Two of 83: The Superinvestors Hold Just 1,275 Lumentum Shares. Its Insiders Have Never Bought a Share.

GetCoattail Research — The Filing Tape #83. Lumentum fell 9.28% on October 14 in a broad AI selloff, and the filings describe a tracked cohort that held just 1,275 shares after Tiger Global exited, a full market that added 13.4 million shares, an insider record with zero purchases against $175,779,123.53 of sales in a year, an all-passive 5% register whose maximum print has fallen from 13.5% to 4.6%, and a borrow that has halved from its peak.

The Hype

Lumentum is the optical trade's purest momentum name. The company makes the lasers and photonic components that move data inside AI data centres, its chief executive has said its optical products were sold out through early 2029, and Nvidia has invested $2 billion in Lumentum to support optical development. The stock had risen 516% in the past year when, on Monday, October 12, it fell 9.8% as optical names led the market's losers — the biggest fall in the Nasdaq-100 that day. On Wednesday, October 14, it fell again, down 9.28% as AI and semiconductor shares took the session's hardest hit after a hotter-than-expected inflation print. In our daily-close file, which ends October 2, the last close of $1,085.42 is itself the 252-session closing high — 625.5% 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 22.1%.

The Tape

For Lumentum — the eighty-third Filing Tape audit — the tape shows a two-name tracked cohort holding 1,275 shares after its largest holder exited, a full market that added 13,398,093 shares over the same quarter, an insider record with no purchase transaction of any kind against 216 sales, a congressional record of three transactions sitting entirely in the House, a 5% register with no activist filing at all whose maximum has fallen from 13.5% to 4.6%, and a borrow that has halved from its peak.

Lens 1 — the superinvestors: two holders, 1,275 shares, and an exit that was the position. We track 83 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR. As of June 30, 2026, 2 held Lumentum long, totalling 1,275 shares worth $1,094,027, with no option rows. Lee Ainslie - Maverick Capital is the largest holder, with 1,032 shares worth $885,518 — 80.9% of the cohort's position — at a 0.01% weight, labelled DECREASED (-52.5%). The only other holder, Polen Capital Management, opened a new position of 243 shares worth $208,509. The register's real event sits in the exit list: Chase Coleman - Tiger Global Management exited a position of 136,800 shares worth $96,137,568 — the exited shares are valued at exactly the March 31 close of $702.76. Counting the exited holder, the cohort went from 138,972 shares at March 31 to 1,275 at June 30, down 137,697 shares (-99.1%); the one continuing holder halved its position in the same quarter. The implied price, $858.06, 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: 247 more filers, 13.4 million more shares. At June 30, 2026, 1,320 institutions reported positions, up 247 from 1,073 at March 31 (+23.02%), 1,310 of them long. Reported shares rose 19.66%, from 68,138,391 to 81,536,484 shares. Reported value rose 49.13% to $85,488,918,088; the aggregate includes option rows, so we headline filer and share counts and label dollars "reported" (see methodology).

Lens 3 — insiders: no purchase transaction in the entire parsed record. The parsed Form 4 record holds 131 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 69 sale transactions totalling 99,496 shares and $90,549,043.33, by 5 sellers — and every one of the 69 is an officer sale. Across the last year the record holds 185 sales totalling 235,964 shares and $175,779,123.53, by 12 sellers, 133 of them officer sales; across the full record, 216 sales totalling 354,906 shares and $187,283,876.22, by 13 sellers, 160 of them officer sales. We assign no motives; this is a register of sales with an empty purchase column.

Lens 4 — Congress: three transactions, all of them in the House. The combined record (as of October 3, 2026) carries Lumentum under 2 members, with 2 purchase transactions and 1 sale transaction, the last reported purchase dated May 22, 2026, and the members recorded as Democrats. Both chambers do not appear: the House aggregate carries all three transactions, and the Senate aggregate carries no Lumentum row at all.

Lens 5 — the 5% register: twenty-four filings, all passive, and a maximum that has fallen by two-thirds. Our full parse holds 24 SC 13D/G filings — four SC 13G and twenty SC 13G/A, with no SC 13D-family filing of any kind in the parse — 46 reporting-person rows across 17 names, 20 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 13.5%: FMR LLC and Abigail P. Johnson each report 9,611,273.88 shares as of December 31, 2025, in rows printed exactly as filed. The same two names later print 7,457,683.36 shares (10.4%) as of March 31, 2026 and 3,611,651.58 shares (4.6%) as of June 30, 2026 — the register's latest filing. Capital World Investors prints 8.3% as of June 30, 2025 and 1.8% as of March 31, 2026.

