Blacksheep Fund Management Ltd — Inside Their 13F Portfolio

Momentum followerQuality / disciplined sizingSector-focused

Total reported value

$247.2M

Reporting period: 2026-03-31 · Number of holdings: 8

Blacksheep Fund Management Ltd disclosed 8 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $247.2M and a quarterly turnover rate of 31.5%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "B"

Personality snowflake

Concentration: 62.27
Portfolio Stability: 31.47
Momentum/Contrarian: 100
Sector conviction: 82.09
Diversification: 16
Sizing Uniformity: 94.7

Recent moves

Trim TDG
-21.7%　-$24.7M
Add MA
+97.8%　$18.5M
Add V
+108.7%　$13.5M
Add MSFT
+54.4%　$7.4M
Trim TCX
0.0%　-$5.7M
Trim FWONK
0.0%　-$4.7M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	TDG	Transdigm Group INC	Stock-Industrials	21.45%	-10.16%	-21.74%
2	MSFT	Microsoft CORP	Stock-Tech	19.49%	+2.92%	+54.41%
3	MA	Mastercard INC - A	Stock-Financials	17.72%	+7.43%	+97.77%
4	V	Visa Inc-class A Shares	Stock-Financials	12.31%	+5.43%	+108.73%
5	FWONK	Liberty Media Corp-formula-c	Stock-Comm Services	12.10%	-1.99%	—
6	TCX	Tucows Inc-class A	Stock-Other	7.58%	-2.37%	—
7	GRND	Grindr INC	Stock-Other	6.07%	-0.76%	—
8	FWONA	Liberty Media Corp-formula-a	Stock-Other	3.29%	-0.49%	—

Portfolio Performance

Performance for Q3 2026

+7.6%

Performance Last 4 Quarters

-1.4%

Based on 81% of reported portfolio value with available pricing

Stdev: +23.3%
Beta: +1.17
Alpha: -1.6%
Max Drawdown: -16.7%
Annualized Perf: +20.1%
Batting Avg vs S&P: +48.5%
Sortino: +1.85
Stutzer: +0.27
Treynor: +0.18
Sterling: +0.79
Calmar: +1.21
Information Ratio: +0.09
Tracking Error: +18.6%
Stdev Down: +11.4%
Winning Months %: +60.6%
Losing Months %: +39.4%
Best 12 Months: +79.9%
Worst 12 Months: -7.8%
Efficiency Ratio: +0.38
Sharpe: +0.9
Stdev Sectors: +7.7%
Skewness: +0.56
Kurtosis: -0.06
Upside Potential: +3.67

