Lancaster Investment Management

CIK 0001630064 · Q1 2026

13F Equity AUM

$182K

-99.9% QoQ

Positions

+1 QoQ

AUM Rank

#12,257

Top 99%

Skill Alpha (FF)

-8.0%/yr^ns

No Clear Edge

Rank #7,843 · Top 95%

vs S&P -9.0%/yr (unadj.)

Quarters Tracked

~8 years

Portfolio Concentration

Top 5: 83.5%Top 10: 100.0%Top 20: 100.0%

LBTYK28.3%

FLUTTER ENTER-DI20.0%

ALV16.2%

DKS10.0%

MANU9.0%

BUD8.1%

HDB6.2%

BROOKFIELD CORP PUT1.1%

GLRE1.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Consumer Cyclical46.2%

Communication Services37.3%

Consumer Defensive8.1%

Financial Services7.3%

Other1.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 9Median: 9.03%Avg: 11.11%

0–0.5%

0(0.0%)

0.5–1%

0(0.0%)

1–3%

2(2.1%)

3–5%

0(0.0%)

5%+

7(97.9%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 8Unique: 1vs 20 funds

0.1%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.2%

BANK OF AMERICA CORP /DE/

0.2%

BlackRock, Inc.

0.2%

JPMORGAN CHASE & CO

0.1%

STATE STREET CORP

0.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.2%

FMR LLC

0.2%

VANGUARD CAPITAL MANAGEMENT LLC

0.1%

GEODE CAPITAL MANAGEMENT, LLC

0.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New2Increased3Decreased3Exited1

New Positions

BUD8.1%

+213K

BROOKFIELD CORP PUT1.1%

+11K

Increased

LBTYK28.3%

+651K(+18%)

FLUTTER ENTER-DI20.0%

+227K(+176%)

MANU9.0%

+77K(+9%)

Decreased

ALV16.2%

-307,792(-52%)

HDB6.2%

-12,213(-3%)

DKS10.0%

-2,062(-2%)

Exited

NKE

-90,300

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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