Blacksheep Fund Management Ltd
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 25, 2026), Blacksheep Fund Management Ltd reported 7 stock positions worth $309.6 million. Its top holding was Mastercard Class A (MA) at 25.5% of the portfolio, followed by Visa Class A (V, 20.7%) and Transdigm (TDG, 19.7%). Compared with Q1 2026, it sold out of 1 and added to 2. The biggest buy was Visa Class A (V, shares +85%) and the biggest sale an exit from Grindr (GRND).
- Most Recent 13F
- Q2 2026
- Location
- Co. Dublin, L2
- CIK
- 0001800249
- Portfolio Value
- $309.6M (Q2 2026)
- SEC Filing
- 0001172661-26-003992 ↗ filed Aug 25, 2026
Holdings Value
Holdings 7 stocks · $309.6M
| MA Mastercard Inc. Class A | 25.46% | 153,430 | $78.8M | Add +75.0% |
| V Visa Inc. Class A | 20.67% | 186,550 | $64.0M | Add +85.2% |
| TDG Transdigm Group Inc. | 19.69% | 45,754 | $60.9M | No change |
| MSFT Microsoft Corp. | 15.68% | 130,140 | $48.5M | No change |
| FWONK Liberty Media Corp. Class C | 10.81% | 351,706 | $33.5M | No change |
| TCX Tucows Inc. Class A | 4.75% | 1,091,985 | $14.7M | No change |
| FWONA Liberty Media Corp. Class A | 2.94% | 104,010 | $9.1M | No change |
Portfolio Sells Q1 2026 → Q2 2026
| GRND Grindr Inc. | Sold out | 0.00% | −6.07 |
Portfolio Buys Q1 2026 → Q2 2026
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 7 | $309.6M | MA, V, TDG, MSFT, FWONK |
| Q1 2026 | 8 | $247.2M | TDG, MSFT, MA, V, FWONK |
| Q4 2025 | 8 | $246.0M | TDG, MSFT, FWONK, MA, TCX |
| Q3 2025 | 4 | $117.3M | TDG, FWONK, TCX, FWONA |
| Q2 2025 | 3 | $71.4M | FWONK, TCX, FWONA |
| Q1 2025 | 3 | $61.4M | FWONK, TCX, FWONA |
| Q4 2024 | 4 | $55.4M | FWONK, TCX, BN, FWONA |
| Q3 2024 | 4 | $108.6M | BN, KKR, TCX, BAM |
| Q2 2024 | 4 | $130.1M | BN, KKR, TCX, BAM |
| Q1 2024 | 4 | $148.8M | BN, KKR, TCX, BAM |