Blacksheep Fund Management
Co. Dublin, L2files as Blacksheep Fund Management Ltd
$310m in 7 US stocks at the end of 30 June 2026. The top 10 are 100.0% of the money. It changed about 16.1% of the portfolio this quarter.
Value
$310m
Stocks
7
Top 10 share
100.0%
Turnover
16.1%
What changed this quarter
New
Bought for the first time this quarter.
None this quarter.
Added
Bought more of a stock they already held.
- MastercardMA25.5% of the fund+75%
- VisaV20.7% of the fund+85%
Cut
Sold some of their stake.
None this quarter.
Sold out
Sold their entire stake.
- GrindrGRND-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| MastercardMA | 25.5% | $79m | 153,430 | +75% |
| VisaV | 20.7% | $64m | 186,550 | +85% |
| TransDigm GroupTDG | 19.7% | $61m | 45,754 | Held |
| MicrosoftMSFT | 15.7% | $49m | 130,140 | Held |
| Liberty MediaFWONK | 10.8% | $33m | 351,706 | Held |
| TucowsTCX | 4.8% | $15m | 1,091,985 | Held |
| Liberty MediaFWONA | 2.9% | $9m | 104,010 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 333.4% since 30 June 2025.
Where the money is
Financial services46.1%
Technology20.4%
Industrials19.7%
Media & telecom13.8%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.