Lagoda Investment Management, L.P.

NEW YORK, NY · CIK 1632108 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2014 · limited partnership

Assets managed$312.6m
Staff4 · 2 in investment roles
Main clients (by assets)High net worth individuals 62%, Charities 33%, Individuals 5%
Websitelagodaim.com
Form ADV · 2026-03-17SEC adviser record

Legal entityLagoda Investment Management, L.P. (US)

$181.9m reported value +12.2% vs Q1 2026

25positions

72.5%in top 10

2 new 12 added 10 reduced 2 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	TEXAS PACIFIC LAND CORPORATI COM TPL	TPL	85,631	$37.5m20.60%	20.60%	Reduced -594	-594 -0.7%
2	NATERA INC COM NTRA	NTRA	58,503	$15.9m8.73%	8.73%	Reduced -6.0k	-5,952 -9.2%
3	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	27,520	$13.1m7.23%	7.23%	Added +115	+115 0.4%
4	ALPHABET INC CAP STK CL C GOOG	GOOG	36,375	$12.9m7.07%	7.07%	Reduced -965	-965 -2.6%
5	ADVANCED MICRO DEVICES INC COM AMD	AMD	17,825	$10.4m5.69%	5.69%	Added +6.3k	+6,345 55.3%
6	ARM HOLDINGS PLC SPONSORED ADS ARM	ARM	28,525	$10.1m5.56%	5.56%	Added +2.4k	+2,440 9.3%
7	DIGIMARC CORP COM DMRC	DMRC	1,140,450	$9.4m5.15%	5.15%	New
8	XPO INC COM XPO	XPO	41,890	$8.6m4.73%	4.73%	Reduced -7.8k	-7,810 -15.7%
9	STEREOTAXIS INC COM NEW STXS	STXS	4,122,600	$7.1m3.90%	3.90%	Reduced -227.8k	-227,800 -5.2%
10	RENAISSANCERE HLDGS LTD COM RNR	RNR	22,235	$7.0m3.87%	3.87%	Reduced -385	-385 -1.7%
11	GXO LOGISTICS INCORPORATED COMMON STOCK GXO	GXO	129,310	$6.6m3.60%	3.60%	Added +50	+50 0.0%
12	TRANSMEDICS GROUP INC COM TMDX	TMDX	97,465	$6.5m3.56%	3.56%	Added +6.9k	+6,935 7.7%
13	GUARDANT HEALTH INC COM GH	GH	37,365	$5.6m3.08%	3.08%	Added +955	+955 2.6%
14	PTC INC COM PTC	PTC	45,660	$5.2m2.85%	2.85%	Added +4.2k	+4,205 10.1%
15	SYNOPSYS INC COM SNPS	SNPS	10,626	$4.7m2.61%	2.61%	Added +1.2k	+1,236 13.2%
16	UBIQUITI INC COM UI	UI	6,646	$3.5m1.95%	1.95%	Reduced -2.3k	-2,309 -25.8%
17	QXO INC COM NEW QXO	QXO	203,675	$3.5m1.94%	1.94%	Added +126.3k	+126,300 163.2%
18	PROFOUND MED CORP COM NEW PROF	PROF	501,325	$3.3m1.83%	1.83%	Added +60.3k	+60,310 13.7%
19	MASTERCARD INCORPORATED CL A MA	MA	4,735	$2.4m1.34%	1.34%	Reduced -340	-340 -6.7%
20	HEICO CORP NEW COM HEI	HEI	6,000	$2.1m1.17%	1.17%	Added +150	+150 2.6%
21	VOLITIONRX LTD COMMON STK VNRX	VNRX	1,455,950	$2.0m1.08%	1.08%	New
22	TRUPANION INC COM TRUP	TRUP	79,050	$2.0m1.08%	1.08%	Reduced -19.5k	-19,500 -19.8%
23	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	3,670	$1.8m1.01%	1.01%	Unchanged
24	MICROSOFT CORP COM MSFT	MSFT	1,075	$401.0k0.22%	0.22%	Reduced -25	-25 -2.3%
25	SPDR GOLD TR GOLD SHS GLD	GLD	700	$257.9k0.14%	0.14%	Added +100	+100 16.7%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
DIGIMARC CORP NEW		1,062,800	$5.2m1.1m shares
VOLITIONRX LTD		16,149,000	$3.3m16.1m shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
VOLITIONRX LTD 13G · filed 2026-05-15		10.7%	+0.6 pts	13G	2026-05-15
VOLITIONRX LTD VNRX · 13D · filed 2026-09-16	VNRX	5.9%≈ $1.2m	-1.5 pts	13D	2026-09-16
DIGIMARC CORP DMRC · 13G · filed 2026-08-14	DMRC	5.0%≈ $9.4m	new	13G	2026-08-14