LI
Lancaster Investment Management 13F Disclosure (Q3 2026) — Portfolio & Holdings
Lancaster Investment ManagementCIK: 0001630064
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$163.7M
Reporting period: 2026-09-30 · Number of holdings: 10
Lancaster Investment Management disclosed 10 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $163.7M and a quarterly turnover rate of 64.1%.
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Personality snowflake
- Concentration
- 72.92
- Portfolio Stability
- 64.07
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 20
- Sizing Uniformity
- 90.44
Lancaster Investment Management's disclosed holdings carry a Herfindahl concentration index of 0.182 — mathematically equivalent to about 5 equally-sized positions, well below its 10 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.96), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 4.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 36% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy 78392B206
Sold out FLUT
New buy RIG
Trim LBTYA
-0.6% -$8.7M
Trim GGAL
-18.6% -$4.1M
Trim BMA
-3.4% -$3.1M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | LBTYA | Liberty Global Ltd. | Stock-Other | 31.23% | -5.02% | -0.55% | |
| 2 | ✓ | Stock-Other | 19.97% | +20.83% | NEW | ||
| 3 | BMA | Banco Macro Sa-adr | Stock-Other | 17.59% | -1.81% | -3.45% | |
| 4 | RIG | Transocean Ltd. | Stock-Energy | 9.14% | +9.54% | NEW | |
| 5 | ECHO | Echostar Corp-a | Stock-Comm Services | 8.29% | +1.31% | +18.47% | |
| 6 | DKS | Dick's Sporting Goods Inc | Stock-Consumer Disc | 8.11% | -0.43% | — | |
| 7 | GGAL | Grupo Financiero Galicia-adr | Stock-Other | 3.73% | -2.47% | -18.61% | |
| 8 | MANU | Manchester United plc | Stock-Other | 0.90% | -1.08% | +0.14% | |
| 9 | LEVI | Levi Strauss & Co- Class A | Stock-Other | 0.80% | -0.27% | -6.38% | |
| 10 | ✓ | Brookfield CORP | Stock-Other | 0.24% | +0.25% | — |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Portfolio Performance
Performance for Q4 2026
-18.9%
Performance Last 4 Quarters
-24.2%
- Stdev
- +22.7%
- Beta
- +1.2
- Alpha
- -22%
- Max Drawdown
- -33.9%
- Annualized Perf
- +2.4%
- Batting Avg vs S&P
- +33.3%
- Sortino
- +0.36
- Stutzer
- +0.06
- Treynor
- +0.04
- Sterling
- +0.09
- Calmar
- +0.07
- Information Ratio
- -1
- Tracking Error
- +17.5%
- Stdev Down
- +13.5%
- Winning Months %
- +41.7%
- Losing Months %
- +58.3%
- Best 12 Months
- +28.8%
- Worst 12 Months
- -25.7%
- Efficiency Ratio
- +0.04
- Sharpe
- +0.21
- Stdev Sectors
- +28.8%
- Skewness
- +0.48
- Kurtosis
- -0.52
- Upside Potential
- +2.5
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 10 | $163.7M | 64 | ||
| 2026 Q2 | 10 | $165.4M | 0 | ||
| 2026 Q1 | 9 | $181.7M | 48 | ||
| 2025 Q4 | 8 | $195.0M | 25 | ||
| 2025 Q3 | 8 | $233.3M | 40 | ||
| 2025 Q2 | 8 | $312.9M | 0 | ||
| 2025 Q1 | 6 | $134.9M | 100 | ||
| 2024 Q4 | 5 | $112.9M | 0 | ||
| 2024 Q3 | 7 | $159.5M | 0 | ||
| 2024 Q2 | 6 | $153.1M | 0 | ||
| 2024 Q1 | 5 | $125.3M | 0 | ||
| 2023 Q4 | 8 | $191.0M | 0 | ||
| 2023 Q3 | 2 | $93.3M | 0 | ||
| 2023 Q2 | 3 | $94.0M | 0 | ||
| 2023 Q1 | 4 | $97.9M | 0 | ||
| 2022 Q4 | 4 | $71.1M | 0 | ||
| 2022 Q3 | 4 | $59.4M | 0 | ||
| 2022 Q2 | 5 | $77.5M | 0 | ||
| 2022 Q1 | 5 | $84.8M | 0 | ||
| 2021 Q4 | 5 | $76.6M | 0 | ||
| 2021 Q3 | 5 | $42.3M | 0 | ||
| 2021 Q2 | 3 | $2.3M | 81 | ||
| 2021 Q1 | 2 | $1.6M | 100 | ||
| 2020 Q4 | 1 | $27.5M | 43 | ||