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	8	$247.2M	31	1TDG 2MSFT 3MA Top holdings2026-03-31 1.TDG 2.MSFT 3.MA 4.V 5.FWONK 6.TCX 7.GRND 8.FWONA
2025-12-31	8	$246.0M	74	1TDG 2MSFT 3FWONK Top holdings2025-12-31 1.TDG 2.MSFT 3.FWONK 4.MA 5.TCX 6.V 7.GRND 8.FWONA
2025-09-30	4	$117.3M	59	1TDG 2FWONK 3TCX Top holdings2025-09-30 1.TDG 2.FWONK 3.TCX 4.FWONA
2025-06-30	3	$71.4M	0	1FWONK 2TCX 3FWONA Top holdings2025-06-30 1.FWONK 2.TCX 3.FWONA
2025-03-31	3	$61.4M	100	1FWONK 2TCX 3FWONA Top holdings2025-03-31 1.FWONK 2.TCX 3.FWONA
2024-12-31	4	$55.4M	0	1FWONK 2TCX 3BN Top holdings2024-12-31 1.FWONK 2.TCX 3.BN 4.FWONA
2024-09-30	4	$108.6M	0	1BN 2KKR 3TCX Top holdings2024-09-30 1.BN 2.KKR 3.TCX 4.BAM
2024-06-30	4	$130.1M	0	1BN 2KKR 3TCX Top holdings2024-06-30 1.BN 2.KKR 3.TCX 4.BAM
2024-03-31	4	$148.8M	0	1BN 2KKR 3TCX Top holdings2024-03-31 1.BN 2.KKR 3.TCX 4.BAM
2023-12-31	6	$252.7M	0	1BN 2KKR 3BRK-A Top holdings2023-12-31 1.BN 2.KKR 3.BRK-A 4.TCX 5.MSFT 6.BAM
2023-09-30	4	$213.5M	0	1KKR 2MSFT 3BRK-A Top holdings2023-09-30 1.KKR 2.MSFT 3.BRK-A 4.TCX
2023-06-30	4	$314.4M	0	1KKR 2BRK-A 3MSFT Top holdings2023-06-30 1.KKR 2.BRK-A 3.MSFT 4.TCX
2023-03-31	5	$356.2M	0	1KKR 2BRK-A 3MSFT Top holdings2023-03-31 1.KKR 2.BRK-A 3.MSFT 4.GOOGL 5.TCX
2022-12-31	6	$427.8M	0	1KKR 2GOOGL 3BRK-A Top holdings2022-12-31 1.KKR 2.GOOGL 3.BRK-A 4.MSFT 5.ADBE 6.TCX
2022-09-30	7	$497.9M	0	1KKR 2GOOGL 3MSFT Top holdings2022-09-30 1.KKR 2.GOOGL 3.MSFT 4.SSNC 5.ADBE 6.TCX 7.BRK-A
2022-06-30	6	$605.5M	0	1KKR 2SSNC 3GOOGL Top holdings2022-06-30 1.KKR 2.SSNC 3.GOOGL 4.MSFT 5.TCX 6.ADBE
2022-03-31	5	$646.6M	0	1KKR 2GOOGL 3SSNC Top holdings2022-03-31 1.KKR 2.GOOGL 3.SSNC 4.TCX 5.NFLX
2021-12-31	6	$728.1M	0	1GOOGL 2SSNC 3KKR Top holdings2021-12-31 1.GOOGL 2.SSNC 3.KKR 4.NFLX 5.TCX 6.AMZN
2021-09-30	7	$845.0M	0	1GDDY 2GOOGL 3KKR Top holdings2021-09-30 1.GDDY 2.GOOGL 3.KKR 4.NFLX 5.SSNC 6.TCX 7.AMZN
2021-06-30	7	$754.2M	100	1GDDY 2GOOGL 3KKR Top holdings2021-06-30 1.GDDY 2.GOOGL 3.KKR 4.NFLX 5.SSNC 6.TCX 7.AMZN
2021-03-31	7	$484.9M	19	1GDDY 2KKR 3GOOGL Top holdings2021-03-31 1.GDDY 2.KKR 3.GOOGL 4.SSNC 5.AMZN 6.TCX 7.NFLX
2020-12-31	6	$402.3M	37	1GDDY 2KKR 3SSNC Top holdings2020-12-31 1.GDDY 2.KKR 3.SSNC 4.GOOGL 5.TCX 6.AMZN
2020-09-30	7	$312.0M	34	1KKR 2SSNC 3GOOGL Top holdings2020-09-30 1.KKR 2.SSNC 3.GOOGL 4.GDDY 5.AMZN 6.TCX 7.LBTYA
2020-06-30	6	$236.4M	48	1KKR 2GOOGL 3AMZN Top holdings2020-06-30 1.KKR 2.GOOGL 3.AMZN 4.SSNC 5.TCX 6.LBTYA
2020-03-31	5	$202.7M	43	1GOOGL 2KKR 3AMZN Top holdings2020-03-31 1.GOOGL 2.KKR 3.AMZN 4.CARG 5.TCX
2019-12-31	5	$134.4M	—	1GOOGL 2CARG 3KKR Top holdings2019-12-31 1.GOOGL 2.CARG 3.KKR 4.TCX 5.AMZN

Holding changes this quarter

Blacksheep Fund Management Ltd's most significant position changes for 2026-03-31: Trim: Transdigm Group INC (TDG) — shares -21.74%; Add: Mastercard INC - A (MA) — shares +97.77%; Add: Visa Inc-class A Shares (V) — shares +108.73%; Add: Microsoft CORP (MSFT) — shares +54.41%.

Position changes disclosed by Blacksheep Fund Management Ltd for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	MA	Mastercard INC - A	+7.4%	+97.77%	Add
2	V	Visa Inc-class A Shares	+5.4%	+108.73%	Add
3	MSFT	Microsoft CORP	+2.9%	+54.41%	Add
4	FWONA	Liberty Media Corp-formula-a	-0.5%	—	Unchanged
5	GRND	Grindr INC	-0.8%	—	Unchanged
6	FWONK	Liberty Media Corp-formula-c	-2%	—	Unchanged
7	TCX	Tucows Inc-class A	-2.4%	—	Unchanged
8	TDG	Transdigm Group INC	-10.2%	-21.74%	Trim

FAQ

What is Blacksheep Fund Management Ltd and what type of investor is it?

Blacksheep Fund Management Ltd is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $247.2M, spread across 8 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. Transdigm Group INC (TDG) — $53.0M (21.4%) 2. Microsoft CORP (MSFT) — $48.2M (19.5%) 3. Mastercard INC - A (MA) — $43.8M (17.7%) 4. Visa Inc-class A Shares (V) — $30.4M (12.3%) 5. Liberty Media Corp-formula-c (FWONK) — $29.9M (12.1%)

What changes did Blacksheep Fund Management Ltd make in its most recent portfolio filing?

