Lancaster Investment Management

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 20, 2026), Lancaster Investment Management reported 8 stock positions worth $179.7 million. Its top holding was Liberty Global Class A (LBTYA) at 28.6% of the portfolio, followed by Flutter Entertainment PLC-Di (FLUT, 20.2%) and Autoliv (ALV, 16.4%). Compared with Q4 2025, it opened 1 new position, sold out of 1, added to 3 and reduced 3. The biggest buy was a new position in Anheuser-Busch Inbev-SPN ADR (BUD) and the biggest sale Autoliv (ALV, shares −52%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001630064
Portfolio Value
$179.7M (Q1 2026)
SEC Filing
0001630064-26-000002 ↗ filed Apr 20, 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 Q4 2025 Q1 2026: $179.7M $179.7M Q1 2026 Q2 2026: $165.4M Q2 2026

Holdings 8 stocks · $179.7M
LBTYA Liberty Global Ltd. Class A 28.62% 4,255,189 $51.4M Add +18.1%
FLUT Flutter Entertainment PLC-Di 20.19% 355,984 $36.3M Add +176.0%
ALV Autoliv Inc. 16.39% 280,039 $29.4M Reduce -52.4%
DKS Dick's Sporting Goods Inc. 10.10% 91,557 $18.2M Reduce -2.2%
MANU Manchester United PLC Class A 9.13% 976,049 $16.4M Add +8.5%
BUD Anheuser-Busch Inbev-SPN ADR 8.20% 212,527 $14.7M New
HDB HDFC Bank Ltd.-ADR 6.30% 455,289 $11.3M Reduce -2.6%
GLRE Greenlight Capital Re Ltd. Class A 1.06% 110,000 $1.9M No change

Options reported separately and not counted above: BROOKFIELD CORP puts ($2.0M).

Portfolio Sells Q4 2025 → Q1 2026
ALV Autoliv Inc. Reduce -52.4% 16.39% −19.40
NKE Nike Inc. Class B Sold out 0.00% −2.95
HDB HDFC Bank Ltd.-ADR Reduce -2.6% 6.30% −2.46
DKS Dick's Sporting Goods Inc. Reduce -2.2% 10.10% +0.59

Portfolio Buys Q4 2025 → Q1 2026
BUD Anheuser-Busch Inbev-SPN ADR New 8.20% +8.20
LBTYA Liberty Global Ltd. Class A Add +18.1% 28.62% +8.03
FLUT Flutter Entertainment PLC-Di Add +176.0% 20.19% +5.97
MANU Manchester United PLC Class A Add +8.5% 9.13% +1.79

Options Activity Q4 2025 → Q1 2026
BROOKFIELD CORP put New 11,031 $2.0M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

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