Blacksheep Fund Management Ltd 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Blacksheep Fund Management Ltd disclosed 8 US equity positions worth $246.0m in its Q4 2025 13F filing. The largest position was TDG at 31.6% of the reported book, followed by MSFT and LLYVK. Against the Q3 2025 filing, it opened 4 new positions, added to 1 and reduced 0 among the top 8 holdings.
What did Blacksheep Fund Management Ltd own in Q4 2025? Top 8 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | TDG TRANSDIGM GROUP INC | Industrials | 31.6% | $77.7m | 58,464 | 53% | added |
| 2 | MSFT MICROSOFT CORP | Technology | 16.6% | $40.8m | 84,280 | – | new |
| 3 | LLYVK LIBERTY MEDIA CORP DEL | 14.1% | $34.6m | 351,706 | 0% | held | |
| 4 | MA MASTERCARD INCORPORATED | Financial Services | 10.3% | $25.3m | 44,320 | – | new |
| 5 | TCX TUCOWS INC | 10.0% | $24.5m | 1,091,985 | 0% | held | |
| 6 | V VISA INC | Financial Services | 6.9% | $16.9m | 48,250 | – | new |
| 7 | GRND GRINDR INC | Technology | 6.8% | $16.8m | 1,241,080 | – | new |
| 8 | FWONA LIBERTY MEDIA CORP DEL | 3.8% | $9.3m | 104,010 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.