Blacksheep Fund Management Ltd

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Blacksheep Fund Management Ltd reported 4 stock positions worth $55.4 million. Its top holding was Liberty Media Class C (FWONK) at 44.1% of the portfolio, followed by Tucows Class A (TCX, 28.0%) and Brookfield (BN, 18.8%). Compared with Q3 2024, it opened 2 new positions, sold out of 2 and reduced 2. The biggest buy was a new position in Liberty Media Class C (FWONK) and the biggest sale Brookfield (BN, shares −83%).

Most Recent 13F
Q2 2026
Location
Co. Dublin, L2
CIK
0001800249
Portfolio Value
$55.4M (Q4 2024)
SEC Filing
0001172661-25-000898 ↗ filed Feb 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $148.8M Q1 2024 Q2 2024: $130.1M Q2 2024 Q3 2024: $108.6M Q3 2024 Q4 2024: $55.4M $55.4M Q4 2024 Q1 2025: $61.4M Q1 2025 Q2 2025: $71.4M Q2 2025 Q3 2025: $117.3M Q3 2025 Q4 2025: $246.0M Q4 2025 Q1 2026: $247.2M Q1 2026 Q2 2026: $309.6M Q2 2026

Holdings 4 stocks · $55.4M
FWONK Liberty Media Corp. Class C 44.07% 263,296 $24.4M New
TCX Tucows Inc. Class A 27.98% 903,625 $15.5M Reduce -0.7%
BN Brookfield Corp. 18.85% 181,615 $10.4M Reduce -82.5%
FWONA Liberty Media Corp. Class A 9.10% 59,920 $5.0M New

Portfolio Sells Q3 2024 → Q4 2024
BN Brookfield Corp. Reduce -82.5% 18.85% −31.99
KKR KKR & Co. Inc. Sold out 0.00% −25.30
BAM Brookfield Asset Mgmt-A Sold out 0.00% −6.34
TCX Tucows Inc. Class A Reduce -0.7% 27.98% +10.46

Portfolio Buys Q3 2024 → Q4 2024
FWONK Liberty Media Corp. Class C New 44.07% +44.07
FWONA Liberty Media Corp. Class A New 9.10% +9.10

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 7$309.6MMA, V, TDG, MSFT, FWONK
Q1 2026 8$247.2MTDG, MSFT, MA, V, FWONK
Q4 2025 8$246.0MTDG, MSFT, FWONK, MA, TCX
Q3 2025 4$117.3MTDG, FWONK, TCX, FWONA
Q2 2025 3$71.4MFWONK, TCX, FWONA
Q1 2025 3$61.4MFWONK, TCX, FWONA
Q4 2024 4$55.4MFWONK, TCX, BN, FWONA
Q3 2024 4$108.6MBN, KKR, TCX, BAM
Q2 2024 4$130.1MBN, KKR, TCX, BAM
Q1 2024 4$148.8MBN, KKR, TCX, BAM