Blacksheep Fund Management Ltd
Blacksheep Fund Management Ltd reported 7 US-listed holdings worth $309.6 million in its 13F for the quarter ended 30 June 2026, filed 25 August 2026. Its largest: Mastercard Inc. (25.5%), Visa Inc. (20.7%) and TransDigm Group Inc. (19.7%). Against the quarter before, it opened 0 positions, added to 2, trimmed 0 and sold out of 1.
The 7 largest of its 7 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +6.3% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Added to 2
- Mastercard Inc. MA+65,780 shares · +75%
- Visa Inc. V+85,840 shares · +85%
Sold out of 1
- Grindr Inc. GRND$15.0 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Mastercard Inc. MA | 153.4K | $78.8 million | 25.46% | +65.8K |
| Visa Inc. V | 186.6K | $64.0 million | 20.67% | +85.8K |
| TransDigm Group Inc. TDG | 45.8K | $60.9 million | 19.69% | no change |
| Microsoft Corp. MSFT | 130.1K | $48.5 million | 15.68% | no change |
| Liberty Media Corp. Del FWONK | 351.7K | $33.5 million | 10.81% | no change |
| Tucows Inc. TCX | 1.1M | $14.7 million | 4.75% | no change |
| Liberty Media Corp. Del FWONA | 104.0K | $9.1 million | 2.94% | no change |