Deep research Probabilistic thinking
Valuation discipline
About
Finding the Vital Few
Lancaster manages concentrated long-only and long-short equity portfolios for institutional investors seeking absolute returns.
We work through complexity to understand the few things that really drive a business enabling us to own it until price and value converge
2007
Founded
$3Bn
AUM
25
Team members
Philosophy
Our best investments
are easy to explain
We combine deep research, valuation discipline, and probabilistic thinking to develop investment theses with the fewest moving parts possible.
Lancaster manages concentrated long-only and long-short equity portfolios for institutional investors seeking absolute returns.
We combine deep research, valuation discipline, and probabilistic thinking to develop investment theses with the fewest moving parts possible.
That clarity affords us the conviction and patience to repeatedly capture the convergence between price and intrinsic value.
LANCASTER FUNDSRESEARCH
Lancaster’s areas of deep research
We focus our resources on businesses and industries where long-term outcomes can be understood through deep fundamental work.
Industry structure
& capacity
Capital
allocation history
Returns on
capital
Competitive dynamics
Management incentives
Cash flow generation
Culture
We believe
In clarity over
complexity
In probabilities
over certainties
Valuation is foundational
to long-term returns
Patience and duration
are under-owned
Alignment and energy are
as important as intellect
