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Blacksheep Fund Management Ltd
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%.
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 | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 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% | — |
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 | |
| 2025-12-31 | 8 | $246.0M | 74 | |
| 2025-09-30 | 4 | $117.3M | 59 | |
| 2025-06-30 | 3 | $71.4M | 0 | |
| 2025-03-31 | 3 | $61.4M | 100 | |
| 2024-12-31 | 4 | $55.4M | 0 | |
| 2024-09-30 | 4 | $108.6M | 0 | |
| 2024-06-30 | 4 | $130.1M | 0 | |
| 2024-03-31 | 4 | $148.8M | 0 | |
| 2023-12-31 | 6 | $252.7M | 0 | |
| 2023-09-30 | 4 | $213.5M | 0 | |
| 2023-06-30 | 4 | $314.4M | 0 | |
| 2023-03-31 | 5 | $356.2M | 0 | |
| 2022-12-31 | 6 | $427.8M | 0 | |
| 2022-09-30 | 7 | $497.9M | 0 | |
| 2022-06-30 | 6 | $605.5M | 0 | |
| 2022-03-31 | 5 | $646.6M | 0 | |
| 2021-12-31 | 6 | $728.1M | 0 | |
| 2021-09-30 | 7 | $845.0M | 0 | |
| 2021-06-30 | 7 | $754.2M | 100 | |
| 2021-03-31 | 7 | $484.9M | 19 | |
| 2020-12-31 | 6 | $402.3M | 37 | |
| 2020-09-30 | 7 | $312.0M | 34 | |
| 2020-06-30 | 6 | $236.4M | 48 | |
| 2020-03-31 | 5 | $202.7M | 43 | |
| 2019-12-31 | 5 | $134.4M | — |
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%.
| # | 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%