Blacksheep Fund Management Ltd — Q2 2025 13F-HR

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Q2 2025 · 13F-HR

Blacksheep Fund Management Ltdholdings as filed

Filed 2025-08-13 · accession 0001172661-25-003140

$71.4M

Reported value

Positions

2025-06-30

Period end

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The Brief · Blacksheep Fund Management Ltd · Q2 2025

AI · grounded in 13F

Blacksheep Fund Management Ltd established a new position in FWONK valued at $40.03M. The fund also initiated a position in TCX for $21.52M. Additionally, it added FWONA to its portfolio with a $9.88M investment. These three holdings comprise the fund's total AUM of $71.43M.

Holdings as filed

CUSIP	Ticker	Issuer	Value	% port.	Shares	Class	Voting
531229755	FWONK	LIBERTY MEDIA CORP DEL	$40.0M	56.0%	383,056	Common	SOLE
898697206	TCX	TUCOWS INC	$21.5M	30.1%	1,091,985	Common	SOLE
531229771	FWONA	LIBERTY MEDIA CORP DEL	$9.9M	13.8%	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.