Lancaster Investment Management

CIK

1630064

Location

LONDON, X0

Portfolio Value

Micro $14,742,997

Diversification

Moderately concentrated

Filing Date

Global Rank

#4,443 / 8,588 ▼ 65

Top Industry

Telecom Services 28.6%

3Y Alpha vs SPY

-15.5%

Period ended 3 months ago

Filed Apr 20, 2026 · 58d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+17.3%

SPY

+76.8%

Annualised alpha

-15.5%

Max drawdown

−29.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

8 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

28.6%

−7.2 pts

Top 5

84.4%

−4.4 pts

Top 10

100.0%

0.0 pts

HHI

1,789

Moderately concentrated−349

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Consumer Cyclical	46.7%	$83,896,306	3
Communication Services	37.8%	$67,862,379	2
Consumer Defensive	8.2%	$14,742,997	1
Financial Services	7.4%	$13,229,490	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
LBTYA	Liberty Global Ltd.	+650,549	4,255,189	$51,445,235
FLUT	Flutter Entertainment plc	+226,996	355,984	$36,292,568
MANU	Manchester United plc	+76,633	976,049	$16,417,144
No positions match the current search.

Trimmed

Positions the filer reduced

3 positions

Ticker	Company	Δ Shares	Shares	Value
ALV	Autoliv Inc	−307,792	280,039	$29,448,901
HDB	Hdfc Bank Ltd	−12,213	455,289	$11,327,590
DKS	Dick's Sporting Goods, Inc.	−2,062	91,557	$18,154,837
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
BUD	Anheuser-Busch InBev SA/NV	212,527	$14,742,997
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
NKE	NIKE, Inc.	90,300	$5,753,013
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

1 positions · $14,742,997 total · Consumer Defensive only · as of Mar 31, 2026

All sectors Communication Services Consumer Cyclical Consumer Defensive Financial Services

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio	History
BUD	Anheuser-Busch InBev SA/NV Consumer Defensive	NEW	212,527	NEW	$14,742,997	NEW	100.00%