Blacksheep Fund Management Ltd

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Blacksheep Fund Management Ltd reported 3 stock positions worth $61.4 million. Its top holding was Liberty Media Class C (FWONK) at 56.2% of the portfolio, followed by Tucows Class A (TCX, 30.0%) and Liberty Media Class A (FWONA, 13.8%). Compared with Q4 2024, it sold out of 1 and added to 3. The biggest buy was Liberty Media Class C (FWONK, shares +45%) and the biggest sale an exit from Brookfield (BN).

Most Recent 13F
Q2 2026
Location
Co. Dublin, L2
CIK
0001800249
Portfolio Value
$61.4M (Q1 2025)
SEC Filing
0001172661-25-002069 ↗ filed May 15, 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 Q4 2024 Q1 2025: $61.4M $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 3 stocks · $61.4M
FWONK Liberty Media Corp. Class C 56.17% 383,056 $34.5M Add +45.5%
TCX Tucows Inc. Class A 30.03% 1,091,985 $18.4M Add +20.8%
FWONA Liberty Media Corp. Class A 13.80% 104,010 $8.5M Add +73.6%

Portfolio Sells Q4 2024 → Q1 2025
BN Brookfield Corp. Sold out 0.00% −18.85

Portfolio Buys Q4 2024 → Q1 2025
FWONK Liberty Media Corp. Class C Add +45.5% 56.17% +12.09
FWONA Liberty Media Corp. Class A Add +73.6% 13.80% +4.71
TCX Tucows Inc. Class A Add +20.8% 30.03% +2.05

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