
- Regulatory assets under management went from $1,365,432,116 to $1,504,114,292 (+10%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Ancient Art, L.P. (CRD 141112): Form ADV filing data as of October 2026.