Lagoda Investment Management, L.P. Long-Term Concentrated

CIK: 0001632108 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $172,695 (100.0% shares, 0.0% debt)

Holdings (25)

New Positions (3)

SNPS SYNOPSYS INC 2.4%

Value ($000) $4,111 Shares 8,752 Est. Cost $444.23 Unrealized 0.0%

GH GUARDANT HEALTH INC 1.9%

Value ($000) $3,218 Shares 31,505 Est. Cost $89.46 Unrealized 0.0%

BABA ALIBABA GROUP HLDG LTD 0.5%

Value ($000) $807 Shares 5,508 Est. Cost $146.58 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNPS	SYNOPSYS INC	8,752	$4,111	2.4%	$444.23	0.0%	COM	871607107
GH	GUARDANT HEALTH INC	31,505	$3,218	1.9%	$89.46	0.0%	COM	40131M109
BABA	ALIBABA GROUP HLDG LTD	5,508	$807	0.5%	$146.58	—	SPONSORED ADS	01609W102

Increased Positions (3)

GOOG ALPHABET INC 8.4%

Value ($000) $14,458 (+34.8%) Shares 46,075 (+4.6%) Est. Cost $130.54 Unrealized +119.4%

STXS STEREOTAXIS INC 6.5%

Value ($000) $11,181 (-23.6%) Shares 4,861,200 (+3.3%) Est. Cost $3.15 Unrealized -15.3%

TPL TEXAS PACIFIC LAND CORPORATI 17.3%

Value ($000) $29,934 (-6.0%) Shares 104,221 (+205.7%) Est. Cost $254.96 Unrealized +19.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	46,075 (+4.6%)	$14,458 (+34.8%)	8.4%	$130.54	+119.4%	CAP STK CL C	02079K107
STXS	STEREOTAXIS INC	4,861,200 (+3.3%)	$11,181 (-23.6%)	6.5%	$3.15	-15.3%	COM NEW	85916J409
TPL	TEXAS PACIFIC LAND CORPORATI	104,221 (+205.7%)	$29,934 (-6.0%)	17.3%	$254.96	+19.6%	COM	88262P102

Exited Positions (1)

ABT ABBOTT LABS 0.0%

Value ($000) $21 Shares 160 Est. Cost $36.51 Unrealized +248.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABT	ABBOTT LABS	160	$21	0.0%	$36.51	+248.7%	—	002824100

Decreased Positions (12)

VNRX VOLITIONRX LTD 1.7%

Value ($000) $2,930 (-65.4%) Shares 11,463,603 (-8.2%) Est. Cost $1.44 Unrealized -73.7%

NTRA NATERA INC 10.5%

Value ($000) $18,178 (+33.9%) Shares 79,350 (-5.9%) Est. Cost $49.15 Unrealized +324.4%

DMRC DIGIMARC CORP NEW 2.6%

Value ($000) $4,556 (-38.8%) Shares 694,445 (-8.8%) Est. Cost $25.45 Unrealized -66.7%

UI UBIQUITI INC 3.8%

Value ($000) $6,541 (-27.3%) Shares 11,820 (-13.2%) Est. Cost $167.73 Unrealized +277.2%

ARM ARM HOLDINGS PLC 1.8%

Value ($000) $3,108 (-43.2%) Shares 28,435 (-26.5%) Est. Cost $159.36 Unrealized —

TRUP TRUPANION INC 5.4%

Value ($000) $9,315 (-17.3%) Shares 249,275 (-4.2%) Est. Cost $31.05 Unrealized +26.5%

PTC PTC INC 5.1%

Value ($000) $8,799 (-15.3%) Shares 50,510 (-1.2%) Est. Cost $45.14 Unrealized +311.7%

TMDX TRANSMEDICS GROUP INC 7.4%

Value ($000) $12,749 (+5.2%) Shares 104,800 (-3.0%) Est. Cost $74.26 Unrealized +69.0%

RNR RENAISSANCERE HLDGS LTD 4.3%

Value ($000) $7,371 (+8.3%) Shares 26,215 (-2.1%) Est. Cost $154.31 Unrealized +70.5%

TSM TAIWAN SEMICONDUCTOR MFG LTD 5.6%

Value ($000) $9,612 (+3.5%) Shares 31,630 (-4.9%) Est. Cost $162.50 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 1.1%