Lens 6 — short interest: 6,513,349 shares, half its peak and falling for five straight settlements. As of September 15, 2026 — the most recent of 137 FINRA settlements since January 15, 2021 — 6,513,349 shares were sold short, down 8.55% from the prior settlement. The series maximum, 12,726,897 shares on November 28, 2025 — verified by a maximum query over the whole series — leaves the latest 48.8% below it. The last five settlements read 8,784,876, 8,551,325, 7,270,171, 7,122,028 and 6,513,349 — a borrow unwinding through the summer, not rebuilding. Against the year-ago 10,275,699 shares the latest is down 36.6%; against the June 30 settlement of 9,655,854, down 32.5%. Against 89,700,000 shares outstanding, it is 7.26% of the share count, at 1.63 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, products described as sold out through early 2029, a $2 billion Nvidia investment behind it, a stock up 516% in a year — and down 9.8% on Monday and 9.28% on Wednesday as the AI trade sold off. The filings describe who was already moving before the break, and on the tracked registers they point mostly one way. In Q2, as the price rose 22.1%, the full market held 81,536,484 reported shares, up 13,398,093 (+19.66%), as its filer count rose by 247 to 1,320. The tracked cohort went the other way, to almost nothing: 1,275 shares remain, after Tiger Global Management exited 136,800 shares and the one continuing holder halved. The 5% register tells a similar story: its maximum stake, 13.5% as of December 31, 2025, printed 4.6% by June 30, 2026, and not one of its 24 filings is an activist 13D. The insider column is the emptiest of all: no purchase of any kind in 131 parsed filings, against 216 sales — $175,779,123.53 of them in the last year alone. Congress holds three transactions, all in the House. The one register moving the other way is the borrow: at 6,513,349 shares it has halved from its November 2025 peak and fallen for five straight settlements — the shorts, on this record, have been leaving. One plausible reading is that the broad market spent the quarter adding a stock its most-watched holders and its largest 5% reporters were reducing, while the trade positioned against it was already unwinding. 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 1,275 shares at June 30 after Tiger Global's exit and Maverick's halving, in a quarter when the price rose 22.1%. Whether any tracked manager rebuilds after the October break — and whether Tiger Global returns at all — decides whether the near-empty register reads as stance or timing.
• 2. A first purchase — the record currently has none. The parsed record holds zero purchases across 131 filings, in every window. A single open-market purchase breaks a register whose purchase column is empty.
• 3. A first activist filing, or a stabilising 5% print. The register's 24 filings are all passive SC 13G-family; its latest filing, dated July 8, 2026, reports 4.6% as of June 30, 2026, down from a 13.5% maximum. A first SC 13D, or a next FMR print that stops falling, would be this lens's first change of direction.
• 4. Whether the borrow keeps unwinding, or rebuilds toward its peak. Short interest stands at 6,513,349 shares, 48.8% below the November 28, 2025 record of 12,726,897 and 32.5% below the June 30 print of 9,655,854. A reading back above the June print would end the unwind; a new series low would extend it.
• 5. A first Senate transaction of any kind. The record holds exactly three transactions — 2 purchases and 1 sale, all in the House, the last purchase dated May 22, 2026. A Senate row, or a fourth House transaction, changes a lens that currently sits on one side of the Capitol.

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 — at the stock's 252-session closing high. 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 implied value runs 22.2% above the June 30 close on this name — the widest gap in recent audits — because the aggregate sums option-row values; the share and filer counts, not the dollars, are the lens's reliable readings.