In the latest reported quarter, Blacksheep Fund Management Ltd made 4 notable position adjustments: 0 new positions were initiated, 3 existing holdings were added to, 1 positions were partially reduced, and 0 were completely exited. The largest of these moves: Trim: Transdigm Group INC (TDG) — shares -21.74%; Add: Mastercard INC - A (MA) — shares +97.77%; Add: Visa Inc-class A Shares (V) — shares +108.73%; Add: Microsoft CORP (MSFT) — shares +54.41%

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: 36.1% • Industrials: 25.8% • Information Technology: 23.5% • Communication Services: 14.6%

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Sector conviction42.8

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Total reported value

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View detail

Blacksheep Fund Management Ltd — Inside Their 13F Portfolio

Momentum followerQuality / disciplined sizingSector-focused

Total reported value

$247.2M

Reporting period: 2026-03-31 · Number of holdings: 8

Blacksheep Fund Management Ltd disclosed 8 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $247.2M and a quarterly turnover rate of 31.5%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "B"

Personality snowflake

Concentration: 62.27
Portfolio Stability: 31.47
Momentum/Contrarian: 100
Sector conviction: 82.09
Diversification: 16
Sizing Uniformity: 94.7

Recent moves

Trim TDG
-21.7%　-$24.7M
Add MA
+97.8%　$18.5M
Add V
+108.7%　$13.5M
Add MSFT
+54.4%　$7.4M
Trim TCX
0.0%　-$5.7M
Trim FWONK
0.0%　-$4.7M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	TDG	Transdigm Group INC	Stock-Industrials	21.45%	-10.16%	-21.74%
2	MSFT	Microsoft CORP	Stock-Tech	19.49%	+2.92%	+54.41%
3	MA	Mastercard INC - A	Stock-Financials	17.72%	+7.43%	+97.77%
4	V	Visa Inc-class A Shares	Stock-Financials	12.31%	+5.43%	+108.73%
5	FWONK	Liberty Media Corp-formula-c	Stock-Comm Services	12.10%	-1.99%	—
6	TCX	Tucows Inc-class A	Stock-Other	7.58%	-2.37%	—
7	GRND	Grindr INC	Stock-Other	6.07%	-0.76%	—
8	FWONA	Liberty Media Corp-formula-a	Stock-Other	3.29%	-0.49%	—

Portfolio Performance

Performance for Q3 2026

+7.6%

Performance Last 4 Quarters

-1.4%

Based on 81% of reported portfolio value with available pricing

Stdev: +23.3%
Beta: +1.17
Alpha: -1.6%
Max Drawdown: -16.7%
Annualized Perf: +20.1%
Batting Avg vs S&P: +48.5%
Sortino: +1.85
Stutzer: +0.27
Treynor: +0.18
Sterling: +0.79
Calmar: +1.21
Information Ratio: +0.09
Tracking Error: +18.6%
Stdev Down: +11.4%
Winning Months %: +60.6%
Losing Months %: +39.4%
Best 12 Months: +79.9%
Worst 12 Months: -7.8%
Efficiency Ratio: +0.38
Sharpe: +0.9
Stdev Sectors: +7.7%
Skewness: +0.56
Kurtosis: -0.06
Upside Potential: +3.67

