Lancaster Investment Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 12, 2026), Lancaster Investment Management reported 8 stock positions worth $195.0 million. Its top holding was Autoliv (ALV) at 35.8% of the portfolio, followed by Liberty Global Class A (LBTYA, 20.6%) and Flutter Entertainment PLC-Di (FLUT, 14.2%). Compared with Q3 2025, it opened 1 new position, sold out of 1, added to 2 and reduced 4. The biggest buy was a new position in Nike Class B (NKE) and the biggest sale Dick's Sporting Goods (DKS, shares −34%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001630064
Portfolio Value
$195.0M (Q4 2025)
SEC Filing
0001630064-26-000001 ↗ filed Jan 12, 2026

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 Q3 2025 Q4 2025: $195.0M $195.0M Q4 2025 Q1 2026: $179.7M Q1 2026 Q2 2026: $165.4M Q2 2026

Holdings 8 stocks · $195.0M
ALV Autoliv Inc. 35.79% 587,831 $69.8M Reduce -4.1%
LBTYA Liberty Global Ltd. Class A 20.60% 3,604,640 $40.2M Reduce -13.2%
FLUT Flutter Entertainment PLC-Di 14.23% 128,988 $27.7M Reduce -19.1%
DKS Dick's Sporting Goods Inc. 9.51% 93,619 $18.5M Reduce -34.1%
HDB HDFC Bank Ltd.-ADR 8.76% 467,502 $17.1M Add +1.2%
MANU Manchester United PLC Class A 7.34% 899,416 $14.3M Add +1.0%
NKE Nike Inc. Class B 2.95% 90,300 $5.8M New
GLRE Greenlight Capital Re Ltd. Class A 0.82% 110,000 $1.6M No change

Portfolio Sells Q3 2025 → Q4 2025
DKS Dick's Sporting Goods Inc. Reduce -34.1% 9.51% −4.02
FLUT Flutter Entertainment PLC-Di Reduce -19.1% 14.23% −3.13
TXG 10X Genomics Inc. Class A Sold out 0.00% −3.12
LBTYA Liberty Global Ltd. Class A Reduce -13.2% 20.60% +0.19
ALV Autoliv Inc. Reduce -4.1% 35.79% +3.33

Portfolio Buys Q3 2025 → Q4 2025
NKE Nike Inc. Class B New 2.95% +2.95
HDB HDFC Bank Ltd.-ADR Add +1.2% 8.76% +2.00
MANU Manchester United PLC Class A Add +1.0% 7.34% +1.57

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