1y return−10.0%S&P 500 +20.9%
3y return+79.0%S&P 500 +68.5%
5y return+39.2%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2019: $208 against $232 in the S&P 500.2
Blacksheep Fund Management LtdS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| MAMastercard Incorporated | $78.8M | 25.5% | +75.0% |
| VVisa Inc | $64.0M | 20.7% | +85.2% |
| TDGTransdigm Group Inc | $60.9M | 19.7% | |
| MSFTMicrosoft Corp | $48.5M | 15.7% | |
| FWONKLiberty Media Corp Del | $33.5M | 10.8% | |
| TCXTucows Inc | $14.7M | 4.8% | |
| FWONALiberty Media Corp Del | $9.1M | 2.9% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| FWONALiberty Media Corp Del | December 31, 2024 | +4.2% | $9.1M |
| FWONKLiberty Media Corp Del | December 31, 2024 | +2.7% | $33.5M |
| TDGTransdigm Group Inc | September 30, 2025 | +1.1% | $60.9M |
| VVisa Inc | December 31, 2025 | −2.2% | $64.0M |
| MAMastercard Incorporated | December 31, 2025 | −10.0% | $78.8M |
| MSFTMicrosoft Corp | December 31, 2025 | −22.9% | $48.5M |
| TCXTucows Inc | June 30, 2020 | −76.5% | $14.7M |
Sold off last quarter
- GRNDGrindr Inc was $15.0M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +6.9% | +14.8% |
| March 31, 2026 | −15.7% | −4.6% |
| December 31, 2025 | +1.7% | +2.4% |
| September 30, 2025 | −1.8% | +7.8% |
| June 30, 2025 | +16.4% | +10.5% |
| March 31, 2025 | −3.6% | −4.6% |
| December 31, 2024 | +5.3% | +2.1% |
| September 30, 2024 | +23.9% | +5.4% |
| June 30, 2024 | +1.1% | +4.0% |
| March 31, 2024 | +7.1% | +10.0% |
| December 31, 2023 | +24.2% | +11.2% |
| September 30, 2023 | +1.1% | −3.6% |
| June 30, 2023 | +13.5% | +8.3% |
| March 31, 2023 | +7.8% | +7.0% |
| December 31, 2022 | +5.0% | +7.1% |
| September 30, 2022 | −13.1% | −5.3% |
| June 30, 2022 | −26.4% | −16.5% |
| March 31, 2022 | −14.6% | −4.9% |
| December 31, 2021 | +12.5% | +10.7% |
| September 30, 2021 | −1.5% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Blacksheep Fund Management Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1800249&type=13F-HR&dateb=&owner=include&count=40CIK 1800249
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1800249/000117266126003992/Filed August 25, 2026 · accession 0001172661-26-003992