On October 8, 2025, Lancaster Investment Management disclosed in an SEC filing that it sold its entire position in NIKE (NKE 0.23%) during the quarter ended September 30, 2025, in an estimated $24.82 million trade.
What happened
Lancaster Investment Management disclosed in a United States Securities and Exchange Commission (SEC) Form 13F filing (link) on October 8, 2025, that it sold its entire holding of 349,379 shares in NIKE (NKE 0.23%) during the quarter ended September 30, 2025. The transaction was valued at an estimated $24.82 million.
What else to know
This was a complete exit; as of September 30, 2025, Nike accounted for 0% of Lancaster's 13F assets under management (AUM).
As of September 30, the fund held eight reportable positions. Here are the top five holdings by value:
- ALV: $75.7 million (32.5% of AUM)
- LBTYA: $47.6 million (20.4% of AUM)
- FLUT: $40.5 million (17.4% of AUM)
- DKS: $31.6 million (13.5% of AUM)
- HDB: $15.8 million (6.8% of AUM)
As of October 8, 2025, shares of Nike were priced at $69.09, down 14.5% over the past year, underperforming the S&P 500 by 33 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $46.5 billion |
| Net income (TTM) | $2.9 billion |
| Dividend yield | 2.3% |
| Price (as of market close October 8, 2025) | $69.09 |
Company snapshot
Nike generates revenue primarily through the design, development, and sale of athletic footwear, apparel, equipment, and accessories, with major brands including Nike, Jordan, and Converse.
The company operates a global business model that combines direct-to-consumer sales via owned retail stores and digital platforms with wholesale distribution to sporting goods, specialty, and department stores.
Nike targets a broad customer base, including men, women, and children worldwide, with a focus on athletes, sports enthusiasts, and lifestyle consumers seeking branded athletic and casual products.
Nike leverages strong brand recognition and an extensive distribution network to maintain scale and reach. Its competitive advantages include a robust product portfolio and a well-established presence across both performance and lifestyle segments.
Foolish take
Lancaster Investment Management is institutional investor with a very active and concentrated portfolio. As of September 30, Lancaster only had 8 stocks in its portfolio with the largest position (Autoliv) accounting for more than a third of AUM.
Also of note, while Lancaster sold its entire Nike position during the third quarter, those shares barely had time to settle in as they were only purchased in the previous quarter. In fact, Lancaster's position in Flutter was also only initiated in Q2 of this year.
This is all to say that the recent sale of the entire Nike position says more about Lancaster's investing style than it does about the future of Nike's business. Yes, the company has faced its struggles in the recent past, but an institutional investor buying and selling its entire Nike stake over the span of two quarters isn't much of an indicator to current or potential Nike investors.
Glossary
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Form 13F: A quarterly report filed by institutional investment managers to disclose their equity holdings to the SEC.
Complete exit: When an investor sells all shares of a particular holding, reducing its position to zero.
Direct-to-consumer: A business model where products are sold directly to end customers, bypassing third-party retailers.
Wholesale distribution: Selling goods in large quantities to retailers or distributors rather than directly to consumers.
Dividend yield: A financial ratio showing how much a company pays in dividends each year relative to its stock price.
Reportable positions: Investments that must be disclosed in regulatory filings due to their size or regulatory requirements.
TTM: The 12-month period ending with the most recent quarterly report.