| 2020 Q3 | 2 | $42.5M | 47 | ||
| 2020 Q2 | 14 | $68.1M | 89 | ||
| 2020 Q1 | 13 | $141.9M | 84 | ||
| 2019 Q4 | 10 | $239.4M | 41 | ||
| 2019 Q3 | 12 | $338.7M | 59 | ||
| 2019 Q2 | 11 | $294.5M | 36 | ||
| 2019 Q1 | 11 | $330.6M | 42 | ||
| 2018 Q4 | 13 | $371.0M | 100 | ||
| 2016 Q3 | 1 | $56.6M | 7 | ||
| 2016 Q2 | 1 | $52.5M | 44 | ||
| 2016 Q1 | 1 | $81.9M | 17 | ||
| 2015 Q4 | 1 | $97.1M | 0 |
Holding changes this quarter
Lancaster Investment Management's most significant position changes for 2026-09-30: New buy: ; Sold out: Flutter Entertainment plc (FLUT); New buy: Transocean Ltd. (RIG); Sold out: Greenlight Capital Re, Ltd. (GLRE); Trim: Liberty Global Ltd. (LBTYA) — shares -0.55%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | +20.8% | NEW | New buy | |
| 2 | RIG | Transocean Ltd. | +9.5% | NEW | New buy |
| 3 | ECHO | Echostar Corp-a | +1.3% | +18.47% | Add |
| 4 | ✓ | Brookfield CORP | +0.3% | — | Unchanged |
| 5 | LEVI | Levi Strauss & Co- Class A | -0.3% | -6.38% | Trim |
| 6 | DKS | Dick's Sporting Goods Inc | -0.4% | — | Unchanged |
| 7 | GLRE | Greenlight Capital Re, Ltd. | -0.7% | EXIT | Sold out |
| 8 | MANU | Manchester United plc | -1.1% | +0.14% | Add |
| 9 | BMA | Banco Macro Sa-adr | -1.8% | -3.45% | Trim |
| 10 | GGAL | Grupo Financiero Galicia-adr | -2.5% | -18.61% | Trim |
| 11 | LBTYA | Liberty Global Ltd. | -5% | -0.55% | Trim |
| 12 | FLUT | Flutter Entertainment plc | -20.1% | EXIT | Sold out |
Filing History
FAQ
What is Lancaster Investment Management and what type of investor is it?
Lancaster Investment Management is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $163.7M, spread across 10 disclosed positions.
What are Lancaster Investment Management's largest equity positions?
Based on the latest 13F filing, Lancaster Investment Management's top holdings by market value are:
1. Liberty Global Ltd. (LBTYA) — $53.4M (31.2%)
2. — $34.1M (20.0%)
3. Banco Macro Sa-adr (BMA) — $30.0M (17.6%)
4. Transocean Ltd. (RIG) — $15.6M (9.1%)
5. Echostar Corp-a (ECHO) — $14.2M (8.3%)
What changes did Lancaster Investment Management make in its most recent portfolio filing?
In the latest reported quarter, Lancaster Investment Management made 10 notable position adjustments: 2 new positions were initiated, 2 existing holdings were added to, 4 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: ; Sold out: Flutter Entertainment plc (FLUT); New buy: Transocean Ltd. (RIG); Sold out: Greenlight Capital Re, Ltd. (GLRE); Trim: Liberty Global Ltd. (LBTYA) — shares -0.55%
What sectors does Lancaster Investment Management focus on?
Lancaster Investment Management is concentrated in the following sectors based on its current disclosed equity portfolio:
• Communication Services: 71.4%
• Energy: 26.8%
• Consumer Discretionary: 1.8%
Investment Profile
Lancaster Investment Management returned an annualized 2.4% over the trailing 36 months — underperforming the S&P 500 by 22.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.20 (more volatile than the market) and a 33% quarterly batting average against the index.
Its portfolio is concentrated and fast-trading, with 71.4% of the portfolio concentrated in Communication Services.
Its turnover score has risen from 40 to 64 over the past 4 quarters — a shift toward more active trading.
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Developer Access
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