Value ($000) $1,945 (-2.3%) Shares 3,870 (-2.3%) Est. Cost $349.60 Unrealized +42.3%

XPO XPO INC 5.4%

Value ($000) $9,332 (+0.3%) Shares 68,665 (-4.6%) Est. Cost $29.30 Unrealized +365.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VNRX	VOLITIONRX LTD	11,463,603 (-8.2%)	$2,930 (-65.4%)	1.7%	$1.44	-73.7%	COM	928661107
NTRA	NATERA INC	79,350 (-5.9%)	$18,178 (+33.9%)	10.5%	$49.15	+324.4%	COM	632307104
DMRC	DIGIMARC CORP NEW	694,445 (-8.8%)	$4,556 (-38.8%)	2.6%	$25.45	-66.7%	COM	25381B101
UI	UBIQUITI INC	11,820 (-13.2%)	$6,541 (-27.3%)	3.8%	$167.73	+277.2%	COM	90353W103
ARM	ARM HOLDINGS PLC	28,435 (-26.5%)	$3,108 (-43.2%)	1.8%	$159.36	—	SPONSORED ADS	042068205
TRUP	TRUPANION INC	249,275 (-4.2%)	$9,315 (-17.3%)	5.4%	$31.05	+26.5%	COM	898202106
PTC	PTC INC	50,510 (-1.2%)	$8,799 (-15.3%)	5.1%	$45.14	+311.7%	COM	69370C100
TMDX	TRANSMEDICS GROUP INC	104,800 (-3.0%)	$12,749 (+5.2%)	7.4%	$74.26	+69.0%	COM	89377M109
RNR	RENAISSANCERE HLDGS LTD	26,215 (-2.1%)	$7,371 (+8.3%)	4.3%	$154.31	+70.5%	COM	G7496G103
TSM	TAIWAN SEMICONDUCTOR MFG LTD	31,630 (-4.9%)	$9,612 (+3.5%)	5.6%	$162.50	—	SPONSORED ADS	874039100
BRK/B	BERKSHIRE HATHAWAY INC DEL	3,870 (-2.3%)	$1,945 (-2.3%)	1.1%	$349.60	+42.3%	CL B NEW	084670702
XPO	XPO INC	68,665 (-4.6%)	$9,332 (+0.3%)	5.4%	$29.30	+365.0%	COM	983793100

Unchanged Positions (7)

GOOGL ALPHABET INC 0.3%

Value ($000) $471 Shares 1,505 Est. Cost $119.41 Unrealized +139.2%

MSFT MICROSOFT CORP 0.3%

Value ($000) $544 Shares 1,125 Est. Cost $53.94 Unrealized +828.1%

GXO GXO LOGISTICS INCORPORATED 4.5%

Value ($000) $7,848 Shares 149,095 Est. Cost $63.87 Unrealized -17.7%

GLD SPDR GOLD TR 0.1%

Value ($000) $258 Shares 650 Est. Cost $114.63 Unrealized —

HEI HEICO CORP NEW 1.2%

Value ($000) $2,027 Shares 6,265 Est. Cost $191.85 Unrealized +64.7%

RIVN RIVIAN AUTOMOTIVE INC 0.1%

Value ($000) $87 Shares 4,400 Est. Cost $18.80 Unrealized -15.6%

MA MASTERCARD INCORPORATED 1.9%

Value ($000) $3,313 Shares 5,804 Est. Cost $409.79 Unrealized +36.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	1,505	$471	0.3%	$119.41	+139.2%	CAP STK CL A	02079K305
MSFT	MICROSOFT CORP	1,125	$544	0.3%	$53.94	+828.1%	COM	594918104
GXO	GXO LOGISTICS INCORPORATED	149,095	$7,848	4.5%	$63.87	-17.7%	COMMON STOCK	36262G101
GLD	SPDR GOLD TR	650	$258	0.1%	$114.63	—	GOLD SHS	78463V107
HEI	HEICO CORP NEW	6,265	$2,027	1.2%	$191.85	+64.7%	COM	422806109
RIVN	RIVIAN AUTOMOTIVE INC	4,400	$87	0.1%	$18.80	-15.6%	COM CL A	76954A103
MA	MASTERCARD INCORPORATED	5,804	$3,313	1.9%	$409.79	+36.4%	CL A	57636Q104