Blacksheep Fund Management Ltd — 13F Holdings & Portfolio
CIK 1800249 · latest 13F-HR filed 2026-05-13
Blacksheep Fund Management Ltd manages $247.2M in 13F-reported U.S. long-equity assets across 8 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are TDG (21.45%), MSFT (19.49%), MA (17.72%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 0 new positions, exited 0, added to 3, and trimmed 5.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$247.2M
Long-equity book
8
Distinct positions
2026-03-31
Filed 2026-05-13
+0 / −0 / ↑3 / ↓5
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- MASTERCARD INCORPORATED$18.5M +73.1%
- VISA INC$13.5M +79.9%
- MICROSOFT CORP$7.4M +18.2%
Top Trims
- TRANSDIGM GROUP INC-$24.7M -31.8%
- TUCOWS INC-$5.7M -23.5%
- LIBERTY MEDIA CORP DEL-$4.7M -13.7%
- GRINDR INC-$1.8M -10.7%
- LIBERTY MEDIA CORP DEL-$1.2M -12.6%
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | TRANSDIGM GROUP INC | TDG | 893641100 | $53.0M | 21.45% | 45,754 | SH |
| 2 | MICROSOFT CORP | MSFT | 594918104 | $48.2M | 19.49% | 130,140 | SH |
| 3 | MASTERCARD INCORPORATED | MA | 57636Q104 | $43.8M | 17.72% | 87,650 | SH |
| 4 | VISA INC | V | 92826C839 | $30.4M | 12.31% | 100,710 | SH |
| 5 | LIBERTY MEDIA CORP DEL | FWONK | 531229755 | $29.9M | 12.10% | 351,706 | SH |
| 6 | TUCOWS INC | TCX | 898697206 | $18.7M | 7.58% | 1,091,985 | SH |
| 7 | GRINDR INC | GRND | 39854F101 | $15.0M | 6.07% | 1,241,080 | SH |
| 8 | LIBERTY MEDIA CORP DEL | FWONA | 531229771 | $8.1M | 3.29% | 104,010 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-13 | $247.2M | 8 | 0001172661-26-001782 |
| 2025-12-31 | 2026-02-13 | $246.0M | 8 | 0001172661-26-000795 |
| 2025-09-30 | 2025-11-13 | $117.3M | 4 | 0001172661-25-004772 |