Q1 2026 13F · SEC CIK 1800249
Blacksheep Fund Management Ltd
Hedge fundFiled 2026-05-13 for Q1 2026. Open the filing ↗ · All SEC filings ↗
- Reported 13F value
- $247.2M
- Reported positions
- 8
- Holdings vs S&P 500, 3 yrs
- —
- Average holding period
- 1.0 yrs
Blacksheep Fund Management Ltd is a hedge fund that reported 8 positions worth $247.2M in its Q1 2026 13F, filed 2026-05-13. Its largest holdings were Transdigm Group Inc (TDG, 21.5%), Microsoft Corp (MSFT, 19.5%), Mastercard Inc. (MA, 17.7%).
Blacksheep Fund Management Ltd holdings all 8 positions.
Weights are shares of the filer's total reported 13F value, compared with Q4 2025. 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 |
|---|---|---|---|
| TDGTransdigm Group Inc | 21.5% | -21.7% | $53.0M |
| MSFTMicrosoft Corp | 19.5% | +54.4% | $48.2M |
| MAMastercard Inc. | 17.7% | +97.8% | $43.8M |
| VVisa Inc Com Cl A | 12.3% | +108.7% | $30.4M |
| FWONKLiberty Media Corp Del | 12.1% | +0.0% | $29.9M |
| TCXTucows Inc | 7.6% | +0.0% | $18.7M |
| GRNDGrindr Inc | 6.1% | +0.0% | $15.0M |
| FWONALiberty Media Corp Del | 3.3% | +0.0% | $8.1M |
What Blacksheep Fund Management Ltd bought and sold in Q1 2026, against Q4 2025.
New positions
No new positions among the largest holdings.
Added to
- V Visa Inc Com Cl A+108.7% shares
- MA Mastercard Inc.+97.8% shares
- MSFT Microsoft Corp+54.4% shares
Reduced
- TDG Transdigm Group Inc-21.7% shares
Sold out
Nothing sold out.
Share counts compared with the Q4 2025 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 and rebuilt each quarter on the day the filing became public. 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 |
|---|---|---|
| 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 |
| Q1 2021 | $484.9M | 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 Q1 2026 and filed May 13, 2026, lists 8 positions worth $247.2M. The largest are Transdigm Group Inc (TDG) at 21.5%, Microsoft Corp (MSFT) at 19.5%, Mastercard Inc. (MA) at 17.7%, Visa Inc Com Cl A (V) at 12.3% and Liberty Media Corp Del (FWONK) at 12.1%.
What did Blacksheep Fund Management Ltd buy last quarter?
In Q1 2026, Blacksheep Fund Management Ltd added Visa Inc Com Cl A (V) (+108.7% shares), Mastercard Inc. (MA) (+97.8% shares) and Microsoft Corp (MSFT) (+54.4% shares), compared with its Q4 2025 filing.
What did Blacksheep Fund Management Ltd sell last quarter?
In Q1 2026, Blacksheep Fund Management Ltd Transdigm Group Inc (TDG) (-21.7% shares), compared with its Q4 2025 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 Jun 30, 2026 was due by Aug 14, 2026; this page updates once it is processed.