Lagoda Investment Management, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Lagoda Investment Management, L.P. reported 23 stock positions worth $176.7 million. Its top holding was Texas Pacific Land (TPL) at 18.0% of the portfolio, followed by Stereotaxis (STXS, 8.3%) and Natera (NTRA, 7.7%). Compared with Q2 2025, it sold out of 1, added to 11 and reduced 9. The biggest buy was Stereotaxis (STXS, shares +0%) and the biggest sale Trupanion (TRUP, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001632108
- Portfolio Value
- $176.7M (Q3 2025)
- SEC Filing
- 0001493152-25-023435 ↗ filed Nov 14, 2025
Holdings Value
Holdings 23 stocks · $176.7M
| TPL Texas Pacific Land Corp. | 18.01% | 34,092 | $31.8M | Add +0.9% |
| STXS Stereotaxis Inc. | 8.28% | 4,707,400 | $14.6M | Add +0.4% |
| NTRA Natera Inc. | 7.68% | 84,340 | $13.6M | Add +0.1% |
| TMDX Transmedics Group Inc. | 6.86% | 108,060 | $12.1M | Add +3.5% |
| TRUP Trupanion Inc. | 6.37% | 260,115 | $11.3M | Reduce -1.0% |
| GOOG Alphabet Inc. Class C | 6.07% | 44,040 | $10.7M | Add +6.1% |
| PTC PTC Inc. | 5.87% | 51,145 | $10.4M | Reduce -5.2% |
| XPO Xpo Inc. | 5.26% | 71,950 | $9.3M | Reduce -6.1% |
| TSM Taiwan Semiconductor-SP ADR | 5.25% | 33,255 | $9.3M | Add +2.1% |
| UI Ubiquiti Inc. | 5.09% | 13,615 | $9.0M | Reduce -29.6% |
| VNRX Volitionrx Ltd. | 4.80% | 12,487,000 | $8.5M | Add +6.7% |
| GXO Gxo Logistics Inc. | 4.46% | 148,930 | $7.9M | Add +8.3% |
| DMRC Digimarc Corp. | 4.21% | 761,345 | $7.4M | Add +2.4% |
| RNR Renaissancere Holdings Ltd. | 3.85% | 26,790 | $6.8M | Reduce -0.4% |
| ARM Arm Holdings PLC-ADR | 3.10% | 38,670 | $5.5M | Add +13.3% |
| MA Mastercard Inc. Class A | 1.87% | 5,804 | $3.3M | No change |
| HEI Heico Corp. | 1.13% | 6,210 | $2.0M | Reduce -3.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.13% | 3,960 | $2.0M | Add +109.5% |
| MSFT Microsoft Corp. | 0.33% | 1,125 | $583K | Reduce -11.8% |
| GOOGL Alphabet Inc. Class A | 0.21% | 1,505 | $366K | No change |
| GLD SPDR Gold Shares | 0.13% | 650 | $231K | Reduce -7.1% |
| RIVN Rivian Automotive Inc. Class A | 0.04% | 4,400 | $65K | Reduce -12.0% |
| ABT Abbott Laboratories | 0.01% | 160 | $21K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| TRUP Trupanion Inc. | Reduce -1.0% | 6.37% | −1.87 |
| BRK.A Berkshire Hathaway Inc. Class A | Sold out | 0.00% | −0.83 |
| XPO Xpo Inc. | Reduce -6.1% | 5.26% | −0.22 |
| HEI Heico Corp. | Reduce -3.8% | 1.13% | −0.06 |
| MSFT Microsoft Corp. | Reduce -11.8% | 0.33% | −0.03 |
| RIVN Rivian Automotive Inc. Class A | Reduce -12.0% | 0.04% | −0.00 |
| GLD SPDR Gold Shares | Reduce -7.1% | 0.13% | +0.01 |
| RNR Renaissancere Holdings Ltd. | Reduce -0.4% | 3.85% | +0.15 |
| UI Ubiquiti Inc. | Reduce -29.6% | 5.09% | +0.58 |
| PTC PTC Inc. | Reduce -5.2% | 5.87% | +0.61 |
Portfolio Buys Q2 2025 → Q3 2025
| STXS Stereotaxis Inc. | Add +0.4% | 8.28% | +2.65 |
| GOOG Alphabet Inc. Class C | Add +6.1% | 6.07% | +1.90 |
| TSM Taiwan Semiconductor-SP ADR | Add +2.1% | 5.25% | +1.08 |
| GXO Gxo Logistics Inc. | Add +8.3% | 4.46% | +0.66 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +109.5% | 1.13% | +0.61 |
| ARM Arm Holdings PLC-ADR | Add +13.3% | 3.10% | −0.03 |
| VNRX Volitionrx Ltd. | Add +6.7% | 4.80% | −0.24 |
| NTRA Natera Inc. | Add +0.1% | 7.68% | −0.38 |
| TMDX Transmedics Group Inc. | Add +3.5% | 6.86% | −1.07 |
| DMRC Digimarc Corp. | Add +2.4% | 4.21% | −1.36 |
| TPL Texas Pacific Land Corp. | Add +0.9% | 18.01% | −2.21 |
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 |