Blacksheep Fund Management Ltd

CIK 0001800249 · Q2 2026

13F Equity AUM

$309.6M

+25.2% QoQ

Positions

-1 QoQ

AUM Rank

#4,927

Top 57%

Skill Alpha (FF)

+2.6%/yr^ns

No Clear Edge

Rank #1,152 · Top 14%

vs S&P +2.5%/yr (unadj.)

Quarters Tracked

~6 years

Portfolio Concentration

Top 5: 92.3%Top 10: 100.0%Top 20: 100.0%

MA25.5%

V20.7%

T7D19.7%

MSFT15.7%

FWONK10.8%

TUQ14.8%

FWONA2.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services46.1%

Technology20.4%

Consumer Discretionary19.7%

Communication Services13.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 7Median: 15.68%Avg: 14.29%

0–0.5%

0(0.0%)

0.5–1%

0(0.0%)

1–3%

1(2.9%)

3–5%

1(4.8%)

5%+

5(92.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 7vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New0Increased2Decreased0Exited1

Increased

V20.7%

+86K(+85%)

MA25.5%

+66K(+75%)

Exited

GRND

-1,241,080

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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