Institutional Manager · CIK 0001800249

Blacksheep Fund Management Ltd

Co. Dublin, L2 · File #028-19950

Latest AUM

$246.0M

Positions

Top-10 Concentration

100.0%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	MICROSOFT CORP	MSFT	+84,280	+$40.8M	$0
ADD	TRANSDIGM GROUP INC	TDG	+20,244	+$26.9M	+$452,143
NEW	MASTERCARD INCORPORATED	MA	+44,320	+$25.3M	$0
NEW	VISA INC	V	+48,250	+$16.9M	$0
NEW	GRINDR INC	GRND	+1,241,080	+$16.8M	$0
REDUCE	LIBERTY MEDIA CORP DEL	FWONB	0	$0	-$2.1M
REDUCE	LIBERTY MEDIA CORP DEL	FWONB	0	$0	-$607,418
REDUCE	TUCOWS INC	TCX	0	$0	+$4.2M

Sector Allocation

Technology

33.4%$82.0M

Industrials

31.6%$77.7M

Financials

17.2%$42.2M

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 20258 pos · $246.0M
Nov 13, 202513F HOLDINGS REPORTQ/E Sep 20254 pos · $117.3M
Aug 13, 202513F HOLDINGS REPORTQ/E Jun 20253 pos · $71.4M
May 15, 202513F HOLDINGS REPORTQ/E Mar 20253 pos · $61.4M
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 20244 pos · $55.4M
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 20244 pos · $108.6M
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 20244 pos · $130.1M
May 15, 202413F HOLDINGS REPORTQ/E Mar 20244 pos · $148.8M
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 20234 pos · $213.5M

Top 8 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	TRANSDIGM GROUP INC	TDG	58,464	$77.7M	31.61%
2	MICROSOFT CORP	MSFT	84,280	$40.8M	16.57%
3	LIBERTY MEDIA CORP DEL	FWONB	351,706	$34.6M	14.09%
4	MASTERCARD INCORPORATED	MA	44,320	$25.3M	10.29%
5	TUCOWS INC	TCX	1,091,985	$24.5M	9.95%
6	VISA INC	V	48,250	$16.9M	6.88%
7	GRINDR INC	GRND	1,241,080	$16.8M	6.83%
8	LIBERTY MEDIA CORP DEL	FWONB	104,010	$9.3M	3.78%