Four of 83: Every Superinvestor in Coherent Cut in Q2 While the Price Rose 65.6%. Its Insiders Have Never Bought a Share.

GetCoattail Research — The Filing Tape #82. Coherent fell 9.19% on October 14 in a broad AI selloff, and the filings describe four tracked holders who all cut in Q2 as the price rose 65.6%, a full market that added 16.5 million shares, an insider record with zero purchases against $1.12 billion of sales in a year, a 5% register whose maximum print has since halved, and a borrow within 6.8% of its record.

The Hype

The optical trade was the AI buildout's quiet winner — until this week. Coherent makes the lasers and optical components that move data inside AI data centres, and on October 14 it fell 9.19% as AI and semiconductor shares took the session's hardest hit after a hotter-than-expected inflation print; Barron's listed Coherent first among the decliners in that group. Two days earlier the shares had already closed down 7.9% as optical names led the market's losers. These are stocks that had staged major gains this year on demand described as booked out for years, and Nvidia has invested $2 billion in Coherent for optical development. In our daily-close file, which ends October 2, the last close of $337.04 sits 21.0% below the June 2 closing high of $426.89 — and 208.2% above the low of a year earlier. The filings below describe who held the stock before this week's break, through a quarter in which the price rose 65.6%.

The Tape

For Coherent — the eighty-second Filing Tape audit — the tape shows a four-name tracked cohort that cut unanimously in the second quarter, a full market that added 16,469,674 shares over the same quarter, an insider record with no purchase transaction of any kind against 62 sales, a congressional record of two transactions split between the chambers, a 5% register whose largest holder has printed 15.0% and then 5.6% inside a year, and a borrow within 6.8% of its record.

Lens 1 — the superinvestors: four holders, and every one of them cut. We track 83 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR. As of June 30, 2026, 4 held Coherent long, totalling 591,693 shares worth $233,405,137, with no option rows. Dodge & Cox Funds is the largest holder, with 544,160 shares worth $214,654,795 — 92.0% of the cohort's position — at a 0.11% weight, labelled DECREASED (-2.6%). Behind it, Arnold Van Den Berg - Century Management holds 42,046 shares worth $16,585,886 at a 3.50% weight. The direction count is unanimous: four DECREASED, none increased, none unchanged, none new, no exits — Maverick Capital cut 66.3% to 2,318 shares, Century cut 34.9%, First Eagle Investment Management cut 29.8% to 3,169 shares, and Dodge & Cox cut 2.6%. On a holder-by-holder match, the cohort's total fell from 634,845 shares at March 31 to 591,693 at June 30, down 43,152 shares (-6.8%), each matched row reproducing its EDGAR label exactly. The implied price, $394.47, sits exactly on the June 30 close. 13F figures are as of June 30, 2026; funds have up to 45 days to file, so this picture is complete — and always lagging.

Lens 2 — institutions: 223 more filers, 16.5 million more shares. At June 30, 2026, 1,313 institutions reported positions, up 223 from 1,090 at March 31 (+20.46%), 1,304 of them long. Reported shares rose 10.86%, from 151,629,229 to 168,098,903 shares. Reported value rose 85.6% to $69,038,395,108; the aggregate includes option rows, so we headline filer and share counts and label dollars "reported" (see methodology). Market and cohort moved in opposite directions: the market added 16,469,674 shares while the tracked four cut 43,152.

Lens 3 — insiders: no purchase transaction in the entire parsed record, and a year of heavy selling. The parsed Form 4 record holds 85 filings through October 2, 2026, and zero purchase transactions — in the last 90 days, in the last year, and across the full record. That is not an officer-only statement: no insider of any kind records an open-market purchase anywhere in the parse. The 90-day window holds 10 sale transactions totalling 33,547 shares and $9,435,821.95, by 6 sellers, 5 of them officer sales. Across the last year the record holds 41 sales totalling 7,731,151 shares and $1,118,215,506.09, by 13 sellers, 14 of them officer sales; across the full record, 62 sales totalling 7,796,617 shares and $1,123,757,194.61, by 15 sellers, 26 of them officer sales. The last year's sales are 99.2% of all shares sold in the record — the selling is recent, and large. We assign no motives; this is a register of sales with an empty purchase column.

