Blacksheep Fund Management Ltd — Q3 2025 13F-HR

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Q3 2025 · 13F-HR

Blacksheep Fund Management Ltdholdings as filed

Filed 2025-11-13 · accession 0001172661-25-004772

$117.3M

Reported value

Positions

2025-09-30

Period end

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The Brief · Blacksheep Fund Management Ltd · Q3 2025

AI · grounded in 13F

Blacksheep Fund Management Ltd established its largest position in TDG with a purchase of $50.37M. The fund also initiated new stakes in FWONK for $36.74M and TCX for $20.26M. A final new position was added in FWONA totaling $9.9M. These four holdings comprise the fund's total AUM of $117.28M.

Holdings as filed

CUSIP	Ticker	Issuer	Value	% port.	Shares	Class	Voting
893641100	TDG	TRANSDIGM GROUP INC	$50.4M	43.0%	38,220	Common	SOLE
531229755	FWONK	LIBERTY MEDIA CORP DEL	$36.7M	31.3%	351,706	Common	SOLE
898697206	TCX	TUCOWS INC	$20.3M	17.3%	1,091,985	Common	SOLE
531229771	FWONA	LIBERTY MEDIA CORP DEL	$9.9M	8.44%	104,010	Common	SOLE

Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.