Edmond de Rothschild trims PACB holding below 5% in 13G/A filing

Rhea-AI Filing Summary

Edmond de Rothschild Asset Management (France & Luxembourg) and Edmond de Rothschild Fund submitted Amendment No. 1 to Schedule 13G for Pacific Biosciences of California, Inc. (PACB), triggered by the 30 Jun 2025 measurement date.

• Aggregate shares: 13.37 million (EDRAM France) and 12.08 million (each Luxembourg entity).
• Ownership: 4.5 % of outstanding common stock for EDRAM France; 4.0 % for EDRAM Luxembourg and EdR Fund—placing all filers below the 5 % reporting threshold.
• Voting/Dispositive power: Shared voting & dispositive authority over 12.08 million shares; sole dispositive power limited to 1.28 million shares; no sole voting power.
• The filers certify the stake is held in the ordinary course of business as passive investment managers, with no intent to influence control.

The filing confirms continued, but sub-5 %, institutional support from a prominent European asset manager without signaling activist involvement.

Positive

• Institutional support: Edmond de Rothschild entities retain a sizable 4–4.5 % passive stake, underscoring continued confidence in PACB.

Negative

• Stake below 5 %: Filing indicates ownership of 5 % or less, suggesting the position may have been trimmed, slightly reducing institutional influence.
• Minimal voting authority: Near-zero sole voting power limits the holder’s ability to advocate for strategic changes.

Insights

Securities Analyst

TL;DR: Passive 4–4.5 % stake by Edmond de Rothschild; neutral-positive signal, limited governance influence.

This 13G/A shows the group’s combined ownership has slipped under the 5 % threshold to 4–4.5 %. While continued exposure demonstrates confidence in PACB’s long-term outlook, the reduction—if any—diminishes potential voting leverage. Because the shares are held across discretionary portfolios, the filing is best viewed as routine portfolio management rather than an event likely to alter corporate strategy. Impact on valuation or near-term price action should be modest.

Portfolio Manager

TL;DR: Institutional holder remains invested but below 5 %; event is largely neutral for trading strategy.

A respected European asset manager keeping a 4 %+ position can reassure investors about liquidity and interest in PACB. However, the absence of sole voting power and explicit passive intent remove any catalyst for governance change. From a flow perspective, a move below 5 % sometimes reflects incremental selling, but the remaining block is still sizeable enough to support market depth. Overall, I classify this as not impactful unless further stake changes emerge.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Pacific Biosciences of California, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

69404D108

(CUSIP Number)

06/30/2025

(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. 69404D108

1

Names of Reporting Persons

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE)

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

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 12,081,800.00
7	Sole Dispositive Power 1,284,400.00
8	Shared Dispositive Power 12,081,800.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,366,200.00

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)

4.5 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 69404D108

1

Names of Reporting Persons

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (LUXEMBOURG)

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

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 12,081,800.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,081,800.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,081,800.00

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)

4.0 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 69404D108

1

Names of Reporting Persons

EDMOND DE ROTHSCHILD FUND

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

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 12,081,800.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,081,800.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,081,800.00

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)

4.0 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Pacific Biosciences of California, Inc.
(b)	Address of issuer's principal executive offices: 1305 O'Brien Drive, Menlo Park, California 94025
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed on behalf of each of the following persons (each, a "Reporting Person") : 1. EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE) ("EDRAM France") 2. EDMOND DE ROTHSCHILD ASSET MANAGEMENT (LUXEMBOURG) ("EDRAM Luxembourg") 3. Edmond de Rothschild Fund ("EdR Fund")
(b)	Address or principal business office or, if none, residence: The address of EDRAM France is 47, RUE DU FAUBOURG SAINT HONORE PARIS, France 75008. The address of EDRAM Luxembourg is 4, RUE ROBERT STUMPER, Luxembourg L-2557. The address of EdR Fund is 4, Rue Robert Stumper, Luxembourg L-2557.
(c)	Citizenship: EDRAM France is a French entity EDRAM Luxembourg is a Luxembourg entity EdR Fund is a societe d'investissement a capital variable (SICAV) Luxembourg formed under the laws of Luxembourg.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 69404D108
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).
	investment manager
Item 4.	Ownership
(a)	Amount beneficially owned: Ownership as of June 30, 2025 is incorporated by reference to items (5) - (9) and (11) of the cover page of each Reporting Person. Both EDRAM France and EDRAM Luxembourg, management companies, may be deemed to have beneficial ownership of the securities which are the subject of this filing through the investment and/or voting discretion it exercises over its portfolios managed.
(b)	Percent of class: See the response(s) to Item 11 on the attached cover page(s).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	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:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to an investment manager is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE)

Signature:	/s/ Benjamin Melman
Name/Title:	Benjamin Melman / Global Chief Investment Officer
Date:	07/24/2025

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (LUXEMBOURG)

Signature:	/s/ Marc Fohr
Name/Title:	Marc Fohr / COMEX Member
Date:	07/24/2025

Signature:	/s/ Emmanuel Vergeynst
Name/Title:	Emmanuel Vergeynst / COMEX Member
Date:	07/24/2025

EDMOND DE ROTHSCHILD FUND

Signature:	/s/ Flavien Duval
Name/Title:	Flavien Duval / Member of the Board
Date:	07/24/2025

Signature:	/s/ Herve Touchais
Name/Title:	Herve Touchais / Member of the Board
Date:	07/24/2025

FAQ

How much of Pacific Biosciences (PACB) does Edmond de Rothschild now own?

The filing reports 13.37 million shares (4.5 % of outstanding) for EDRAM France and 12.08 million shares (4.0 %) for each Luxembourg entity.

What type of SEC filing is this for PACB?

It is Amendment No. 1 to Schedule 13G, indicating passive institutional ownership.

Does Edmond de Rothschild seek control of Pacific Biosciences?

No. The certification states the shares are held in the ordinary course of business with no intent to influence control.

What is the CUSIP associated with this filing?

The CUSIP for PACB common stock is 69404D108.

Why was the Schedule 13G/A filed on 06/30/2025?

A 13G/A must be filed when reportable ownership changes; the date reflects the event triggering disclosure of the updated stake.