Managers / Q3 2021 · view latest →
Lancaster Investment Management
CIK 0001630064 · YALDING HOUSE, 152-156 GREAT PORTLAND STREET, LONDON, X0, W1W 6AJ · 011442078421049
Summary
Lancaster Investment Management reported $42M in U.S.-listed holdings across 5 positions for Q3 2021.
The portfolio is heavily concentrated: CSTM alone accounts for 92.3% of reported value.
Compared with Q2 2021, the fund opened 3 new positions and exited 1.
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 · 100.0% · $42M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2021 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| CSTMCONSTELLIUM SE | NEW | +2.08M | 2.08M | +$39M | $39M |
| ACTIVISION BLIZZ | NEW | +10.2K | 10.2K | +$789,000 | $789,000 |
| BALLBALL CORP | NEW | +6.9K | 6.9K | +$624,000 | $624,000 |
| AONAON PLC-CLASS A | SOLD OUT | −2.9K | 0 | −$695,000 | $0 |
| EXPEEXPEDIA GROUP IN | ADDED | +1.8K | 5.2K | +$297,000 | $852,000 |
| TMUST-MOBILE US INC | ADDED | +431 | 7.8K | −$71,000 | $997,000 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2021
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | CSTMCONSTELLIUM SEhistory → | CL A SHS | 92.29% | $39M | 2.08M |
| 2 | TMUST-MOBILE US INChistory → | COM | 2.36% | $997,000 | 7.8K |
| 3 | EXPEEXPEDIA GROUP INhistory → | COM NEW | 2.01% | $852,000 | 5.2K |
| 4 | ACTIVISION BLIZZ | COM | 1.87% | $789,000 | 10.2K |
| 5 | BALLBALL CORPhistory → | COM | 1.48% | $624,000 | 6.9K |
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 ↗ |
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 ↗.