Blacksheep Fund Management Ltd

CIK

1800249

Location

Co. Dublin, L2

Portfolio Value

Small $217,298,986

Diversification

Moderately concentrated

Filing Date

Global Rank

#4,022 / 8,586 ▲ 166

Top Industry

Credit Services 34.2%

3Y Alpha vs SPY

+3.9%

Period ended 3 months ago

Filed May 13, 2026 · 34d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+96.0%

SPY

+78.1%

Annualised alpha

+3.9%

Max drawdown

−26.8%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

7 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

24.4%

−12.4 pts

Top 5

89.4%

+1.7 pts

Top 10

100.0%

0.0 pts

HHI

1,825

Moderately concentrated−325

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	37.7%	$81,917,042	3
Financial Services	34.2%	$74,233,789	2
Industrials	24.4%	$53,027,055	1
Communication Services	3.7%	$8,121,100	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
V	Visa Inc.	+52,460	100,710	$30,438,590
MSFT	Microsoft Corp	+45,860	130,140	$48,173,923
MA	Mastercard Inc	+43,330	87,650	$43,795,199
No positions match the current search.

Trimmed

Positions the filer reduced

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
TDG	TransDigm Group INC	−12,710	45,754	$53,027,055
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

7 positions · $217,298,986 total · as of Mar 31, 2026

All sectors Communication Services Financial Services Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
TDG	TransDigm Group INC Industrials	Reduced	45,754	-12,710	$53,027,055	−31.8%	24.40%
MSFT	Microsoft Corp Technology	Added	130,140	+45,860	$48,173,923	+18.2%	22.17%
MA	Mastercard Inc Financial Services	Added	87,650	+43,330	$43,795,199	+73.1%	20.15%
V	Visa Inc. Financial Services	Added	100,710	+52,460	$30,438,590	+79.9%	14.01%
TCX	Tucows Inc /Pa/ Technology	Held	1,091,985	0	$18,738,462	−23.5%	8.62%
GRND	Grindr Inc. Technology	Held	1,241,080	0	$15,004,657	−10.7%	6.91%
FWONA	Liberty Media Corp Communication Services	Held	104,010	0	$8,121,100	−12.6%	3.74%