Blacksheep Fund Management Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Blacksheep Fund Management Ltd reported 4 stock positions worth $117.3 million. Its top holding was Transdigm (TDG) at 43.0% of the portfolio, followed by Liberty Media Class C (FWONK, 31.3%) and Tucows Class A (TCX, 17.3%). Compared with Q2 2025, it opened 1 new position and reduced 1. The biggest buy was a new position in Transdigm (TDG) and the biggest sale Liberty Media Class C (FWONK, shares −8%).

Most Recent 13F
Q2 2026
Location
Co. Dublin, L2
CIK
0001800249
Portfolio Value
$117.3M (Q3 2025)
SEC Filing
0001172661-25-004772 ↗ filed Nov 13, 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 Q1 2025 Q2 2025: $71.4M Q2 2025 Q3 2025: $117.3M $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 · $117.3M
TDG Transdigm Group Inc. 42.95% 38,220 $50.4M New
FWONK Liberty Media Corp. Class C 31.32% 351,706 $36.7M Reduce -8.2%
TCX Tucows Inc. Class A 17.28% 1,091,985 $20.3M No change
FWONA Liberty Media Corp. Class A 8.44% 104,010 $9.9M No change

Portfolio Sells Q2 2025 → Q3 2025
FWONK Liberty Media Corp. Class C Reduce -8.2% 31.32% −24.72

Portfolio Buys Q2 2025 → Q3 2025
TDG Transdigm Group Inc. New 42.95% +42.95

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