On October 8, 2025, Lancaster Investment Management disclosed a new position in 10x Genomics (TXG +3.07%). It opened its position in the single cell research company with the acquisition of around $7.27 million in shares.
What happened
According to a filing with the Securities and Exchange Commission dated October 8, 2025, Lancaster Investment Management established a new position in 10x Genomics during the third quarter. The fund reported owning 621,779 shares at quarter-end, valued at $7.27 million.
What else to know
This was a new position for Lancaster, representing 3.1% of its 13F reportable assets under management as of September 30, 2025.
Top holdings after the filing:
- Autoliv (ALV +0.03%): $75.71 million (32.5% of AUM)
- Liberty Global (LBTYA +0.91%): $47.60 million (20.4% of AUM)
- Flutter Entertainment (FLUT 2.93%): $40.49 million (17.4% of AUM)
- Dick's Sporting Goods (DKS 1.09%): $31.55 million (13.5% of AUM)
- HDFC Bank (HDB +0.82%): $15.78 million (6.8% of AUM)
As of October 7, 2025, shares of 10x Genomics were priced at $11.60, down 41.5% over the past year and underperforming the S&P 500 by 58.8 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $644.47 million |
| Net income (TTM) | $(84.6) million |
| Price | $11.60 |
| One-year price change | (41.5%) |
Data: Market close October 7, 2025.
Company snapshot
10x Genomics is a life sciences technology company focused on the high-resolution analysis of biological systems. It leverages proprietary microfluidics and software to empower researchers with advanced single cell and spatial genomics capabilities at scale.
It generates revenue primarily through the sale of proprietary instruments and recurring consumables to support advanced biological research.
10x Genomics offers instruments, consumables, and software for single cell and spatial gene expression analysis, including the Chromium and Visium platforms. The company serves academic institutions, government agencies, and biopharmaceutical and biotechnology companies globally.
Foolish take
London-based Lancaster Investment Management has an extremely concentrated portfolio that's contained fewer than 10 stocks for the last few years. Three of its current holdings – accounting for almost a third of the AUM – are financial companies. It sold almost $25 million in Nike (NKE 0.75%) in the third quarter and opened positions in 10x Genomics and Dick's Sporting Goods.
10x Genomics is the only healthcare and life sciences company in Lancaster's portfolio and represents its third-smallest holding. In the past few years, Lancaster has mostly focused on financial, automotive, and sports businesses. That said, its filings show it briefly held Moderna (MRNA +1.87%) last year, showing the investment firm is no stranger to the biotech industry.
Even so, 10x Genomics is a volatile stock. The company, which went public in 2019, is currently down around 95% on its all-time high of over $200 in 2021. While it may not regain that high any time soon, recent announcements have generated some optimism around the company's potential.
10x Genomics recently reported partnerships with SPT Labtech, a laboratory automation specialist, and Anthropic, the AI company behind Claude. The collaborations will make complex analysis more scalable and accessible. This could drive demand for 10X Genomics' products and pave the way for more single-cell insights.
Glossary
13F reportable AUM: Assets under management that must be disclosed in quarterly SEC Form 13F filings by institutional investment managers.
AUM (Assets Under Management): The total market value of all investments managed by a fund or investment firm.
Quarterly average price: The average price of a security over a specific quarter, used to estimate position value.
Stake: The amount of ownership or investment a fund holds in a particular company.
Top holdings: The largest investments in a fund's portfolio, usually ranked by market value.
Microfluidics: Technology that manipulates small volumes of fluids, often used in advanced biological and medical research.
Consumables: Products that are used up during experiments or processes and must be repurchased regularly, such as reagents or cartridges.
Spatial gene expression analysis: A technique that measures where specific genes are active within a tissue sample.
Proprietary instruments: Specialized equipment developed and owned by a company, often protected by patents or trade secrets.
TTM: The 12-month period ending with the most recent quarterly report.
