Managers / Q4 2018 · view latest →
Lancaster Investment Management
CIK 0001630064 · YALDING HOUSE, 152-156 GREAT PORTLAND STREET, LONDON, X0, W1W 6AJ · 011442078421049
Summary
Lancaster Investment Management reported $371M in U.S.-listed holdings across 13 positions for Q4 2018.
The portfolio is heavily concentrated: Linde alone accounts for 22.8% of reported value.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 75.4% · $280M
- Other · 22.8% · $85M
- Unit · 1.8% · $7M
Quarter-over-Quarter Changes full breakdown →
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| LINDE PLC | NEW | +541.8K | 541.8K | +$85M | $85M |
| UBSUBS GROUP AG | NEW | +4.68M | 4.68M | +$58M | $58M |
| ALVAUTOLIV INC | NEW | +607.1K | 607.1K | +$43M | $43M |
| AVAYA HLDGS CORP | NEW | +2.16M | 2.16M | +$31M | $31M |
| OPTUALTICE USA INC | NEW | +1.62M | 1.62M | +$27M | $27M |
| CMCSACOMCAST CORP NEW | NEW | +742.1K | 742.1K | +$25M | $25M |
| CONSOL ENERGY INC NEW | NEW | +650.3K | 650.3K | +$21M | $21M |
| AERAERCAP HOLDINGS NV | NEW | +520.6K | 520.6K | +$21M | $21M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2018
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | LINDE PLC | COM | 22.79% | $85M | 541.8K |
| 2 | UBSUBS GROUP AGhistory → | SHS | 15.61% | $58M | 4.68M |
| 3 | ALVAUTOLIV INChistory → | COM | 11.49% | $43M | 607.1K |
| 4 | AVAYA HLDGS CORP | COM | 8.46% | $31M | 2.16M |
| 5 | OPTUALTICE USA INChistory → | CL A | 7.21% | $27M | 1.62M |
| 6 | CMCSACOMCAST CORP NEWhistory → | CL A | 6.81% | $25M | 742.1K |
| 7 | CONSOL ENERGY INC NEW | COM | 5.56% | $21M | 650.3K |
| 8 | AERAERCAP HOLDINGS NVhistory → | SHS | 5.56% | $21M | 520.6K |
| 9 | MEREDITH CORP | COM | 4.60% | $17M | 328.5K |
| 10 | CHTRCHARTER COMMUNICATIONS INC Nhistory → | CL A | 4.05% | $15M | 52.8K |
| 11 | GRAFTECH INTL LTD | COM | 3.65% | $14M | 1.18M |
| 12 | PRSPPERSPECTA INChistory → | COM | 2.43% | $9M | 523.7K |
| 13 | KRPKIMBELL RTY PARTNERS LPhistory → | UNIT | 1.77% | $7M | 484.8K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $182M | 9 | Apr 20, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $195M | 8 | Jan 12, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $233M | 8 | Oct 8, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $313M | 8 | Jul 29, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $135M | 6 | Apr 30, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $113M | 5 | Feb 10, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $160M | 7 | Nov 1, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $153M | 6 | Jul 30, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $125M | 5 | May 31, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | Under review | 8 | Jan 26, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | Under review | 2 | Oct 12, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $94M | 3 | Jul 28, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $98M | 4 | Apr 11, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $71M | 4 | Jan 17, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $59M | 4 | Oct 27, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $77M | 5 | Jul 8, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $85M | 5 | May 6, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $77M | 5 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $42M | 5 | Oct 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $2M | 3 | Jul 26, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $28M | 1 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $43M | 2 | Nov 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $68M | 14 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $142M | 13 | May 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $239M | 10 | Feb 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $339M | 12 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $294M | 11 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $331M | 11 | May 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $371M | 13 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.