Three of 147: Disciplined Growth Investors Is 98.3% of the Superinvestors' Semtech Stake. Its Insiders Have Never Bought a Share.

GetCoattail Research — The Filing Tape #115. Semtech surfaced on a trending-stocks screen this week listed as a Strong Buy, after a quarter in which its price more than doubled — and the filings describe a register held by almost one name: 3 of the 147 superinvestors hold the stock, one of them at 98.3% of the stake after cutting its position 56.7%, insiders with no purchase in the full record of 142 filings, and short interest at 7.34% of shares outstanding.

The Hype

Semtech's attention this week is a screen story. The stock appeared on TipRanks' Trending Stocks by Analyst screener — in crawl order BAC, BLK, SCHW, WDAY, UNH and META, all already covered in this series, came first, and Semtech followed, listed as Strong Buy trending in a snippet dated October 16, 2026. TipRanks Our price file describes why a screen would catch it: the stock more than doubled in the second quarter, rising 110.5% from $76.89 on March 31 to $161.85 on June 30, then added 20.4% to close at $194.88 on October 2 — up 164.5% year to date, at the 252-session closing high itself (the last close, on October 2, 2026, is the high) and 211.5% above the 252-session low of $62.57 (November 20, 2025). A stock at its high, on a trending list, is exactly the setup this series exists to check against the filings.

The Tape

For Semtech — the one hundred and fifteenth Filing Tape audit — the tape shows a three-holder cohort that is effectively one holder, its continuing holders verified down 56.2% in a quarter when the price rose 110.5%, a full market adding filers while adding only 6.24% more shares, an insider record with sales only across 142 filings, a congressional row of two sales and no purchases, fourteen passive 5% filings headed by a 13.8% print, and a borrow at 7.34% of shares outstanding, 56.8% below its 2023 peak.

Lens 1 — the superinvestors: three holders, one of them 98.3% of the stake, and the continuing pair verified down 56.2%. We track 149 managers whose 13F portfolios we collect from SEC EDGAR — 147 are in the collection (144 at a June 30 period-end, 3 early filers at September 30, none holding this name) — so all three holders sit on the June 30, 2026 period-end, on the single CUSIP 816850101, totalling 971,468 shares worth $157,232,177, long only, with no option rows at all. Disciplined Growth Investors is 98.3% of that stake: 955,033 shares worth $154,572,172 — at a 2.62% portfolio weight, decreased 56.7%. Polen Capital Management holds 13,353 shares worth $2,161,183 — 1.4% of the stake — at a 0.02% weight, increased 103.8%; the top two together are 99.7%. Lee Ainslie - Maverick Capital holds 3,082 shares worth $498,822 — 0.3% of the stake — labelled NEW at a 0.0% weight — genuinely new: no first-quarter register row for this name sits under its filing prefix. The two continuing holders verify row by row against the first quarter, moving from 2,213,301 shares at March 31 to 968,386 at June 30 (-1,244,915 shares, -56.2%) — Disciplined Growth Investors from 2,206,748 to 955,033, Polen from 6,553 to 13,353; no tracked manager exited. Every row implies exactly $161.85, the June 30 close. 13F figures are as of June 30, 2026, published up to 45 days later.

Lens 2 — institutions: 148 more filers, only 6.24% more shares, and a reported value that more than doubled. At June 30, 2026, 578 institutions reported positions, up 148 from 430 at March 31 (+34.42%); 574 are long. Reported shares rose 6.24%, from 87,787,192 to 93,267,069 (+5,479,877 shares), while reported value rose 126.77% to $15,241,978,050, from $6,721,465,054, labelled "reported" because the aggregate includes option rows (see methodology). Flow counts agree: 544 entered, 396 exited, a net of +148. The name carries a single CUSIP in this aggregation, and the by-CUSIP row matches the by-ticker row on every field. The reported value implies $163.42 per share against a June 30 close of $161.85, a gap of +0.97%.

Lens 3 — insiders: no purchase in the full record, against 91 sales. The parsed Form 4 record holds 142 filings through October 2, 2026, and it contains no purchase transaction at all — not in the last 90 days, not in the last year, not in the full record. The last 90 days hold 20 sales: 34,738 shares for $4,960,107.40, by 7 sellers, 15 of them officer sale transactions, across 20 filings. The one-year window holds 60 sales: 161,633 shares for $17,629,892.18, by 12 sellers, 40 of them officer sales, across 87 filings. Across the full record: 91 sales totalling 213,026 shares for $19,982,550.91, by 13 sellers, 66 of them officer sales. Every window prices inside its range — 90-day sales imply $142.79, one-year sales $109.07 and full-record sales $93.80 — so dollar totals are cited for every window.