Lens 4 — Congress: two transactions, split between the chambers. The combined record (as of October 3, 2026) carries Coherent under 1 member, with 1 purchase transaction and 1 sale transaction, the last reported purchase dated June 25, 2026, and the member recorded as a Democrat. The purchase sits in the Senate aggregate; the sale sits in the House aggregate — a two-transaction record, one on each side of the Capitol.

Lens 5 — the 5% register: twenty filings, a halved maximum, and one holder amended to zero. Our full parse holds 20 SC 13D/G filings — three SC 13G, twelve SC 13G/A and five SC 13D/A, with no original SC 13D in the parse — 26 reporting-person rows across 9 names, 17 of them amendments, most recently filed July 8, 2026, matching the site aggregate's ticker-keyed row on every headline field. The register's maximum is 15.0%: FMR LLC and Abigail P. Johnson each report 23,572,803.27 shares as of December 31, 2025, in rows printed exactly as filed. The same two names later print 22,611,966.25 shares (12.1%) as of March 31, 2026 and 11,006,110.43 shares (5.6%) as of June 30, 2026 — the register's latest filing. The only 13D-family reporter, BCPE Watson (DE) BML, LP, amended its stake down in steps — 22,368,245 shares (11.9%) as of November 7, 2025, then 14,868,245 (7.9%), then 9,775,846 (5.2%) — to 0 shares as of February 9, 2026. BlackRock, Inc. prints 11.9% as of December 31, 2024 and 6.6% as of March 31, 2026.

Lens 6 — short interest: 10,178,444 shares, within 6.8% of a record set this year. As of September 15, 2026 — the most recent of 133 FINRA settlements since January 15, 2021 — 10,178,444 shares were sold short, down 5.44% from the prior settlement. The series maximum, 10,920,038 shares on March 31, 2026 — verified by a maximum query over the whole series — leaves the latest just 6.8% below it; this peak is recent, not historical. The last five settlements read 8,693,657, 9,047,021, 10,032,446, 10,764,076 and 10,178,444 — the borrow rebuilt through the summer before easing at the last print. Against the year-ago 8,914,051 shares the latest is up 14.2%; against the June 30 settlement of 8,587,090, up 18.5%. Against 195,832,246 shares outstanding, it is 5.20% of the share count, at 1.70 days to cover.

The Gap

The narrative, as this week's coverage frames it, is momentum interrupted: an optical supplier at the centre of the AI buildout, demand booked out for years, a $2 billion Nvidia investment behind it — and a stock down 7.9% on Monday and 9.19% on Wednesday as the AI trade sold off. The filings describe who was already moving before the break, and they do not point one way. In Q2, as the price rose 65.6%, the full market held 168,098,903 reported shares, up 16,469,674 (+10.86%), as its filer count rose by 223 to 1,313. The tracked cohort went the other way — down 43,152 shares (-6.8%) to 591,693, all four holders cutting. The 5% register tells a similar story: its maximum stake, 15.0% as of December 31, 2025, printed 5.6% by June 30, 2026, and its only 13D-family holder amended itself to zero in February. The insider column is the emptiest of all: no purchase of any kind in 85 parsed filings, against 62 sales — $1,118,215,506.09 of them in the last year alone. Congress holds two transactions, a Senate purchase and a House sale. The borrow, at 10,178,444 shares and 5.20% of the share count, rebuilt all summer to within 6.8% of its March record. One plausible reading is that the broad market spent the quarter adding a stock its most-watched holders, its largest 5% reporters and its own insiders were all, in separate registers, reducing. The record supports each clause separately; it does not say which side the next quarter favours.

What Would Change the Picture

Nothing above is a recommendation. It is a record. These filings would change the description:

