Q2 2026 13F · SEC CIK 1800249
Blacksheep Fund Management Ltd
Hedge fundFiled 2026-08-25 for Q2 2026. Open the filing ↗ · All SEC filings ↗
- Reported 13F value
- $309.6M
- Reported positions
- 7
- Holdings vs S&P 500, 3 yrs
- —
- Average holding period
- 1.1 yrs
Blacksheep Fund Management Ltd is a hedge fund that reported 7 positions worth $309.6M in its Q2 2026 13F, filed 2026-08-25. Its largest holdings were Mastercard Incorporated (MA, 25.5%), Visa Inc (V, 20.7%), Transdigm Group Inc (TDG, 19.7%).
Blacksheep Fund Management Ltd holdings all 7 positions.
Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.
| Stock | % of 13F value | Share change | Reported value |
|---|---|---|---|
| MAMastercard Incorporated | 25.5% | +75.0% | $78.8M |
| VVisa Inc | 20.7% | +85.2% | $64.0M |
| TDGTransdigm Group Inc | 19.7% | +0.0% | $60.9M |
| MSFTMicrosoft Corp | 15.7% | +0.0% | $48.5M |
| FWONKLiberty Media Corp Del | 10.8% | +0.0% | $33.5M |
| TCXTucows Inc | 4.8% | +0.0% | $14.7M |
| FWONALiberty Media Corp Del | 2.9% | +0.0% | $9.1M |
What Blacksheep Fund Management Ltd bought and sold in Q2 2026, against Q1 2026.
New positions
No new positions among the largest holdings.
Added to
- V Visa Inc+85.2% shares
- MA Mastercard Incorporated+75.0% shares
Reduced
No position shrank by more than 5%.
Sold out
- GRND Grindr Incwas 6.1%
Share counts compared with the Q1 2026 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- —
- 3 years
- —
- 5 years
- —
A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Reported 13F value by quarter.
| Quarter | 13F value | Positions |
|---|---|---|
| Q2 2026 | $309.6M | 7 |
| Q1 2026 | $247.2M | 8 |
| Q4 2025 | $246.0M | 8 |
| Q4 2023 | $252.7M | 6 |
| Q1 2023 | $356.2M | 5 |
| Q4 2022 | $427.8M | 6 |
| Q3 2022 | $497.9M | 7 |
| Q2 2022 | $605.5M | 6 |
| Q1 2022 | $646.6M | 5 |
| Q4 2021 | $728.1M | 6 |
| Q3 2021 | $845.0M | 7 |
| Q2 2021 | $754.2M | 7 |
Questions about Blacksheep Fund Management Ltd's portfolio
What stocks does Blacksheep Fund Management Ltd own?
Blacksheep Fund Management Ltd's latest 13F, for Q2 2026 and filed Aug 25, 2026, lists 7 positions worth $309.6M. The largest are Mastercard Incorporated (MA) at 25.5%, Visa Inc (V) at 20.7%, Transdigm Group Inc (TDG) at 19.7%, Microsoft Corp (MSFT) at 15.7% and Liberty Media Corp Del (FWONK) at 10.8%.
What did Blacksheep Fund Management Ltd buy last quarter?
In Q2 2026, Blacksheep Fund Management Ltd added Visa Inc (V) (+85.2% shares) and Mastercard Incorporated (MA) (+75.0% shares), compared with its Q1 2026 filing.
What did Blacksheep Fund Management Ltd sell last quarter?
In Q2 2026, Blacksheep Fund Management Ltd sold all of Grindr Inc (GRND), compared with its Q1 2026 filing.
When is Blacksheep Fund Management Ltd's next 13F filing due?
13F filings are due 45 days after each quarter ends. Blacksheep Fund Management Ltd's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.