Lens 4 — Congress: a row of two sales and no purchases, and no Senate row. The combined record (as of October 3, 2026) carries a row for this name recording 0 purchase transactions and 2 sale transactions, with no member listed in the row, no last-purchase date and no party recorded. The House aggregate (as of October 3, 2026) carries the identical row, and the Senate aggregate (as of October 1, 2026) carries no row — so the recorded congressional activity in our archives is two sales sitting in the House file, and nothing else.

Lens 5 — the 5% register: fourteen filings, all passive, headed by BlackRock. Our full parse holds 14 SC 13D/G filings matching the site aggregate — 3 SC 13G and 11 SC 13G/A, 11 amendments, 8 reporter names in 17 reporter rows, no 13D at all. The register maximum is BlackRock, Inc. at 12,740,110 shares (13.8%) as of December 31, 2025 (filed January 21, 2026, SC 13G/A), and the latest filing is also BlackRock: 9,348,019 shares (10.0%) as of August 31, 2026 (filed September 4, 2026, SC 13G/A), above its June 30, 2026 print of 9,249,292 shares (9.9%). The remaining filings include Vanguard Portfolio Management at 5,354,281 shares (5.74%) as of June 30, 2026 and 7,007,520 shares (7.53%) as of March 31, 2026, Vanguard Capital Management at 4,852,794 shares (5.22%), Ameriprise Financial, Inc. and Columbia Management Investment Advisers, LLC printing as a pair (3.7% and 3.4% as of June 30, 2026, after 8.3% and 7.9% a year earlier), Capital Research Global Investors at 4,502,720 shares (4.9%), AllianceBernstein L.P. at 3,308,945 shares (3.9%) and The Vanguard Group at 0 shares (0.0%), recorded as filed. The 94,942,638-share total counts reporter rows across dates, not distinct stakes.

Lens 6 — short interest: 7.34% of the share count, 56.8% below its 2023 peak, with one flagged step in the series. The latest FINRA settlement, September 15, 2026, records 6,837,610 shares sold short — 7.34% of the 93,151,168 shares outstanding — at 2.58 days to cover, down 9.52% from the prior settlement (7,556,860 on August 31, 2026). The series maximum across 137 settlements is 15,846,018 on October 31, 2023, so the latest sits 56.8% below that peak; against the June 30, 2026 reading of 5,564,789 it is up 22.9%. The recent path runs 5,564,789 (June 30), 6,517,355 (July 15), 7,309,139 (July 31), 7,206,307 (August 14), 7,556,860 (August 31) and 6,837,610 (September 15). One single-settlement step in the series reaches 2 times: on October 14, 2022 the print rose 2.26 times, from 1,867,197 (September 30, 2022) to 4,220,207 — flagged here, with the series otherwise published as collected.

The Gap

The narrative arriving this week is a momentum story: a Strong Buy trending listing on a stock that rose 110.5% in the second quarter and closed at its 252-session high on October 2. The filings describe tracked money leaving into that strength. The two continuing tracked holders cut a verified 56.2% in the quarter — the holder who is 98.3% of the cohort cut 56.7% of its position — while the only new tracked holder took 0.3% of the cohort, insiders sold 91 times across 142 filings without one purchase, and the congressional row holds two sales and no purchases. The broad market moved the other way on count — 148 more filers — but added only 6.24% more shares, and the borrow, at 7.34% of shares outstanding, sits 56.8% below its 2023 peak even after rising 22.9% since June 30. One plausible reading is that the trending case rests on the price path itself, while the June tape shows the tracked register concentrated in a single holder who was reducing, not building.

What Would Change the Picture

Nothing above is a recommendation. These filings would change it:

• 1. The 2026Q3 13F season (filing window closing mid-November 2026). All three holders sit on a June 30 period-end, before the October high. Whether Disciplined Growth Investors' 955,033-share position — 98.3% of the cohort, after a verified 56.7% cut — is still there decides whether this lens reads as one holder trimming or one holder leaving.
• 2. A first insider purchase. The record holds 0 purchases in 142 filings, against 91 sales. A first open-market purchase would be the first in the record, and would retire the cleanest fact in this audit.
• 3. A first congressional purchase. The combined and House aggregates record 2 sales and no purchases, and the Senate archive holds no row. A first recorded purchase in either chamber would open this lens.
• 4. A fresh 5% print above 13.8%, or a first 13D. The register's maximum is the BlackRock, Inc. print of 13.8% as of December 31, 2025; its newest print is 10.0% as of August 31, 2026. A new filing moving the maximum, or a first 13D, would change this lens.
• 5. Short interest back through the October 2023 peak. The borrow stands at 6,837,610 shares, down 9.52% on the settlement and 56.8% below the October 31, 2023 peak of 15,846,018. A reading at or above 15,846,018 would set a new series high.

