Deep researchProbabilistic thinkingValuation 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
24
Team members
Philosophy
Our best investments
are easy to explain
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.
Research
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 probability over certainty
Valuation is foundational to long-term returns
Patience and duration are under-owned
Alignment and energy are as important as intellect
