[SCHEDULE 13G/A] GARMIN LTD SEC Filing

Rhea-AI Filing Summary

Min H. Kao and Yu-Fan C. Kao jointly filed a Schedule 13G/A reporting shared beneficial ownership of 18,683,700 Registered Shares of Garmin Ltd, representing 9.71% of the class. The shares are held through trusts and the Kao Family Foundation: 6,242,981 shares in the M&F Trust, 11,950,619 shares in revocable trusts for their children, and 490,100 shares held by the Kao Family Foundation. Both filers report no sole voting or dispositive power and instead report shared voting and dispositive power over all reported shares. The filing includes a joint filing agreement as Exhibit 1.

Positive

• Clear disclosure of aggregate ownership and share breakdown by trust and foundation
• Joint filing agreement provided as Exhibit 1 confirms coordinated reporting
• Precise share counts and percentage (18,683,700 shares; 9.71%) are explicitly stated

Negative

• No sole voting or dispositive power is reported for either filer, indicating they do not claim unilateral control
• Beneficial ownership disclaimers regarding foundation-held shares introduce ambiguity about ultimate beneficial ownership

Insights

Corporate Governance Expert

TL;DR: Joint family trusts give the Kaos shared control of a near-10% stake without sole voting power.

The filing shows concentrated ownership within the Kao family structure, using co-trusteeships and family foundation holdings to consolidate 18,683,700 shares (9.71%) of Garmin Ltd. Reporting shared voting and dispositive power suggests coordinated influence but not unilateral control. The disclosure is clear on ownership channels and disclaimers by each filer regarding foundation-held shares, which is standard in family governance to address beneficial ownership questions.

Securities Analyst

TL;DR: This Schedule 13G/A documents a sizeable passive family stake in GRMN with joint trustee arrangements.

The Kaos report identical beneficial amounts and percentages, indicating a joint filing and shared authority over the same 18,683,700 Registered Shares. The breakdown by trust and foundation is explicit: 6,242,981 in the M&F Trust, 11,950,619 in revocable trusts for family members, and 490,100 in the Kao Family Foundation. The absence of sole voting or dispositive power may reflect passive reporting under Rule 13d-1 rather than active control. Exhibit 1 is a joint filing agreement confirming coordinated disclosure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 20)

GARMIN LTD

(Name of Issuer)

Registered Shares

(Title of Class of Securities)

H2906T109

(CUSIP Number)

09/30/2025

(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)

SCHEDULE 13G

CUSIP No. 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 18,683,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 18,683,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

18,683,700.00

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 No. 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 18,683,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 18,683,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

18,683,700.00

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

Item 1.
(a)	Name of issuer: GARMIN LTD
(b)	Address of issuer's principal executive offices: MUHLENTALSTRASSE 2, SCHAFFHAUSEN, SWITZERLAND, CH-8200.
Item 2.
(a)	Name of person filing: (i) Min H. Kao (ii) Yu-Fan C. Kao
(b)	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: Min H. Kao - 18,683,700 (1) Yu-Fan C. Kao - 18,683,700 (2) (1) Of the 18,683,700 Registered Shares: - 6,242,981 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; - 11,950,619 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 - 490,100 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 18,683,700 Registered Shares: - 6,242,981 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; - 11,950,619 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 - 490,100 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 - 9.71% Yu-Fan C. Kao - 9.71%
(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 - 18,683,700 Yu-Fan C. Kao - 18,683,700
	(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 - 18,683,700 Yu-Fan C. Kao - 18,683,700
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	10/01/2025

KAO YU-FAN C

Signature:	/s/ Yu-Fan C. Kao
Name/Title:	Yu-Fan C. Kao
Date:	10/01/2025

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.

Exhibit Information

EX-1 JOINT FILING AGREEMENT

FAQ

What stake do Min H. Kao and Yu-Fan C. Kao report in Garmin Ltd (GRMN)?

Each filer reports shared beneficial ownership of 18,683,700 Registered Shares, representing 9.71% of the class.

How are the Kao family shares held according to the Schedule 13G/A?

Shares are held through the M&F Trust (6,242,981), revocable trusts for their children (11,950,619), and the Kao Family Foundation (490,100).

Do the Kaos report sole voting or dispositive power over the Garmin shares?

No. Both filers report 0 sole voting power and 0 sole dispositive power, with all reported shares under shared voting and dispositive power.

Is there a joint filing agreement included in the filing?

Yes. The filing references a Joint Filing Agreement included as Exhibit 1 accompanying the Schedule 13G/A.

When were the Kaos' signatures dated on this Schedule 13G/A?

Both signatures are dated 10/01/2025.