Related reading: Five of 147: Samantha McLemore - Patient Capital Management Is 30.7% of the Superinvestors' Biogen Stake. Perceptive Advisors Is New at 29.9%. — Filing Tape #114; Eight of 147: Terry Smith - Fundsmith Is 59.5% of the Superinvestors' June-Quarter IDEXX Stake. Its Insiders Have Never Bought a Share. — Filing Tape #113. Semtech's own page: Semtech (SMTC) on GetCoattail.

Methodology and data notes

• 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 aggregates run through October 3, 2026 (Senate through October 1, 2026); 13D/G through September 4, 2026; short interest through September 15, 2026; the price file ends October 2, 2026. Five limits are specific to this audit. First, the roster expanded before the recent audits — from 85 managers (83 filing) to 149 (147 filing) — so "of 147" counts are not comparable to earlier pieces' "of 83" figures. Second, this name carries a single CUSIP (816850101) and no option rows appear in either the tracked collection or a second full-market CUSIP, so no put/call separation is needed anywhere in this audit. Third, the site's insider aggregate does not match the full parse's 90-day window for this name (see the insider note); every insider figure here is the full parse. Fourth, the congressional aggregates carry a row whose member field is zero while recording two sale transactions; the row is reported exactly as it stands in the files, and no member, party or purchase date is inferred from it. Fifth, the TipRanks screener listing (snippet dated October 16, 2026) postdates the 13F snapshot and the short-interest series; the listing is known to this audit only from outside coverage, not from our own files, and none of its price figures are cited here; every price figure here is from our own price file.
• Superinvestor lens: 147 managers in the collection (of a 149-manager roster; 144 at a June 30, 2026 period-end and 3 early filers at September 30, 2026, none of them holding this name) collected directly from SEC EDGAR Form 13F (managers_13f collection, regenerated October 15, 2026 for the expanded roster); Semtech positions are counted on CUSIP 816850101, long rows only. Three distinct managers hold long positions, all at June 30, 2026, totalling 971,468 shares worth $157,232,177, with a direction count of 1 DECREASED, 1 INCREASED and 1 NEW, and no option rows. Disciplined Growth Investors' share of the stake is 98.3% = 955,033 / 971,468; Polen Capital Management's is 1.4% = 13,353 / 971,468; Lee Ainslie - Maverick Capital's is 0.3% = 3,082 / 971,468; the top two together are 99.7% of the stake. Both continuing holders verify row by row against the first quarter under the rule used in the previous audits — a holder's first-quarter row accepted only when it sits under the same filing-agent prefix as the manager's second-quarter accession and its implied shares-change reproduces the EDGAR shares-change label at one decimal place — so the verified continuing total is 2,213,301 shares at March 31 moving to 968,386 at June 30 (-56.2%), with no unverified holder. The NEW-label register cross-check was run for the one NEW holder: Lee Ainslie - Maverick Capital has no first-quarter register row for this CUSIP under its second-quarter filing prefix (0000947871), so its NEW label matches the register and the entry is genuine. The early-filer cross-check has no case to run — no September 30 holder exists for this name — and passes vacuously. The pipeline register reconciles in both quarters with no residual (first quarter: 2 rows and 2,213,301 shares, equalling the verified continuing total; second quarter: 3 rows and 971,468 shares, equalling the verified continuing total plus the new holder, 968,386 + 3,082; the register change is -56.1%). Implied per-share value: all three rows imply exactly $161.85, the June 30, 2026 close, so the cohort implied price is $161.85, 0.0% against the close. No tracked manager exited.
