Blacksheep Fund Management Ltd Long-Term Concentrated

CIK: 0001800249 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $245,961 (100.0% shares, 0.0% debt)

Holdings (8)

New Positions (4)

MSFT MICROSOFT CORP 16.6%

Value ($000) $40,759 Shares 84,280 Est. Cost $500.58 Unrealized 0.0%

MA MASTERCARD INCORPORATED 10.3%

Value ($000) $25,301 Shares 44,320 Est. Cost $558.95 Unrealized 0.0%

V VISA INC 6.9%

Value ($000) $16,922 Shares 48,250 Est. Cost $340.38 Unrealized 0.0%

GRND GRINDR INC 6.8%

Value ($000) $16,804 Shares 1,241,080 Est. Cost $13.59 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	84,280	$40,759	16.6%	$500.58	0.0%	COM	594918104
MA	MASTERCARD INCORPORATED	44,320	$25,301	10.3%	$558.95	0.0%	CL A	57636Q104
V	VISA INC	48,250	$16,922	6.9%	$340.38	0.0%	COM CL A	92826C839
GRND	GRINDR INC	1,241,080	$16,804	6.8%	$13.59	0.0%	COM	39854F101

Increased Positions (1)

TDG TRANSDIGM GROUP INC 31.6%

Value ($000) $77,748 (+54.3%) Shares 58,464 (+53.0%) Est. Cost $1346.09 Unrealized -2.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TDG	TRANSDIGM GROUP INC	58,464 (+53.0%)	$77,748 (+54.3%)	31.6%	$1346.09	-2.6%	COM	893641100

Unchanged Positions (3)

TCX TUCOWS INC 10.0%

Value ($000) $24,482 Shares 1,091,985 Est. Cost $60.34 Unrealized -66.3%

FWONK LIBERTY MEDIA CORP DEL 14.1%

Value ($000) $34,647 Shares 351,706 Est. Cost $91.83 Unrealized —

FWONA LIBERTY MEDIA CORP DEL 3.8%

Value ($000) $9,296 Shares 104,010 Est. Cost $82.95 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TCX	TUCOWS INC	1,091,985	$24,482	10.0%	$60.34	-66.3%	COM NEW	898697206
FWONK	LIBERTY MEDIA CORP DEL	351,706	$34,647	14.1%	$91.83	—	COM LBTY ONE S C	531229755
FWONA	LIBERTY MEDIA CORP DEL	104,010	$9,296	3.8%	$82.95	—	COM LBTY ONE S A	531229771