SCHEDULE: Garmin Ltd: Beneficial Ownership Update

Min H. Kao and Yu-Fan C. Kao have updated their beneficial ownership filing for Garmin Ltd, reporting a combined 9.7% stake.

Summary

• This filing is an amendment to a Schedule 13G, reporting changes in beneficial ownership of Garmin Ltd's registered shares.
• Min H. Kao and Yu-Fan C. Kao are the reporting persons.
• They collectively beneficially own 18,662,265 registered shares, representing 9.7% of the class.
• The shares are held through various trusts and a family foundation, with shared voting and dispositive power attributed to Min H. Kao and Yu-Fan C. Kao.
• The filing date of the event requiring this statement is September 30, 2026.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral filing, primarily an update on beneficial ownership rather than a financial performance report.

Positives

• The filing provides clarity on the beneficial ownership structure of a significant stake in Garmin Ltd.
• The reporting persons are identified as US citizens.
• The filing confirms a substantial, albeit shared, ownership interest.

Negatives

• The filing does not contain financial performance data or operational updates.
• Specific details on the exact voting or dispositive power for each trust are not elaborated beyond 'shared'.

Risks

• Potential for future changes in beneficial ownership that could impact control or strategic direction.
• The reliance on trusts and foundations for holding shares could introduce complexities in governance or decision-making.

Future Outlook

This filing does not contain any forward-looking statements or guidance.

Management Comments

• Min H. Kao disclaims beneficial ownership of shares held by the Kao Family Foundation and states that nothing herein shall be construed as an admission that Min H. Kao is the beneficial owner of such Registered Shares.
• Yu-Fan C. Kao disclaims beneficial ownership of shares held by the Kao Family Foundation and states that nothing herein shall be construed as an admission that Yu-Fan C. Kao is the beneficial owner of such Registered Shares.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for significant institutional investors or individuals who acquire beneficial ownership of more than 5% of a company's registered class of securities. This filing indicates a substantial, long-term interest in Garmin Ltd by key individuals associated with its history.

Related Party Transactions

• Shares held by revocable trusts established by Jennifer Kao and Kenneth Kao (children of Min H. Kao and Yu-Fan C. Kao) for which Min H. Kao and Yu-Fan C. Kao are co-trustees.
• Shares held by the Kao Family Foundation, a charitable foundation where Min H. Kao is president and a director, and Yu-Fan C. Kao is a director.

Stakeholder Impact

• Shareholders: Provides transparency on significant beneficial ownership, potentially influencing market perception.
• Management: The significant stake held by Min H. Kao and Yu-Fan C. Kao may influence corporate governance and strategic decisions.
• Creditors: Indirect impact through company stability and strategic direction influenced by major shareholders.

Next Steps

• Continue to monitor future Schedule 13G filings for any further changes in beneficial ownership by Min H. Kao and Yu-Fan C. Kao.
• Observe any strategic decisions or corporate actions taken by Garmin Ltd that may be influenced by significant shareholders.

Key Dates

Keywords

Garmin Ltd, Beneficial Ownership, Schedule 13G, Insider Filing, Shareholder, Trusts, Family Foundation, Registered Shares