Blacksheep Fund Management Ltd

Co. Dublin, L2 · CIK 1800249 · 13F filing filed 2026-08-25

Exempt reporting adviser since 2019 · corporation

Private funds1 (1 hedge) · $1.6bn gross assets
Main officeBlackrock, Co. Dublin
Form ADV · 2026-03-18SEC adviser record

Legal entityBLACKSHEEP FUND MANAGEMENT LIMITED (IE)

$309.6m reported value +25.2% vs Q1 2026

7positions

100.0%in top 10

0 new 2 added 0 reduced 1 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MASTERCARD INCORPORATED CL A MA	MA	153,430	$78.8m25.46%	25.46%	Added +65.8k	+65,780 75.0%
2	VISA INC COM CL A V	V	186,550	$64.0m20.67%	20.67%	Added +85.8k	+85,840 85.2%
3	TRANSDIGM GROUP INC COM TDG	TDG	45,754	$60.9m19.69%	19.69%	Unchanged
4	MICROSOFT CORP COM MSFT	MSFT	130,140	$48.5m15.68%	15.68%	Unchanged
5	LIBERTY MEDIA CORP DEL COM LBTY ONE S C FWONK	FWONK	351,706	$33.5m10.81%	10.81%	Unchanged
6	TUCOWS INC COM NEW TCX	TCX	1,091,985	$14.7m4.75%	4.75%	Unchanged
7	LIBERTY MEDIA CORP DEL COM LBTY ONE S A FWONA	FWONA	104,010	$9.1m2.94%	2.94%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
GRINDR INC GRND	GRND	1,241,080	$15.0m1.2m shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
TUCOWS INC TCX · 13G · filed 2025-05-15	TCX	9.9%≈ $14.7m		13G	2025-05-15