Blacksheep Fund Management Ltd
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Blacksheep Fund Management Ltd reported 8 stock positions worth $247.2 million. Its top holding was Transdigm (TDG) at 21.5% of the portfolio, followed by Microsoft (MSFT, 19.5%) and Mastercard Class A (MA, 17.7%). Compared with Q4 2025, it added to 3 and reduced 1. The biggest buy was Mastercard Class A (MA, shares +98%) and the biggest sale Transdigm (TDG, shares −22%).
- Most Recent 13F
- Q2 2026
- Location
- Co. Dublin, L2
- CIK
- 0001800249
- Portfolio Value
- $247.2M (Q1 2026)
- SEC Filing
- 0001172661-26-001782 ↗ filed May 13, 2026
Holdings Value
Holdings 8 stocks · $247.2M
| TDG Transdigm Group Inc. | 21.45% | 45,754 | $53.0M | Reduce -21.7% |
| MSFT Microsoft Corp. | 19.49% | 130,140 | $48.2M | Add +54.4% |
| MA Mastercard Inc. Class A | 17.72% | 87,650 | $43.8M | Add +97.8% |
| V Visa Inc. Class A | 12.31% | 100,710 | $30.4M | Add +108.7% |
| FWONK Liberty Media Corp. Class C | 12.10% | 351,706 | $29.9M | No change |
| TCX Tucows Inc. Class A | 7.58% | 1,091,985 | $18.7M | No change |
| GRND Grindr Inc. | 6.07% | 1,241,080 | $15.0M | No change |
| FWONA Liberty Media Corp. Class A | 3.29% | 104,010 | $8.1M | No change |
Portfolio Sells Q4 2025 → Q1 2026
| TDG Transdigm Group Inc. | Reduce -21.7% | 21.45% | −10.16 |
Portfolio Buys Q4 2025 → Q1 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 |