Managers / Q3 2025 · view latest →
Lancaster Investment Management
CIK 0001630064 · YALDING HOUSE, 152-156 GREAT PORTLAND STREET, LONDON, X0, W1W 6AJ · 011442078421049
Summary
Lancaster Investment Management reported $233M in U.S.-listed holdings across 8 positions for Q3 2025.
The portfolio is heavily concentrated: ALV alone accounts for 32.5% of reported value.
Compared with Q2 2025, the fund opened 2 new positions and exited 2.
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 · 86.9% · $203M
- ADR · 6.8% · $16M
- Other · 6.4% · $15M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| DKSDICK'S SPORTING | NEW | +142.0K | 142.0K | +$32M | $32M |
| TXG10X GENOMICS I-A | NEW | +621.8K | 621.8K | +$7M | $7M |
| NKENIKE INC -CL B | SOLD OUT | −349.4K | 0 | −$25M | $0 |
| HDBHDFC BANK-ADR | ADDED | +231.0K | 462.0K | −$2M | $16M |
| VFCVF CORP | SOLD OUT | −53.2K | 0 | −$625,000 | $0 |
| FLUTFLUTTER ENTER-DI | TRIMMED | −208.0K | 159.4K | −$64M | $40M |
| ALVAUTOLIV INC | TRIMMED | −300.0K | 613.1K | −$26M | $76M |
| LBTYBLIBERTY GLOBAL-A | TRIMMED | −353.0K | 4.15M | +$2M | $48M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ALVAUTOLIV INChistory → | COM | 32.46% | $76M | 613.1K |
| 2 | LBTYBLIBERTY GLOBAL-Ahistory → | COM CL A | 20.41% | $48M | 4.15M |
| 3 | FLUTFLUTTER ENTER-DIhistory → | SHS | 17.36% | $40M | 159.4K |
| 4 | DKSDICK'S SPORTINGhistory → | COM | 13.53% | $32M | 142.0K |
| 5 | HDBHDFC BANK-ADRhistory → | SPONSORED ADS | 6.77% | $16M | 462.0K |
| 6 | MANCHESTER UNI-A | ORD CL A | 5.78% | $13M | 890.4K |
| 7 | TXG10X GENOMICS I-Ahistory → | CL A COM | 3.12% | $7M | 621.8K |
| 8 | GREENLIGHT CAP-A | CLASS A | 0.60% | $1M | 110.0K |
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 ↗.