Lagoda Investment Management, L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Lagoda Investment Management, L.P. reported 33 stock positions worth $157.0 million. Its top holding was Texas Pacific Land (TPL) at 28.4% of the portfolio, followed by Natera (NTRA, 8.4%) and Trupanion (TRUP, 6.3%). Compared with Q4 2024, it sold out of 1, added to 11 and reduced 15. The biggest buy was Transmedics (TMDX, shares +38%) and the biggest sale Enstar (ESGR, shares −94%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001632108
- Portfolio Value
- $157.0M (Q1 2025)
- SEC Filing
- 0001641172-25-010858 ↗ filed May 15, 2025
Holdings Value
Holdings 33 stocks · $157.0M
| TPL Texas Pacific Land Corp. | 28.44% | 33,694 | $44.6M | Reduce -1.8% |
| NTRA Natera Inc. | 8.41% | 93,300 | $13.2M | Reduce -4.0% |
| TRUP Trupanion Inc. | 6.29% | 264,995 | $9.9M | Add +0.4% |
| DMRC Digimarc Corp. | 5.67% | 693,675 | $8.9M | Add +10.4% |
| PTC PTC Inc. | 5.48% | 55,533 | $8.6M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 5.40% | 54,277 | $8.5M | Reduce -0.9% |
| XPO Xpo Inc. | 5.17% | 75,455 | $8.1M | Reduce -1.8% |
| STXS Stereotaxis Inc. | 4.91% | 4,380,450 | $7.7M | Add +6.2% |
| TMDX Transmedics Group Inc. | 4.36% | 101,810 | $6.8M | Add +37.8% |
| UI Ubiquiti Inc. | 4.11% | 20,790 | $6.4M | Reduce -2.7% |
| RNR Renaissancere Holdings Ltd. | 3.98% | 26,045 | $6.3M | Add +4.2% |
| TSM Taiwan Semiconductor-SP ADR | 3.82% | 36,167 | $6.0M | Add +1.5% |
| VNRX Volitionrx Ltd. | 3.70% | 10,194,000 | $5.8M | Add +34.6% |
| GXO Gxo Logistics Inc. | 3.49% | 140,140 | $5.5M | Add +2.8% |
| MA Mastercard Inc. Class A | 1.51% | 4,324 | $2.4M | Add +9.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.02% | 2 | $1.6M | No change |
| HEI Heico Corp. | 0.99% | 5,830 | $1.6M | Reduce -11.0% |
| RXO Rxo Inc. | 0.96% | 78,620 | $1.5M | Reduce -48.2% |
| ERII Energy Recovery Inc. | 0.75% | 74,107 | $1.2M | Reduce -61.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.70% | 2,065 | $1.1M | No change |
| MSFT Microsoft Corp. | 0.30% | 1,275 | $479K | No change |
| GOOGL Alphabet Inc. Class A | 0.15% | 1,505 | $233K | Add +1.7% |
| GLD SPDR Gold Shares | 0.12% | 650 | $187K | No change |
| NVO Novo-Nordisk A/S-Spons ADR | 0.10% | 2,300 | $160K | No change |
| ESGR Enstar Group Ltd. | 0.09% | 410 | $136K | Reduce -94.1% |
| RIVN Rivian Automotive Inc. Class A | 0.04% | 4,800 | $60K | Add +20.0% |
| ABT Abbott Laboratories | 0.01% | 160 | $21K | No change |
| PSX Phillips 66 | 0.01% | 170 | $21K | No change |
| ETN Eaton Corp. PLC | 0.00% | 10 | $3K | Reduce -99.8% |
| PWR Quanta Services Inc. | 0.00% | 10 | $3K | Reduce -99.1% |
| JOE The St Joe Co. | 0.00% | 45 | $2K | Reduce -99.8% |
| CPAY Corpay Inc. | 0.00% | 5 | $2K | Reduce -99.5% |
| NE Noble Corp. PLC | 0.00% | 65 | $2K | Reduce -99.0% |
Portfolio Sells Q4 2024 → Q1 2025
| ESGR Enstar Group Ltd. | Reduce -94.1% | 0.09% | −1.12 |
| RXO Rxo Inc. | Reduce -48.2% | 0.96% | −1.00 |
| ETN Eaton Corp. PLC | Reduce -99.8% | 0.00% | −0.83 |
| ERII Energy Recovery Inc. | Reduce -61.1% | 0.75% | −0.77 |
| JOE The St Joe Co. | Reduce -99.8% | 0.00% | −0.58 |
| XPO Xpo Inc. | Reduce -1.8% | 5.17% | −0.28 |
| GOOG Alphabet Inc. Class C | Reduce -0.9% | 5.40% | −0.24 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.21 |
| PWR Quanta Services Inc. | Reduce -99.1% | 0.00% | −0.19 |
| CPAY Corpay Inc. | Reduce -99.5% | 0.00% | −0.17 |
| NE Noble Corp. PLC | Reduce -99.0% | 0.00% | −0.11 |
| PTC PTC Inc. | Reduce -0.8% | 5.48% | −0.08 |
| NTRA Natera Inc. | Reduce -4.0% | 8.41% | +0.09 |
| HEI Heico Corp. | Reduce -11.0% | 0.99% | +0.15 |
| UI Ubiquiti Inc. | Reduce -2.7% | 4.11% | +0.27 |
| TPL Texas Pacific Land Corp. | Reduce -1.8% | 28.44% | +7.93 |
Portfolio Buys Q4 2024 → Q1 2025
| TMDX Transmedics Group Inc. | Add +37.8% | 4.36% | +1.87 |
| VNRX Volitionrx Ltd. | Add +34.6% | 3.70% | +1.24 |
| RNR Renaissancere Holdings Ltd. | Add +4.2% | 3.98% | +0.62 |
| MA Mastercard Inc. Class A | Add +9.4% | 1.51% | +0.38 |
| GXO Gxo Logistics Inc. | Add +2.8% | 3.49% | +0.28 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.5% | 3.82% | +0.02 |
| RIVN Rivian Automotive Inc. Class A | Add +20.0% | 0.04% | +0.01 |
| GOOGL Alphabet Inc. Class A | Add +1.7% | 0.15% | −0.00 |
| STXS Stereotaxis Inc. | Add +6.2% | 4.91% | −0.18 |
| TRUP Trupanion Inc. | Add +0.4% | 6.29% | −0.59 |
| DMRC Digimarc Corp. | Add +10.4% | 5.67% | −7.06 |
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 |