• 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; 574 reported long positions out of 578 filers). Semtech carries a single CUSIP in this aggregation (816850101), and the backfill fixtures' by-CUSIP row matches the by-ticker row exactly on every field — holders (578), long holders (574), shares (93,267,069), reported value ($15,241,978,050), prior holders (430) and prior reported value ($6,721,465,054). The by-ticker file's entered/exited fields (544 and 396, a net of +148 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($15,241,978,050 over 93,267,069 shares) implies $163.42 per share against a June 30, 2026 close of $161.85 in our price file, a gap of +0.97% — 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 (142 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. The 90-day window (July 5 to October 2, 2026) holds 0 purchase transactions and 20 sale transactions (34,738 shares, $4,960,107.40, 0 buyers, 7 sellers, 15 officer sale transactions) across 20 filings. The one-year window (October 3, 2025 to October 2, 2026) holds 0 purchase transactions and 60 sale transactions (161,633 shares, $17,629,892.18, 0 buyers, 12 sellers, 40 officer sale transactions) across 87 filings. The full record holds 0 purchase transactions and 91 sale transactions (213,026 shares for $19,982,550.91 by 13 sellers with 66 officer sale transactions). The site's insider aggregate (90-day window, as of October 18, 2026) carries a row for this name that does not match the full parse's 90-day window (site: 0 purchases, 9 sales, $2,732,690.00, 6 sellers; insider_site_match_w90=false) — the two aggregates run on different windows and as-of dates (the site window ends October 18, the parse record ends October 2), and every insider figure in this audit is the full parse. Window price checks on our price file: the 90-day sales imply $142.79 per share, inside the 90-day close range ($103.55 to $194.88); the one-year sales imply $109.07, inside the one-year close range ($62.57 to $194.88); the full-record sales imply $93.80, inside the price file's full-period close range ($13.43 to $194.88) — so dollar totals are cited for every window. There are no purchase transactions in any window, so no purchase implied price exists to check.
• 13D/G lens: full-parse SC 13D/G parsed filings (14 filings matching issuer CIK 88941 on CUSIP 816850101: 3 SC 13G and 11 SC 13G/A, 11 of them amendments, no SC 13D), filings through September 4, 2026. The site aggregation carries this name under a ticker-keyed row; that row (14 filings, 0 D-filings, 14 G-filings, 11 amendments, 8 reporters, latest date September 4, 2026, maximum 13.8%, total reported 94,942,638 shares) matches the parsed filings on filings, form mix, amendments, latest date, maximum and the cross-date reported total. The total sums reporter rows across filings and dates (17 reporter rows), so it is a filing-volume total, not a stake. The filings are reported as filed, under the names exactly as they appear: BlackRock, Inc. printing 12,740,110 shares at 13.8% as of December 31, 2025 (filed January 21, 2026, SC 13G/A — the register maximum), 9,249,292 shares at 9.9% as of June 30, 2026 (filed July 30, 2026, SC 13G/A) and 9,348,019 shares at 10.0% as of August 31, 2026 (filed September 4, 2026, SC 13G/A — the latest filing); Vanguard Portfolio Management printing 7,007,520 shares at 7.53% as of March 31, 2026 (filed April 29, 2026, SC 13G) and 5,354,281 shares at 5.74% as of June 30, 2026 (filed July 31, 2026, SC 13G/A); Vanguard Capital Management printing 4,852,794 shares at 5.22% as of March 31, 2026 (filed April 30, 2026, SC 13G); Ameriprise Financial, Inc. and Columbia Management Investment Advisers, LLC printing 5,708,921 shares at 6.7% and 5,365,038 shares at 6.3% as of December 31, 2024 (filed February 14, 2025, SC 13G/A), 7,175,860 shares at 8.3% and 6,883,183 shares at 7.9% as of June 30, 2025 (filed August 14, 2025, SC 13G/A) and 3,472,763 shares at 3.7% and 3,148,407 shares at 3.4% as of June 30, 2026 (filed August 14, 2026, SC 13G/A); Capital Research Global Investors printing 2,133,109 shares at 2.5% as of December 31, 2024 (filed February 13, 2025, SC 13G/A), 4,691,676 shares at 5.4% as of September 30, 2025 (filed November 13, 2025, SC 13G) and 4,502,720 shares at 4.9% as of December 31, 2025 (filed February 12, 2026, SC 13G/A); AllianceBernstein L.P. printing 3,308,945 shares at 3.9% as of December 31, 2024 (filed February 5, 2025, SC 13G/A); and The Vanguard Group printing 0 shares at 0.0% as of March 13, 2026 (filed March 27, 2026, SC 13G/A). The parsed coverage for this issuer holds these 14 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 a row for this name (0 members listed in the row, 0 purchase transactions, 2 sale transactions, no last-purchase date, no party recorded); the House aggregate (as of October 3, 2026) carries the identical row; the Senate aggregate (as of October 1, 2026) carries no row. The identical combined and House rows mean every recorded transaction for this name sits in the House archive as we hold it, and the Senate absence is recorded as it stands: no recorded Senate transaction for this name sits in that archive. The zero member field is printed as it stands in the aggregate; no member is inferred from it.
