Coherent Corp.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,087 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Corporate history and fiscal year. Coherent Corp. (CIK 0000820318) is the renamed successor of II-VI Incorporated, which acquired the original Coherent, Inc. on 1 Jul 2022 and subsequently renamed itself Coherent Corp. This is why the CIK long predates the current name; EDGAR filings from 2022 and earlier under this CIK are captioned 'II-VI Incorporated' and its share/document filenames still carry the legacy 'iivi-' prefix (e.g. iivi-20260630.htm for the FY2026 10-K). Coherent's fiscal year ends in late June: FY2026 ended 30 Jun 2026 (some text in the filing rounds this to 28 Jun 2026 in places, apparently a residual convention from the prior 52/53-week fiscal calendar, but the 10-K's own cover page and headline tables consistently use 30 Jun 2026 as the fiscal year end date).
• Which filings were used and why. The latest 10-K (FY2026, fiscal year ended 30 Jun 2026) was filed 14 Aug 2026, only four days before this research was run, and its cover page reports 195,832,246 shares of common stock outstanding at 10 Aug 2026. This is MORE CURRENT than the latest 10-Q on file (Q3 FY2026, period ended 31 Mar 2026, filed 6 May 2026), because the fiscal year just closed and no new 10-Q has been filed yet (the next 10-Q, for the quarter ended 30 Sep 2026, is not due until roughly Nov 2026). Per the brief's instruction to use the freshest cover-page share count as the single denominator, this file uses the 10-K's 195,832,246 figure throughout, not the older Q3 10-Q. All balance-sheet and note-level facts (Silicon Carbide LLC ownership percentage, preferred stock balance, noncontrolling interest) are likewise taken from this same FY2026 10-K rather than the stale Q3 10-Q. The proxy used is the DEF 14A filed 2 Oct 2025 (record date 31 Aug 2025), the most recent one on file; no 2026 proxy has been filed yet.
• Preferred stock: existed, but fully converted before the reporting date used here. The FY2026 10-K balance sheet shows 'Mezzanine Equity: Series B redeemable convertible preferred stock, no par value, 5% cumulative; issued - 0 and 215,000 shares at June 30, 2026 and June 30, 2025, respectively; redemption value - $0 and $2,540,110, respectively.' The equity roll-forward also shows a 'Conversion of Series A preferred stock' line in an earlier fiscal year fully retiring that series. Both Series A and Series B preferred trace to financing raised for the 2022 Coherent, Inc. acquisition (Bain Capital affiliates hold board nomination rights tied to the Series B Preferred Stock investment, per a 2021 Amended and Restated Investment Agreement). As of 30 Jun 2026, ZERO preferred shares remain issued: full conversion to common stock. This matters directly for the 13F register: since no preferred CUSIP was outstanding on the Q2 2026 (30 Jun 2026) 13F measurement date, none of this file's Q2 2026 13F lines can be reporting a preferred position mislabeled as common. This was cross-checked by computing implied price-per-share on every 13F line used (all consistent at approximately $394.5/share as of 30 Jun 2026, matching ordinary common stock, not a low-denomination preferred/depositary line): FMR $394.49, BlackRock $394.47, T. Rowe (after the thousands rescaling below) $394.5. No separate preferred CUSIP was found in this project's own COHR.json register file, which lists a single CUSIP, 19247G107.
• Share count discontinuity, explained by preferred conversion, not a split. Shares outstanding rose from 156,917,911 (proxy record date, 31 Aug 2025) to 195,832,246 (10-K cover page, 10 Aug 2026), an increase of about 38.9 million shares (roughly 25%) in under a year. No stock split was found (the FY2026 10-K contains zero hits for 'stock split'). This increase is consistent with, and most likely substantially explained by, the full conversion of the Series A and Series B (B-1 and B-2) preferred stock into common stock that the balance sheet confirms happened by 30 Jun 2026, plus ordinary equity issuance (stock compensation, option exercises) partially offset by buybacks. The exact share count issued on conversion was not separately itemized as a single reconciling figure in the sections of the 10-K read for this file; flagged in unknowns rather than estimated.
• Silicon carbide arrangement: direction recorded explicitly. On 4 Dec 2023, Silicon Carbide LLC, a Coherent SUBSIDIARY, sold minority stakes to two industrial partners: Denso Corporation and Mitsubishi Electric Corporation (MELCO) each bought 16,666,667 Class A Common Units for $500 million ($1.0 billion combined), reducing Coherent's own ownership to approximately 75% while Denso and MELCO each hold approximately 12.5%. Coherent still CONSOLIDATES Silicon Carbide LLC (it is never called a joint venture in the 10-K); the partners' combined 25% shows up in Coherent's own financial statements only as a noncontrolling interest (net loss attributable to noncontrolling interests of $18 million in FY2026, $19 million in FY2025, both explicitly described as Silicon Carbide LLC's noncontrolling interest holders' share of losses). Per the brief's own worked example (Nucor's 51% JVs, Moody's ICRA, NXP's SSMC), this consolidated-but-not-wholly-owned structure IS recorded as a holding, sized at COHERENT'S OWN percentage (75%), in the holdings array. The REVERSE framing, that Denso and MELCO's minority stakes represent Coherent holding equity in Denso or MELCO, is explicitly wrong and is not what is recorded: their 12.5% stakes each are non-controlling interests in Coherent's OWN consolidated group, the direction the brief's Aon warning flags, and are not listed as separate holdings.
• Holdings side otherwise: essentially empty beyond Silicon Carbide LLC. The FY2026 10-K contains zero hits for 'equity method', 'joint venture', 'minority interest', 'non-marketable equity' or 'cost method'; two hits for 'unconsolidated' both refer only to a small 'equity gains and losses from unconsolidated investments' MD&A line item with no name or standalone balance attached. The cash flow statement separately shows a 'Gain on sale of equity investment' of $73,998 thousand (about $74 million) for FY2026 (zero in the two prior years) and a tiny 'Loss (earnings) from equity investments' line of $(690) thousand for FY2026: these indicate Coherent HELD and then SOLD an unnamed minority equity investment during fiscal 2026, and may still hold an immaterial residual unnamed equity-method position, but neither the investee's name nor a standalone value is disclosed anywhere in the sections searched, so neither is recorded as a current holding (the position that generated the gain no longer exists by year end in any case). See unknowns.
• Bain Capital's figure is unusually stale (dated 7 Mar 2024, over two years old) because no fresher Schedule 13D/A, 13G, or 13F exists for this position: BCPE Watson entities are private-equity investment vehicles that do not appear to file Form 13F, and the full EDGAR filing history for CIK 0000820318 shows no SC 13D/A newer than 7 Mar 2024. Its board-nomination rights are tied to a percentage-of-original-grant threshold (25% of shares issued in 2021 and at the Jul 2022 acquisition close), not to a fixed share count, so the position may have changed since the preferred fully converted, but no filing discloses a new number; flagged in unknowns rather than modelled.
• Self-gate, computed exactly as the register chart computes it: 10 rows summing to 109,509,065 shares against 195,832,246 shares outstanding, or 55.92 per cent. Above the typical 25 to 45 per cent band, driven by Bain Capital's 14.36 per cent strategic stake from the 2022 acquisition financing plus NVIDIA's 3.98 per cent; excluding those two the remaining rows sit at 37.59 per cent. NVIDIA's 7,788,161 shares were added after the initial file was committed: this register originally omitted them and read 51.94 per cent. The omission was caught by scripts/crosscheck.py, which reported that nvidia.json asserted a sized Coherent holding absent from this register, and the figure was then verified directly against Nvidia's own Q2 2026 13F information table.