• 1. The 2026Q3 13Fs (filing window closing mid-November 2026). The cohort held 591,693 shares at June 30 after all four holders cut in a quarter when the price rose 65.6%. Whether any rebuilds after the October break — and whether Dodge & Cox's 544,160 shares, 92.0% of the cohort, move at all — decides whether the unanimous cut reads as stance or timing.
• 2. A first purchase — the record currently has none. The parsed record holds zero purchases across 85 filings, in every window. A single open-market purchase breaks a register whose purchase column is empty.
• 3. A fresh 13D, or a stabilising 5% print. The register's latest filing, dated July 8, 2026, reports 5.6% as of June 30, 2026; its maximum, 15.0%, is as of December 31, 2025, and its only 13D-family chain already ends at zero. A new activist filing, or a next FMR print that stops falling, would be this lens's first change of direction.
• 4. Whether the borrow takes out its March record, or unwinds toward June. Short interest stands at 10,178,444 shares, 6.8% below the March 31, 2026 record of 10,920,038 and 18.5% above the June 30 print of 8,587,090. A reading above the record extends the rebuild; below the June print unwinds it.
• 5. A third congressional transaction of any kind. The record holds exactly two — a Senate purchase dated June 25, 2026 and a House sale. One more purchase or sale doubles a side of a lens currently balanced at one apiece.

As-of & Limits

The lenses rest on different clocks, none live: 13F is a June 30, 2026 snapshot published up to 45 days later; Form 4 runs through October 2, 2026; Congress through October 3, 2026 (Senate through October 1, 2026); 13D/G through the July 8, 2026 filing; short interest through September 15, 2026; our price file ends October 2, 2026. Two limits are specific to this name. First, the October 12 and 14 falls postdate every lens here and are known to this audit only from outside coverage, not from our own price file, so nothing in the tape yet reflects positioning after them. Second, the full-market 13F total aggregates three CUSIPs, two of them legacy identifiers carrying 22,231 shares; the other lenses key on the main CUSIP alone.

Related reading: Seven of 83: Four Superinvestors Raised Progressive in Q2. Its Insiders Have Never Bought a Share. — Filing Tape #81; One of 83: Maverick Opened the Superinvestors' Only NetApp Position in Q2. No Officer Has Ever Bought a Share. — Filing Tape #80; Three of 83: Ariel Is 90.2% of the Superinvestors' Hewlett Packard Enterprise Stake. Its Insiders Have Never Bought a Share. — Filing Tape #79. Coherent's own page: Coherent (COHR) on GetCoattail.

