Lancaster Investment Management
Lancaster Investment Management reported 9 US-listed holdings worth $163.3 million in its 13F for the quarter ended 30 September 2026, filed 21 October 2026. Its largest: EchoStar Corp. (25.5%), Liberty Global Ltd (21.0%) and SK Hynix Inc. Fsponsored ADR 1 ADR Reps 0.1 Ord SHS (20.9%). Against the quarter before, it opened 2 positions, added to 2, trimmed 4 and sold out of 2.
The 9 largest of its 9 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q2 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned -30.3% over the 8 quarters to 30 September 2026, against +32.9% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 30 June 2026; a change under 0.1% of a position counts as held
Opened 2
- SK Hynix Inc. Fsponsored ADR 1 ADR Reps 0.1 Ord SHS SKHY$34.1 million
- Transocean Ltd RIG$15.6 million
Added to 2
- EchoStar Corp. ECHO+72,583 shares · +18%
- Manchester Utd PLC New MANU+1,414 shares · +0%
Trimmed 4
- Grupo Financiero Galicia S A GGAL-39,102 shares · -19%
- Banco Macro SA BMA-3,777 shares · -3%
- Liberty Global Ltd LBTYA-20,952 shares · -1%
- Levi Strauss & Co. New LEVI-4,735 shares · -6%
Sold out of 2
- Flutter Entertainment plc FLUT$33.3 million last quarter
- Greenlight Capital Re Ltd GLRE$1.2 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| EchoStar Corp. ECHO | 465.6K | $41.6 million | 25.49% | +72.6K |
| Liberty Global Ltd LBTYA | 3.8M | $34.3 million | 21.03% | -21.0K |
| SK Hynix Inc. Fsponsored ADR 1 ADR Reps 0.1 Ord SHS SKHY | 185.2K | $34.1 million | 20.88% | new |
| Manchester Utd PLC New MANU | 1.0M | $21.7 million | 13.31% | +1.4K |
| Transocean Ltd RIG | 3.0M | $15.6 million | 9.57% | new |
| Banco Macro SA BMA | 105.8K | $7.1 million | 4.34% | -3.8K |
| Grupo Financiero Galicia S A GGAL | 171.0K | $6.4 million | 3.90% | -39.1K |
| Levi Strauss & Co. New LEVI | 69.5K | $1.4 million | 0.84% | -4.7K |
| Dick's Sporting Goods, Inc. DKS | 7.8K | $1.1 million | 0.64% | no change |
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Change is shares against its 13F for the quarter before; the 2 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| Brookfield Corp. | Puts | 11.0K | $402,000 |
1 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.