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Blacksheep Fund Management Ltd: 13F Stock Holdings & Portfolio (Q2 2026)
Blacksheep Fund Management LtdCIK: 0001800249
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$309.6M
Reporting period: 2026-06-30 · Number of holdings: 7
Blacksheep Fund Management Ltd disclosed 7 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $309.6M and a quarterly turnover rate of 36.1%.
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Personality snowflake
- Concentration
- 74.28
- Portfolio Stability
- 36.08
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 14
- Sizing Uniformity
- 94.09
Blacksheep Fund Management Ltd's disclosed holdings carry a Herfindahl concentration index of 0.186 — mathematically equivalent to about 5 equally-sized positions, close to its 7 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.59), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 15.0 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd V
+85.2% $33.6M
Add MA
+75.0% $35.0M
Sold out GRND
Trim MSFT
0.0% $370.9K
Trim TCX
0.0% -$4.0M
Trim TDG
0.0% $7.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MA | Mastercard Inc - A | Stock-Financials | 25.46% | +7.74% | +75.05% | |
| 2 | V | Visa Inc-class A Shares | Stock-Financials | 20.67% | +8.36% | +85.23% | |
| 3 | TDG | Transdigm Group Inc | Stock-Industrials | 19.69% | -1.76% | — | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 15.68% | -3.81% | — | |
| 5 | FWONK | Liberty Media Corp-formula-c | Stock-Comm Services | 10.81% | -1.29% | — | |
| 6 | TCX | Tucows Inc-class A | Stock-Other | 4.75% | -2.83% | — | |
| 7 | FWONA | Liberty Media Corp-formula-a | Stock-Other | 2.94% | -0.35% | — |
Portfolio Performance
Performance for Q3 2026
+8.7%
Performance Last 4 Quarters
+4.1%
- Stdev
- +27.5%
- Beta
- +1.45
- Alpha
- -3.1%
- Max Drawdown
- -16.7%
- Annualized Perf
- +25.1%
- Batting Avg vs S&P
- +50%
- Sortino
- +2.24
- Stutzer
- +0.29
- Treynor
- +0.18
- Sterling
- +1.13
- Calmar
- +1.51
- Information Ratio
- +0.29
- Tracking Error
- +20.9%
- Stdev Down
- +11.6%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +95.4%
- Worst 12 Months
- -9.7%
- Efficiency Ratio
- +0.45
- Sharpe
- +0.95
- Stdev Sectors
- +14.8%
- Skewness
- +1.18
- Kurtosis
- +1.89
- Upside Potential
- +4.16
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 7 | $309.6M | 36 | ||
| 2026 Q1 | 8 | $247.2M | 31 | ||
| 2025 Q4 | 8 | $246.0M | 74 | ||
| 2025 Q3 | 4 | $117.3M | 59 | ||
| 2025 Q2 | 3 | $71.4M | 0 | ||
| 2025 Q1 | 3 | $61.4M | 100 | ||
| 2024 Q4 | 4 | $55.4M | 0 | ||
| 2024 Q3 | 4 | $108.6M | 0 | ||
| 2024 Q2 | 4 | $130.1M | 0 | ||
| 2024 Q1 | 4 | $148.8M | 0 | ||
| 2023 Q4 | 6 | $252.7M | 0 | ||
| 2023 Q3 | 4 | $213.5M | 0 | ||
| 2023 Q2 | 4 | $314.4M | 0 | ||
| 2023 Q1 | 5 | $356.2M | 0 | ||
| 2022 Q4 | 6 | $427.8M | 0 | ||
| 2022 Q3 | 7 | $497.9M | 0 | ||
| 2022 Q2 | 6 | $605.5M | 0 | ||
| 2022 Q1 | 5 | $646.6M | 0 | ||
| 2021 Q4 | 6 | $728.1M | 0 | ||
| 2021 Q3 | 7 | $845.0M | 0 | ||
| 2021 Q2 | 7 | $754.2M | 100 | ||
| 2021 Q1 | 7 | $484.9M | 19 | ||
| 2020 Q4 | 6 | $402.3M | 37 | ||
| 2020 Q3 | 7 | $312.0M | 34 | ||
| 2020 Q2 | 6 | $236.4M | 48 | ||
| 2020 Q1 | 5 | $202.7M | 43 | ||
| 2019 Q4 | 5 | $134.4M | — |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Holding changes this quarter
Blacksheep Fund Management Ltd's most significant position changes for 2026-06-30: Sold out: Grindr Inc (GRND); Add: Visa Inc-class A Shares (V) — shares +85.23%; Add: Mastercard Inc - A (MA) — shares +75.05%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | V | Visa Inc-class A Shares | +8.4% | +85.23% | Add |
| 2 | MA | Mastercard Inc - A | +7.7% | +75.05% | Add |
| 3 | FWONA | Liberty Media Corp-formula-a | -0.4% | — | Unchanged |
| 4 | FWONK | Liberty Media Corp-formula-c | -1.3% | — | Unchanged |
| 5 | TDG | Transdigm Group Inc | -1.8% | — | Unchanged |
| 6 | TCX | Tucows Inc-class A | -2.8% | — | Unchanged |
| 7 | MSFT | Microsoft CORP | -3.8% | — | Unchanged |
| 8 | GRND | Grindr Inc | -6.1% | EXIT | Sold out |
Filing History
FAQ
What is Blacksheep Fund Management Ltd and what type of investor is it?
Blacksheep Fund Management Ltd is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $309.6M, spread across 7 disclosed positions.
What are Blacksheep Fund Management Ltd's largest equity positions?
Based on the latest 13F filing, Blacksheep Fund Management Ltd's top holdings by market value are:
1. Mastercard Inc - A (MA) — $78.8M (25.5%)
2. Visa Inc-class A Shares (V) — $64.0M (20.7%)
3. Transdigm Group Inc (TDG) — $60.9M (19.7%)
4. Microsoft CORP (MSFT) — $48.5M (15.7%)
5. Liberty Media Corp-formula-c (FWONK) — $33.5M (10.8%)
What changes did Blacksheep Fund Management Ltd make in its most recent portfolio filing?
In the latest reported quarter, Blacksheep Fund Management Ltd made 3 notable position adjustments: 0 new positions were initiated, 2 existing holdings were added to, 0 positions were partially reduced, and 1 were completely exited. The largest of these moves: Sold out: Grindr Inc (GRND); Add: Visa Inc-class A Shares (V) — shares +85.23%; Add: Mastercard Inc - A (MA) — shares +75.05%
What sectors does Blacksheep Fund Management Ltd focus on?
Blacksheep Fund Management Ltd is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 50.0%
• Industrials: 21.3%
• Information Technology: 17.0%
• Communication Services: 11.7%
Investment Profile
Blacksheep Fund Management Ltd returned an annualized 25.1% over the trailing 36 months — underperforming the S&P 500 by 3.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.45 (more volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 50.0% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 36 over the past 4 quarters — a shift toward more active trading.
It has added to its MA position over the past two quarters (+$53.5M, now $78.8M), while trimming TCX over the same stretch (-$9.8M, still holding $14.7M).
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Developer Access
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