SCHEDULE: Jonathan Burrell Discloses 5% Stake in Garmin Ltd.

Jonathan Burrell has reported a 5.00% beneficial ownership stake in Garmin Ltd., totaling 9,620,432 registered shares, as detailed in an Amendment No. 94 Schedule 13G filing.

Summary

• Jonathan Burrell beneficially owns 9,620,432 registered shares of Garmin Ltd. as of December 31, 2025.
• This ownership represents 5.00% of Garmin Ltd.'s class of securities.
• Burrell holds sole voting and dispositive power over 8,147,666 shares.
• He shares voting and dispositive power over 1,472,766 shares.
• The ownership is structured across various trusts, including 5,000,352 shares in Grantor Retained Annuity Trusts (GRATs) established by his mother, 25,000 shares in The Judith M. Burrell Revocable Trust, 1,646,843 shares in his own revocable trust, 1,447,766 shares in a GRAT remainder trust for his benefit, 394,478 shares in LLCs wholly-owned by a GRAT remainder trust, and 1,097,500 shares in GRATs established by him.
• Additionally, 8,493 shares are owned directly by Burrell, which may include vested or soon-to-vest restricted stock units (RSUs) from the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan.
• The filing certifies that the securities were not acquired or held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The filing indicates a substantial 5.00% beneficial ownership by Jonathan Burrell, structured across various trusts, suggesting a long-term, passive investment in Garmin Ltd. This level of ownership by an individual can be interpreted as a positive signal of confidence in the company's value, although it does not provide operational or financial performance details.

Positives

• A significant beneficial ownership stake (5.00%) by an individual, Jonathan Burrell, which can be interpreted as a strong vote of confidence in Garmin Ltd.'s long-term value and prospects.
• The filing explicitly states that the shares were not acquired or held for the purpose of changing or influencing control of the issuer, indicating a passive investment stance.

Risks

• No specific risks related to Garmin Ltd.'s operations, financial health, or strategic direction are mentioned in this beneficial ownership filing.

Future Outlook

NA

Industry Context

This filing primarily concerns an individual's beneficial ownership stake in Garmin Ltd. and does not provide broader industry context, trends, or competitive analysis.

Corporate Governance

Related Party Transactions

• The filing details shares held in Grantor Retained Annuity Trusts established by the reporting person's mother and The Judith M. Burrell Revocable Trust, where the reporting person shares voting and dispositive power with his mother. These arrangements involve family members and trusts for their benefit, which are considered related parties in the context of beneficial ownership.

Stakeholder Impact

• Shareholders: The disclosure of a significant 5.00% beneficial ownership by an individual may be viewed as a positive signal of confidence in Garmin Ltd.'s long-term value.
• Management: Awareness of a significant shareholder, even a passive one, can influence management's strategic considerations and engagement with major investors.

Next Steps

• Jonathan Burrell would be required to file an amendment to this Schedule 13G if there are material changes to his beneficial ownership, such as an increase or decrease of 1% or more of the class, or if his investment intent changes from passive to active.

Key Dates

Recommendation

This Schedule 13G filing primarily discloses a significant beneficial ownership stake by Jonathan Burrell in Garmin Ltd. While a 5% stake by an individual can be a positive indicator of confidence, the filing itself does not provide sufficient operational or financial data to warrant a 'buy' or 'sell' recommendation. It confirms a substantial, likely long-term, passive investment. Therefore, a 'hold' recommendation is appropriate, suggesting investors maintain their current position while considering this ownership structure as part of their broader analysis of Garmin Ltd.

Keywords

Garmin Ltd., Jonathan Burrell, Schedule 13G, Beneficial Ownership, GRMN, SEC Filing, Shareholder, Equity Stake, Investment, Trusts