SCHEDULE: Garmin Ltd. Shareholder Filing

Jonathan Burrell reports beneficial ownership of 9,355,009 Garmin Ltd. Registered Shares, representing 4.85% of the class, as of June 30, 2026.

Summary

• Jonathan Burrell has filed a Schedule 13G, indicating his beneficial ownership of 9,355,009 shares of Garmin Ltd. Registered Shares.
• This holding represents 4.85% of the total class of securities.
• The filing details the breakdown of ownership, including shares held directly, in various trusts (Grantor Retained Annuity Trusts, revocable trusts, remainder trusts), and in wholly-owned limited liability companies.
• Burrell has sole voting and dispositive power over 7,440,709 shares and shared voting and dispositive power over 1,914,300 shares.
• The filing is an amendment (Amendment No. 96) to a previous filing, with the event date requiring this statement being June 30, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it is a routine disclosure of beneficial ownership and does not contain new financial performance data or strategic announcements.

Positives

• Jonathan Burrell maintains a significant stake in Garmin Ltd., demonstrating continued investment and confidence.
• The filing clarifies the complex ownership structure, providing transparency regarding the beneficial ownership of a substantial number of shares.

Negatives

• The filing is an amendment to a previous filing, suggesting ongoing adjustments to holdings or reporting requirements, though the specific reasons for the amendment are not detailed beyond the reporting date.

Risks

• The filing does not explicitly mention any risks. However, any significant change in beneficial ownership or voting power could potentially impact corporate governance or strategic decisions.
• The reliance on trusts and LLCs for a large portion of the holdings (8,911,531 shares out of 9,355,009) introduces complexity in direct control and could be subject to trust terms and conditions.

Future Outlook

No specific forward-looking statements or guidance are provided in this filing, as it primarily concerns reporting of beneficial ownership.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are standard disclosures for significant shareholders and do not inherently signal strategic shifts. However, maintaining a stake above 5% indicates a substantial investor in the technology and GPS device sector where Garmin operates.

Comparison to Industry Standards

• Garmin Ltd. operates in the consumer electronics, automotive, aviation, and marine technology sectors. Significant shareholders in publicly traded companies within these sectors often hold between 5% and 20% of outstanding shares. Jonathan Burrell's 4.85% holding is substantial but below the threshold that typically triggers more active investor engagement or board representation, aligning with common shareholder profiles for established companies.
• Competitors such as Apple (in wearables and automotive), Google (in automotive and wearables), and specialized marine/aviation electronics providers do not have publicly disclosed major individual shareholders with similar reporting structures in their filings, highlighting the unique ownership landscape for Garmin.

Related Party Transactions

• 4,269,752 shares are held in Grantor Retained Annuity Trusts established by the reporting person's mother, over which the reporting person has sole voting and dispositive power. These trusts are for the benefit of his mother during an annuity period, with remainder to trusts for descendants.
• 322,000 shares are held by The Judith M. Burrell Revocable Trust, where the reporting person shares voting and dispositive power with his mother, Judith M. Burrell, for whom he is attorney-in-fact. This trust benefits his mother.

Stakeholder Impact

• Shareholders: The filing provides transparency on a significant shareholder's holdings, which can be relevant for understanding ownership concentration.
• Management: The reporting person's substantial stake and voting power may influence discussions on corporate strategy and governance.
• Creditors: No direct impact is indicated.

Next Steps

• Continue to monitor future Schedule 13G filings for any changes in Jonathan Burrell's beneficial ownership.
• Observe any potential future filings that might indicate changes in voting power or disposition of shares.

Key Dates

Keywords

Garmin Ltd., Schedule 13G, Jonathan Burrell, Beneficial Ownership, Registered Shares, SEC Filing, Shareholder, Investment