Garmin Ltd: Min H. Kao and Yu‑Fan C. Kao report shared beneficial ownership of 18,667,740 Registered Shares, representing 9.68% of the class. The holdings are held through the M&F Trust (6,226,093 shares), revocable trusts for their children (11,927,217 shares) and the Kao Family Foundation (514,430 shares). Both report shared voting and dispositive power over all 18,667,740 shares and disclaim beneficial ownership of the Foundation’s shares.
Positive
None.
Negative
None.
Insights
Two reporting persons jointly control 9.68% of Garmin via trusts and a foundation.
The filing shows 18,667,740 Registered Shares under shared voting and dispositive power, split across a family trust, revocable trusts for children and a family foundation. The joint-filing and co‑trustee structure centralizes control even though sole voting power is recorded as 0.
Investors should note that both filers disclaim beneficial ownership of the Foundation’s 514,430 shares; the record date for the reported position is 06/30/2026.
Shared trustee arrangements concentrate influence without sole voting power.
Co‑trustee status over the M&F Trust (6,226,093 shares) and the revocable trusts for their children (11,927,217 shares) gives the reporting persons joint voting and dispositive authority, a relevant governance signal where family-controlled blocks exist.
Filing footnotes and the formal disclaimer regarding the foundation’s shares clarify legal attribution; the Joint Filing Agreement governs the combined statement.
Key Figures
Shared beneficial ownership:18,667,740M&F Trust holdings:6,226,093Revocable trusts (children):11,927,217+2 more
5 metrics
Shared beneficial ownership18,667,740Total Registered Shares over which both reporting persons share voting and dispositive power as of 06/30/2026
M&F Trust holdings6,226,093Registered Shares held by the M&F Trust dated October 17, 2019
Revocable trusts (children)11,927,217Registered Shares held by revocable trusts established by their children
Kao Family Foundation holdings514,430Registered Shares held by the Kao Family Foundation; each filer disclaims beneficial ownership of these shares
Percent of class9.68%Percent of Registered Shares reported for each of Min H. Kao and Yu‑Fan C. Kao
"Of the 18,667,740 Registered Shares: - 6,226,093 Registered Shares are held by the M&F Trust"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerfinancial
"share voting and dispositive power with respect to those Registered Shares"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
revocable trustsfinancial
"11,927,217 Registered Shares are held by revocable trusts established by Jennifer Kao and Kenneth Kao"
disclaimer of beneficial ownershiplegal
"disclaims beneficial ownership of the Registered Shares held by the Kao Family Foundation"
How many Garmin (GRMN) Registered Shares do Min H. Kao and Yu‑Fan C. Kao report jointly controlling?
They report shared voting and dispositive power over 18,667,740 Registered Shares, allocated among family trusts and the Kao Family Foundation.
What percentage of Garmin’s class do the Kaos report as beneficially owned?
Each reporting person is listed at 9.68% of the Registered Shares class, reflecting their shared positions described in the filing.
How are the 18,667,740 shares distributed among entities in the filing?
The filing lists 6,226,093 shares in the M&F Trust, 11,927,217 in revocable trusts for their children, and 514,430 in the Kao Family Foundation.
Do Min H. Kao and Yu‑Fan C. Kao claim sole voting or dispositive power over these shares?
No; the filing records 0 shares of sole voting or sole dispositive power and attributes 18,667,740 shares of shared voting and dispositive power to each.
Does either filer disclaim ownership of any shares?
Yes; each filer disclaims beneficial ownership of the Registered Shares held by the Kao Family Foundation, as stated in the filing.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 22)
GARMIN LTD
(Name of Issuer)
Registered Shares
(Title of Class of Securities)
H2906T109
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
H2906T109
1
Names of Reporting Persons
KAO MIN H
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,667,740.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,667,740.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,667,740.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.7 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
H2906T109
1
Names of Reporting Persons
KAO YU-FAN C
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,667,740.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,667,740.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,667,740.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
Address or principal business office or, if none, residence:
1200 East 151st Street, Olathe, Kansas 66062 (for each person listed in 2(a)(i) and 2(a)(ii))
(c)
Citizenship:
USA (for each person listed in 2(a)(i) and 2(a)(ii))
(d)
Title of class of securities:
Registered Shares
(e)
CUSIP No.:
H2906T109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
(1) Of the 18,667,740 Registered Shares:
- 6,226,093 Registered Shares are held by the M&F Trust dated October 17, 2019, for which Min H. Kao and Yu-Fan C. Kao are co-trustees and share voting and dispositive power with respect to those Registered Shares;
- 11,927,217 Registered Shares are held by revocable trusts established by Jennifer Kao and Kenneth Kao, the children of Min H. Kao and Yu-Fan C. Kao, for which Min H. Kao and Yu-Fan C. Kao are co-trustees and together share voting and dispositive power with respect to those Registered Shares; and
- 514,430 Registered Shares are held by the Kao Family Foundation, a charitable foundation of which Min H. Kao is president and a director and in such capacity may be deemed to exercise shared voting and dispositive power over such Registered Shares. Min H. Kao disclaims beneficial ownership of the Registered Shares held by the Kao Family Foundation and nothing herein shall be construed as an admission that Min H. Kao is the beneficial owner of such Registered Shares.
(2) Of the 18,667,740 Registered Shares:
- 6,226,093 Registered Shares are held by the M&F Trust dated October 17, 2019, for which Min H. Kao and Yu-Fan C. Kao are co-trustees and share voting and dispositive power with respect to those Registered Shares;
- 11,927,217 Registered Shares are held by revocable trusts established by Jennifer Kao and Kenneth Kao, the children of Min H. Kao and Yu-Fan C. Kao, for which Min H. Kao and Yu-Fan C. Kao are co-trustees and together share voting and dispositive power with respect to those Registered Shares; and
- 514,430 Registered Shares are held by the Kao Family Foundation, a charitable foundation of which Yu-Fan C. Kao is a director and in such capacity may be deemed to exercise shared voting and dispositive power over such Registered Shares. Yu-Fan C. Kao disclaims beneficial ownership of the Registered Shares held by the Kao Family Foundation and nothing herein shall be construed as an admission that Yu-Fan C. Kao is the beneficial owner of such Registered Shares.
(b)
Percent of class:
Min H. Kao - 9.68%
Yu-Fan C. Kao - 9.68%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Min H. Kao - 0
Yu-Fan C. Kao - 0
(ii) Shared power to vote or to direct the vote:
Min H. Kao - 18,667,740
Yu-Fan C. Kao - 18,667,740
(iii) Sole power to dispose or to direct the disposition of:
Min H. Kao - 0
Yu-Fan C. Kao - 0
(iv) Shared power to dispose or to direct the disposition of:
Min H. Kao - 18,667,740
Yu-Fan C. Kao - 18,667,740
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
KAO MIN H
Signature:
/s/ Min H. Kao
Name/Title:
Min H. Kao
Date:
07/10/2026
KAO YU-FAN C
Signature:
/s/ Yu-Fan C. Kao
Name/Title:
Yu-Fan C. Kao
Date:
07/10/2026
Comments accompanying signature: Pursuant to the Joint Filing Agreement with respect to Schedule 13G attached hereto as Exhibit 1, among Min H. Kao and Yu-Fan C. Kao, this statement on Schedule 13G is filed on behalf of each of them.
