Lancaster Investment Management
Long book
$179.7M
Q1 2026
Positions
8
Top-10 weight
100%
concentration
Last quarter
+9.1%
SPY +14.8%
Turnover
22%
of book per quarter
Strategy in plain words
auto-generated from filingsLancaster Investment Management is a diversified fundamental manager, running a $179.7M US long book across 8 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: LIBERTY GLOBAL LTD-A, FLUTTER ENTERTAINMENT PLC-DI, AUTOLIV INC, DICK'S SPORTING GOODS INC, MANCHESTER UNITED PLC-CL A.
Over the last 9 quarters its long book ran on average 2.1pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-5.3%
Q2 2024
+0.7%
Q3 2024
+7.0%
Q4 2024
-7.7%
Q1 2025
+18.5%
Q2 2025
+6.6%
Q3 2025
-1.5%
Q4 2025
-5.7%
Q1 2026
+9.1%
Sector allocation
Communications 33%
Other 25%
Industrials 19%
Consumer discretionary 12%
Services media 11%
Long book by quarter
What does Lancaster Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| LBTYA LIBERTY GLOBAL LTD-A | Communications | 4.3M | $51.4M | 28.6% | +18.0% |
| PPB FLUTTER ENTERTAINMENT PLC-DI | — | 356.0K | $36.3M | 20.2% | +176.0% |
| ALV AUTOLIV INC | Industrials | 280.0K | $29.4M | 16.4% | -52.4% |
| DKS DICK'S SPORTING GOODS INC | Consumer discretionary | 91.6K | $18.2M | 10.1% | -2.2% |
| MANU MANCHESTER UNITED PLC-CL A | Services media | 976.0K | $16.4M | 9.1% | +8.5% |
| G8L GREENLIGHT CAPITAL RE LTD-A | — | 110.0K | $1.9M | 1.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 20, 2026 | 9 | $181.7M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 12, 2026 | 8 | $195.0M | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 8, 2025 | 8 | $233.3M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 29, 2025 | 8 | $312.9M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 30, 2025 | 6 | $134.9M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 5 | $113K | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 1, 2024 | 7 | $159.5M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 30, 2024 | 6 | $153.1M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 31, 2024 | 5 | $125K | canonical | SEC ↗ |
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