Methodology and data notes

• Superinvestor lens: 83 managers collected directly from SEC EDGAR Form 13F (managers_13f collection), positions as of June 30, 2026; Coherent identified by its single CUSIP 19247G107. Four distinct managers hold long positions totalling 591,693 shares; there are no option rows for this name in the collection. The direction count on the collection's labels, across the long rows, is four DECREASED (Dodge & Cox Funds, Arnold Van Den Berg - Century Management, First Eagle Investment Management, Lee Ainslie - Maverick Capital); the collection's exit list carries no Coherent row. Dodge & Cox Funds' share of the cohort is 92.0% = 544,160 / 591,693. Quarter-to-quarter cohort totals require care in this audit: the site pipeline's holdings files now cover 147 accessions (an expanded roster), so their CUSIP totals — 1,953,735 shares in 10 rows at March 31 and 3,030,206 shares in 10 rows at June 30 — are not the 83-manager cohort; the second-quarter file carries six rows outside the EDGAR collection totalling 2,438,513 shares. The cohort comparison printed in this audit (634,845 long shares at March 31; 591,693 long shares at June 30, a change of -43,152 shares, -6.8%) is built manager by manager: each cohort manager's pipeline row was matched by the manager's EDGAR total portfolio value, and for all four holders the matched first-quarter row reproduces the EDGAR label's shares-change percentage exactly (-2.6%, -34.9%, -29.8% and -66.3%).
• Full-market lens: SEC Form 13F Data Sets full-market aggregation. The primary table is the full13f collection's by-ticker file (holders = distinct filers reporting the ticker's CUSIPs; 1,304 reported long positions out of 1,313 filers). Coherent's by-ticker row aggregates three CUSIPs (19247G107, 192479103 and 902104108). The backfill fixtures' by-CUSIP row for the main CUSIP (1,308 holders, 1,299 long, 168,076,672 shares, $69,029,961,008 reported) differs from the by-ticker total by exactly the two legacy-CUSIP rows (192479103: 4 holders, 14,917 shares, $5,548,834; 902104108: 2 holders, 7,314 shares, $2,885,266 — together 22,231 shares and $8,434,100; the holder difference is +5 rather than +6 because one filer reports under two of the CUSIPs). The by-ticker file's entered/exited fields (1,143 and 920, a net of +223 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($69,038,395,108 over 168,098,903 shares) implies $410.70 per share against a June 30, 2026 close of $394.47 in our price file, a gap of +4.1% — printed here as found. The aggregate sums the VALUE of every information-table row — including put and call option rows — while the share count covers long common-stock rows only, so we headline filer and share counts and label dollar values "reported."
• Insider lens: full-parse Form 4 aggregation (agg_by_ticker), record as of October 2, 2026 (85 filings). Sale and purchase counts are transaction-code counts (S and P) in non-derivative rows; grants and exercises are not counted as purchases, and one filing can contain many transaction rows. Purchase transactions total zero in the full parsed record — zero in the 90-day window (July 5 to October 2, 2026), zero in the one-year window and zero across the record; officer purchase transactions are likewise zero in every window. Sale transactions total 10 in the last 90 days (33,547 shares, $9,435,821.95, 6 sellers, 5 of the 10 officer sales), 41 in the last year (7,731,151 shares, $1,118,215,506.09, 13 sellers, 14 of the 41 officer sales) and 62 across the parsed record (7,796,617 shares, $1,123,757,194.61, 15 sellers, 26 of the 62 officer sales). The site's insider aggregate (compiled as of October 15, 2026, over its own 90-day window) reports 0 purchases, 9 sales and 6 sellers with $8,491,315.45 of sale value — one transaction and $944,506.50 below the full parse's 90-day window, a difference consistent with the two windows' different end dates (October 2 against October 15) moving one sale across the window edge; this audit headlines the full parse. The full-parse aggregate's sale-value totals imply $281.27 per share for the 90-day window, $144.64 for the one-year window and $144.13 for the full record, each inside the traded price range of its window on our price file ($222.05 to $379.13 for the 90-day window, $109.37 to $426.89 for the one-year window, and $27.66 to $426.89 across the price file), so the totals are cited as figures in this article. "Its insiders have never bought" in this audit means zero purchase transactions in the parsed Form 4 record we maintain; it is a statement about that record, not about any individual's complete history.
• 13D/G lens: full-parse SC 13D/G parsed filings (20 filings matching issuer CIK 820318 on CUSIP 19247G107: three SC 13G, twelve SC 13G/A and five SC 13D/A filings, the G/A and D/A filings being amendments, with no original SC 13D in the parse), filings through July 8, 2026. The site aggregation carries this name under a ticker-keyed row; that row (20 filings, 5 D-filings, 15 G-filings, 17 amendments, 9 reporters, latest date July 8, 2026, maximum 15.0% and 345,997,155.72 reported shares) matches the parsed filings on filings, form mix, amendments, latest date, maximum and reported-share total. The parsed reporting-person rows sum to 345,997,155.72 shares, but that total sums reporting-person rows across different dates, so it is not used as a stake figure in the article. The rows are reported as filed, under the names exactly as they appear: FMR LLC and Abigail P. Johnson each printing 23,572,803.27 shares at 15.0% as of December 31, 2025, filed February 5, 2026 as SC 13G/A, then 22,611,966.25 shares at 12.1% as of March 31, 2026, filed May 6, 2026, and 11,006,110.43 shares at 5.6% as of June 30, 2026, filed July 8, 2026; BCPE Watson (DE) BML, LP printing 22,368,245 shares at 11.9% as of November 7, 2025, 14,868,245 shares at 7.9% as of November 20, 2025, 9,775,846 shares at 5.2% as of December 10, 2025 and 0 shares at 0.0% as of February 9, 2026, each filed as SC 13D/A (its original SC 13D predates the parsed window, so the chain is visible only from its amendments); BlackRock, Inc. printing 18,423,378 shares at 11.9% as of December 31, 2024 and 12,978,940 shares at 6.6% as of March 31, 2026. The FMR LLC and Abigail P. Johnson rows are separate rows as filed, with identical figures, and are not combined in this audit. The parsed coverage for this issuer holds these 20 filings; a 5% holder that has not filed in the covered window would not appear here.
