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BFM

Blacksheep Fund Management Portfolio holdings

AUM $310M
1-Year Est. Return 15.95%
This Fund
S&P 500
This Quarter Est. Return
+7.19%
1 Year Est. Return
-15.95%
3 Year Est. Return
+71.5%
5 Year Est. Return
+44.11%
10 Year Est. Return
–
AUM
$310M
AUM Growth
+$62.4M
Cap. Flow
+$45.4M
Cap. Flow %
14.65%
Top 10 Hldgs %
100%
Holding
8
New
–
Increased
2
Reduced
–
Closed
1

Top Buys

Rank Stock Value
1
MA icon
Mastercard
MA
+$32.8M
2
V icon
Visa
V
+$27.6M

Top Sells

Rank Stock Value
1
GRND icon
Grindr
GRND
+$15M

Sector Composition

Rank Sector Weight
1 Financials 46.13%
2 Technology 20.43%
3 Industrials 19.69%
4 Communication Services 13.75%
5 Miscellaneous 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MA icon
1
Mastercard
MA
$507B
$78.8M 25.46%
153,430
+65,780
+75% +$32.8M
V icon
2
Visa
V
$700B
$64M 20.67%
186,550
+85,840
+85% +$27.6M
TDG icon
3
TransDigm Group
TDG
$64.2B
$60.9M 19.69%
45,754
– –
MSFT icon
4
Microsoft
MSFT
$3.71T
$48.5M 15.68%
130,140
– –
FWONK icon
5
Liberty Media Series C
FWONK
$23.9B
$33.5M 10.81%
351,706
– –
TCX icon
6
Tucows
TCX
$120M
$14.7M 4.75%
1,091,985
– –
FWONA icon
7
Liberty Media Series A
FWONA
$22.2B
$9.11M 2.94%
104,010
– –
GRND icon
8
Grindr
GRND
$2.65B
– –
-1,241,080
Closed -$15M

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Blacksheep Fund Management's Q2 2026 Portfolio in Review

As of Q2 2026, Blacksheep Fund Management held 8 positions worth $310M, up 25% from $247M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Blacksheep Fund Management deployed $45.4M of net new capital in Q2 2026, adding to 2 existing holdings.

By sector, the portfolio is most concentrated in Financials at 46% of assets, up from 30% a quarter earlier, followed by Technology and Industrials.

On the sell side, the most notable exit was Grindr, an estimated $15M sold.

  • Blacksheep Fund Management added most to Mastercard in Q2 2026, an estimated $32.8M increase.
  • Blacksheep Fund Management fully exited Grindr in Q2 2026, selling an estimated $15M.
  • Blacksheep Fund Management's ten largest holdings make up 100% of its $310M portfolio in Q2 2026.
  • Blacksheep Fund Management opened 0 new positions and closed 1 in Q2 2026.
  • Blacksheep Fund Management's portfolio value rose 25% quarter-over-quarter to $310M.

Based on Blacksheep Fund Management's 13F filing for Q2 2026, filed 14 Aug 2026.