Blacksheep Fund Management Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Blacksheep Fund Management Ltd reported 8 stock positions worth $246.0 million. Its top holding was Transdigm (TDG) at 31.6% of the portfolio, followed by Microsoft (MSFT, 16.6%) and Liberty Media Class C (FWONK, 14.1%). Compared with Q3 2025, it opened 4 new positions and added to 1. The biggest buy was a new position in Microsoft (MSFT).
- Most Recent 13F
- Q2 2026
- Location
- Co. Dublin, L2
- CIK
- 0001800249
- Portfolio Value
- $246.0M (Q4 2025)
- SEC Filing
- 0001172661-26-000795 ↗ filed Feb 13, 2026
Holdings Value
Holdings 8 stocks · $246.0M
| TDG Transdigm Group Inc. | 31.61% | 58,464 | $77.7M | Add +53.0% |
| MSFT Microsoft Corp. | 16.57% | 84,280 | $40.8M | New |
| FWONK Liberty Media Corp. Class C | 14.09% | 351,706 | $34.6M | No change |
| MA Mastercard Inc. Class A | 10.29% | 44,320 | $25.3M | New |
| TCX Tucows Inc. Class A | 9.95% | 1,091,985 | $24.5M | No change |
| V Visa Inc. Class A | 6.88% | 48,250 | $16.9M | New |
| GRND Grindr Inc. | 6.83% | 1,241,080 | $16.8M | New |
| FWONA Liberty Media Corp. Class A | 3.78% | 104,010 | $9.3M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| None this quarter. | |||
Portfolio Buys Q3 2025 → Q4 2025
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 |