Blacksheep Fund Management portfolio
Concentrated managerInvestment firmPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 14, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · amendment (replaces the original) of Aug 25, 2026 ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Blacksheep Fund Management reported a $310M portfolio of 6 companies (7 positions, counting each share class separately) to the SEC as of the end of Q2 2026. Its largest positions are MA, V, TDG. During the quarter it exited Grindr.
Sections with a free account
What changed this quarter
3 positions with a change (2 added to, 1 sold). 3 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Mastercard+75%more sharesIncreased17.7% → 25.5%
- Visa+85%more sharesIncreased12.3% → 20.7%
- Grindr−4.8 ppof portfolioSold out6.1% → —
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- MastercardMA25.5%
- VisaV20.7%
- TransDigm GroupTDG19.7%
- MicrosoftMSFT15.7%
- Liberty MediaFWONK · FWONA13.8%
- TucowsTCX4.8%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Financials 46%
- ● Information Technology 20%
- ● Industrials 20%
- ● Communication Services 14%
How its portfolio changed (8 quarters)
Q2 2026: 7
Q2 2026: 100%
Q2 2026: 12.6%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
13F filings with amendments or confidential positions
- 13F Q2 2026 ↗filed Aug 14, 2026Amendment of Aug 25, 2026 (replaces the original) ↗
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Mar 18, 2026 (medium confidence).
The data, as reported: BLACKSHEEP FUND MANAGEMENT LTD. (CRD 300648): Exempt reporting adviser to private funds, based in Ireland; 7.B private funds: 1 hedge (gross assets $1.6 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
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