Lancaster Investment Management

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 8, 2025), Lancaster Investment Management reported 8 stock positions worth $233.3 million. Its top holding was Autoliv (ALV) at 32.5% of the portfolio, followed by Liberty Global Class A (LBTYA, 20.4%) and Flutter Entertainment PLC-Di (FLUT, 17.4%). Compared with Q2 2025, it opened 2 new positions, sold out of 2 and reduced 3. The biggest buy was a new position in Dick's Sporting Goods (DKS) and the biggest sale Flutter Entertainment PLC-Di (FLUT, shares −57%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001630064
Portfolio Value
$233.3M (Q3 2025)
SEC Filing
0001630064-25-000007 ↗ filed Oct 8, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $125.3M Q1 2024 Q2 2024: $153.1M Q2 2024 Q3 2024: $159.5M Q3 2024 Q4 2024: $112.9M Q4 2024 Q1 2025: $134.9M Q1 2025 Q2 2025: $312.9M Q2 2025 Q3 2025: $233.3M $233.3M Q3 2025 Q4 2025: $195.0M Q4 2025 Q1 2026: $179.7M Q1 2026 Q2 2026: $165.4M Q2 2026

Holdings 8 stocks · $233.3M
ALV Autoliv Inc. 32.46% 613,054 $75.7M Reduce -32.9%
LBTYA Liberty Global Ltd. Class A 20.41% 4,153,818 $47.6M Reduce -7.8%
FLUT Flutter Entertainment PLC-Di 17.36% 159,393 $40.5M Reduce -56.6%
DKS Dick's Sporting Goods Inc. 13.53% 141,987 $31.6M New
HDB HDFC Bank Ltd.-ADR 6.77% 462,000 $15.8M No change
MANU Manchester United PLC Class A 5.78% 890,351 $13.5M No change
TXG 10X Genomics Inc. Class A 3.12% 621,779 $7.3M New
GLRE Greenlight Capital Re Ltd. Class A 0.60% 110,000 $1.4M No change

Portfolio Sells Q2 2025 → Q3 2025
FLUT Flutter Entertainment PLC-Di Reduce -56.6% 17.36% −16.20
NKE Nike Inc. Class B Sold out 0.00% −7.93
ALV Autoliv Inc. Reduce -32.9% 32.46% −0.20
VFC VF Corp. Sold out 0.00% −0.20
LBTYA Liberty Global Ltd. Class A Reduce -7.8% 20.41% +5.99

Portfolio Buys Q2 2025 → Q3 2025
DKS Dick's Sporting Goods Inc. New 13.53% +13.53
TXG 10X Genomics Inc. Class A New 3.12% +3.12

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 9$165.4MLBTYA, ECHO, FLUT, MANU, GGAL
Q1 2026 8$179.7MLBTYA, FLUT, ALV, DKS, MANU
Q4 2025 8$195.0MALV, LBTYA, FLUT, DKS, HDB
Q3 2025 8$233.3MALV, LBTYA, FLUT, DKS, HDB
Q2 2025 8$312.9MFLUT, ALV, LBTYA, NKE, HDB
Q1 2025 6$134.9MALV, LBTYA, HDB, MANU, GLRE
Q4 2024 5$112.9MALV, LBTYA, MANU, HDB, GLRE
Q3 2024 7$159.5MLBTYA, ALV, RYAAY, HDB, VFC
Q2 2024 6$153.1MALV, LBTYA, RYAAY, HDB, MRNA
Q1 2024 5$125.3MALV, LBTYA, RYAAY, HDB, GLRE