Blacksheep Fund Management Ltd — 13F Holdings

2026 Q1  ·  8 Positions

2026 Q1 Portfolio Activity

In 2026 Q1, Blacksheep Fund Management Ltd maintained a portfolio of 8 distinct positions. They heavily accumulated shares in MASTERCARD INCORPORATED, increasing the position by 97.8%. The fund also reduced its exposure to TRANSDIGM GROUP INC by 21.7%.
Position History hover any row below to update
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Blacksheep Fund Management Ltd London Hedge Fund AUM $247M
Fund Overview SEC EDGAR
PCA Score Concentration Risk
Risk ENB
To Excel To CSV
Total Positions
8
Quarter
2026 Q1
Top Holding
TDG (21.5%)
Top 10 Concentration
100.0%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-8 of 8
Stock History Sector / Type Port % Prev % Rank / Prev Conviction
Freshness
Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
TDG
TRANSDIGM GROUP...
Industrials 21.45% 31.61% #1
Prev: #1
6.0
—
-12,710 -21.7%
P
S
45,754 $53,027,056 2025 Q3 13F Filing 2026-03-31 2026-05-13
MSFT
MICROSOFT CORP
Technology 19.49% 16.57% #2
Prev: #2
8.5
—
45,860 54.4%
P
S
130,140 $48,173,924 2022 Q2 13F Filing 2026-03-31 2026-05-13
MA
MASTERCARD INCO...
Financial Services 17.72% 10.29% #3 1
Prev: #4
8.0
—
43,330 97.8%
P
S
87,650 $43,795,199 2025 Q4 13F Filing 2026-03-31 2026-05-13
V
VISA INC
Financial Services 12.31% 6.88% #4 2
Prev: #6
7.5
—
52,460 108.7%
P
S
100,710 $30,438,590 2025 Q4 13F Filing 2026-03-31 2026-05-13
FWONK
LIBERTY MEDIA C...
Communication Services 12.10% 14.09% #5 2
Prev: #3
5.5
—
no change no change
P
S
351,706 $29,902,044 2024 Q4 13F Filing 2026-03-31 2026-05-13
TCX
TUCOWS INC
Technology 7.58% 9.95% #6 1
Prev: #5
4.0
—
no change no change
P
S
1,091,985 $18,738,463 2019 Q4 13F Filing 2026-03-31 2026-05-13
GRND
GRINDR INC
Technology 6.07% 6.83% #7
Prev: #7
3.4
—
no change no change
P
S
1,241,080 $15,004,657 2025 Q4 13F Filing 2026-03-31 2026-05-13
FWONA
LIBERTY MEDIA C...
Communication Services 3.29% 3.78% #8
Prev: #8
2.3
—
no change no change
P
S
104,010 $8,121,101 2024 Q4 13F Filing 2026-03-31 2026-05-13
Showing 1-8 of 8 holdings

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