Lagoda Investment Management, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Lagoda Investment Management, L.P. reported 25 stock positions worth $172.7 million. Its top holding was Texas Pacific Land (TPL) at 17.3% of the portfolio, followed by Natera (NTRA, 10.5%) and Alphabet Class C (GOOG, 8.4%). Compared with Q3 2025, it opened 3 new positions, sold out of 1, added to 5 and reduced 12. The biggest buy was a new position in Synopsys (SNPS) and the biggest sale Volitionrx (VNRX, shares −8%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001632108
- Portfolio Value
- $172.7M (Q4 2025)
- SEC Filing
- 0001493152-26-007087 ↗ filed Feb 17, 2026
Holdings Value
Holdings 25 stocks · $172.7M
| TPL Texas Pacific Land Corp. | 17.33% | 104,221 | $29.9M | Add +1.9% |
| NTRA Natera Inc. | 10.53% | 79,350 | $18.2M | Reduce -5.9% |
| GOOG Alphabet Inc. Class C | 8.37% | 46,075 | $14.5M | Add +4.6% |
| TMDX Transmedics Group Inc. | 7.38% | 104,800 | $12.7M | Reduce -3.0% |
| STXS Stereotaxis Inc. | 6.47% | 4,861,200 | $11.2M | Add +3.3% |
| TSM Taiwan Semiconductor-SP ADR | 5.57% | 31,630 | $9.6M | Reduce -4.9% |
| XPO Xpo Inc. | 5.40% | 68,665 | $9.3M | Reduce -4.6% |
| TRUP Trupanion Inc. | 5.39% | 249,275 | $9.3M | Reduce -4.2% |
| PTC PTC Inc. | 5.10% | 50,510 | $8.8M | Reduce -1.2% |
| GXO Gxo Logistics Inc. | 4.54% | 149,095 | $7.8M | Add +0.1% |
| RNR Renaissancere Holdings Ltd. | 4.27% | 26,215 | $7.4M | Reduce -2.1% |
| UI Ubiquiti Inc. | 3.79% | 11,820 | $6.5M | Reduce -13.2% |
| DMRC Digimarc Corp. | 2.64% | 694,445 | $4.6M | Reduce -8.8% |
| SNPS Synopsys Inc. | 2.38% | 8,752 | $4.1M | New |
| MA Mastercard Inc. Class A | 1.92% | 5,804 | $3.3M | No change |
| GH Guardant Health Inc. | 1.86% | 31,505 | $3.2M | New |
| ARM Arm Holdings PLC-ADR | 1.80% | 28,435 | $3.1M | Reduce -26.5% |
| VNRX Volitionrx Ltd. | 1.70% | 11,463,603 | $2.9M | Reduce -8.2% |
| HEI Heico Corp. | 1.17% | 6,265 | $2.0M | Add +0.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.13% | 3,870 | $1.9M | Reduce -2.3% |
| BABA Alibaba Group Holding-SP ADR | 0.47% | 5,508 | $807K | New |
| MSFT Microsoft Corp. | 0.32% | 1,125 | $544K | No change |
| GOOGL Alphabet Inc. Class A | 0.27% | 1,505 | $471K | No change |
| GLD SPDR Gold Shares | 0.15% | 650 | $258K | No change |
| RIVN Rivian Automotive Inc. Class A | 0.05% | 4,400 | $87K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| VNRX Volitionrx Ltd. | Reduce -8.2% | 1.70% | −3.10 |
| DMRC Digimarc Corp. | Reduce -8.8% | 2.64% | −1.57 |
| UI Ubiquiti Inc. | Reduce -13.2% | 3.79% | −1.30 |
| ARM Arm Holdings PLC-ADR | Reduce -26.5% | 1.80% | −1.30 |
| TRUP Trupanion Inc. | Reduce -4.2% | 5.39% | −0.98 |
| PTC PTC Inc. | Reduce -1.2% | 5.10% | −0.78 |
| ABT Abbott Laboratories | Sold out | 0.00% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.3% | 1.13% | 0.00 |
| XPO Xpo Inc. | Reduce -4.6% | 5.40% | +0.14 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -4.9% | 5.57% | +0.31 |
| RNR Renaissancere Holdings Ltd. | Reduce -2.1% | 4.27% | +0.42 |
| TMDX Transmedics Group Inc. | Reduce -3.0% | 7.38% | +0.52 |
| NTRA Natera Inc. | Reduce -5.9% | 10.53% | +2.85 |
Portfolio Buys Q3 2025 → Q4 2025
| SNPS Synopsys Inc. | New | 2.38% | +2.38 |
| GOOG Alphabet Inc. Class C | Add +4.6% | 8.37% | +2.30 |
| GH Guardant Health Inc. | New | 1.86% | +1.86 |
| BABA Alibaba Group Holding-SP ADR | New | 0.47% | +0.47 |
| GXO Gxo Logistics Inc. | Add +0.1% | 4.54% | +0.09 |
| HEI Heico Corp. | Add +0.9% | 1.17% | +0.04 |
| TPL Texas Pacific Land Corp. | Add +1.9% | 17.33% | −0.67 |
| STXS Stereotaxis Inc. | Add +3.3% | 6.47% | −1.81 |
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 |