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	8	$247.2M	31	1TDG 2MSFT 3MA Top holdings2026-03-31 1.TDG 2.MSFT 3.MA 4.V 5.FWONK 6.TCX 7.GRND 8.FWONA
2025-12-31	8	$246.0M	74	1TDG 2MSFT 3FWONK Top holdings2025-12-31 1.TDG 2.MSFT 3.FWONK 4.MA 5.TCX 6.V 7.GRND 8.FWONA
2025-09-30	4	$117.3M	59	1TDG 2FWONK 3TCX Top holdings2025-09-30 1.TDG 2.FWONK 3.TCX 4.FWONA
2025-06-30	3	$71.4M	0	1FWONK 2TCX 3FWONA Top holdings2025-06-30 1.FWONK 2.TCX 3.FWONA
2025-03-31	3	$61.4M	100	1FWONK 2TCX 3FWONA Top holdings2025-03-31 1.FWONK 2.TCX 3.FWONA
2024-12-31	4	$55.4M	0	1FWONK 2TCX 3BN Top holdings2024-12-31 1.FWONK 2.TCX 3.BN 4.FWONA
2024-09-30	4	$108.6M	0	1BN 2KKR 3TCX Top holdings2024-09-30 1.BN 2.KKR 3.TCX 4.BAM
2024-06-30	4	$130.1M	0	1BN 2KKR 3TCX Top holdings2024-06-30 1.BN 2.KKR 3.TCX 4.BAM
2024-03-31	4	$148.8M	0	1BN 2KKR 3TCX Top holdings2024-03-31 1.BN 2.KKR 3.TCX 4.BAM
2023-12-31	6	$252.7M	0	1BN 2KKR 3BRK-A Top holdings2023-12-31 1.BN 2.KKR 3.BRK-A 4.TCX 5.MSFT 6.BAM
2023-09-30	4	$213.5M	0	1KKR 2MSFT 3BRK-A Top holdings2023-09-30 1.KKR 2.MSFT 3.BRK-A 4.TCX
2023-06-30	4	$314.4M	0	1KKR 2BRK-A 3MSFT Top holdings2023-06-30 1.KKR 2.BRK-A 3.MSFT 4.TCX
2023-03-31	5	$356.2M	0	1KKR 2BRK-A 3MSFT Top holdings2023-03-31 1.KKR 2.BRK-A 3.MSFT 4.GOOGL 5.TCX
2022-12-31	6	$427.8M	0	1KKR 2GOOGL 3BRK-A Top holdings2022-12-31 1.KKR 2.GOOGL 3.BRK-A 4.MSFT 5.ADBE 6.TCX
2022-09-30	7	$497.9M	0	1KKR 2GOOGL 3MSFT Top holdings2022-09-30 1.KKR 2.GOOGL 3.MSFT 4.SSNC 5.ADBE 6.TCX 7.BRK-A
2022-06-30	6	$605.5M	0	1KKR 2SSNC 3GOOGL Top holdings2022-06-30 1.KKR 2.SSNC 3.GOOGL 4.MSFT 5.TCX 6.ADBE
2022-03-31	5	$646.6M	0	1KKR 2GOOGL 3SSNC Top holdings2022-03-31 1.KKR 2.GOOGL 3.SSNC 4.TCX 5.NFLX
2021-12-31	6	$728.1M	0	1GOOGL 2SSNC 3KKR Top holdings2021-12-31 1.GOOGL 2.SSNC 3.KKR 4.NFLX 5.TCX 6.AMZN
2021-09-30	7	$845.0M	0	1GDDY 2GOOGL 3KKR Top holdings2021-09-30 1.GDDY 2.GOOGL 3.KKR 4.NFLX 5.SSNC 6.TCX 7.AMZN
2021-06-30	7	$754.2M	100	1GDDY 2GOOGL 3KKR Top holdings2021-06-30 1.GDDY 2.GOOGL 3.KKR 4.NFLX 5.SSNC 6.TCX 7.AMZN
2021-03-31	7	$484.9M	19	1GDDY 2KKR 3GOOGL Top holdings2021-03-31 1.GDDY 2.KKR 3.GOOGL 4.SSNC 5.AMZN 6.TCX 7.NFLX
2020-12-31	6	$402.3M	37	1GDDY 2KKR 3SSNC Top holdings2020-12-31 1.GDDY 2.KKR 3.SSNC 4.GOOGL 5.TCX 6.AMZN
2020-09-30	7	$312.0M	34	1KKR 2SSNC 3GOOGL Top holdings2020-09-30 1.KKR 2.SSNC 3.GOOGL 4.GDDY 5.AMZN 6.TCX 7.LBTYA
2020-06-30	6	$236.4M	48	1KKR 2GOOGL 3AMZN Top holdings2020-06-30 1.KKR 2.GOOGL 3.AMZN 4.SSNC 5.TCX 6.LBTYA
2020-03-31	5	$202.7M	43	1GOOGL 2KKR 3AMZN Top holdings2020-03-31 1.GOOGL 2.KKR 3.AMZN 4.CARG 5.TCX
2019-12-31	5	$134.4M	—	1GOOGL 2CARG 3KKR Top holdings2019-12-31 1.GOOGL 2.CARG 3.KKR 4.TCX 5.AMZN

Holding changes this quarter

Position changes disclosed by Blacksheep Fund Management Ltd for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	MA	Mastercard INC - A	+7.4%	+97.77%	Add
2	V	Visa Inc-class A Shares	+5.4%	+108.73%	Add
3	MSFT	Microsoft CORP	+2.9%	+54.41%	Add
4	FWONA	Liberty Media Corp-formula-a	-0.5%	—	Unchanged
5	GRND	Grindr INC	-0.8%	—	Unchanged
6	FWONK	Liberty Media Corp-formula-c	-2%	—	Unchanged
7	TCX	Tucows Inc-class A	-2.4%	—	Unchanged
8	TDG	Transdigm Group INC	-10.2%	-21.74%	Trim