Blacksheep Fund Management Ltd
Long book
$247.2M
Q1 2026
Positions
8
Top-10 weight
100%
concentration
Last quarter
+11.3%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsBlacksheep Fund Management Ltd is a diversified fundamental manager, running a $247.2M US long book across 8 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: TRANSDIGM GROUP INC, MICROSOFT CORP, MASTERCARD INC - A, VISA INC-CLASS A SHARES, LIBERTY MEDIA CORP-FORMULA-C.
Over the last 9 quarters its long book ran on average 0.1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.3%
Q2 2024
+24.2%
Q3 2024
+5.4%
Q4 2024
-3.6%
Q1 2025
+16.4%
Q2 2025
-1.7%
Q3 2025
+1.7%
Q4 2025
-15.6%
Q1 2026
+11.3%
Sector allocation
Technology 33%
Services media 30%
Industrials 21%
Communications 15%
Long book by quarter
What does Blacksheep Fund own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TDG TRANSDIGM GROUP INC | Industrials | 45.8K | $53.0M | 21.5% | -21.7% |
| MSFT MICROSOFT CORP | Technology | 130.1K | $48.2M | 19.5% | +54.4% |
| MA MASTERCARD INC - A | Services media | 87.7K | $43.8M | 17.7% | +97.8% |
| V VISA INC-CLASS A SHARES | Services media | 100.7K | $30.4M | 12.3% | +108.7% |
| FWONK LIBERTY MEDIA CORP-FORMULA-C | Communications | 351.7K | $29.9M | 12.1% | Held |
| TCX TUCOWS INC-CLASS A | Technology | 1.1M | $18.7M | 7.6% | Held |
| GRND GRINDR INC | Technology | 1.2M | $15.0M | 6.1% | Held |
| FWONA LIBERTY MEDIA CORP-FORMULA-A | Communications | 104.0K | $8.1M | 3.3% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 8 | $247.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 8 | $246.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 4 | $117.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 3 | $71.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 3 | $61.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 4 | $55.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 4 | $108.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 4 | $130.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 4 | $148.8M | canonical | SEC ↗ |
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