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Lancaster Investment Management

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13F filer, CIK 1630064, LONDON, United Kingdom

Lancaster Investment Management reported $181,717,000 across 9 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-04-20.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001630064-26-000002

Period
2026-03-31
Reported value
$182M
Holdings
9
Top 10 weight
100%
New
2
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
FLUTadded+226,996$23.1M
BUDnew+212,527$14.7M
LBTYAadded+650,549$7.87M
MANUadded+76,633$1.29M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
ALVreduced-307,792-$32.4M
NKEexited-90,300-$5.75M
DKSreduced-2,062-$409K
HDBreduced-12,213-$304K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2026

Share positions as resolved from 13F-HR 0001630064-26-000002, largest first. % of portfolio is the value over $179,732,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
LBTYALIBERTY GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 2,473,000 shares; 2024Q4: 2,354,000 shares; 2025Q1: 2,354,000 shares; 2025Q2: 4,506,798 shares; 2025Q3: 4,153,818 shares; 2025Q4: 3,604,640 shares; 2026Q1: 4,255,189 shares 4,255,189$51.4M28.62%+650,549Timeline
FLUTFLUTTER ENTMT PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 367,377 shares; 2025Q3: 159,393 shares; 2025Q4: 128,988 shares; 2026Q1: 355,984 shares 355,984$36.3M20.19%+226,996Timeline
ALVAUTOLIV INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 483,089 shares; 2024Q4: 568,821 shares; 2025Q1: 903,537 shares; 2025Q2: 913,060 shares; 2025Q3: 613,054 shares; 2025Q4: 587,831 shares; 2026Q1: 280,039 shares 280,039$29.4M16.38%-307,792Timeline
DKSDICKS SPORTING GOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 141,987 shares; 2025Q4: 93,619 shares; 2026Q1: 91,557 shares 91,557$18.2M10.1%-2,062Timeline
MANUMANCHESTER UTD PLC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 562,071 shares; 2024Q4: 816,351 shares; 2025Q1: 880,351 shares; 2025Q2: 890,351 shares; 2025Q3: 890,351 shares; 2025Q4: 899,416 shares; 2026Q1: 976,049 shares 976,049$16.4M9.13%+76,633Timeline
BUDANHEUSER BUSCH INBEV SA NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 212,527 shares 212,527$14.7M8.2%newTimeline
HDBHDFC BANK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 267,000 shares; 2024Q4: 217,000 shares; 2025Q1: 217,000 shares; 2025Q2: 231,000 shares; 2025Q3: 462,000 shares; 2025Q4: 467,502 shares; 2026Q1: 455,289 shares 455,289$11.3M6.3%-12,213Timeline
GLREGREENLIGHT CAP RE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 110,000 shares; 2024Q4: 110,000 shares; 2025Q1: 110,000 shares; 2025Q2: 110,000 shares; 2025Q3: 110,000 shares; 2025Q4: 110,000 shares; 2026Q1: 110,000 shares 110,000$1.9M1.06%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
BROOKFIELD CORPBROOKFIELD CORP CL A LTD VT SHput11,031$1.99Mnew

Sold out in Q1 2026

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
NKENIKE INC90,300$5.75Mshares

How Q1 2026 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001630064-26-000002 base2026-04-20acceptance time not in the bulk data set