• Short interest lens: FINRA Equity Short Interest files (biweekly settlement dates), collected directly from FINRA's public distribution. The published series covers all 137 settlements under the symbol from January 15, 2021 (858,855 shares) to September 15, 2026. Every settlement row under the symbol is this issuer's row, under a single issuer-name variant across the file vintages — "Semtech Corporation Common Sto" on all 137 settlements (January 15, 2021 to September 15, 2026, with an NNM market-class code), recorded as printed, including the truncated final word as it appears in the files; there are no other-issuer rows under the symbol. The latest reading is 6,837,610 shares on September 15, 2026, down 9.52% from the prior settlement (7,556,860 on August 31, 2026), down 56.8% from the series maximum of 15,846,018 on October 31, 2023 and up 22.9% from the June 30, 2026 reading of 5,564,789, at 2.58 days to cover. Series discontinuity check — one flagged step: a single-settlement step at or above 2 times occurs once in the series, a ratio of 2.26 on October 14, 2022, when the print rose from 1,867,197 (September 30, 2022) to 4,220,207; that step is the series' largest, it is flagged in the article body and in this note, and the series is otherwise published as collected, with no smoothing or rebasing. The series minimum is 554,364 shares on November 30, 2021. The recent path runs 5,564,789 (June 30), 6,517,355 (July 15), 7,309,139 (July 31), 7,206,307 (August 14), 7,556,860 (August 31) and 6,837,610 (September 15). 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 (7.34%) uses the fundamentals file's shares-outstanding figure below.
• Fundamentals note: our fundamentals collection carries Semtech's revenue of $1,049,975,000, net income of -$40,376,000 and assets of $1,410,337,000 — all three labelled fiscal 2026 in the file and all sourced to the same financial-series cache, so there is no vintage split to flag. The file is marked ok for this name, with no missing fields: shares outstanding of 93,151,168 (sourced in the file to the shares-outstanding count as of May 22, 2026, from the entity common-stock shares-outstanding line) and a file-computed market value of $18,369,410,045.33. The file does not flag the issuer as a foreign private issuer, and it carries SIC 3674, Semiconductors & Related Devices, and a Nasdaq listing. The file's price for the name is $197.20 as of October 6, 2026; our daily-close file ends October 2, 2026 at $194.88, and we keep the two files' figures separate rather than blending them.
• Prices: our own daily-close file for SMTC through October 2, 2026 ($194.88 close, +164.5% year to date on that file; the 252-session closing high is $194.88 on October 2, 2026, so the last close sits 0.0% below it — the last close is the high; the 252-session closing low is $62.57 on November 20, 2025, so the last close sits 211.5% above it; closes of $76.89 at March 31, 2026 and $161.85 at June 30, 2026, a second-quarter change of +110.5%; change from June 30 to October 2 of +20.4%; change from the September 30, 2025 close of $71.45 of +172.8%; change from the October 2, 2025 close of $72.93 of +167.2%; the December 31, 2025 close is $73.69; the September 30, 2026 close is $178.35). The series in our price file begins June 1, 2021 at $62.95 and holds 1,342 rows; the file's full-period close range is $13.43 to $194.88.
• Market context sources: the TipRanks Trending Stocks by Analyst screener (crawled October 17–18, 2026), on which Semtech followed BAC, BLK, SCHW, WDAY, UNH and META — all already covered in this series — and was listed as Strong Buy trending in a snippet dated October 16, 2026; the AltIndex StockTwits most-mentioned list refreshed on October 17, 2026, whose top names were already covered, skipped, crypto or index funds in this series; and the Google Trends United States daily list (CyberKendra snapshot updated October 18, 2026), whose top ten carried no single-stock query. Figures we could not confirm were left out; the external items above are reported speech from those outlets, not GetCoattail measurements, and none of their price figures are cited in this audit.
• Semtech is in the GetCoattail stock-page universe: Semtech (SMTC) stock page. Series data: smtc_lens_data.csv · smtc_short_interest_series.csv. Earlier audits: Biogen · IDEXX Laboratories.

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 18, 2026: first publication.