• Congress lens: Senate PTR archive and House PTR archive as maintained on this site. The combined record (as of October 3, 2026) carries Coherent under 1 member with 1 purchase transaction and 1 sale transaction, the last reported purchase dated June 25, 2026, and the member recorded with party D. The Senate aggregate (as of October 1, 2026) carries the purchase (1 member, 1 purchase, 0 sales, last purchase June 25, 2026, party D). The House aggregate (as of October 3, 2026) carries the sale (0 purchases, 1 sale; its member-count field reads 0 for this name). This audit reports the chamber split exactly as the aggregates stand and does not fill either side with figures from outside those collections.
• Short interest lens: FINRA Equity Short Interest files (biweekly settlement dates), collected directly from FINRA's public distribution. The published series covers 133 settlements from January 15, 2021 (first settlement in the series, 836,466 shares) to September 15, 2026. The latest reading is 10,178,444 shares on September 15, 2026, down 5.44% from the prior settlement (10,764,076 on August 31, 2026). The series maximum is 10,920,038 shares on March 31, 2026 (verified by a maximum query over the series, not read off the latest row), so the latest reading sits 6.8% below the maximum. The year-ago settlement (September 15, 2025) printed 8,914,051 shares, so the latest reading sits 14.2% above a year ago. The series minimum is 686,106 shares on January 29, 2021. The June 30, 2026 settlement printed 8,587,090 shares, so the latest reading sits 18.5% above the 13F snapshot date's borrow. FINRA publishes each settlement about two weeks after the fact, so the October price action is not yet in this series. The share-count ratio (5.20%) uses the fundamentals file's shares-outstanding figure below.
• Fundamentals note: our fundamentals collection carries Coherent's revenue of $7,118,181,000, net income of $804,998,000 and assets of $18,299,852,000, each labelled fiscal 2026 in the file. The file is marked ok for this name, with no missing fields: shares outstanding of 195,832,246 (as of August 10, 2026 in the file, sourced in the file to the share count) and a file-computed market value of $66,261,795,887.92. The file does not flag the issuer as a foreign private issuer, and it carries SIC 3827, Optical Instruments & Lenses. The file's price for the name is $338.36 as of October 6, 2026; our daily-close file ends October 2, 2026 at $337.04, and we keep the two files' figures separate rather than blending them.
• Prices: our own daily-close file for Coherent through October 2, 2026 ($337.04 close, +82.6% year to date on that file; 252-session closing high $426.89 on June 2, 2026, so the last close sits 21.0% below it; 252-session closing low $109.37 on October 14, 2025, so the last close sits 208.2% above it; closes of $238.21 at March 31, 2026 and $394.47 at June 30, 2026, a second-quarter change of +65.6%; change from June 30 to October 2 of -14.6%; change from the September 30, 2025 close of $107.72 of +212.9%). The series in our price file begins June 1, 2021 at $67.62 and holds 1,342 rows.
• Market context sources: Google Trends United States mirrors (checked October 15, 2026; both mirrors' top entries were non-stock topics, so the selection moved to the next sources); Barron's October 14 movers article (checked October 15, 2026; it put the session's fall on a hotter-than-expected inflation report and listed Coherent first among the AI names that declined — Coherent, Corning, Lumentum, Marvell, Sandisk, Seagate and Western Digital); investinglive's October 14 close summary (checked October 15, 2026; Coherent -9.19% among the hardest-hit AI names, behind CoreWeave at -15.46%, with the Nasdaq Composite down 1.88% on the day); MarketWatch's October 12 optical-stocks report (checked October 15, 2026; Ciena, Lumentum and Coherent closed down 10%, 9.8% and 7.9% respectively that Monday, with the report noting the photonics names' large gains over the past year and citing Broadcom's chief executive on capital as the AI buildout's bottleneck); StockTwits coverage carried by Asianet Newsable (checked October 15, 2026; Applied Optoelectronics, Lumentum and Coherent each fell about 2.5% in overnight trading after plunging during Monday's session, and Nvidia has invested $2 billion each in Lumentum and Coherent for optical development). Figures we could not confirm against two sources were left out; the external items above are reported speech from those outlets, not GetCoattail measurements.
• Coherent is in the GetCoattail stock-page universe: Coherent (COHR) stock page. Series data: cohr_lens_data.csv · cohr_short_interest_series.csv. Earlier audits: Progressive · NetApp.

Past patterns are not a promise of future results. For education only — not investment advice.

This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.

Revision history

• v1.0 — October 15, 2026: first publication.