Lagoda Investment Management, L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Lagoda Investment Management, L.P. reported 34 stock positions worth $184.9 million. Its top holding was Texas Pacific Land (TPL) at 20.5% of the portfolio, followed by Digimarc (DMRC, 12.7%) and Natera (NTRA, 8.3%). Compared with Q3 2024, it added to 14 and reduced 11. The biggest buy was Digimarc (DMRC, shares +7%) and the biggest sale Enstar (ESGR, shares −56%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001632108
- Portfolio Value
- $184.9M (Q4 2024)
- SEC Filing
- 0001493152-25-006837 ↗ filed Feb 14, 2025
Holdings Value
Holdings 34 stocks · $184.9M
| TPL Texas Pacific Land Corp. | 20.51% | 34,293 | $37.9M | Reduce -12.7% |
| DMRC Digimarc Corp. | 12.72% | 628,275 | $23.5M | Add +6.8% |
| NTRA Natera Inc. | 8.32% | 97,163 | $15.4M | Reduce -14.9% |
| TRUP Trupanion Inc. | 6.88% | 263,920 | $12.7M | Reduce -1.1% |
| GOOG Alphabet Inc. Class C | 5.64% | 54,784 | $10.4M | Add +6.8% |
| PTC PTC Inc. | 5.57% | 55,980 | $10.3M | Reduce -6.3% |
| XPO Xpo Inc. | 5.45% | 76,825 | $10.1M | Reduce -4.1% |
| STXS Stereotaxis Inc. | 5.09% | 4,126,135 | $9.4M | Add +7.7% |
| UI Ubiquiti Inc. | 3.84% | 21,365 | $7.1M | Reduce -17.6% |
| TSM Taiwan Semiconductor-SP ADR | 3.81% | 35,637 | $7.0M | Add +2.5% |
| RNR Renaissancere Holdings Ltd. | 3.36% | 25,000 | $6.2M | Reduce -5.5% |
| GXO Gxo Logistics Inc. | 3.21% | 136,315 | $5.9M | Add +1.4% |
| TMDX Transmedics Group Inc. | 2.49% | 73,860 | $4.6M | Add +16.7% |
| VNRX Volitionrx Ltd. | 2.46% | 7,576,000 | $4.5M | Add +24.3% |
| RXO Rxo Inc. | 1.96% | 151,745 | $3.6M | Reduce -0.5% |
| ERII Energy Recovery Inc. | 1.52% | 190,770 | $2.8M | Reduce -7.8% |
| ESGR Enstar Group Ltd. | 1.21% | 6,935 | $2.2M | Reduce -56.0% |
| MA Mastercard Inc. Class A | 1.13% | 3,954 | $2.1M | Add +46.8% |
| HEI Heico Corp. | 0.84% | 6,550 | $1.6M | Add +34.1% |
| ETN Eaton Corp. PLC | 0.83% | 4,650 | $1.5M | Add +44.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.74% | 2 | $1.4M | No change |
| JOE The St Joe Co. | 0.58% | 23,745 | $1.1M | Add +41.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.51% | 2,065 | $936K | No change |
| MSFT Microsoft Corp. | 0.29% | 1,275 | $537K | No change |
| XOM Exxon Mobil Corp. | 0.21% | 3,625 | $390K | No change |
| PWR Quanta Services Inc. | 0.19% | 1,105 | $349K | Add +9.9% |
| CPAY Corpay Inc. | 0.17% | 910 | $308K | Add +26.4% |
| GOOGL Alphabet Inc. Class A | 0.15% | 1,480 | $280K | Add +12.6% |
| NE Noble Corp. PLC | 0.11% | 6,600 | $207K | No change |
| NVO Novo-Nordisk A/S-Spons ADR | 0.11% | 2,300 | $198K | No change |
| GLD SPDR Gold Shares | 0.09% | 650 | $157K | No change |
| RIVN Rivian Automotive Inc. Class A | 0.03% | 4,000 | $53K | Reduce -33.3% |
| PSX Phillips 66 | 0.01% | 170 | $19K | No change |
| ABT Abbott Laboratories | 0.01% | 160 | $18K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| ESGR Enstar Group Ltd. | Reduce -56.0% | 1.21% | −1.70 |
| RNR Renaissancere Holdings Ltd. | Reduce -5.5% | 3.36% | −0.78 |
| PTC PTC Inc. | Reduce -6.3% | 5.57% | −0.63 |
| ERII Energy Recovery Inc. | Reduce -7.8% | 1.52% | −0.55 |
| RXO Rxo Inc. | Reduce -0.5% | 1.96% | −0.50 |
| RIVN Rivian Automotive Inc. Class A | Reduce -33.3% | 0.03% | −0.01 |
| NTRA Natera Inc. | Reduce -14.9% | 8.32% | −0.01 |
| TRUP Trupanion Inc. | Reduce -1.1% | 6.88% | +0.45 |
| XPO Xpo Inc. | Reduce -4.1% | 5.45% | +0.50 |
| UI Ubiquiti Inc. | Reduce -17.6% | 3.84% | +0.53 |
| TPL Texas Pacific Land Corp. | Reduce -12.7% | 20.51% | +0.54 |
Portfolio Buys Q3 2024 → Q4 2024
| DMRC Digimarc Corp. | Add +6.8% | 12.72% | +3.64 |
| GOOG Alphabet Inc. Class C | Add +6.8% | 5.64% | +0.71 |
| STXS Stereotaxis Inc. | Add +7.7% | 5.09% | +0.60 |
| MA Mastercard Inc. Class A | Add +46.8% | 1.13% | +0.36 |
| VNRX Volitionrx Ltd. | Add +24.3% | 2.46% | +0.35 |
| TSM Taiwan Semiconductor-SP ADR | Add +2.5% | 3.81% | +0.34 |
| ETN Eaton Corp. PLC | Add +44.2% | 0.83% | +0.22 |
| HEI Heico Corp. | Add +34.1% | 0.84% | +0.11 |
| CPAY Corpay Inc. | Add +26.4% | 0.17% | +0.04 |
| GOOGL Alphabet Inc. Class A | Add +12.6% | 0.15% | +0.03 |
| PWR Quanta Services Inc. | Add +9.9% | 0.19% | +0.02 |
| JOE The St Joe Co. | Add +41.9% | 0.58% | +0.02 |
| GXO Gxo Logistics Inc. | Add +1.4% | 3.21% | −0.82 |
| TMDX Transmedics Group Inc. | Add +16.7% | 2.49% | −3.22 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 25 | $181.9M | TPL, NTRA, TSM, GOOG, AMD |
| Q1 2026 | 25 | $162.2M | TPL, NTRA, GOOG, XPO, TSM |
| Q4 2025 | 25 | $172.7M | TPL, NTRA, GOOG, TMDX, STXS |
| Q3 2025 | 23 | $176.7M | TPL, STXS, NTRA, TMDX, TRUP |
| Q2 2025 | 24 | $176.5M | TPL, TRUP, NTRA, TMDX, STXS |
| Q1 2025 | 33 | $157.0M | TPL, NTRA, TRUP, DMRC, PTC |
| Q4 2024 | 34 | $184.9M | TPL, DMRC, NTRA, TRUP, GOOG |
| Q3 2024 | 34 | $174.1M | TPL, DMRC, NTRA, TRUP, PTC |
| Q2 2024 | 40 | $173.8M | TPL, DMRC, NTRA, PTC, TMDX |
| Q1 2024 | 40 | $163.0M | TPL, DMRC, NTRA, PTC, XPO |