Lagoda Investment Management, L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Lagoda Investment Management, L.P. reported 24 stock positions worth $176.5 million. Its top holding was Texas Pacific Land (TPL) at 20.2% of the portfolio, followed by Trupanion (TRUP, 8.2%) and Natera (NTRA, 8.1%). Compared with Q1 2025, it opened 1 new position, sold out of 10, added to 11 and reduced 8. The biggest buy was Transmedics (TMDX, shares +3%) and the biggest sale Alphabet Class C (GOOG, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001632108
- Portfolio Value
- $176.5M (Q2 2025)
- SEC Filing
- 0001641172-25-024034 ↗ filed Aug 14, 2025
Holdings Value
Holdings 24 stocks · $176.5M
| TPL Texas Pacific Land Corp. | 20.22% | 33,787 | $35.7M | Add +0.3% |
| TRUP Trupanion Inc. | 8.24% | 262,845 | $14.5M | Reduce -0.8% |
| NTRA Natera Inc. | 8.06% | 84,250 | $14.2M | Reduce -9.7% |
| TMDX Transmedics Group Inc. | 7.93% | 104,435 | $14.0M | Add +2.6% |
| STXS Stereotaxis Inc. | 5.63% | 4,687,900 | $9.9M | Add +7.0% |
| DMRC Digimarc Corp. | 5.56% | 743,425 | $9.8M | Add +7.2% |
| XPO Xpo Inc. | 5.48% | 76,625 | $9.7M | Add +1.6% |
| PTC PTC Inc. | 5.27% | 53,970 | $9.3M | Reduce -2.8% |
| VNRX Volitionrx Ltd. | 5.04% | 11,705,000 | $8.9M | Add +14.8% |
| UI Ubiquiti Inc. | 4.51% | 19,340 | $8.0M | Reduce -7.0% |
| TSM Taiwan Semiconductor-SP ADR | 4.18% | 32,570 | $7.4M | Reduce -9.9% |
| GOOG Alphabet Inc. Class C | 4.17% | 41,510 | $7.4M | Reduce -23.5% |
| GXO Gxo Logistics Inc. | 3.80% | 137,560 | $6.7M | Reduce -1.8% |
| RNR Renaissancere Holdings Ltd. | 3.70% | 26,900 | $6.5M | Add +3.3% |
| ARM Arm Holdings PLC-ADR | 3.13% | 34,125 | $5.5M | New |
| MA Mastercard Inc. Class A | 1.85% | 5,804 | $3.3M | Add +34.2% |
| HEI Heico Corp. | 1.20% | 6,452 | $2.1M | Add +10.7% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.83% | 2 | $1.5M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.52% | 1,890 | $918K | Reduce -8.5% |
| MSFT Microsoft Corp. | 0.36% | 1,275 | $634K | No change |
| GOOGL Alphabet Inc. Class A | 0.15% | 1,505 | $265K | No change |
| GLD SPDR Gold Shares | 0.12% | 700 | $213K | Add +7.7% |
| RIVN Rivian Automotive Inc. Class A | 0.04% | 5,000 | $69K | Add +4.2% |
| ABT Abbott Laboratories | 0.01% | 160 | $22K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| GOOG Alphabet Inc. Class C | Reduce -23.5% | 4.17% | −1.23 |
| RXO Rxo Inc. | Sold out | 0.00% | −0.96 |
| ERII Energy Recovery Inc. | Sold out | 0.00% | −0.75 |
| NTRA Natera Inc. | Reduce -9.7% | 8.06% | −0.34 |
| PTC PTC Inc. | Reduce -2.8% | 5.27% | −0.21 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -8.5% | 0.52% | −0.18 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.10 |
| ESGR Enstar Group Ltd. | Sold out | 0.00% | −0.09 |
| PSX Phillips 66 | Sold out | 0.00% | −0.01 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −0.00 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.00 |
| JOE The St Joe Co. | Sold out | 0.00% | −0.00 |
| CPAY Corpay Inc. | Sold out | 0.00% | −0.00 |
| NE Noble Corp. PLC | Sold out | 0.00% | −0.00 |
| GXO Gxo Logistics Inc. | Reduce -1.8% | 3.80% | +0.31 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -9.9% | 4.18% | +0.35 |
| UI Ubiquiti Inc. | Reduce -7.0% | 4.51% | +0.40 |
| TRUP Trupanion Inc. | Reduce -0.8% | 8.24% | +1.95 |
Portfolio Buys Q1 2025 → Q2 2025
| TMDX Transmedics Group Inc. | Add +2.6% | 7.93% | +3.56 |
| ARM Arm Holdings PLC-ADR | New | 3.13% | +3.13 |
| VNRX Volitionrx Ltd. | Add +14.8% | 5.04% | +1.34 |
| STXS Stereotaxis Inc. | Add +7.0% | 5.63% | +0.72 |
| MA Mastercard Inc. Class A | Add +34.2% | 1.85% | +0.34 |
| XPO Xpo Inc. | Add +1.6% | 5.48% | +0.31 |
| HEI Heico Corp. | Add +10.7% | 1.20% | +0.21 |
| GLD SPDR Gold Shares | Add +7.7% | 0.12% | +0.00 |
| RIVN Rivian Automotive Inc. Class A | Add +4.2% | 0.04% | +0.00 |
| DMRC Digimarc Corp. | Add +7.2% | 5.56% | −0.10 |
| RNR Renaissancere Holdings Ltd. | Add +3.3% | 3.70% | −0.28 |
| TPL Texas Pacific Land Corp. | Add +0.3% | 20.22% | −8.22 |
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 |