Related reading: Four of 83: Every Superinvestor in Coherent Cut in Q2 While the Price Rose 65.6%. Its Insiders Have Never Bought a Share. — Filing Tape #82; 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. Lumentum's own page: Lumentum (LITE) 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; Lumentum identified by its single CUSIP 55024U109. Two distinct managers hold long positions totalling 1,275 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 one DECREASED (Lee Ainslie - Maverick Capital) and one NEW (Polen Capital Management); the collection's exit list carries one Lumentum row — Chase Coleman - Tiger Global Management, 136,800 shares at a previous value of $96,137,568, an implied $702.76 per share that matches the March 31, 2026 close in our price file exactly. Maverick Capital's share of the cohort is 80.9% = 1,032 / 1,275. 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 — 186,553 shares in 7 rows at March 31 and 1,559,538 shares in 10 rows at June 30 — are not the 83-manager cohort; the second-quarter file carries eight rows outside the EDGAR collection totalling 1,558,263 shares. The cohort comparison printed in this audit (138,972 shares at March 31, counting Maverick Capital's 2,172 shares and Tiger Global's exited 136,800 shares; 1,275 shares at June 30, a change of -137,697 shares, -99.1%) is built manager by manager: the continuing holder's matched first-quarter row reproduces the EDGAR label's shares-change percentage exactly (-52.5%), and the new holder has no first-quarter row.
• 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 CUSIP; 1,310 reported long positions out of 1,320 filers). Lumentum has a single CUSIP (55024U109), and the backfill fixtures' by-CUSIP row for it (1,320 holders, 1,310 long, 81,536,484 shares, $85,488,918,088 reported) matches the by-ticker row on every field. The by-ticker file's entered/exited fields (1,155 and 908, a net of +247 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($85,488,918,088 over 81,536,484 shares) implies $1,048.47 per share against a June 30, 2026 close of $858.06 in our price file, a gap of +22.2% — 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 (131 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 69 in the last 90 days (99,496 shares, $90,549,043.33, 5 sellers, all 69 of them officer sales), 185 in the last year (235,964 shares, $175,779,123.53, 12 sellers, 133 of the 185 officer sales) and 216 across the parsed record (354,906 shares, $187,283,876.22, 13 sellers, 160 of the 216 officer sales). The site's insider aggregate (compiled as of October 15, 2026, over its own 90-day window) reports 0 purchases, 68 sales and 4 sellers with $64,816,756.33 of sale value — one transaction and $25,732,287.00 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 large sale across the window edge; this audit headlines the full parse. The full-parse aggregate's sale-value totals imply $910.08 per share for the 90-day window, $744.94 for the one-year window and $527.70 for the full record, each inside the traded price range of its window on our price file ($602.35 to $1,085.42 for the 90-day window, $149.61 to $1,085.42 for the one-year window, and $36.07 to $1,085.42 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 (24 filings matching issuer CIK 1633978 on CUSIP 55024U109: four SC 13G and twenty SC 13G/A filings, the G/A filings being amendments, with no SC 13D-family filing in the parse), filings through July 8, 2026. The site aggregation carries this name under a ticker-keyed row; that row (24 filings, 0 D-filings, 24 G-filings, 20 amendments, 17 reporters, latest date July 8, 2026, maximum 13.5% and 206,789,335.76 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 206,789,335.76 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 9,611,273.88 shares at 13.5% as of December 31, 2025, filed February 5, 2026 as SC 13G/A, then 7,457,683.36 shares at 10.4% as of March 31, 2026, filed May 6, 2026, and 3,611,651.58 shares at 4.6% as of June 30, 2026, filed July 8, 2026; Capital World Investors printing 5,739,568 shares at 8.3% as of June 30, 2025 and 1,315,977 shares at 1.8% 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 24 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 Lumentum under 2 members with 2 purchase transactions and 1 sale transaction, the last reported purchase dated May 22, 2026, and the members recorded with party D. The House aggregate (as of October 3, 2026) carries the same figures (2 members, 2 purchases, 1 sale, last purchase May 22, 2026, party D). The Senate aggregate (as of October 1, 2026) carries no Lumentum row. 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 137 settlements from January 15, 2021 (first settlement in the series, 6,529,149 shares) to September 15, 2026. The latest reading is 6,513,349 shares on September 15, 2026, down 8.55% from the prior settlement (7,122,028 on August 31, 2026). The series maximum is 12,726,897 shares on November 28, 2025 (verified by a maximum query over the series, not read off the latest row), so the latest reading sits 48.8% below the maximum. The year-ago settlement (September 15, 2025) printed 10,275,699 shares, so the latest reading sits 36.6% below a year ago. The series minimum is 5,802,713 shares on April 14, 2023. The June 30, 2026 settlement printed 9,655,854 shares, so the latest reading sits 32.5% below 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 (7.26%) uses the fundamentals file's shares-outstanding figure below.
• Fundamentals note: our fundamentals collection carries Lumentum's revenue of $3,014,000,000, net income of -$6,935,100,000 and assets of $7,307,500,000, each labelled fiscal 2026 in the file — the net-income figure is printed here exactly as the file carries it. The file is marked ok for this name, with no missing fields: shares outstanding of 89,700,000 (as of August 14, 2026 in the file, sourced in the file to the share count) and a file-computed market value of $101,665,982,189.94. The file does not flag the issuer as a foreign private issuer, and it carries SIC 3669, Communications Equipment, NEC. The file's price for the name is $1,133.40 as of October 6, 2026; our daily-close file ends October 2, 2026 at $1,085.42, and we keep the two files' figures separate rather than blending them.
• Prices: our own daily-close file for Lumentum through October 2, 2026 ($1,085.42 close, +194.5% year to date on that file; the last close is also the 252-session closing high, so it sits 0.0% below it; 252-session closing low $149.61 on October 10, 2025, so the last close sits 625.5% above it; closes of $702.76 at March 31, 2026 and $858.06 at June 30, 2026, a second-quarter change of +22.1%; change from June 30 to October 2 of +26.5%; change from the September 30, 2025 close of $162.71 of +567.1%). The series in our price file begins June 1, 2021 at $80.06 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 listed the AI names that declined — Coherent, Corning, Lumentum, Marvell, Sandisk, Seagate and Western Digital); investinglive's October 14 close summary (checked October 15, 2026; Lumentum -9.28% among the hardest-hit AI names, behind CoreWeave at -15.46%, with the Nasdaq Composite down 1.88% on the day); Transcript Daily's October 14 report (checked October 15, 2026; Lumentum down 9.3% on Wednesday, from a previous close of $987.99 to $896.33); MarketWatch's October 12 optical-stocks report, via Morningstar (checked October 15, 2026; Ciena, Lumentum and Coherent closed down 10%, 9.8% and 7.9% respectively that Monday, with Lumentum and Coherent shares up 516% and 148% in the past year); 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, Lumentum was the biggest loser in the Nasdaq-100 on Monday, its chief executive has said its optical products were sold out through early 2029, 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.
• Lumentum is in the GetCoattail stock-page universe: Lumentum (LITE) stock page. Series data: lite_lens_data.csv · lite_short_interest_series.csv. Earlier audits: Coherent · Progressive.

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.